What does this mean if you've bought or sold cryptocurrency within 2017?
SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
161–170 of 360 posts
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#162Earlier quoted context omitted.
To be fair, the market was down around that much today already. The SEC article has had little to no effect as of yet. I also don't see it having much effect at all as all of those tokens are traded in secondary markets.
Or everybody who mattered already knew what was going to happen from their insider sources and were trading in advance of the announcement.
[deleted]
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#163The SEC should show that it protects everyone's rights and not just large firms with piles of cash to pay to them and to pay expensive lawyers. Otherwise we have to assume that this is largely about trying to tax things. The way they can do this is by making a real effort to update their technical, documentation, and regulatory programs. Is there a straightforward way to do an Edgar filing that doesn't require a bunc…
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Is your hedge fund registered with the SEC? What's the name of it? I've been thinking about crypto hedge funds lately and am genuinely curious.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#164Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Being competent is not exclusive with leaving at 5pm, having a wife, kids, and a mortgage. Nor is being 17, micro-dosing on psychoactive drugs, working 100-hour weeks or hacking at 3am.
In fact, I would argue that the correlation swings in the opposite direction.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#165Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Because the 55 year old is too smart to! It's not like those "kids'" are doing anything good at 3am either; their work seems to be flaky and fraud-prone. See: the DAO hack and recent Ethereum smart contract thefts to name just a couple.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#166The SEC should show that it protects everyone's rights and not just large firms with piles of cash to pay to them and to pay expensive lawyers. Otherwise we have to assume that this is largely about trying to tax things. The way they can do this is by making a real effort to update their technical, documentation, and regulatory programs. Is there a straightforward way to do an Edgar filing that doesn't require a bunc…
> the SEC should show that it protects everyone's rights One sure-fire way to get the SEC to go absolutely ballistic is to hurt mom-and-pop investors. This is why the commission was founded [1] and why securities law maintains "accredited investor" thresholds, controversial as they are. > Is there a straightforward way to do an Edgar filing that doesn't require a bunch of training? Securities lawyers are a few thousa…
Why shouldn't mom-and-pop get the choice to invest in SEC regulated companies? If you like what the SEC has to offer, you can keep it. Taking away that choice seems paternalistic at best, corrupt at worst.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#167Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Why should one believe a 17 year old, working 100 hour weeks and micro-dosing (really, what does this have to do with anything?) knows or is more capable than a 55 year old?
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#168Earlier quoted context omitted.
This changes lots of things. You can't just open an DAO/ETH/BTC exchange, you need to be compliant with securities law and regulation. Those who operate as an exchange now but do not file the proper paperwork (which is expensive) should expect audits, fines, and shutdown.
I don't think the findings unequivocally imply that ETH and BTC are securities. Or am I missing something?
AFAIK the SEC considers BTC a commodity but that doesn't mean it's unregulated. CFTC, IRS, FinCEN, and state regulations impose all kinds of restrictions on cryptocurrency that almost no companies are following.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#169Earlier quoted context omitted.
Comments like this are ludicrous. Do you really think the SEC doesn't understand distributed ledgers or ethereum contracts? Second, do you think anyone has technical staff that are capable of writing safe contracts in Solidity (Parity wallet would suggest not...). In short, the idea that people must be incompetent because they're in the government is pretty ludicrous. The SEC is consistently one of the best technical…
Actually hung out with a JP Morgan Chase banker the other day. Big into crypto. He said the SEC had no clue what was going on. They leave at 5 PM, and head home to wife's and kids, and mortgages. While the "kids" are hacking, micro-dosing, and working 100 weeks. And they are all of 17. It's not in their world. A 55 year old banker is not hacking solidity contracts at 3 AM. No way.
Ah, the classic SV "he or she has a real adult life, and thus cannot understand my h4xx0r skillz" chestnut.
Re: SEC Issues Report Concluding DAO Tokens, a Digital Asset, Were Securities
#170Earlier quoted context omitted.
Yes. The SEC is indicating that they're not going to apply this retroactively. Any upcoming Initial Coin Offering to US persons, though, is in trouble. Like all the ones listed here.[1] [1] https://www.icoalert.com/
I would not count on them not applying this retroactively. The DAO is safe (along with Bitcoin and Ethereum themselves) but everyone else is not. I've heard interviews with some ICO people and it's clear that they know what they're doing is legally questionable. They're doing it anyway because of the obscene amount of money on the table. The SEC will not look kindly on these people.
Are we sure Ethereum is safe? Bitcoin never did a premined token sale but the Ethereum Foundation did, so it looks much more like theDAO than Bitcoin does.