[2014-10-28] CT:SEC Probes Crowdsales, FinCEN Takes Aim at Exchanges

[BTCat]

".. the US Securities Exchange Commission has sent out letters to possibly hundreds of crypto-companies asking them to voluntarily hand over documents relating to their crowdsales."

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

[aigeezer]

A must-read, imho. I imagine we will hear a lot more about the topic, but for now:

“A key element of the letter requires that those receiving the letter stay quiet and treat it as confidential. They may seek legal counsel but they may not reveal the fact they received a letter to those who are not directly involved with responding to the letter nor the public so the exact number of letters going out nor the companies receiving them will not be revealed by those affected without legal consequences.”

[Puppet]

But but but but.. what about.. "because bitcoin" ?

[cbeast]

Whack-a-mole begins. Soon even the moles will be decentralized and there will be nothing to whack.

[marcus_of_augustus]

A must-read, imho. I imagine we will hear a lot more about the topic, but for now:

“A key element of the letter requires that those receiving the letter stay quiet and treat it as confidential. They may seek legal counsel but they may not reveal the fact they received a letter to those who are not directly involved with responding to the letter nor the public so the exact number of letters going out nor the companies receiving them will not be revealed by those affected without legal consequences.”

Secret courts, secret enforcement actions, secret letters ... sounds legit.

The Judiciary has failed the people in the final analysis to let the rot go this far.

[lihuajkl]

It will increase their operational cost for the cryptocurrencies companies to register a license no matter they fall the categary of payment processor or exchange. Another factor is that they must be transparent to the authority and hand over all the required info. Will the customers accept? It is still question.

[2dogs]

Rut roh!

In all cases, the SEC is employing a team of researchers to track down the people or companies behind each offering via forum messages, domain registration information, transfers of funds via exchanges and other means.

[IYFTech]

I'd just tell them to f*ck off with their US laws & licences 

[aigeezer]

There are several new headlines today denying the stories.

Either Coinfire will lose all future credibility over this (Newsweek-style) or... coindesk, the WSJ and others?

https://coinfire.cf/2014/10/27/sec-begins-sending-investigation-letters/

http://www.coindesk.com/crypto-2-0-companies-rebuff-sec-crackdown-rumors/

Fascinating games, and somebody on one side or the other is up to their ears in FUD.

I'll watch, wait, try to learn and remember how the game plays out for "next time".

[FeedbackLoop]

Some very fresh perspective on SEC:

http://blog.themistrading.com/us-taxpayers-pay-for-sec-to-arrange-early-release-of-data-to-high-speed-trading-firms/