Rhode Island (USA) Exempts Some Tokens from the Law on Securities
Rhode Island lawmakers are planning to exempt a number of cryptocurrencies, i.e. tokens that have practical application, from the law on securities. They should only be distributed for consumer purposes in order to gain access to goods, services or content.
The creation or sale of such tokens should not have an investment objective. According to lawmakers, this could result in the following: if the token has no use value at the time of sale to the original owner, it is prohibited to resell it before it is acquired.
Thus, the new draft law affects the interests of crypto traders. Senators believe that they should not be treated as brokers, dealers or those who work with securities if they send a notice of the desire to conduct such activities to the Secretary of State.
E-CHAT Team’s Opinion
A similar draft law was adopted last week by senators in Colorado. It took more than a month to consider it. Now it is waiting for assurances from the state governor to enter into full rights.