tl;dr
In a letter to the SEC Chair, Representative Tom Emmer and Chairman of the House Committee on Financial Services Patrick McHenry expressed concerns about the SEC's view of crypto airdrops under securities law. They highlighted the lack of regulatory framework in the U.S. and accused the SEC of preve...
Representative Tom Emmer and Chairman Patrick McHenry have expressed concerns to SEC Chair Gary Gensler about the regulatory framework and Americans' access to crypto airdrops. Their letter seeks clarification on the SEC's position regarding airdrops and non-security digital assets, highlighting the crucial role of airdrops in incentivizing blockchain participation. However, U.S. citizens often face obstacles in claiming tokens, which, according to Emmer and McHenry, hinders decentralized economic growth.
Emmer and McHenry's letter emphasizes the lack of regulatory framework in the U.S. and accuses the SEC of preventing Americans from participating in shaping the digital economy. They question the SEC's regulatory approach and its impact on decentralization and economic growth. Emmer maintains that the SEC's treatment of airdropped assets as securities impedes American crypto users from fully benefiting from blockchain technology.
The letter to the SEC from Emmer and McHenry underscores the need for clarity on the SEC's view of crypto airdrops under securities law. Emmer's statement highlights the importance of airdrops in incentivizing participation in blockchain-based applications and criticizes Chairman Gensler's regulatory approach, which, according to Emmer, creates uncertainty and limits opportunities for Americans.
Airdrops, which involve distributing tokens to eligible wallets, play a pivotal role in rewarding early users and contributors, and fostering engagement with crypto protocols and projects. However, several projects, including Saga, Tensor, and NIM in 2024, have blocked U.S. citizens from accessing airdrops to evade potential regulatory issues.
This isn't the first time Emmer has challenged the SEC under Gensler's leadership. In a new letter, Emmer and McHenry urge Gensler to clarify the SEC's position on the treatment of non-security digital assets and the potential impact of classifying airdropped tokens as securities. They stress the challenges posed by the SEC's regulatory approach to achieving decentralization and inquire about the potential market impact and negative effects on economic growth resulting from treating airdropped assets as securities.
Emmer concludes that the SEC's approach under Gensler's leadership has prevented American crypto users from fully realizing the benefits of blockchain technology, ultimately impeding the creation of the next iteration of the internet designed with American values.
More about C3 Ai Inc
Stock Summary: C3 Ai Inc (C3)
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: $2,957,328,000
Dividend Yield: None
EPS: -2.28
P/E Ratio: 2.674
ROE: -0.855
Volume: 325,433,000
Stock Price: $25.11
52-Week Range: $0 - $0.205