SEC: '"The DAO" were securities and therefore subject to the federal securities laws.'
The SEC released a statement saying that The DAO tokens were securities.
They said exchanges that allow ICOs to be traded would need to be registered.
The SEC released a statement saying that The DAO tokens were securities.
They said exchanges that allow ICOs to be traded would need to be registered.
Here is the full statement: https://www.sec.gov/news/press-release/2017-131
This is the exact reason why cryptocurrency will succeed. These bozos are digging their own grave.
Are you talking about the SEC or the ICOs companies?
I vote for the ICO companies digging their own graves.. whether he meant it or not
I should have been more specific. Sorry, I got a little riled up.
My view is that the SEC is overbearing. As government tries to tighten their grip and increases regulations people become more disenchanted with their meddling. This drives people to seek alternatives.
I personally like freedom to make my own decisions. It bothers me when my government tries to protect me from myself. If I want to invest poorly then let it happen. To say that someone needs to be a "sophisticated investor" to participate in the game is a overly restrictive.
I would agree with that. And to add insult to injury, the taxpayers are the ones paying for this so-called "protection." It's pretty perverted regardless of which way you look at it.
Exactly. It's a beautiful thing to see some power returning to the common man. I feel like we're at the beginning of a big positive shift towards decentralization. I'm really happy to be a part of it.
Cheers. Thanks for your post. Stay Steemin
This is a clear indication that (digital) ICOs are in the cross hair of the SEC and captured by existing regulations (according to the SEC). My take is that US Investors will now be even more excluded from any future ICOs as was already the case. Although undoubtedly the regulations also serve to avoid investors buying tokens of 'nothing' and requiring issues to do their homework, a lot of innovation and first-mover market building will happen elsewhere. But I cannot imagine that other regulators will wait very long with their similar response.
From what I know, EOS didn't allow U.S. residents to invest, right?
Correct. And their contract 'terms' are - well - no terms. We are just buying air :)
All because of protection against law issues.
EOS did not technically have an ICO. I'm sure they saw this SEC regulation on the horizon and planned accordingly. They just sold everyone air as far as their legalese are concerned. They leave it to us to research and determine if we want to invest in "nothing" or not.
I love EOS. I'm under the impression that US citizens can on purchase the tokens on the open market. The price is still reasonable.
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