Kodak Yet to Affirm If Their Crypto Coin Is A Security Or Not
The Coin Has Been Launched
The log awaited roadmap for a digital token which is associated to Eastman Kodak Cos has been finally availed. However, it has been rendered a little confusing.
WENN Digital which is the company involved in the licensing of Kodak’s named to carry out the initial coin offering was involved in sending various emails names “light paper.” This had the major plans for KodakCoin. The document, however, explained that this digital token might not be described to be a security, but it could also be.
The firm said;
“While WENN Digital intends for the KodakCoin issuable under the SAFTs to be classified as utility tokens rather than securities tokens, WENN Digital will be required to make a final determination of the tokens’ status as one or the other prior to the time that the KodakCoin are issued. In conjunction therewith, WENN Digital may decide to seek formal or informal input from the staff of the US Securities and Exchange Commission.”
This announcement followed the SECs warning issued on Wednesday that various cryptocurrency marketplaces which offer security base digital assets need to make the proper registrations with the agency exchanges. Additionally, they should seek to qualify for an exemption. This also comes just one week after a knowledgeable person in regard to the matter announced that the regulator was involved in issuing subpoenas to individuals and the firms behind the ICOs which the agency believes that they might be involved in breaking the law.
In a section of the SECs latest crackdown, it has been focusing on the part of the simple agreements in line with the future tokens or rather SAFTs which are contracts meant for investments and they are issued by some startups which are involved in ICO conduction. Therefore, the agreements find itself in the middle of promising buyers future tokens which currently do not exist.
Kodak’s paper suggested that it intends to sell a total of 100 million KodakCoins under the SAFT agreements to the selected accredited investors. The organization first made the announcement about the ICO on 9th January seeking to use Blockchain technology to enable photographers to protect their work rights.