Hi,
Does anybody have a good source on the regulations regarding starting/ being part of a team indulging in a crowdsale. How is the jurisdiction chosen? Is it the location of the investors or the location of the team? Given it's all decentralized, and no way to track locations of investors how do these even get enacted? In US, is cryptocurrencies covered by SEC Act of 1934? Is there precedent for any ICO's getting in trouble for not filing with SEC? And if American investors are not allowed in ICO/ crowdsale, which jurisdiction will it be regulated in? Is passive investing in ICOs/ crowdsales legal while residing in US?
I realize I am asking too many questions, but there seems to be no comprehensive online help on this topic. I was considering developing for some of these gigs which seemed exciting but wanted to ensure I would be on the right side of the law if I did so.
Thanks
There isn't any precedent yet for ICO's getting into trouble but most also avoid the potential problems by blocking US citizens though there is no way to verify it without KYC.
It is basically all a grey area and no one wants to risk getting in trouble nor does the SEC have too much power to do anything about it since a lot of ICOs don't even have a physical location, the best they could do it go after the individual members of their team.