Many of the internet-based cryptocurrency-trading platforms have registered as payment services and are not subject to direct oversight by the SEC or the CFTC.
The Inserviss team are now in the process of discussing with Adam http://adamatlas.com/ about what legal solution they need to find for Inserviss Inc. in the US (payments provider, payment processor, etc)
Some info about Adam Atlas:
“The firm advises principally on matters of electronic payments and merchant transaction acquiring law. Payments businesses are advised by the firm from inception through business modeling, legal framing, compliance review, financing, acquisitions, dispute settlement and exit strategies. All payments models can draw on the wide experience of the firm with credit card acquiring, MSB licensing, OCC Special Purpose National Bank Charter for Fintech review, mobile payment application licensing, virtual currency, digital currency, Bitcoin, evpayments, electric vehicle payment solutions, ATM placement, ACH, EFT, peer-to-peer lending, crowdfunding, merchant cash advance and virtual world law. Traditional domestic as well as high risk and foreign models have all drawn on the resources of the firm. Beyond payments, Atlas assists in matters of artificial intelligence law and big data law.”
Most of the clients of the firm are electronic transaction businesses located in the United States, including payment processors, banks and independent sales organizations.
Also, everybody in SEC and CFTC understand that terms like distributed ledger technology and initial coin offering are recent creations and need a whole new regulatory framework and perspective to regulate properly.
Some Swiss-based law companies try to create new regulatory framework, as existing compliance practices that treat tokens as a security can’t regulate new digitals assets, that are created now, as they are elevating the barriers and costs of implementation for entrepreneurs.
One of this companies is MME https://www.mme.ch/en/
The MME is creating Blockchain Cryptocurrency Property standards. It is expected to represent a set of asset class classifications for tokens that is meant to clarify their regulatory implications according to a more modern way of thinking.
Inservis is working with MME to establish a better understanding of the current situation on the creation of a new framework and a quick response to changes in legislation. This will help keep Setcoin activities and Setcoin asset holders save and legally protected.