is forcing the hand of national Governments throughout the world. Blockchain is the underlying technology behind cryptocurrency. Cryptocurrency trading established the trading platforms and technology that could facilitate trading equity into firms.
Since the technology exists, some firms are simply moving forward with raising securities on the Blockchain. If one nation fails to act, they risk falling behind other nations who allow this type of trading.
Blockchain is not cryptocurrency, however, similar technology that facilitates cryptocurrency trading are applied to trading equity or stock on primary and secondary Blockchain exchanges.
In April of 2019, FINRA approved the first Blockchain enabled secondary trading platform [5]. In September of 2019, after working with the SEC, Blockstack raised $23 Million in a Regulation A+ token offering [6]. In short, FINRA and the SEC are approving secondary trading platforms for private capital markets. However, specific approvals from FINRA and SEC are bolstered by codified congressional and regulatory rules that govern future trading platforms.
In 2018, JOBS 3.0 passed the U.S. House of Representatives by a vote of 406-4 [7]. JOBS 3.0 continues to lower barriers for private capital markets by allowing more “testing-the-waters” activities, facilitating the creation of venture exchanges, and lowering barriers to reporting.
In September of 2019, the SEC completed a request for comment under the ‘Concept Release On Harmonization of Securities Offering [8].’ The SEC solicited comment and will review key areas related to securities offerings including accredited investor status, secondary trading platforms, and integrating the legal framework for securities exemption into a more streamlined framework. Harmonization again seeks to lower barriers to investing and establishing primary and secondary trading for private capital markets.
The Federal Government is mobilizing quickly to adapt securities law to Internet technology and provide incentives that build the foundation for local capital markets. From 2012, to 2019, the Federal Government has mobilized transformative legislation with care and caution and spearheaded new local infrastructure to identify, vet, and promote quality deal flow.
Between Opportunity Zones and Equity Crowdfunding, Billions of USD have been invested across countless deals with some capital finding its way to distressed communities. In a relatively short period of time, The American Government and local leaders are building open capital markets for local economies, an example of Government efficiency and economic growth.
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