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Author Topic: [2017-07-26] SEC: Initial Coin Offerings Must Be Regulated  (Read 7281 times)
iamTom123
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July 26, 2017, 01:56:13 AM
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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 ultimate conclusion of the report is that “virtual organizations” and those interested in investing in them should exercise a healthy amount of caution, because some of these newfound securities may find themselves in trouble with the agency down the road.

The way for this industry to handle the coming horde of luddite regulatory bodies is to make them obsolete before they truly have sunk their claws in. This is to say, the DAO and its “curators” should exercise some of their uncommon power to enforce standards which make these hacks literally impossible. Perhaps not an upgrade to the standard itself, but a new standard altogether by which ERC20 and other smart contract tokens can be tested before deployment.

Read the whole news here.

So finally the SEC of USA has issued its stand on the proliferation and popularity of Initial Coin Offering. The official stand is that they should be treated as securities and hence has to be regulated akin to the regulations imposed on companies having their own Initial Public Offerings or IPO.

Now, I am wondering: Will this eventually affect ICOs of projects based outside of USA or will the SEC limits its own power on those based on USA and the participation of US citizens?  Already there are ICOs that purposely avoided participation from those based in USA and USA citizens based anywhere.


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July 26, 2017, 06:18:08 AM
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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 ultimate conclusion of the report is that “virtual organizations” and those interested in investing in them should exercise a healthy amount of caution, because some of these newfound securities may find themselves in trouble with the agency down the road.

The way for this industry to handle the coming horde of luddite regulatory bodies is to make them obsolete before they truly have sunk their claws in. This is to say, the DAO and its “curators” should exercise some of their uncommon power to enforce standards which make these hacks literally impossible. Perhaps not an upgrade to the standard itself, but a new standard altogether by which ERC20 and other smart contract tokens can be tested before deployment.

Read the whole news here.

So finally the SEC of USA has issued its stand on the proliferation and popularity of Initial Coin Offering. The official stand is that they should be treated as securities and hence has to be regulated akin to the regulations imposed on companies having their own Initial Public Offerings or IPO.

Now, I am wondering: Will this eventually affect ICOs of projects based outside of USA or will the SEC limits its own power on those based on USA and the participation of US citizens?  Already there are ICOs that purposely avoided participation from those based in USA and USA citizens based anywhere.


I have the similar question: if the coin is outside USA can US citizen participate the ICOs? In USA the regulated ICO will be like IPO?

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July 26, 2017, 11:17:42 AM
 #3

Of course, the ICO will become more complicated.
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July 26, 2017, 03:16:40 PM
 #4

I called it on this one.

I knew that the SEC would get involved eventually. The existential risk hanging over Ethereum's head is this enforcement order.

But lets get on with the ETH pumping, because that is all I see on these forums.

Wait until the fines start flying...

fortitudinem multis - catenum regit omnia
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July 27, 2017, 12:26:49 AM
 #5

It hasn't stated that ICOs should be regulated. It has only stated that ICO tokens may be considered securities, depending on the underlying economic transaction. That still gives room to uncertainty.


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July 27, 2017, 04:45:27 AM
 #6

and I'm guessing by the report https://www.sec.gov/litigation/investreport/34-81207.pdf that any coin that had an ICO that was US based or sold to US citizens can't be sold on normal crypto exchanges until they are registered as a securities exchange
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July 27, 2017, 04:47:41 AM
 #7

Is it necessary for the SEC to poke its nose in to everything? What if the ICOs are based outside the United States? Do the SEC still believes that they have the right to regulate them? First, let them allow the listing of the Bitcoin ETF. After that we can consider whether to regulate the ICO or not.

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July 27, 2017, 05:56:20 AM
 #8

If the ICO is outside the US and you don't sell to US citizens then it is not a problem, they are trying to protect they citizens from being scammed. 

I'm not from the US and my statement doesn't mean I agree with their policy, or most of what the US govt does, but thats their rules
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July 27, 2017, 07:17:52 AM
 #9

That's right and should be implemented. A lot of Initial Coin Offerings (ICOs) are being created and just ended up to shitcoins. That's why it should be regulated. Everyday we see many new announcements at the announcement section. It's also for security of investors. Many ICOs scammed a lot of people. I think it should be implemented worldwide.

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July 27, 2017, 08:08:56 AM
 #10

Is it necessary for the SEC to poke its nose in to everything? What if the ICOs are based outside the United States? Do the SEC still believes that they have the right to regulate them? First, let them allow the listing of the Bitcoin ETF. After that we can consider whether to regulate the ICO or not.

there is no problem if you dont sell to us citizens or is that the problem you want to do what you want to us citizens? the sec has control on that for the us. if you want to sell in the us you follow the us rules like all other countries with their own rules.

i welcome it. how many icos have actually made money or a difference. people on average are stupid and do need protecting because parasites prey on them. of course its parasites that oppose regulation stating people should be free to be conned by us.
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July 27, 2017, 10:32:59 AM
 #11

I'd like to see BCT regulate the plethora of scam ICO's here a bit more, or at least create a seperate thread for them. Having so many ICO's/scams in the coin announcement thread is making it almost impossible to find an actual new coin - it would also help stop so many noobs falling for them.

As with all things, the US can try to regulate it if they want - but will fail as usual.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0    Do not trust Yobit/HitBTC/BiteBTC/coinsbit/p2pb2b/Mercatox/C-cex/Poloniex/WEX/KuCoin/LiveCoin/TheRockTrading/Bitfinex/ADAB/Okex/TradeSatoshi scam exchanges or ICO's by known scammers like HashCoins/Ambisafe/Bountyhive - they WILL scam you! Use diligence & research. Buy coins, sell coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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