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Author Topic: ICO ban for the US citizens  (Read 10907 times)
shlomogold
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July 03, 2017, 09:15:15 PM
 #1

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
 #2

Quote
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
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 #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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July 06, 2017, 09:35:39 PM
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 #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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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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July 16, 2017, 09:36:05 AM
 #21

The USA possesses very restrictive rules regarding the funding of projects in order to make sure that the common man does not get pulled into some sort of pyramid scheme. Of course in practice this is just the result of looking towards private rich venture capital as the only people that should be funding projects, it really does create issues for crowdfunding though in practice it basically says not US no good.
https://www.sec.gov/news/pressrelease/2015-249.html

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July 16, 2017, 03:18:43 PM
 #22

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.

You are right. Rather than face legal challenge later on, why not just concentrate on markets aside from USA. There are indeed enough investors outside of USA, who can launch and fund a project. Unless of course, SEC would soon issue a legal framework to work with, then it is not worth including USA in any ICO issuance. The government of USA is very much protective of its own citizens and that is something we all understand, anyway.

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July 17, 2017, 12:23:59 PM
 #23

Many European ICOs recently that I saw, they all state in their ToS that the US citizens can't participate. Why?


If there is any country that is very complicated and can go to any length to get convictions even to the extent of another country, its the United States and even if I happen to create a service in the crypto world, I am sure to exclude USA citizens because I don't have money to pay lawyers and then being offered a deal to plead guilty over something you probably don't know exist in the first place but that's definitely no excuse to the judicial system for whatever reason.
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July 20, 2017, 01:48:30 AM
 #24

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.

There are many countries that express some concerns on the continuing proliferation and popularity of issuing ICOs. The market for ICOs has exploded these past few months and there are those who were successfully getting more than $100M in funding.

I am expecting that soon there can be strict regulations in place for ICOs and this can be done to, of course, protect the investors but I am hoping it will not also be restrictive as to kill ICO itslef.

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July 20, 2017, 04:31:49 AM
 #25

I did notice a few US-based ICOs going on (WTT is one example), so it may not ban for it, just possibly need for agreements.

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July 20, 2017, 04:20:15 PM
 #26

They learned from the past Silkroad, Mt. Gox etc. Now they are handling cryptos clean to avoid future scams. No wonder ICO'S formed and planned in different countries but some investors might be Americans.

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July 25, 2017, 11:12:17 PM
 #27

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.

You are right. Rather than face legal challenge later on, why not just concentrate on markets aside from USA. There are indeed enough investors outside of USA, who can launch and fund a project. Unless of course, SEC would soon issue a legal framework to work with, then it is not worth including USA in any ICO issuance. The government of USA is very much protective of its own citizens and that is something we all understand, anyway.

well, that was fun while it lasted Sad

Quote from: CryptoCoinNews
If you thought a lot of ICOs were limiting US participation due to zealous regulators already, wait until you read the following: SEC has concluded that DAO tokens are a “security,” which should be regulated. The report spends a lot of time establishing that the DAO was in fact a centralized organization, describing actions that run parallel to those of any struggling start-up which has actual control over its resources.

The issue of whether the DAO had sole discretion or full control is important because it then implies responsibility for investor losses as a result of security malfunctions. Legally, it opened up a can of worms, which is why the SEC commissioned the report in the first place. The authors appear to be intimately familiar with blockchain technology, which is refreshing and scary at the same time.

"Whether or not a particular transaction involves the offer and sale of a security—regardless of the terminology used—will depend on the facts and circumstances, including the economic realities of the transaction. Those who offer and sell securities in the United States must comply with the federal securities laws, including the requirement to register with the Commission or to qualify for an exemption from the registration requirements of the federal securities laws. The registration requirements are designed to provide investors with procedural protections and material information necessary to make informed investment decisions."


This is why some ICOs are more selective than others, and this should have a chilling effect on yet to drop US-based ICOs. They arent charging the Slock.it DAO with securities fraud in this instance, as this is groundbreaking legal territory, but this is a clear message: Token that offer security-like benefits are securities, and you must be regulated and compliant, or we will arrest you Sad

Be careful with the tokens from now on. this also means:

ICOs will need to register with the SEC as securities, and;

Exchanges will need to register as stock exchanges to trade securities.

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July 26, 2017, 01:50:33 PM
 #28

With what I read not too long ago where I commented on a similar thread, I must say things is about to go more intense for us citizens as more and more ICOs will start stopping US citizens and those who have been silent will not only come out publicly to stop US citizens but will equally frustrate every effort such as the use of VPNs because the fear of US regulators is the beginning of wisdom for all developers raising ICOs.
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September 01, 2017, 04:46:23 AM
 #29

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.

You are right. Rather than face legal challenge later on, why not just concentrate on markets aside from USA. There are indeed enough investors outside of USA, who can launch and fund a project. Unless of course, SEC would soon issue a legal framework to work with, then it is not worth including USA in any ICO issuance. The government of USA is very much protective of its own citizens and that is something we all understand, anyway.

well, that was fun while it lasted Sad

Quote from: CryptoCoinNews
If you thought a lot of ICOs were limiting US participation due to zealous regulators already, wait until you read the following: SEC has concluded that DAO tokens are a “security,” which should be regulated. The report spends a lot of time establishing that the DAO was in fact a centralized organization, describing actions that run parallel to those of any struggling start-up which has actual control over its resources.

The issue of whether the DAO had sole discretion or full control is important because it then implies responsibility for investor losses as a result of security malfunctions. Legally, it opened up a can of worms, which is why the SEC commissioned the report in the first place. The authors appear to be intimately familiar with blockchain technology, which is refreshing and scary at the same time.

"Whether or not a particular transaction involves the offer and sale of a security—regardless of the terminology used—will depend on the facts and circumstances, including the economic realities of the transaction. Those who offer and sell securities in the United States must comply with the federal securities laws, including the requirement to register with the Commission or to qualify for an exemption from the registration requirements of the federal securities laws. The registration requirements are designed to provide investors with procedural protections and material information necessary to make informed investment decisions."


This is why some ICOs are more selective than others, and this should have a chilling effect on yet to drop US-based ICOs. They arent charging the Slock.it DAO with securities fraud in this instance, as this is groundbreaking legal territory, but this is a clear message: Token that offer security-like benefits are securities, and you must be regulated and compliant, or we will arrest you Sad

Be careful with the tokens from now on. this also means:

ICOs will need to register with the SEC as securities, and;

Exchanges will need to register as stock exchanges to trade securities.



The Howey test is rather simple.  The ICO issuer should not refer to an ROI or that the Dev team will generate a profit for the token holder or risk having the tokens deemed securities.  The DAO case served as a reminder and some rudimentary framework of what not to do when holding an ICO.  Frankly I do not believe the SEC will have the resources to begin to regulate the crypto world but rather react when violations or encroachments.

Full disclosure:
I am a licensed attorney practicing securities arbitration.  The foregoing is not intended to be legal advice and no attorney-client relationship is implied.
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September 01, 2017, 07:55:21 AM
 #30

American budgetary arrangements have surrounded the world through tax and consistence settlements that are upheld to shifting degrees by signatory countries. Americans are required to unveil pay earned and riches held abroad to the IRS. To augment the expense snatch, the approaches additionally force cumbersome announcing prerequisites on money related establishments with hardened punishments for rebelliousness.

Now, avoiding an ICO's prohibition on Americans can be a unimportant issue. For instance, financial specialists can basically abstain from unwelcoming ICOs. Or, on the other hand they can manage ICOs that don't overwhelmingly authorize their own boycott; I expect a few bans are set up just as an approach to give lawful cover. With such guarantors, the wrong box can be ticked. Area impartial installments are anything but difficult to organize and non-U.S. assets to utilize. American IP locations can experience Tor. Obviously, if the American financial specialist is unmasked, at that point he may lose tokens or have accounts shut.
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September 06, 2017, 06:35:04 PM
 #31

I understand that most ICO's are banned if they are considered securities but how many are not considered securities.  I think I have found one so far Gaze coin which is VR and ads which is claiming not to be a security and will be open to all US citizens can that be right?
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September 06, 2017, 06:41:33 PM
 #32

I  think i will have to check on their telegram https://t.me/joinchat/GI5pXkP2ge4L6F3CxCWOEw
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September 06, 2017, 06:43:21 PM
 #33

I love how people think this is our government "protecting" us. Notice how only "accredited investors" can participate. IE - people who already have money are allowed by their friends they paid to put into office to make even MORE money on the initial investment and turn a 1,000% profit, then allow us AFTER the fact to fight over a 20-50% slow rise after the fact and they can dump out when they like. I am sooo happy to be "protected" by this.

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September 07, 2017, 12:53:58 AM
 #34

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...
If enough people complain to sec, there will be something done about it. They are a public service and the more complaints, the more pressure.

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September 09, 2017, 12:22:06 PM
 #35

can somebody tell me why the US bans its citizens from ICO. I have done some research but can fathom it!
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September 09, 2017, 01:53:07 PM
 #36

is there any date or general time frame that was communicated by the SEC when there will be clear rules and regulations for US citizens?

I mean it can't be forever like it is now....I understand that the SEC wants to protect their citizens but they have more than enough staff to issue and declare new laws for it.

Without that people will simply find other ways to participate in ICOs.

I do not understand why the governments have so many difficulties to simply make new laws and rules.

I suspect they do not understand the market or simply do not work :-)

The current situation is not satisfying for the investors nor for honest companies that try to have an ICO. Furthermore, it makes the hype around cryptocurreny and the potential risks much bigger....
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September 10, 2017, 12:04:46 AM
 #37

The government is still trying to find ways to regulate ICO's. The IRS is scrambling to find a quick solution, but of course at the government's pace, I give it a couple of years. That's why our government needs to partner or hire good talent to develop this aspect that they're lacking.
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September 10, 2017, 12:18:37 AM
 #38

can somebody tell me why the US bans its citizens from ICO. I have done some research but can fathom it!

It is not my understanding that the SEC has banned US citizens from investing in ICOs rather the SEC has warned issuers against selling unregistered securities.  Many issuers having taken heed and apply the Howey test to determine whether or not the coin offering is a sale of a security.  The SEC has also cautioned investors about ICOs in general.  See the link below.

https://investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-initial-coin-offerings


Full disclosure, I am an attorney practicing securities arbitration.  The foregoing is not intended to be legal advice and no attorney-client relationship is implied.
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September 10, 2017, 12:37:44 AM
 #39

It's so annoying that these bans are happening. I'm missing out on so many great ICO's being launched. So irritating.
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September 10, 2017, 12:49:03 AM
 #40

Something to be careful of is to read up on the ICO's you're investing in. Always do your due diligence of reading their white paper before committing. I found the one I was planning on investing in excluded the US.
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September 10, 2017, 12:55:04 AM
 #41

I get why governments regulate. They want to establish a standard before the general public dives in. Plus, if an average joe were to join the crypto world, he would have to do a lot of research before fully understanding what's going on.
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September 10, 2017, 02:32:52 AM
 #42

It's not the ICO's fault. SEC is regulating and these ICO's want to stay on the safe side. Make sure to check when investing in ICO's whether or not they're offering to your specific country.
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September 13, 2017, 10:52:49 PM
 #43

because their governemt protects them from scam
True, the Government is doing its best to safeguard its people. This is a good move. in the future ICO will become more qualified.
It's a lesson on how to make a good investment, if the Government makes the rules I'm sure ICO will be very good and quality.

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September 14, 2017, 02:27:03 AM
 #44

because their governemt protects them from scam

This is the simplest and most accurate (best) explanation here.

Right, every government stand to protect its people on those scam possibilities. But I hope it is not for the interest of few who have much connection to government. We all know some restrictions comes with self interest and it might not be equal chances for everyone. And it is prone to abuses.
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September 14, 2017, 05:36:24 AM
 #45

ICO has been banded in China.
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October 07, 2017, 03:12:37 PM
 #46

I wonder how does ICOs make it legal in USA? do you guys know any services?

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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October 07, 2017, 08:09:41 PM
 #47

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.

you are right in this point


What we need is a way to do due diligence so we can guide ICO buyers away from possible scams


and is the most important issue
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October 15, 2017, 07:01:05 PM
 #48

Some of the bigger cryptocurrency ICOs will ensure they hire lawyers who can create a more “workable” environment for interested parties. If they would not take these steps, their entire token sale would be liable to criminal charges in the US. That is, assuming the SEC would ever decide to investigate a particular crowdsale for those specific reasons. It is highly unlikely that will happen, even though the SEC is looking to regulate ICOs moving forward.
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October 17, 2017, 01:28:37 AM
 #49

The US has taken a somewhat solid stand on the matter. Sadly there's big monopolies that control our financial system.

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October 17, 2017, 11:26:34 AM
 #50

Many European ICOs recently that I saw, they all state in their ToS that the US citizens can't participate. Why?


I think it is not the ICO because it was already regulated by the US Government but the other investing sites because some of them are HYIP and PONZI scheme in which the US are just protecting the welfare of their people. I remember a bitcoin trading site ethtrade.org was banned in the US but the site reason is all about taxation but after the Aug 1 the site is truly a scam and US just save the people from this site.


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October 17, 2017, 02:46:08 PM
 #51

Can residents of other countries participate ICO?

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October 18, 2017, 05:39:18 AM
 #52

Many European ICOs recently that I saw, they all state in their ToS that the US citizens can't participate. Why?


Because USA government have lot of regulation and rules, if people abide those USA can take any type of government action without any countries involvements. So many ICO not accepting investments from the USA people into any forms of ICO'S.

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October 18, 2017, 09:27:26 AM
 #53

If you wish, Americans can participate in any projects. Perhaps this will need to exert more effort than the Europeans but this is not a problem. USA the first to suffer from the spread of cryptocurrency. Now people move their savings into bitcoin and abandon the dollar. This will put pressure on the US economy. I think we will see more decisive U.S. action against bitcoin.
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October 18, 2017, 06:11:01 PM
 #54

Quote
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/

quite barbaric and draconian, not to allow people of a "free" country access to income and gains in these markets at all
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October 18, 2017, 10:51:06 PM
 #55

ICO has been banded in China.

So does Korean as well, also the margin trading in Korean exchange.

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October 19, 2017, 04:11:57 AM
 #56

I think then the ICO will disappear or the countries do something to control the ICO I do not buy ico ever but I know about it, ICO is a good place to attract investment with startups but Through this ICO there are quite a lot of scammers so the countries banning it like China and Korea are now fine. I think it will undermine the interests of their countries or the people they have been fooled so much money so the new nations issue a ban.

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October 19, 2017, 03:30:41 PM
 #57

In recent times, there are lot ICO scams. There are no guidelines/regulation that an ICO needs to bind before its launch so there is no guarantee of your money invested in ICO. So many countries like China/USA has banned ICO in order to protect their citizen's financial interest.
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October 19, 2017, 03:39:02 PM
 #58

In recent times, there are lot ICO scams. There are no guidelines/regulation that an ICO needs to bind before its launch so there is no guarantee of your money invested in ICO. So many countries like China/USA has banned ICO in order to protect their citizen's financial interest.

Yes since crypto currency is decentralized even the ICO's are not mandated  or regulated by any law and most of the ICO's failed and looks like a scam. Americans are just being protected by their country from it.
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October 21, 2017, 12:13:06 AM
 #59

ICO's just try to stay safe right now, especially with countries like China.

If you're in the US some ico's to check out are unikoingold and cybermiles. Both are unique ideas and have tons of potential.
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October 21, 2017, 02:57:03 AM
 #60

In recent times, there are lot ICO scams. There are no guidelines/regulation that an ICO needs to bind before its launch so there is no guarantee of your money invested in ICO. So many countries like China/USA has banned ICO in order to protect their citizen's financial interest.

Because of scam ICO's only most of the countries want to regulate ICO's. In coming days we can able see some real product development will start raising funds through the ICO's. I hope government should come forward to legalize these rules and regulations.

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October 21, 2017, 07:32:36 PM
 #61

They just want to stay safe with legalities. Now if you're interested in ICO's that allow US residents to participate, you have to do your research. I know that unikoingold allows us residents and ends in a day or so.
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November 01, 2017, 10:38:37 PM
 #62

The US puts tremendous effort into protecting its own citizens from their own stupidity.
The US also puts tremendous effort into keeping US funds in the US.
Combine the two and you see that the US wants to make sure that if the stupid people want to throw away their money then that should happen IN the US and not in Europe.
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November 08, 2017, 12:03:11 PM
 #63

The USA possesses very restrictive rules regarding the funding of projects in order to make sure that the common man does not get pulled into some sort of pyramid scheme.

The irony here is that the MLM type of projects are becoming the only projects USA folks can get involved in! 

So they are being driven to higher risk propositions.

The founders of these high risk projects find ways to remain anonymous, and this mystery is being accepted by investors, who understand that anonymity is a must, in order to avoid long armed crack-downs, in which case the U.S. would steal everybody's money, as it did with BTC-e.   As such, anonymous ponzi authors are trusted more than US alphabet agencies. 
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November 08, 2017, 12:41:42 PM
 #64

because their governemt protects them from scam


Indeed, lot of investing sites are now created a scam, HYIP and a Ponzi scheme in which they will just run away the hard earned money of the citizens. I just hope this policy will apply also here in our country so that people will obligate to follow because investing sites here are freely to roam in the internet without proper screening in which it will just depend upon the people on how to protect themselves from a scam investment.

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November 08, 2017, 12:55:53 PM
 #65

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.
It is more of a theory rather than the truth you are talking about. Claiming that all ICOs are a scam is not really an accurate statement as when you look at an ANN Thread about an ICO here in the forum you will see how many support it and clearly you will see the Website and Whitepaper that comes with it. As for the US Government prohibiting its citizens it is due to the SEC of their country that makes it harder for people to invest in ICOs as they must go to the SEC first before their ICO gets approved.

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November 08, 2017, 01:31:58 PM
 #66

The irony here is that the MLM type of projects are becoming the only projects USA folks can get involved in!  

So they are being driven to higher risk propositions.  
That still doesn't mean that people should put their hard earned cash in these outright scams. If the general public wasn't driven by greed, and had the ability to do actual research, these scams wouldn't exist in this quantity.

It's mind boggling when I see how easily people are willing to invest in anything that promises them unrealistic returns. If I come accross these schemes, my inner alarm starts going nuts immediately, which is something others lack.

Their greed is so strong, that this stupidity is giving scammers more incentive to continue scamming innocent people. Essentially, everyone investing in these schemes is somewhat responsible for the actions of these scammers.

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November 08, 2017, 02:36:05 PM
 #67

There is nothing wrong with governments passing laws it feels will protect its citizens. Whatever their motivations are, I feel regulating the ICO space is most welcome. There are just too many scams in the system, which is hard to tell. If these laws slow them down, then I am all for it.
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November 10, 2017, 05:26:05 PM
 #68

Some of the bigger cryptocurrency ICOs will ensure they hire lawyers who can create a more “workable” environment for interested parties. If they would not take these steps, their entire token sale would be liable to criminal charges in the US. That is, assuming the SEC would ever decide to investigate a particular crowdsale for those specific reasons. It is highly unlikely that will happen, even though the SEC is looking to regulate ICOs moving forward.
I think the government does not want to ban ICCs but just wants to take control, but in this case there can be monopolization, a balanced way.



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November 16, 2017, 11:17:28 AM
 #69

If there is any country that is very complicated and can go to any length to get convictions even to the extent of another country, its the United States and even if I happen to create a service in the crypto world, I am sure to exclude USA citizens because I don't have money to pay lawyers and then being offered a deal to plead guilty over something you probably don't know exist in the first place but that's definitely no excuse to the judicial system for whatever reason.

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November 18, 2017, 02:34:27 AM
 #70

The US puts tremendous effort into protecting its own citizens from their own stupidity.
The US also puts tremendous effort into keeping US funds in the US.
Combine the two and you see that the US wants to make sure that if the stupid people want to throw away their money then that should happen IN the US and not in Europe.



I agree. That is what happened to China and that is why they implemented new rules and regulations to ban ICOs. We know that there are so much money lost with these scammy ICOs and their citizens does not have knowledge to asses these type of investments.

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November 18, 2017, 09:43:13 AM
 #71

There is nothing wrong with governments passing laws it feels will protect its citizens. Whatever their motivations are, I feel regulating the ICO space is most welcome. There are just too many scams in the system, which is hard to tell. If these laws slow them down, then I am all for it.

AFAIK, ICO mostly lead into scam so that's why some government decided to ban Bitcoin.
Well just like my government still not legalized Bitcoin because Bitcoin can be used to scam people especially corruptor able to use Bitcoin as their advantage

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November 18, 2017, 05:50:41 PM
 #72

This is not the first time, recently after ban on ICO in China. Many of the ICO's clearly stated that any china's resident cannot take part in ICO all these things clearly indicate the fear that is created by scam coins. People who are not much into cryptocurrency are trapped by scam coins which further leads to allegations on ICO. I think it is sole responsibility of citizens to make sure where they invest their money and should not ban everyone from using ICO.

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April 10, 2018, 08:26:39 PM
 #73

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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April 11, 2018, 02:28:23 PM
 #74

I find this prohibition of ICOs for American citizens strange when the US government has recently advised Americans to declare and tax cryptocurrencies in the next income tax return

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April 11, 2018, 03:17:24 PM
 #75

I find this prohibition of ICOs for American citizens strange when the US government has recently advised Americans to declare and tax cryptocurrencies in the next income tax return
I also often see a project that forbids US citizens from being banned from joining for inves and I once asked their reasons on telegram but they never answered .... Huh

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June 27, 2018, 11:40:23 AM
 #76

Hi!
EU citizen participating in ICOs.
Get in touch on cryptoassistent@gmail.com or https://t.me/cryptolighter
and I`ll help you.

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June 27, 2018, 05:24:17 PM
 #77

I would like to draw attention here to the fact that US citizens are only allowed to invest in ICO projects. Investment and participation are different concepts. Participation in generosity campaigns ICO does not always refer to investing. However, at this forum there is an opinion that the ICO teams in this connection conduct a check of KYC regarding the participants of the campaign of generosity, including the signature campaign of the ICO. However, this will be wrong, since head hunters do not invest in ICO projects. Therefore, to require them to pass a KYC check to make sure that they are not US citizens will be illegal.

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June 27, 2018, 06:56:50 PM
 #78

I guess the United States has separate rules for the cryptocurrency. Many American people are allowed to invest and trade bitcoins, but they are not allowed to invest in ICOs

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July 02, 2018, 05:51:16 AM
 #79

Any country has the right to adopt with respect to its citizens the rules and restrictions that they consider necessary to protect them. The US government considers the ICO to be very risky for its citizens and has banned their citizens from participating in them. This position can be changed if most ICOs are regulated by states and the degree of risk of fraud is significantly reduced. However, many ICO teams conduct a KYC check for participants in the ICO generosity campaign so that there are no citizens among them, where participation in ICO campaigns is prohibited by their governments. This position is wrong and illegal. The governments of these countries prohibit the participation of their citizens in the ICO so that they do not lose their money from fraud, that is, they forbid investing in these projects. However, I am sure that the speech in these prohibitions does not mean that citizens can not advertise them as participants in the generosity campaign, because they do not invest in ICO projects. Therefore, the very conduct of the KYC test for the participants in the ICO generosity campaign is illegal.

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July 02, 2018, 07:11:39 PM
 #80


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

Gambling is prohibited in the USA, except for places like Las Vegas and individual casinos that have special permits, and a couple states in which citizens are allowed to gamble online.

is there any date or general time frame that was communicated by the SEC when there will be clear rules and regulations for US citizens?

I mean it can't be forever like it is now....I understand that the SEC wants to protect their citizens but they have more than enough staff to issue and declare new laws for it.

Without that people will simply find other ways to participate in ICOs.

I do not understand why the governments have so many difficulties to simply make new laws and rules.

I suspect they do not understand the market or simply do not work :-)

The current situation is not satisfying for the investors nor for honest companies that try to have an ICO. Furthermore, it makes the hype around cryptocurreny and the potential risks much bigger....

Governments make an unbelievable number of laws, the problem is that the laws are designed to enrich the wealthy and special interest groups.

I agree. That is what happened to China and that is why they implemented new rules and regulations to ban ICOs. We know that there are so much money lost with these scammy ICOs and their citizens does not have knowledge to asses these type of investments.

The question is why are there so many ppl who are so easily taken advantage of? It is the fault of the government for not educating them properly.
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July 03, 2018, 02:43:59 AM
 #81

I've heard that some US citizens still participate in ICOs by borrowing their relatives or friends' documents to use it for KYC. Some agreed for a payment and some don't. There are many ways to bypass the bans if you just explore the internet.

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