A16z Crypto and advocacy group call for NFT, DeFi app safe harbor at SEC
Main Idea
Andreessen Horowitz (a16z) and the DeFi Education Fund have requested the SEC to establish a safe harbor program for NFT and DeFi applications to exempt them from broker-dealer registration requirements.
Key Points
1. a16z and the DeFi Education Fund sent a letter to SEC Commissioner Hester Peirce advocating for a safe harbor for DeFi and NFT applications.
2. The letter references a previous call by the US President’s Working Group on Digital Assets to provide regulatory relief for DeFi service providers.
3. A safe harbor would offer regulatory clarity while allowing the SEC to oversee high-risk activities.
4. The SEC previously introduced Special Purpose Broker-Dealers (SPBD) for digital asset securities but clarified it is not mandatory for all broker-dealers.
5. The CLARITY Act, passed by the House, could influence how the SEC and CFTC regulate digital assets.
Description
The two entities requested that the financial regulator provide a "safe harbor" for certain applications under the SEC's broker-dealer registration requirements.
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