Bitcoin, BitShares and Steemit Make the TXSRB Clean Token List!
Chaos is coming. The regulators are about to crack down on Initial Coin Offerings (ICOs). The Token Exchange Self-Regulating Body (TXSRB.org) is trying to get ahead of this by helping the industry to clean up its act before the regulators take down half the industry.
ICOs are completely out of hand. People are raising insane sums of money by misleading newly rich crypto investors... then making off with huge chunks of the funds. Often there is nothing behind these ICOs but a kid in her parent's basement.
This could cause panic in the industry if exchanges start delisting everything out of an abundance of caution - or plain fear of being shut down by regulators.
So the TXSRB is aiming to head off this disaster by taking the following steps:
- Working to clarify what is clearly not a security according to the Howey Test, i.e.,
-- Did people make and investment?
-- Is there a common enterprise?
-- Did they expect a growth outcome?
- Publishing a Clean Token List of coins that fit that non-security category.
- Providing free guidance to all ICO issuers on how to clean up and pass the test.
- Providing consulting services to clean up Toxic ICOs.
- Eventually publishing their much longer Black List of ICO's that need to clean up and clean up fast.
are on the Clean Token List
This is a huge vaccination against uncertainty and delisting that could impact prices.
John Gotts and Michael Taggart did a watershed interview where they explain all this here:
This will both shake up and ultimately save the industry during the next three months.