Spoetnik warned you all - he's sicking the SEC on your ass now

[rugrats]

This is news to me. The only SEC Bitcoin-related activity I know of happened back in June, involving Erik Voorhees.

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541972520

FOR IMMEDIATE RELEASE
2014-111
Washington D.C., June 3, 2014 —

The Securities and Exchange Commission today charged the co-owner of two Bitcoin-related websites for publicly offering shares in the two ventures without registering them.

An SEC investigation found that Erik T. Voorhees published prospectuses on the Internet and actively solicited investors to buy shares in SatoshiDICE and FeedZeBirds.  But he failed to register the offerings with the SEC as required under the federal securities laws.  Investors paid for their shares using Bitcoin, a virtual currency that can be used to purchase real-world goods and services and exchanged for fiat currencies on certain online exchanges.  The profits ultimately earned by Voorhees through the unregistered offerings totaled more than $15,000.

Voorhees agreed to settle the SEC’s charges by paying full disgorgement of the $15,843.98 in profits plus a $35,000 penalty for a total of more than $50,000.

“All issuers selling securities to the public must comply with the registration provisions of the securities laws, including issuers who seek to raise funds using Bitcoin,” said Andrew J. Ceresney, director of the SEC’s Division of Enforcement.  “We will continue to focus on enforcing our rules and regulations as they apply to digital currencies.”

Can anyone provide any credible link/s to this story?

[Spoetnik]

Hundreds of Bitcoin companies that have released unregistered securities on Counterparty, Cryptostocks have been sent inquiry letters by the SEC.

I don't know where you got that from but if you omit the word counterparty it makes alot more sense. Counterparty sits on top of the bitcoin blockchain and is an exchange of sorts between currencies and i fail to see how it qualifies as a "company." Cryptostocks however is issuing securities and would therefore be a target.

i got that from first the paragraph in the news story.. i said that in what you quoted me saying, which you removed
the OP posted the topic as a link only and many of you went on to comment with out reading the link.. at least the first paragraph of it.

i agree with what you said though.. govts are nasty bastards and i think people are underestimating Regulation issues.
i've said for ages it's coming and it's going to be a problem and 100% of people would stamp their feet and so no it won't be a problem at all.

[felment]

Cointelegraph reports the SEC letters to possibly hundreds of crypto-companies, but also reports FinCEN has simultaneously ruled exchanges and payment processors most likely fall under the US definition of money transmitter and thus, must apply for licenses.

http://cointelegraph.com/news/112811/us-regulators-one-two-punch-sec-probes-crowdsales-fincen-takes-aim-at-exchanges

You can read the FinCEN rulings at these links.

http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R011.pdf

http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R012.pdf

[MisterGreen]

I'am asking me why the SEC wants their actions to be kept confidential. Because they don't want that other companies bail out right in time before they receiving a letter from them or to what else?

Let's hope that they don't want to get their fingers on the customer database of the companies. Not because money laundery but for charging taxes.

[financetalks]

I'am asking me why the SEC wants their actions to be kept confidential. Because they don't want that other companies bail out right in time before they receiving a letter from them or to what else?

Let's hope that they don't want to get their fingers on the customer database of the companies. Not because money laundery but for charging taxes.

They can't really keep their actions confidential. Any official action they take will be reported by mass media anyway.

Now it seems SEC targets only on companies instead of individuals. However, your concern about the customer database is real and is also my key concern.

[Spoetnik]

In case you Altcorn guys missed the Scam Alert issued by the SEC..

Take note this was posted by me in the Bitcointalk - Bitcoin section the same day it was posted on the web.
(I had posted it within a few hours of it showing up online)
And apparently you all proclaimed this was glorious grand news, finally proclaiming BTC is now officially Legit.
I usually take "investor alert" warnings from the SEC in a more negative light though..
And the "Forum" they mention in the PDF Alert is clearly referring to Bitcointalk.

So rejoice Shitcoiner's and read the "Good News" !

https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf

Bitcoin Ponzi Scheme. In a recent case, SEC v. Shavers,
the organizer of an alleged Ponzi scheme advertised a Bitcoin “investment opportunity” in an online Bitcoin forum.
Investors were allegedly promised up to 7% interest per week and that the invested funds would be used for Bitcoin arbitrage activities in order to generate the returns. Instead, invested Bitcoins were allegedly used to pay existing
investors and exchanged into U.s. dollars to pay the organizer’s personal expenses

and take note.. Spoetnik sick'd teh SEC's on ya ass'z    

[TPTB_need_war]

Well, time to outsource to Japan ? Which said it loves Bitcoin.

Mt. Gox redux. Thanks. Charles Hoskinson (Ethereum founder) apparently took your advice:

https://iohk.io/team/

Ability to communicate in English (Japanese strongly desired, Spanish would be a plus)
Ability to relocate to our office in Osaka, Japan or work remotely in Tokyo (Frequent trips to Osaka might be required)