SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
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Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#2BOOM! the game just changed...
> In light of the facts and circumstances, the agency has decided not to bring charges in this instance, or make findings of violations in the Report, but rather to caution the industry and market participants: the federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#3[deleted]
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#4This appears to only applies to ICOs that offer something that is like a security, such as the DAO, not voucher based ICOs like Primalbase or Storj
EDIT: Added appears to since IANAL
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#5Good. This should help bring some sanity and accountability. they were both quite needed
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#6There was no doubt in my mind this was coming.
Still waiting for them to come down hard on a company as an example. In this article it says they won't bring charges in this instance, meaning The DAO, however; if you have taken part in an unregistered sale of securities recently as a U.S. "company", you may want to seek legal advice on how to proceed right away. Maybe a deal can be made with the SEC for "ICO"'s that have occurred recently. Or you may be advised to leave the U.S., which may be the best option.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#7Look at the beating the market gets right now (as of 13 minutes after the news were posted).
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#8This appears to only applies to ICOs that offer something that is like a security, such as the DAO, not voucher based ICOs like Primalbase or Storj EDIT: Added appears to since IANAL
Care to elaborate? What's the difference?
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#9This appears to only applies to ICOs that offer something that is like a security, such as the DAO, not voucher based ICOs like Primalbase or Storj EDIT: Added appears to since IANAL
Assuming that would be unwise. In general, US securities laws cover anything that looks or works something like a security. There have been clever attempts to get around this before. They didn't work.[1]
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#10BOOM! the game just changed... > In light of the facts and circumstances, the agency has decided not to bring charges in this instance, or make findings of violations in the Report, but rather to caution the industry and market participants: the federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized a…
This literally changes nothing. Regulated companies already knew what the findings would be. Unregulated companies still don't care.