Copy link
Increase text size
Decrease text size
Link copied

CII urges SEC to begin formal comment process on blockchain-based proxy voting

Wed, 06 Feb 2019, 09:31 am UTC

The Council of Institutional Investors (CII) has called upon the U.S. Securities and Exchange Commission (SEC) to encourage the application of blockchain technology to improve the proxy voting process.

In response to the SEC’s solicitation of comments on the proxy process, Kenneth A. Bertsch, executive director of CII, and Jeffrey P. Mahoney, general counsel, have sent an email to the regulator dated January 31.

“In this letter, we suggest specific regulatory relief the SEC could provide to foster the use of innovative technology by permitting issuers to elect to place their equity securities on a private, permissioned blockchain,” they wrote.

Bertsch and Mahoney believe that blockchain technology could improve the existing proxy voting process by ensuring a similar or superior level of privacy, reducing costs, improving efficiency, and strengthening the reliability of the process, among other things.

They said that a blockchain-based system of share provenance could better fulfill the principle that the rights of share ownership, including economic entitlements and voting decisions, belong to beneficial owners, not intermediaries

“We believe the SEC should work directly withprivate sector innovators, alongside issuers willing to adopt these technologies, to develop case-by-case regulatory relief, which may include individual guidance, no-action letters, and/or exemptive orders,” the letter read.

“Accordingly, we recommend that the SEC initiate a formal comment process with respect to potential blockchain-related rulemaking.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $43,501.00 (+1.32%)
  • Ethereum (eth) $2,983.79 (+0.75%)
  • Cardano (ada) $2.26 (-4.14%)
  • Tether (usdt) $1.02 (+1.26%)
  • Binance Coin (bnb) $347.52 (-2.57%)
  • Bitcoin (btc) $43,501.00 (+1.32%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft