SEC crackdown on exchanges

[Savik]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

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[Dullmartini]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

[The Sceptical Chymist]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

They already are regulated as far as I know,  and that's a good thing.   Where's Poloniex operated out of?

These people who run the exchanges are either retards or criminals or a little bit of both.  You can't justify holding a customer's money for weeks or months.   There has to be a governing body to complain to.  I'm fine with KYC regs, but anonymity isn't all that important to me anyway.  It is to some, but I do think these exchanges need to be whipped into shape.

[Hodor7777]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

The US is doing what it has to at the exchange "choke points" into fiat, but it's kind of like sticking your finger into a failing dam; the ICOs and tokens will just move to the countries where they can continue to operate. 

[CuriousGeorge]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

But some of the people in US try to use VPN or another.  There is some exchange site based in US such as polo and coinbase. But i prefer to use the canadian exchange such as kraken or russian exchange.
It will be safe in my opinion.

[White sugar]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

But some of the people in US try to use VPN or another.  There is some exchange site based in US such as polo and coinbase. But i prefer to use the canadian exchange such as kraken or russian exchange.
It will be safe in my opinion.

Russian exchange?

I hope you are not talking about btc-e

[Savik]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

But some of the people in US try to use VPN or another.  There is some exchange site based in US such as polo and coinbase. But i prefer to use the canadian exchange such as kraken or russian exchange.
It will be safe in my opinion.

Doesn't matter where the exchange is located, as long as they sell to US based customers they have to follow the SEC laws. Beyond that, all it takes is one decent sized exchange getting busted and fined or shutdown for there to be mass chaos in the market.

[Dullmartini]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

But some of the people in US try to use VPN or another.  There is some exchange site based in US such as polo and coinbase. But i prefer to use the canadian exchange such as kraken or russian exchange.
It will be safe in my opinion.

The Canadian based exchanges will be next. Canada just follows US trends.

Call me conservative (i am dull martini after all) but I like my exchanges to be regulated. I wish there was some oversight of ico's so they wouldn't be so scammy...

[BTCwriter]

It's just a matter of time before crypto have decentralized exchange for all coins and tokens.
SEC or IRS can't do jack about it, just wasting time and taxpayers money.

[Blackmoon Crypto]

Guys, there is an awesome blog post about SEC and crypto assets. Just check this out -  https://medium.com/blackmoon-crypto/keep-calm-and-comply-8212422ef339

[White sugar]

It's just a matter of time before crypto have decentralized exchange for all coins and tokens.
SEC or IRS can't do jack about it, just wasting time and taxpayers money.

there are decentralized exchanges, but of course you can't buy or sell with fiat on decentralized exchanges

[BTCwriter]

It's just a matter of time before crypto have decentralized exchange for all coins and tokens.
SEC or IRS can't do jack about it, just wasting time and taxpayers money.

there are decentralized exchanges, but of course you can't buy or sell with fiat on decentralized exchanges

Soon you will have option to add bank information with these decentralized exchange(s), just a couple fields to files, bank account number and routing number.
Soon you will also have to agree to bank rules not to have anything to do with crypto when open a bank account but some bank will not care about it.
Like I said crypto is like the early dot com, it's still in early beginning stage, internet money is huge even Warren Buffet hope he would have bought some but don't live to see it!

[Pkuwag]

Anyone have concerns about this causing the alt coin market to crater? How much time do we have till the SEC makes their move? Also, what happens if an exchange were to shut down? Do the coins just go poof?

https://www.coindesk.com/legal-experts-warn-of-coming-crackdown-on-token-exchanges/

https://www.coindesk.com/tokens-can-be-securities-even-ico-advisors-agree-with-the-sec/

I think it's inevitable for US based exchanges. They'll have to be regulated or move out of the us and not sell to us consumers.

This will definitely spook people. Keep your coins in your wallet and not on the exchange.

But some of the people in US try to use VPN or another.  There is some exchange site based in US such as polo and coinbase. But i prefer to use the canadian exchange such as kraken or russian exchange.
It will be safe in my opinion.

Russian exchange?

I hope you are not talking about btc-e

although BTC-e is usually talking about russian language, but they are not based in Russia.

[Lorilikes]

I understand there are exemptions that are fairly lenient in their criteria in terms of covering you ass...Oops I mean, covering your assets. For example,whether or not a token even fits the definition of a security is not as important to the consumer as it is a seller duty to correctly present s product.  It is important to know. You are not breaking any laws (which are in place actually since 1933 but Tokens/icons/crowdsales are new and will easily be swept into the securities pile by definition.

If a token meets the requirements  that would categorize it as a security, it will be subject to mandatory registration. Unless exempt.
Sone vague rules apply here that seem to say a US citizen cannot directly buy these unregistered securities from the initial distribution,  but the can purchase them if they have proof of experience or exposure to risks and economic circumstances in securities, stocks, options etc.  ( Vague! ) Someone in a region that isn't restricted only has to wait 2 days before he can transfer to an American in a trade for it to be s compliant deal.  This is only my best interpretation from thick legal jargon.  I am not an attorney don't use my words as advise but it's worth telling our buddies they are still going to be able to dabble in the unregistered securities if they know the small loopholes and a few trusted foreign friends.
Cheers
 
🦋✨🦋✨🦋

[berrygood]

Btc-e one of the biggest and established exchanges was seized by fbi (usa) and market does not care as you can see so these regulations regarding tokens are not important for the people outside usa.