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Everybody and their brother with a soundboard has stated an opinion about ICOs and the SEC guidance. Literally anyone influential has said something and if they

Everybody and their brother with a soundboard has stated an opinion about ICOs and the SEC guidance. Literally anyone influential has said something and if they haven't, expect them to say it tomorrow. The gradient of opinions is just as abstract as the weeks before. It would be a mistake to take that as canonical just because you respect that particular entrepreneur's non sequitur criticism of existing token sales. When the argument is that not all token sales are securities offerings, not even the SEC has made that mistake, and the argument is that new token sales don't have to be securities offerings, but they can be too. Here is what the SEC will never get: they will never get investor protection from this asset class. Their entire regulatory framework is around that. Congress can modify the SEC's mandate to support this. Congress can create a completely new agency and regulatory framework to provide for more applicable confidence and protections in this asset class. The SEC will never ever ever use the Securities Act of 1933 and the Securities Exchange Act of 1934 as currently written to ensure a fair market of all cryptographic token issuances.

JumpCrisscross 9y ago
> The SEC will never ever ever use the Securities Act of 1933 and the Securities Exchange Act of 1934 as currently written to ensure a fair market of all cryptographic token issuances If the SEC categories an asset as a security, it has rule making powers over the trading of those assets provided an American buys or sells the asset, inadvertently or not. Many respected lawyers and lawmakers, as well as the SEC, say many ICOs look like securities. Note that coins offered in ICOs being securities isn't a death knell to the concept. Just to the scammy elements of the market. Disclaimer: I am not a lawyer. This is not legal nor securities advice. Don't be a dummy and treat Internet comments as anything but casual banter.
- ringaroundthetx 9y ago
  > Many respected lawyers and lawmakers, as well as the SEC, say many ICOs look like securities. Yes, this is the crux of everything I've said, primarily that "many" has nothing to do with whats possible. Whether a future token sale chooses to register as a security or is completely exempt from securities frameworks because it is a product.
  - JumpCrisscross 9y ago
    > Whether a future token sale chooses to register as a security or is completely exempt from securities frameworks because it is a product The "many" I refer to are the people get to decide, legally, whether it's a security or a product. The polite thing for the SEC to do would be to announce a new rule. The less polite route, though still completely legal, would be to prosecute under the Acts in an SEC court [1]. [1] https://www.wsj.com/articles/sec-fights-challenges-to-its-in-house-courts-1434927977 https://www.wsj.com/articles/sec-fights-challenges-to-its-in...

JumpCrisscross 9y ago

> The SEC will never ever ever use the Securities Act of 1933 and the Securities Exchange Act of 1934 as currently written to ensure a fair market of all cryptographic token issuances If the SEC categories an asset as a security, it has rule making powers over the trading of those assets provided an American buys or sells the asset, inadvertently or not. Many respected lawyers and lawmakers, as well as the SEC, say many ICOs look like securities. Note that coins offered in ICOs being securities isn't a death knell to the concept. Just to the scammy elements of the market. Disclaimer: I am not a lawyer. This is not legal nor securities advice. Don't be a dummy and treat Internet comments as anything but casual banter.

ringaroundthetx 9y ago
> Many respected lawyers and lawmakers, as well as the SEC, say many ICOs look like securities. Yes, this is the crux of everything I've said, primarily that "many" has nothing to do with whats possible. Whether a future token sale chooses to register as a security or is completely exempt from securities frameworks because it is a product.
- JumpCrisscross 9y ago
  > Whether a future token sale chooses to register as a security or is completely exempt from securities frameworks because it is a product The "many" I refer to are the people get to decide, legally, whether it's a security or a product. The polite thing for the SEC to do would be to announce a new rule. The less polite route, though still completely legal, would be to prosecute under the Acts in an SEC court [1]. [1] https://www.wsj.com/articles/sec-fights-challenges-to-its-in-house-courts-1434927977 https://www.wsj.com/articles/sec-fights-challenges-to-its-in...