SEC Chairman Jay Clayton said so-called initial coin offerings in many cases looked like securities, raising the prospect the agency will take a more aggressive stance to this red-hot fundraising method.
RT @saifedean: Remember when nice & slick coin artists & spiritual gurus soothingly assured you ICOs will be alright and that bitcoiners are silly toxic rude people for telling you hateful things like this?
Keep listening to those who profit from being nice!
We will all have to register on some governmental pool, and pin an adress to our identification. If that is done, all transfers can be connected to a person... hence they can participate in the ICO craze.
I don't expect anonymity when dealing with such things. They can do that, I don't care. What's important is that there will be services that are good for privacy ... but I believe that industry will be once again ... drift into the dark markets.
“I have yet to see an ICO that doesn’t have a sufficient number of hallmarks of a security,” Mr. Clayton said in an unscripted remark delivered in the middle of a speech at the Institute on Securities Regulation in New York Wednesday .
He may want to check his own agency's Report of Investigation on the DAO, which listed the qualities that made it like a security, and note how many of those qualities are missing in the majority of token sales.
I really hope the SEC doesn't try to bring token sales under Securities Laws. It would lead to an exodus of business from the US, very draconian penalties for people involved in a nascent technology that would unfitting of a liberal democracy, and would have very little practical impact on token sales, except to push US-based ones further underground.
How exactly do they plan on regulating initial token/coin offerings launched by decentralized autonomous organizations and traded on decentralized autonomous exchanges? That is where this is going. I really don't think the SEC knows what they are up against. In this transitionary period they are clinging to a glimmer of hope that they can regulate it through the existing legacy banking systems, but that is rapidly fleeting and attempts to further regulate the sector will only push along technological progress that much more quickly.
They take action against the developers, even decentralised organisations and exchanges are still maintained by a body of people that are identifiable. After that they take actioin against exchanges that list coins that they deem in offense. At some point, the coin will have no development and no fiat ramps.
This is just FUD from some shill on the government dole. What’s he know? And central bank thugs probably gave the author a bonus of hyperinflating fiat for writing this. Hodl your birdbath tightly and don’t forget to epoxy your eyes so you can’t see the FUD.