Hinman Exchange with Rep. Tom Emmer

At a House Financial Services Committee hearing, Rep. Tom Emmer (R-MN) asks SEC Director of Corporation Finance William Hinman for a specific definition on when a token is not a security. They discuss the definition of a “utility token” which does not fit the description of ether. Emmer asks what projects can do to “improve regulatory clarity” to prevent “enforcement actions by the SEC”, and Hinman replies that the SEC is “meeting with participants” with tokens that “they believe shouldn’t be regulated as a security and we work through with them how that may be structured.”

Source: @CryptoLawUS

Since Chairman Patrick McHenry threatened to SUBPOENA Gary Gensler for NON-COMPLIANCE with Congressional oversight.