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Author Topic: ICO ban for the US citizens  (Read 8820 times)
shlomogold
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July 03, 2017, 09:15:15 PM
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Many European ICOs recently that I saw, they all state in their ToS that the US citizens can't participate. Why?
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July 05, 2017, 12:35:21 AM
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To put this into perspective, the United States is quite strict when it comes to investment regulations. Only accredited investors can partake in private placements of securities. While some people would urge all cryptocurrency ICOs are tokens and not securities, regulators will have a very different opinion regarding this matter. A lot of the ICOs we have seen can be labeled as traditional sales of equity.

[...]

Once the SEC will effectively intervene in cryptocurrency ICOs – which is only a matter of time – things will get very interesting, to say the least. A lot of previous ICOs didn’t take the necessary steps to “deny” US citizens from investing. All of those projects and their teams are at the mercy of the SEC for the time being. Violating US securities laws is not something anyone wants to deal with. Additionally, these laws can also be enforced upon non-US companies, which makes it even more important to take countermeasures.

And in a more simplistic way:

Quote
In the United States, only accredited investors can be offered private placements of securities, and the onus is on the issuer (in this case, the token sale dev team) to ensure that only accredited investors take part, lest they expose themselves personally and their company to potential criminal liabilities in the United States.

Sources:
https://www.quora.com/Why-are-US-citizens-not-allowed-to-participate-in-Ethereum-ICOs-such-as-Status-im-and-others-Why-are-we-blocked
https://themerkle.com/why-cant-us-citizens-participate-in-cryptocurrency-icos/

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July 05, 2017, 06:52:16 AM
 #3

Then it is a mistaken title or misleading. It is not an ICO ban for US citizens. It is investment opportunity ban for US citizens who are not accredited investors. But trust me, so many US people avoiding this. HYIP is the best example:)

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July 05, 2017, 09:16:51 AM
 #4

because their governemt protects them from scam
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July 06, 2017, 03:38:02 AM
 #5

Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.

The boom in the ICO market right now is really attracting big and small participants and there is now a trend for niche business to also join the ICO bandwagon. But while this can indeed scam issuers, regulating ICOs can do more harm than good. What we need is a way to do due diligence so we can guide ICO buyers away from possible scams.

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July 06, 2017, 05:54:54 AM
 #6

US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.

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July 06, 2017, 04:19:02 PM
 #7

US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.

It is not just the regulators who are extra cautious. It is the fund raisers who don't want to get entangled with the US regulators and incur high compliance costs. I don't blame them - there are enough people in other countries who are ready to subscribe to ICOs.
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July 06, 2017, 07:43:45 PM
 #8

Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.

The boom in the ICO market right now is really attracting big and small participants and there is now a trend for niche business to also join the ICO bandwagon. But while this can indeed scam issuers, regulating ICOs can do more harm than good. What we need is a way to do due diligence so we can guide ICO buyers away from possible scams.

I know of only two so far which have blocked selling ICO's to US citizens:
Ethbits and SONM.

I don't think I have heard of any others which do not allow US registered citizens to hold their ICO atleast buy them during the Pre-Sales they weren't allowed too hold any of the title to their coins. Lips sealed

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July 06, 2017, 08:56:34 PM
 #9

Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.
I do have my doubts here,how on earth the ICO know from which country you are getting the coins since most of the recent crowd funds are accepting different crypto currencies and they will be getting the coins either in ETH if it is ETH based token and almost all of the ICO are using their platform now,no one asked for my country of origin while investing ,they can only stop the US residents if they investing with fiat currency other than that they are free to invest.














 

 

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Siralistair
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July 06, 2017, 09:35:39 PM
 #10

Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.
I do have my doubts here,how on earth the ICO know from which country you are getting the coins since most of the recent crowd funds are accepting different crypto currencies and they will be getting the coins either in ETH if it is ETH based token and almost all of the ICO are using their platform now,no one asked for my country of origin while investing ,they can only stop the US residents if they investing with fiat currency other than that they are free to invest.

I hear the part about different projects not wanting to get involved with the SEC but seriously how much can the US government really prevent investment by US citizens?  Unless I'm missing something, I really don't know how effective they will be. Some of these projects are based out of areas of the world that have extremely Crypto friendly governments. The SEC would be spending endless resources trying to keep all the different countries in line in an "industry" that is for the most part designed to be unregulated.  I just see there being too many loopholes and work-arounds to really stop anything.  Governmental bodies around the world are embracing this technology and the US is fast becoming the odd man out by going against the grain.  Its best they get onboard and try to be a leader in this space, if its not too late.
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July 07, 2017, 12:53:36 AM
 #11

I hear the part about different projects not wanting to get involved with the SEC but seriously how much can the US government really prevent investment by US citizens? 

As with most online projects, the companies will ask you to click on a form which checks whether you are a US citizen. Only if you make a representation that you are not a US citizen, will it allow you to proceed. Gambling companies do this as well, as they do not want to run foul of US laws.
In the event of action by any US agency, they can claim plausible deniability - that they were unaware that you are an US citizen.
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July 08, 2017, 08:11:09 AM
 #12

because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
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July 08, 2017, 03:52:08 PM
 #13

because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?

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July 08, 2017, 10:27:33 PM
 #14

You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?

So you'd like everything to be regulated by the government, because there's a possibility that you could lose money, get scammed, cheated or hurt in any other way.
The government should surround you in a protective layer of foam, so that you don't have to think anymore and if anything happens can run crying to your mommy officials.
Not all ICOs are made to scam you, just as not all casinos are cheating, not all people are lying and so on. You need to use your brain and do some research before throwing money in someone's face.

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July 09, 2017, 08:14:25 AM
 #15

because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?

isn't this the same as gambling, i see no difference, is gambling prohibited on the USA? if no then it smell like hypocrisy, poeple will always gamble with their money, they can even meet with a stranger and gamble on anything they want

i don't think this is even remotely stoppable, and with ico is even worse because they offer big anonymity
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July 09, 2017, 08:21:03 PM
 #16

Usa government cannot get taxes from the ico profits,  so this is smart decision to forbid chanel that wash out money from their country. Better they'd find the way to legalise that whole area. 



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shlomogold
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July 10, 2017, 11:22:37 AM
 #17

because their governemt protects them from scam

yes, of course. what a nice and caring government
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July 15, 2017, 07:41:21 PM
 #18

because their governemt protects them from scam

This is the simplest and most accurate (best) explanation here.
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July 15, 2017, 07:50:02 PM
 #19

Even India has been been banned from few of those ICOs due to strict laws and regulations (Monaco campaign). Mostly all ICOs have banned US though but I can still see many US residents who invest in those ICOs where you don't need to prove your identity before investing. Some ICOs do collect personal information to avoid any risk of a legal action but mostly comply by their laws.


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July 16, 2017, 12:48:59 AM
 #20

because their government protects them from scam
The Government protects themselves and their interests. Nothing more. They're the scam as well as their monopolies.
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