Crypto Janitors Makes ICOs in Mobile Payments Smoother

December 5, 2018         By: Steven Anderson

While for a while there—for a long while—the cryptocurrency market looked like a Wild West boom town, the appearance of regulators stepping in shook things up substantially in favor of making things more stable. That’s brought in a lot of new rules, and a much greater potential to run afoul of said rules. That’s what may make a new service BX3 Capital tipped us off about, Crypto Janitors, that much more valuable.

BX3 Capital is a business advisory firm, focusing on companies that work in the cryptocurrency and blockchain space. There are a lot more of those lately than ever before, so BX3 Capital is in a good position to speak to these issues. That’s what led it to bring out the Crypto Janitors program.

Crypto Janitors itself, meanwhile, is an operation that basically helps companies that staged initial coin offerings (ICOs) address the failures that happened therein and offer insight on how to address these failure points in the future. This includes such things as preparing relevant tax filings, protecting intellectual property, addressing previous filings that may have been in error or otherwise deficient, and more.

BX3 Capital partner Michael Minihan noted “We have the benefit of hindsight. Since 2017, the SEC has directed crypto projects that raised money from US investors to follow established securities laws. Legal opinions that indicated ‘utility’ status in an effort to avoid registration will not pass muster. We will work with projects to proactively disclose gaps and comply. Cleaning up messes is not fun but as we saw with the AirFox and Paragon enforcement actions, the SEC can provide a path to compliance for legitimate projects that are willing to work with them to get things right.”

Such a move would no doubt be welcome for anyone who’s sweating upcoming enhancements to regulation in the cryptocurrency market, which is probably most of the market. Making an ICO regulator-friendly would be valuable for anyone releasing such a coin, and with over 2,000 cryptocurrencies now available at last report, that’s a lot of potential market for Crypto Janitor to clean up. Allowing it, in turn, to clean up.

All told, Crypto Janitor looks like it will do wonders, thanks to a former Wild West that’s been addressed by the regulatory bodies.