SEC report on ICOs! The crackdown begins ....
Report issued by SEC on July 25th
https://www.sec.gov/news/press-release/2017-131
- ICO’s and crypto currencies are subject to the requirements of the federal securities laws
- Those participating in unregistered offerings also may be liable for violations of the securities laws
- “We seek to foster innovative and beneficial ways to raise capital, while ensuring – first and foremost – that investors and our markets are protected.”
- "The innovative technology behind these virtual transactions does not exempt securities offerings and trading platforms from the regulatory framework designed to protect investors and the integrity of the markets,"
- They decided not to bring any charges but rather make this a caution alert
- “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”
Yikes... Let's see how the market reacts to this.
Thanks for sharing!
Yeah...nice comment...at the moment how do you think the market reaction is?
They decided not to bring any charges but rather make this a caution alert
That means we can do what we want right???
That's what I got from it. Seems to me it's just to instill fear so individuals feel like they can't participate in ICO's because SEC is watching.
Good info to share...I think this news is affecting the market already...but in your opinion...does it mean d crypto world is under checks now and does it slow the growth? For me...SEC may be a welcome development to weed out the scammer!
Very nice share, this is why I love STEEM!
How do they plan to enforce these laws or rules on DAOs?
The team backing the ICO is usually well known in the industry. They'll probably apply pressure to require government ID to participate. For example SALT ICO requires you upload ID if you want to invest more than $2000.