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It's ridiculous that the SEC can't tell you what is and what is not going to work up front. My god, why should companies have to risk so much in this. Either t
by sonnyblarney 7y ago
It's ridiculous that the SEC can't tell you what is and what is not going to work up front. My god, why should companies have to risk so much in this.
Either they provide perfectly clear guidelines or they can screw off.
Anything vague is extremely bad for business as it causes undue risk, confusion, lawyers galore.
Also - timeframes matter. This event took place quite some time ago, it's totally unfair that the process takes this long.
The briefing, roadshow materials, legalese should be presented to the SEC and they should 'approve or not', and if not, then they can be taken to the courts before the ICO so that everything is legal up front.
I'm not one bit empathetic to Kik's ICO, if find it all kind of shady, but that should be made very clear before, not after actions are taken.
- loceng 7y agoCrypto-"currencies" are relatively new - and many including myself see them as innovative Pyramid-Ponzi schemes. There's also clearly a lot of VC money involved now, and other less savvy people's money in them - the army of HODLers, so the SEC has to tread carefully. Would you prefer - would those companies prefer - being completely ban/blocked from operating until SEC understood it all? I'm guessing no. I'm guessing too that investors would have liked the protection though, as would society in general - those who got drawn in by the shallow hype and lost money.
- vasilipupkin 7y agothis is not true, you can get a No Action letter from the SEC upfront. https://en.wikipedia.org/wiki/No-action_letter https://en.wikipedia.org/wiki/No-action_letter
- andrew311 7y agoUnfortunately, getting a no action letter can take years and there is no guarantee you wilk ever get it. So far only one has been issued among probably numerous requests within the last year or two.