Breaking News: What Will Happen If Chia’s Founder Registers XCH With the SEC?
Crucial Ideas
- Gary Gensler, chairman of the SEC, has asserted that everything but bitcoin is a security. Chia Network CEO Gene Hoffman has refuted this assertion.
- A blockchain and smart transaction platform called Chia Network uses a proof-of-space-and-time consensus mechanism to achieve its goals.
- Hoffman stated that because Ripple traded XRP without a registration statement, which may potentially turn a token into a security, Chia’s case is different from Ripple’s.
- To ensure compliance with rules, Chia Network CEO Gene Hoffman has made steps to register Chia shares with the SEC.
Gary Gensler, chairman of the SEC, has asserted that everything but bitcoin is a security. Chia Network CEO Gene Hoffman has refuted this assertion.
Hoffman stated that Chia’s native token, XCH, is not a security while acknowledging the Howey Test, which determines whether a token is a security if money is invested in a group venture with a reasonable expectation that profits will result from the efforts of others. He pointed out that the public sale of XCH, a prerequisite for classifying securities in accordance with the Howey Test, had not yet taken place.
Chia Network is apparently seeking to register with the SEC despite Hoffman’s opposition. This action could assist the business in staying in compliance with any future rules that might apply to its token. By showing the company’s willingness to comply with regulations, it may also help to build greater investor trust.
Get to know Godleak
Godleak crypto signal is a service which comprise of a professional team. They tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
A blockchain and smart transaction platform called Chia Network uses a proof-of-space-and-time consensus mechanism to achieve its goals. Chia employs storage space rather than computational capacity to secure its network, in contrast to conventional blockchain networks. Because to its low energy usage and ecologically friendly approach to cryptocurrency mining, the platform has attracted a lot of attention recently.
The XCH token from Chia Network, which has been listed on a number of cryptocurrency exchanges, is currently worth about $370 per token. The coin is used to pay transaction fees and is given as compensation to users who give the network storage space.
Chia to sign up XCH
Proof-of-space-and-time consensus is used by the blockchain and smart transaction platform known as Chia Network. The company’s native currency, XCH, is utilized to cover transaction costs and compensate users who give the network storage space. Due to its minimal energy requirements and ecologically benign approach to cryptocurrency mining, Chia has attracted notice recently.
Cryptocurrencies have been under heavy scrutiny from the SEC, especially those that it considers to be securities. The SEC filed a complaint against Ripple Labs in December 2020, claiming that the business had offered unregistered XRP securities. The charges have been refuted, and Ripple is currently defending itself in court.
To ensure compliance with rules, Gene Hoffman has made arrangements to register equity with the SEC. Matt Hamilton, a former Ripple developer, has raised doubt about the usefulness of such registration. Hoffman has underlined the necessity of registering a token before to selling it in order to prevent legal problems, citing Ripple’s ongoing legal battle with the SEC as an illustration of the potential repercussions of doing otherwise. The XCH currency from Chia Network is being employed to cover transaction costs and compensate users who give the network storage space.
