TokenSoft Lifts Restrictions on Clients’ Use of Approved Law Firms, Following Guidance by SEC

TokenSoft has historically required that their clients use specific law firms that have already been vetted and approved by the platform. The “legal landscape,” as TokenSoft says, was a complicated place with the blockchain industry, and it was easier to work with law firms that that already had to experience with the crypto industry. However, with new guidance provided to TokenSoft from the SEC on security token regulations, this restriction will no longer be implemented, according to a press release from PR Newswire.

CEO Mason Borda of TokenSoft said that the use of these law firms before the guidance

“helped protect our clients and encouraged them to take a more conservative approach.”

In turn, their clients have been able to seamlessly work with the regulators. Borda further explained,

“When issuers come to us today as their technology partner for a compliant issuance, they typically have already engaged a law firm for their project, and if their counsel carries the SEC's perspective, we don't want to be a reason for changing that important relationship.”

The guidance from the SEC was titled the Framework for “Investment Contract” Analysis of Digital Assets, ensuring that the market has more information on the way to probably work. There have been multiple law firms to already work with attorneys in traditional banking to create blockchain practices that guide the market in securities, banking, and tax regulation. TokenSoft believes that the market participants are starting to see tokens as regulated instruments, and there are already many use cases for blockchain tech that have been witnessed.

As the year has gone on, TokenSoft has noticed increasing interests from the traditional finance world in issuing their own digital securities and asset-backed tokens. Law firms that want to provide assistance regarding digital assets with TokenSoft can visit https://www.tokensoft.io.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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