It's not like you will be able to redeem your ICN tokens for actual shares of Iconomi GmbH which will hold/spend the ico funds. Therefore, ICN tokens are not representing shares of a company.
sorry, you need to re-read the whitepaper
Iconomi is not GambH, and every token is a share of iconomi.
Keep dreaming, polo and bittrex won't add icn because icn is a share, they don't add a share, it is voilating the US laws
ALL Americans should read thisI like how suddenly peeps become legal experts on the SEC and CFTC without doing any research.
I just happen to have some knowledge on this subject because my family has been in the Banking and Finance industry since the 1800's and I will share some of that knowledge with you now.
Erik Vorhees got fined for selling unregistered securities because he was an American running SatoshiDice gambling within US Borders, and online gambling is what is illegal here, as well as selling un-registered securities for an illegal business residing also within US borders.
As an American, we are allowed to move our assets nearly anywhere, and invest in nearly anything.
A foreign mutual fund or security is considered a Passive Foreign Investment Company (PFIC), or (AFIC Active).
If you are a U.S. citizen and investing your savings through a non-U.S. financial institution, you need to understand FIC rules. The laws of diversification are universal. Virtually all foreign financial assets that are not being held in a domestic (U.S.) financial institution are subject to numerous reporting requirements. ICN, being fully transparent, and the shares being housed on an open public ledger blockchain fits into that requirement like a glove. Granted, Americans with ownership stakes in foreign entities have complex IRS reporting requirements, and do not qualify for tax-deferral, and cannot be insured by a US insurance entity. If Iconomi were to register with the SEC and list on NYSE, nothing would change there because at the end of the day, they are still an FIC.
With that said, there are no laws written yet that would obstruct Iconomi from collecting US investors, other than a higher tax bracket and no insurance, because by every aspect, they are most certainly a Foreign Investment Company.
I hope that helps clear things up.
The whitepaper could have had better wording about the legal setup of Iconomi.
https://medium.com/iconominet/legal-part-1-42fa72e1f157#.s3uovogifSince, as we have concluded, there is no viable option for ICONOMI to mirror its shareholding structure (based on ICN ownership) directly, it is best that the assets of ICONOMI gain legal personality on their own, while true ownership is managed internally.
Our team is already hard at work researching several options for incorporation in different jurisdictions across the globe. I am happy to say that at the moment of my writing, we are strongly favouring Switzerland(4), Liechtenstein, Luxemburg and the Netherlands
The lawyer is saying they are going to use the ico money to setup a GmbH type of company, like Ethereum did. ICN token holders are not going to have any legal ownership of Iconomi GmbH shares or rights to the assets it controls.
That's why I say ICN tokens are not shares of a company. Just like how Ethereum ico participants did not get shares of Ethereum Foundation in exchange for their donations.
Someone made a Bitbet about whether ICN will be listed on Bittrex or Poloniex, any takers?
https://bitbet.us/bet/1329/iconomi-listed-on-bittrex-or-poloniex-by-february/
