LMAO, the SEC is going to shut down Coinbase and Bitcoin is going to zero. Suckers!
Statement on Cryptocurrencies and Initial Coin Offerings
111–120 of 176 posts
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#112Much better than China's response to ICO's. This is how it should be done.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#113Sounds like - do what you want at your own risk and due diligence. I can't help but think that large financial institutions and governments are also behind the crypto madness in order to make money on the retail's back. Otherwise, this would have been stopped by now.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#114> I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects. > We at the SEC are committed to promoting capital formation. The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that develop…
> he's saying that some of these tokens should be classified as securities If by 'some' you mean that some future tokens might be able to be offered for sale legally, then yes. But he also just declared basically 100% existing token operations to be criminal.
Not 100%, but a lot, for sure. I definitely read it as most.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#115This is not a statement from the SEC, but from chairman Clayton. See footnote [1]: « This statement is my own and does not reflect the views of any other Commissioner or the Commission. This statement is not, and should not be taken as, a definitive discussion of applicable law, all the relevant risks with respect to these products, or a statement of my position on any particular product. »
wait till you see how other commissioners vote alongside the chair
Can't see any reason why they wouldn't. This seems all very straightforward. It looks like the advice is going out now to inform the market there are likely to be issues with many ICO's, and especially new ones.
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#116Re: Statement on Cryptocurrencies and Initial Coin Offerings
#117Earlier quoted context omitted.
If anyone can mine a thing for themselves (i.e. create more supply of it), then that thing is a commodity . (Gold, for example, is a commodity.) By definition, no one entity can really restrict the supply or trade of a commodity; and thus the government can't really make useful laws about what any one entity does with their holdings of a commodity. Any valuable thing that isn't a commodity, is a security. Every fiat…
Not disagreeing with your observation, but to extract gold, you need a mining license which is typically required by law, so in a way governments can still make useful laws that regulate the scarcity or abundance of gold as a commodity by pricing mining licenses accordingly. Gold ownership was outlawed in the US in 1933 by FDR.
> Gold ownership was outlawed in the US in 1933 by FDR.
https://en.wikipedia.org/wiki/Executive_Order_6102
EDIT: "The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill to "permit United States citizens to purchase, hold, sell, or otherwise deal with gold in the United States or abroad" with an act of Congress codified in Pub.L. 93–373,[19][20][21] which went into effect December 31, 1974."
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#118Earlier quoted context omitted.
> if you can't mine it yourself, or get someone independent from the issuer to do it for you, it's a security That's not quite right. You could say that WoW Gold is "premined". You can't "mine" it yourself, and it's only issued by World of Warcraft. Same thing with Walmart gift cards and Disney Dollars. Call it money, or tokens, or scrip, but it's not a security. If you sell it to users primarialy to transact with it…
This is basically correct. If the thing you're buying gives you a claim on the future profits of an organization, it is probably a security under US law. If the thing you are buying has only its intrinsic value, then it is a commodity. An example would be a baseball card (intrinsic value only) vs. a card that entitled you to some fraction of that baseball player's future income over the course of their career. The la…
> a card that entitled you to some fraction of that baseball player's future income
I think i have an idea for a new ico....
Call it : sportico!
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#119Earlier quoted context omitted.
Why would I care what the SEC thinks if I'm outside the US?
Because of FATCA and friends, essentially all financial institutions in the world now report to the US and follow its rules. If you are not a US taxpayer, and outside the US, they don't directly apply to you, but they have already affected the regulations that do apply to you.
This is literally why we need crypto
Re: Statement on Cryptocurrencies and Initial Coin Offerings
#120What the SEC seems to be doing is 1) warning ICO promoters that what they're doing may be illegal, and 2) going after the worst offenders first. The SEC has already acted against two ICO promoters, both of which were clearly running scams. There will probably be more actions.