But unregistered securities havent been sold thats the point, because it has to be bought with fiat, therefore nothing was officaly sold if nothing was offical bought, the law must provide a remedy if its accusing you of a crime, therefore if you had approached the alleged authroitys and said I need to register these security's they would of turned you away because they would not recognise them as security's therefore you would have had no remedy in law for the accused crime.
What a crock of shit.
If you apply to register a security a number of things can happen. It can be approved for registration. It can be exempted from the need for registration. It can be given a special classification, such as being made available only to sophisticated investors and not being offered to the general public. And it can be outright classed as a product which can't be legally offered.
The law is
not obliged to provide you with a remedy if it's accusing you of a crime. It's
not obliged to provide you with a legal means of doing anything you want. The onus is always on
you to be aware of the legality or otherwise of your business activities and failure to seek legal advice is
always going to be interpreted as having no intention of complying with any regulations and laws applying to your business operations.
Even apart from the securities issues, most of these entities are likely breaking a ton of tax laws by not sending information about their users' financial activity to their country's taxation authority and for not not with-holding tax where inadequate user information has been provided. They're likely also required to issue their users with financial activity summaries in a specific format at the end of the financial year, too. I haven't seen a single Bitcoin related financial service mention making such statements available for their users. I suspect that at least some Bitcoin related services would refuse to issue such a statement even if a user requested one so they could include Bitcoin stuff on their tax return.
