decentralizedL

4 ms·

1. 1.▲
   by decentralizedL 9y ago

   I think the key language to focus on in the SEC notice is those “participants” who have a necessary role in the transaction of an unregistered offer and sale of securities are liable for violating Section 5 (page 16). Taken to the extreme,
2. 2.▲
   by decentralizedL 9y ago

   Nah disagree. Most folks building on top of Ethereum are using token sales as a fundraising mechanism to bootstrap their projects, and these projects are raising $100ms of dollars. The whole "but, but, these tokens have utility"
3. 3.▲
   by decentralizedL 9y ago

   Can't stop won't stop :) https://www.sec.gov/about/laws/sa33.pdf "The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of inde
4. 4.▲
   by decentralizedL 9y ago

   Yeah, I also helped out with this. It's a good starting point but is by no means conclusive. Debevoise's franchise argument is wayyyy offbase and is subtle legal marketing BS imo
5. 5.▲
   by decentralizedL 9y ago

   In game digital assets is an interesting hypothetical. Whether or not it satisfies all the prongs of an investment contract analysis is less important than the overall size of the market. I think if blockchain tokens were doing daily vols
6. 6.▲
   by decentralizedL 9y ago

   I guess something that's important to consider here is that when I wrote this I was considering whether the Ethereum presale in 2014 would be likely to be classified as a "security". I thought theDAO was a pretty terrible pro