What an interesting week! The direct listing of Coinbase, the Square-led Crypto Open Patent Alliance (COPA) that filed a lawsuit in the High Court of Justice against Bitcoin inventor Dr. Craig Wright and the NFT of “Leave Britney Alone!” Selling viral videos for $ 44,000 has filled the newsroom, but we won’t be talking about all of this at this week’s CoinGeek Pulse.

Bring your attention back to the infamous ICOs. The US Securities and Exchange Commission Hester Peirce has updated its proposal to have digital currency startups sell tokens as ICOs (Initial Coin Offerings) without breaking the rule of law.

Peirce posted the updated Token Safe Harbor proposal for 2019 on Github on Tuesday. The 2019 proposal provides for a three-year grace period for blockchain projects to raise funds and build a network before tokens are released or sold. Under the 2.0 proposal, companies could sell tokens before the project is built and, unlike securities issuers, would be exempt from federal requirements with the SEC.

There are three major changes in the updated version. First, the Safe Harbor proposal now requires biannual updates to the development disclosure plan and a block explorer to improve the protection of token buyers. Second, the Safe Harbor proposal now includes an exit reporting requirement at the end of the three-year grace period. The exit report may include an announcement that the tokens will be registered under the Securities Exchange Act of 1934. Finally, the exit report request provides guidance on what an outside attorney’s analysis should refer to when explaining why the network is decentralized.

Last month, Hester appeared at Blockchain Policy Matters with Bitcoin Association Founding President Jimmy Nguyen, where she shared some of her insights into space – the market is changing fast and the SEC has been waiting a long time for products to be approved.

For Peirce, the updated version reflects constructive feedback from the digital currency community, securities lawyers and the general public. She adds that with “a new chairman coming into the SEC with a new agenda,” it is the perfect time for the Securities Commission to consider how their rules can be changed to responsibly accommodate this new technology.

Last week, CoinGeek Pulse spoke about Japan and its recently launched Central Bank Digital Currency Pilot Program (CBDC). This week we’re giving you an overview of the countries that are running their own CBDC trials.

In Sweden, the central bank has announced the results of the first phase of its digital currency pilot program, which could see CBDC rolled out across the country. Sveriges Riksbank identified scalability as the main obstacle and potential bottleneck in the implementation.

In the Caribbean, Ireland-based eCurrency Mint is working with the Bank of Jamaica to test their CBDC’s pilot project. The introduction is expected in early 2022.

In Asia, the governor of the Pakistani state bank, Reza Baqir, said the country is looking into the possibility of testing its own CBDC. Financial inclusion and the fight against money laundering and counterterrorism are looked for as possible benefits.

Meanwhile, the People Bank of China (PBoC) will run pilot tests in Hainan next week after similar tests were run in other provinces. Participants in this trial will receive a 15% discount on every 100 yuan spent on the island.

In other exciting news, the Bitcoin Association announced the Bitcoin SV DevCon 2021 – a two-day virtual conference focused on developing applications and services for the Bitcoin SV network and held May 15-16 in collaboration with WeAreDevelopers and nChain takes place. The weekend virtual event is free and will feature executives from across the Bitcoin SV ecosystem. The event aims to train and qualify developers who are interested in working with the Bitcoin SV blockchain and data network.

Visit bsvdevcon.net to sign up.

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