With the intention of continuing to grow in knowledge about new developments in the world of the block chain or the Blockchain, the Emeeseese Team has prepared the second part of the White Paper of the CCD ¹ of the UUEE, that as we illustrated in the [initial post](https://steemit.com/emeeseese/@bert0/en-new-guidelines-for-the-control-and-management-of-icos-and-tokens-are-born-part-i), the birth of these guidelines intend to parameterize and analyze the healthy growth of ICO and tokens that have arisen not only in the United States but also in the other countries that make up the ***Token Alliance***. So prepare paper and pencil so that they take note of the principles and guidelines of the tokens that we have prepared for you. ![toket part 2.jpg](https://cdn.steemitimages.com/DQmUK215EGbPkzuqbZpApkHi6yZ3cvxNmrM5BgJh1SL3ToC/toket%20part%202.jpg) ^{[Fuente](https://digitalchamber.org/token-alliance-whitepaper/)} ![EMSS TEAM.jpg](https://cdn.steemitimages.com/DQmXnxsmpc62T1H6g3vP92MdT5ukwLPkmKFC14dUA9ww49j/EMSS%20TEAM.jpg) **CCD**¹= Digital Chamber of Commerce. The second part of these guidelines describe the **PRINCIPLES AND GUIDELINES OF TOKEN** and it is subdivided into two sections, which are described below: * Sponsors of Token or Sponsor Token * Platforms for the trading of tokens ![barra gris.jpg](https://steemitimages.com/DQmdcK5ZhUm7kEzCKqhYiK7Fkj4yfyQSPKurtSQhbT3tL3N/barra%20gris.jpg) Before getting into the points it is necessary to remind them that the intention of the section is to establish guidelines for the Token Sponsors ("Token Sponsor" ² or "Sponsor") and in this way promote sound business practices in the virtual world. Although not all digital tokens are necessarily generated through the Token Sponsor; such as the case of the first cryptocurrency "the bitcoin" that was generated without the use of a token sponsor. ²Token Sponsor: people or group of people that: generate, distribute, direct, control the development and distribution of a digital token. #### When a digital token is subject to regulations and who regulates them? ![linea azul oscuro.jpg](https://cdn.steemitimages.com/DQmaNa1wBEfvDskgsM4ZRb3BqkH5CanU6mhzo1obU7CAbjB/linea%20azul%20oscuro.jpg) The regulating entities of digital tokens are: the US Securities and Exchange Commission and the Commission for the Trading of future basic commodities. Likewise, for a token to be considered an investment contract it must comply with the 4 elements of the Howey test: ![Howey.jpg](https://cdn.steemitimages.com/DQmZDY9Az3zjnkos5VR7AD2pbaXzYcSq3VzKSW2RXz5WNz1/Howey.jpg) ^{[Fuente](https://digitalchamber.org/token-alliance-whitepaper/)} 1.- An investment of money. 2.-In a common company. 3.- Reasonable expectations of the earnings. 4.- Benefits derived from the substantial efforts of others. A very important point is that the Token Sponsors should consult the services of an expert lawyer in the subject and in federal laws who can verify the compliance of the 4 elements of the Howey test before the token is offered or distributed, likewise, within the forms of distribution should be considered the rewards based on the system as well as those granted to employees, founders, contractors and consultants. Regarding the **regulation of basic products** and its relationship with digital tokens, the CFTC can exercise authority on topics such as anti-fraud and anti-tampering, since these represent a "basic product". Additionally, this entity may exercise authority in any agreement that implies the delivery and future exchanges, since for this purposes transactions of purchase and sale of the same are exercised: > Therefore, it should be common practice for the legal advisor of the Token Sponsor to also consider whether a digital record can create an Instrument regulated by the CFTC under the CEA, or the printing of that instrument. Even when this is not the case, working with a lawyer to carry out such analyzes can provide valuable guidance on how the digital token should be distributed in accordance with CFTC's antifraud and antipropia standards.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ##### How can a regular Token Sponsor and manage a digital token that has passed the test of being considered an investment contract? ![linea azul oscuro.jpg](https://cdn.steemitimages.com/DQmaNa1wBEfvDskgsM4ZRb3BqkH5CanU6mhzo1obU7CAbjB/linea%20azul%20oscuro.jpg) As we have indicated in the 1st and 2nd part of this post, the groupings that are part of the ***Token Alliance*** that are interested in creating and distributing tokens must comply with the regulations of each country and for that they must tell with the advice of legal professionals, that is, of expert lawyers. Una vez que un token ha pasado la prueba de ser considerado un contrato de inversión y gocen de la buena pro de generarlos, ofrecerlos y distribuirlos deben seguir las evaluaciones y actualizaciones si las circunstancias del token digital han evolucionado y por tanto el panorama regulatorio ha cambiado. > And of course these evaluations should be done by expert lawyers :D --- ##### What are the steps for the distribution of a digital token? ![linea azul oscuro.jpg](https://cdn.steemitimages.com/DQmaNa1wBEfvDskgsM4ZRb3BqkH5CanU6mhzo1obU7CAbjB/linea%20azul%20oscuro.jpg) A Sponsor token must follow the steps detailed below, the lack of compliance as well as the lack of sequence of steps can compromise the regulatory position of the token.

To respect the steps indicated in the White paper, the points that are detailed below

were taken verbatim from its original Source:

###### Development of concept and technology: --- A token sponsor must fully develop their conception of their system(s) and the application(s) using the digital token.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ###### White paper and other materials: --- A token sponsor must write a complete and accurate technical document, which must be reviewed by an expert lawyer before publication (including publication on a website or social media). [Source](https://digitalchamber.org/token-alliance-whitepaper/) ###### Regulatory review: --- The token sponsor, along with a lawyer, should review your token project, the accompanying white paper, and any application, service, or marketing material related to issues related to federal money issuer laws, import regulations, and export, AML / OFAC compliance obligations, federal and state securities laws, commodity laws and any other possible legal or regulatory considerations related to the specific business of the sponsor.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ###### Corporate review: --- The Token Sponsor must establish all corporate entities or other necessary legal entities (which may include the drafting of corporate governance documents, board resolutions, etc.), register intellectual property, draft privacy policies and user terms, and prepare external communication strategies. The Tokens Sponsor should seek legal advice to work on any transaction to obtain capital for the project, in addition to a possible presale.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ###### Previous sale to the utility (if it corresponds to the token): --- It is possible that a Token Sponsor may need to sell (but not deliver) digital tokens before the associated systems or the application (s) are completed. This may require the Token Sponsor to sell the digital tokens in accordance with an exemption from the Securities Act and the CEA, although the Token Sponsor does not expect its digital tokens to qualify as securities or Instruments Regulated by CFTC after the ( The system(s) and the application(s) are completed). The Token Sponsor should seek expert legal advisors to assess whether the sale requires an exemption and, if so, what exemptions will be available. If an exemption is required, the legal counsel must assist the Token Sponsor to develop and execute a legal and regulatory compliance program related to the pre-sale sale.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ###### Public distribution: --- The Token Sponsor must develop and complete a tokens distribution closure verification list designed to ensure compliance with applicable laws and regulations. In addition, if the token distribution planned by the Token Sponsor requires it, the attorney must assist the Token Sponsor to draft the appropriate terms and conditions, including the representations and warranties, as well as any agreement that will govern the distribution.[Source](https://digitalchamber.org/token-alliance-whitepaper/) ##### Principles and guidelines for Tokens Trading platforms ![linea azul oscuro.jpg](https://cdn.steemitimages.com/DQmaNa1wBEfvDskgsM4ZRb3BqkH5CanU6mhzo1obU7CAbjB/linea%20azul%20oscuro.jpg) The following information is intended as a guide for all those entities that are dedicated to the trading of digital tokens on their platforms, as well as for the sponsors who wish to have their tokens exchanged on those platforms. However, the platforms framed in the guidelines of this White paper are those in which market participants can convert virtual currency, fiduciary currency into another virtual currency, fiduciary currency or other digital tokens. ###### Considerations to sell tokens in a trading token platform. --- The Trading Platform must examine the token that it is intended to offer in order to determine if it is considered a value or an instrument regulated by CFTC and all this with the intention that the platform can meet the requirements of the Exchange Act or CEA. Likewise, as we pointed out in part I of this post series that we have brought for you, the intention is that the guidelines serve as a guide for the ICO and tokens that arise or that already exist in the market, for this reason the tokens that were established before the Token Trading Platform adopted these written procedures should be reviewed retroactively. As for the top managers or managers of the platforms, they must leave written procedures, standards that contain elements to evaluate digital tokens as well as for their approval in the platform, without leaving aside the description of tools to evaluate if you will no longer be allowed to trade. ###### Considerations for token sponsors that deal with trading tokens platforms. --- Although it may seem tedious or cumbersome, the world of cryptocurrencies is not something that should be left to chance or not to have legal and administrative support, this is why sponsors working on trading platforms should be prepared to: * Be aware that no platform has the obligation to maintain a market just for your digital token, * You must be prepared to answer questions that the Token Trading Platform requests or deems necessary. * create a reasonable impression that the digital token is being "bought" on the platform. * establish policies and procedures to prevent people linked to the platform from carrying out transactions that are not parameterized or established within its guidelines * once a market for the token is opened, the Token Sponsor must abstain for ethical reasons from discussing the potential of the token with the intention of not influencing the price appreciation. ![linea azul oscuro.jpg](https://cdn.steemitimages.com/DQmaNa1wBEfvDskgsM4ZRb3BqkH5CanU6mhzo1obU7CAbjB/linea%20azul%20oscuro.jpg) We hope that you, like us, make an effort to understand all the considerations, parameterisations, regulations, steps and other elements that are presented in the Work tables of the countries, groups and entities in charge of standardizing, organizing and dealing seriously topics about the tokens , ICO, cryptocurrencies and other options that have been born in the Blockchain. Remember that you always have us and our posts are at your complete disposal so that you continue to receive timely information. Soon we will write the last part of this series that we have distributed in three sections. Do a review of today's post and share your explanations with your comments :D

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