So Jack, what is the team's plan to get around being considered a security to the SEC? Looks pretty dire and the end of times for MGO.
Our plan is that we wrote our terms and conditions anticipating a ruling from the SEC. The first paragraph of our terms references this fact. Unlike many crowdsales we left ourselves loads of flexibility so we could adapt and mold to changing times. We are in no way legally bound to profit our investors. Any currency that is would be considered a security. We also wrote our terms and conditions in such a way that we could change the use and design of MGO as needed to meet regulation. And MobileGo is not a U.S. based entity so is not under jurisdiction by the SEC.
First paragraph of our terms:
"This document describes the initial sale in which the MobileGo token (“MGO”) is sold. It is not a solicitation
for investment and does not pertain in any way to an offering of securities in any jurisdiction. Individuals,
businesses, and other organizations should carefully weigh the risks, costs, and benefits of acquiring MGO
early in the initial sale versus waiting to purchase MGO on open, third-party exchanges."
First line from the second paragraph:
"Ownership of MGO carries no rights express or implied. Purchases of MGO are non-refundable. Purchasers should
have no expectation of influence over governance of the GameCredits Mobile Platform. "