471–480 of 557 posts
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vitalik and the ethereum foundation hold less than 0.5% of the eth supply.
"Your Honor, I didn't murder the victim today , just a few years ago. Surely that doesn't count?" They crowdfunded $18M and used that to develop and issue tokens. It was clearly under their control at the time.
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It's important to note that event for the projects creating new tokens, there is NO WAY to register. It exists, in theory. Many people have tried, nothing has progressed even an inch. It's not even a matter of the SEC putting out a list of clear conditions that people deem unacceptable. Instead, the applications just seem to be mired in bureaucracy. As I understand, there is deliberate gaslighting from the SEC and Ga…
I'd love more details and a source about how all these people have tried and the applications get mired in bureaucracy. Does the process takes too long? Does the SEC demand information they don't have? Bureaucracy takes lots of forms, so something ending up mired in bureaucracy sounds like a bad thing but could also just be the bureaucracy working as designed. A drug manufacturer could describe a drug as "mired in bu…
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> I like how another commenter put it: "I think there is very little room for this sequence of events to be considered fine" - from a non-crypto-partisan, rule-of-law perspective. I would encourage you to consider your own priors and read the feedback that you're getting on this idea as well. In spite of your attempts to cut off opposition, there are a lot of very well-reasoned arguments for the SEC's approach.
> In spite of your attempts to cut off opposition, there are a lot of very well-reasoned arguments for the SEC's approach. Which ones do you find convincing?
I'm personally not invested enough (or knowledgeable enough) in this topic to debate you on it, but if you're so sure of your position you'd do well to get out there and defend it.
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It's important to note that event for the projects creating new tokens, there is NO WAY to register. It exists, in theory. Many people have tried, nothing has progressed even an inch. It's not even a matter of the SEC putting out a list of clear conditions that people deem unacceptable. Instead, the applications just seem to be mired in bureaucracy. As I understand, there is deliberate gaslighting from the SEC and Ga…
Did anyone actually try? https://www.sec.gov/education/smallbusiness/goingpublic/regi... Is there a blog somewhere put out by one of these companies with their back-and-forth? It would be informative reasoning.
Disclaimer: I work on STX and its blockchain
[1] https://www.sec.gov/Archives/edgar/data/1693656/000110465919...
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It's important to note that event for the projects creating new tokens, there is NO WAY to register. It exists, in theory. Many people have tried, nothing has progressed even an inch. It's not even a matter of the SEC putting out a list of clear conditions that people deem unacceptable. Instead, the applications just seem to be mired in bureaucracy. As I understand, there is deliberate gaslighting from the SEC and Ga…
There is nothing in the law that explicitly prevents the registration of a cryptocurrency. The problem is that the people making them are not able to answer the kinds of questions the SEC asks. How many cryptocurrency companies do you know of that could pass an audit? Even when ICOs aren't out-and-out scams I have never encountered one transparent enough for me to want to touch it with a ten foot pole. Why should the…
Disclaimer: I work on STX and its blockchain
It is scary to me how much legislating is done by these government bodies inside the (executive ?) branch. I do sympathize with anyone trying to get clear requirements in black and white terms of what is and isn’t acceptable . I think this is more of a systemic failure.
> clear requirements in black and white terms of what is and isn’t acceptable. I’ll give you the benefit of the doubt and assume you have been misled by this frequently made claim. It’s just not true. The requirements have been clearly stated for a long time, they’re just not what people in the crypto space want to hear, so they pretend the guidance and law doesn’t exist. This document dates from 2019 and lays out in…
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There is nothing in the law that explicitly prevents the registration of a cryptocurrency. The problem is that the people making them are not able to answer the kinds of questions the SEC asks. How many cryptocurrency companies do you know of that could pass an audit? Even when ICOs aren't out-and-out scams I have never encountered one transparent enough for me to want to touch it with a ten foot pole. Why should the…
STX did. SEC reg A sale docs: https://www.sec.gov/Archives/edgar/data/1693656/000110465919... Disclaimer: I work on STX and its blockchain
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If there’s no way to register, why did they proceed?
Someone once told me it costs like $60K to register a crypto as a security... A chicken and egg problem. How will you get $60K without an ITO? Yet if you have an ITO in order to raise the $60K that you need to register your ITO legally, you're already in breach. It has similar vibes as the US law which only allows accredited investors to invest in fast growing startups... 'To protect mom and pop investors' yeah right…
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> "Kid-friendly" but really kid-robbing, though I worked in an arcade growing up, and you're not wrong about a lot of them--but pinball doesn't fall into that bucket. Every pinball machine I've ever seen is played pretty straight. Sometimes they have nasty game mechanics, but they don't have the issues you describe here (which is much more in the pseudogambling, Dave and Buster's style of games).
What frequently happens with pinballs though is that the score you need to get a free replay adjusts automatically so that the ratio of free games stays at a certain target percentage.
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The '33 and '34 Acts give the SEC the ability to write the regulations, via wording like "under rules and regulations which the Commission shall prescribe". Congress defines a variety of things, but the SEC makes most of the nitty gritty procedure/rules out of those definitions and directives. The Howey test exists because the SEC enforced said new-ish regulations against someone, and the court agreed with them, hold…
> the SEC makes most of the nitty gritty procedure/rules out of those definitions and directives The violations the SEC describes in its complaint (¶ 8) are not nitty gritty. It's all bare-boned Exchange Act malfeasance.