2 ms·
Sand Hill Exchange – Response to SEC Enforcement Action
- anigbrowl 11y agoNow this is a much more measured and thoughtful response than the one from a few weeks back. A little mindfulness about why regulatory frameworks exist in the first place goes a really long way, and now that this mistake is out of the way I think Sand Hill Exchange has great future potential.
- pjg 11y agoGood response. Still feel that SEC has more important things to do than fine unfunded startups in a garage with 2 people
- davidgerard 11y agoEven "unfunded startups in a garage with 2 people" should be able to figure out that faking trading volume when you're dealing with trading things of value is gonna be iffy. Even on the blockchain. Realistically, "creative entrepreneurs" are going to have trouble when their operation is indistinguishable in every detail from "bucket shop scammers with fraud layered upon fraud", and a $20k fine is a super-cheap lesson. The Matt Levine piece sets out just some of the ridiculously obvious illegalities. And he did actually tell them already that this was trouble brewing: http://www.bloombergview.com/articles/2015-06-19/bitcoin-bucket-shop-kicks-bucket http://www.bloombergview.com/articles/2015-06-19/bitcoin-buc...