Bitcoin Forum

If I'm reading correctly, US Residents cannot participate in the SONM ICO. Is everyone else reading that correctly? Total buzz kill as I was quite interested in this project.

So, what, this crypto coin contract somehow has borders?  I thought it was just math.

if you really wanted to get into this ICO you could easily figure out how to do it, vpn's work well if they go that far to block out US citizens.

not just SONM,,
i see in another project that US residents cannot participate too,,
but if you want to buy this , you can buy this SONM after the listed on exchange  ;)

It caused by SEC. And US citizens are not able to participate in the ICO or something like that. I think you must understand about that. Will be better for you to not participate on the ICO. And not against the term.

Also happened to the Ethbits ICO.
US Residents could not participate in purchasing during the ICO either.

It is but not everyone wants to break the law and I understand that. Obviously without KYC they can't stop it though.

FinCEN issued guidance on this back in 2013. https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf (https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf)
My read is that virtually all ICOs could be illegal in the United States unless the issuers register with FinCEN and do AML/KNC. The only exceptions are After this comes the SEC if the tokens are considered securities. Coins that were mined from the beginning with no pre-mines, initial sales etc such as Bitcoin, Litecoin, Monero etc are likely safe. Many of the others will likely make some lawyers very wealthy,

Edit: Ripple has already being the subject of enforcement action. https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual (https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual) As for Ethereum and its ICOs, I will leave it to the reader to consider what would happen if FinCEN and the SEC decide to do a tag team enforcement effort.

there is no assurance whether this ICO is legit. didn't you just read that they edited the ratio lately? during the start of ICO 1 ETH = 606 SONM tokens but just recently 1 ETH is now 2000+ SONM tokens. would that be fair for those who bought during the start?

if you wanna invest and yet you are from US, just wait till it gets listed on exchanges.

Damn I wonder what sort of process is required to register with FinCEN and the fees involved. There also seems to be no way to prevent US residents from investing

I guess this would be a good place to start. https://www.fincen.gov/resources/financial-institutions/money-services-businesses (https://www.fincen.gov/resources/financial-institutions/money-services-businesses) My approach is to minimize the risk by sticking only to "De-Centralized Virtual Currencies", and I do not even live in the United States nor am I a US Citizen.

Here is an interesting article on FinCEN enforcement from the perspective of a legal firm. http://www.lexology.com/library/detail.aspx?g=4dea5c6a-110a-4949-a5dd-a82c034210b1 (http://www.lexology.com/library/detail.aspx?g=4dea5c6a-110a-4949-a5dd-a82c034210b1)

it is OK, you will have a chance to participating a few thousands more ICO just like SONM using scam eth platform this year, whoes allowing U.S resident to join. so no worry much as you wouldn't miss anything.

Dollar amount didn't change, just the ratio of SONM to ETH due to major ETH price increase.  Fair would mean there wasn't a Pre-ICO.

So Ark is what you believe in?

Soon will start ISO SONM.  :) :) We are waiting for new investors. VPN can help for participation.