The SEC’s 2021 token safe harbor proposal introduced control-based decentralization.

Today, we proposed steps to bolster it—enabling progressive decentralization while preventing get-rich-quick schemes.

Key Premise: Expand market access as risks of info asymmetries decline.

Our full response to Questions #7 through #14 of the SEC's Crypto Request For Information (public offerings and the safe harbor) can be found here:

Trying to solve more problems than I cause @a16zcrypto

https://linktr.ee/milesjennings

Our full response to Questions #7 through #14 of the SEC's Crypto Request For Information (public offerings and the safe harbor) can be found here:
https://a16zcrypto.com/posts/article/sec-rfi-comments-on-public-offerings-and-safe-harbor-from-registration/

thanks miles! i love this laser sharp focus on information asymmetries, which is so much more important to nailing crypto regulation that benefits ordinary consumers and ensures a fair marketplace than ossified distinctions between securities and commodities. the truth is that commodity characterization is a helpful heuristic but it’s not sufficient to address the new types of info asymmetries created by crypto.