Bitcoin Forum

Most ICO lawyers are totally useless and will only dictate you USA laws, even when you have no affiliation with USA.

Read this article to discover how ICO lawyers scam us.

https://medium.com/@filip.poutintsev/think-twice-before-hiring-a-lawyer-for-your-ico-58b69a9de4ed

Good article! It's helpful, to the point and a quick read.
Easy 2 minute read

I see that, even Canadian ico projects are geting dictated by lawyers to follow SEC compliant. Totally useless.
We know that the majority of Canadian countries can be considered as crypto friendly countries. Canadian has its own regulation. This was happening to some project just like iconomi and others. How lawyers were telling a non-sense thing about that.

This is not unique to ICOs or lawyers. This is closer to the phenomenon known as the Pareto distribution. In everything from the mass of stars, to the heights of trees in the rain-forest, farmers producing food or creative production in any domain, artistic, food production, novels written, novels sold, money generated, number of goals scored in hockey, number of paintings painted. In any endeavor where the underlying measure is human productivity, what you find is a very tiny percentage of people produce almost all of the output. It is a square root law, if you look at the number of people producing in a given domain, the square root of the amount of people do half of the work. Meaning, if you have 100 people doing something only 10 of them will be doing half of the work. This is a natural law and cannot be avoided or blamed on any one particular domain of expertise.

Do not underestimate the complexity of this problem. If you are interested in discussing laws and jurisdiction outside of the USA you should contact lawyers that are well versed in international financial legislation. Many lawyers in America will be informed in American law and more specifically the laws of their state. I can't imagine there are many lawyers in other countries pointing at the laws of USA to govern interactions within their own countries, else they would be very bad lawyers until they move to America. My point is, this is probably more a miscommunication than an intentional or ignorant outcome. You cannot expect the best results from the average lawyer and you cannot expect them to know more than their area of expertise.

Some countries just want to use SEC or American legislation as guidelines where their country has a grey area to make sure they are not doing something out of step.

This is why, as an investor, it is important to do your due dilligence surrounding the team behind an ico.
Especially when it comes to the advisors.
Advisors themselves will rarely get nack to you if you reach out to them (they are often high profile names and very busy)

However any ico that is a serious project will have a way to respond to and address your questions and concerns.
This is where you can ask about their legal team.
If they dont have one or give vague answers, run away!
If they spout us sec laws when they are based in singapore with an asian market in mind run away!

Also, dont forget to ask why they are doing kyc if they rquire it.
You would be surprised how many dont know why they do it

do you mean what kind of lawyer can be employed in the crypto currency problem? whether this will provide more benefits for the owner of the lawyer.

I often see that non-US jurisdiction ICO companies require investors and bounty hunters to pass the KYC procedure. As I understand, their lawyers do not know what to do exactly and give advice to the team to do it just in case.

I don't think you guys get it, US and some selected few countries are where laws are being implemented to letter so they need to take them serious, some cuntries careless about what is happening in Crypto will only act after US has make pronouncement on the space

Lawyers are the most dangerous scammers in the world.
I never trust to lawyers as i have many lawyer friends and all of them are devils advocate.
I really love that movie too :)

ICOs residing outside the U.S isnt under that SEC's regulation,you are making this hard simple problem would have simple answers,do not get a lawyer residing into the U.S jurisdiction,get an international lawyer who has a lot of experience probably 10years + so that they will know how to deal with the sec's bullying.

You need to take them seriously only if:
- you live there
- you are citizen of that country
- your company (that will do ICO) is registered there

In all the other case you don't have to give a damn about them.

Good info!
Thanks

Wow, I have never heard about this. Most of my decisions to invest is unsure. If we can protect our ICO, it is very good

There are many scams in the ICO. You can only rely on yourself. If you want to make a big profit, then you have to take risks. There is no free lunch in the world.

How about if I want to list my coin in US-based exchanges?
Some exchanges actually require legal opinion about the coin's possibility of being considered as a security.
I hope I wouldn't have to give a damn about this, too. It's too complicated.

Lawyers are professions that are quite important and influential in life. I can not imagine who will defend someone in the trial, if the lawyer's profession does not exist. Do we understand all the laws that exist in a country? obviously not and this is a lawyer's job to help us, discuss and find solutions to what we face. Do not blame a job profession, but this is purely because of the fault of its person.

Got it.Thanks for info

You're welcome!

Don't get american lawyers or a less preferable option is to exclude american investors.
And if you are US based company doing an ICO then you have to adhere to said rules anyway.

what are they really doing and why hire a lawyer? it is not the best way, if indeed they anticipate the failure of ico because it is caused by certain factors.

The lawyers love the American Regulatory Model because it requires lawyers for you to do an ICO. The easiest model is just restrict any offering to US persons only if they are Accredited Investors or ban them completely from participating. Problem solved, now you don't need a lawyer.

Lawyers have never done anything good for us. All they worry about is their own income!

At the same time a lot of ICOs dont want to do this because they believe that they are limiting their chances of reaching their Soft/Hard caps if US investors dont participate. So people will continue to have 'ICO lawyers' who do nothing

Nothing meaningful i find cogent or tangible in the link you dropped, i tried accessing the link but it was enable to display, i think it's there i suppose to know what actually you are saying, but since the link is not displaying i have nothing meaningful to say, i wonder how other people respond to you the thread without accessing the site.