Source: https://www.sec.gov/news/press-release/2017-131
http://www.zerohedge.com/news/2017-07-25/sec-cracks-down-initial-coin-offerings-concludes-tokens-are-subject-securities-laws
Story Line -- Crypto Meets Compliance
It's all in the Zerohedge article and the SEC Press Release. The SEC has decided that these ICO's are subject to their Federal Law jurisdiction....so this will definitely put a damper or slow down the ICO market as the "dust settles".
The press release happened just a few minutes ago. And now I am thinking of the very strange price action in Veritasseum recently and others --- it goes to show you the amount of "insider knowledge -- trading".
It's a new world.
What do you think of this news? Does it mean anything for ICO plans outside the US ? How can they affect that?
Personally, I severely dislike ICO's for reasons I've outlined here: https://steemit.com/cryptocurrency/@ecurrencyhodler/lessons-from-the-dot-com-bubble
So if this means less ICO's, then I think it's a good thing.
I can't disagree in terms of "issues of credibility" for some...only some. However, anytime the SEC comes into cryptos...I wince a little.
Yea I'd rather not have the SEC involved in crypto. But compromise might be needed to make it mainstream.
Agree....the other side of the coin is nothing happened and the "Wild West" destroyed confidence ....time will tell.
Less coins has to be a good thing, too much dilution in the space already in my opinion, but people have made fortunes in the ICO's and hats off to them.
No doubt there have been some crazy money made. Do you think the SEC is protecting the "people". The US citizens could not even invest in ICO's or were not suppose to at least.
Hard to say who or what they are protecting with this, time will tell I guess. The SEC blocked the Bitcoin ETF correct?, which suggests a bias against crypto currencies.
This is true
Nice post upvoted
Thank you ....breaking news for sure.
Fantastic! This should not discourage long term investors from playing the 'legit' coins! Im excited!!!
True -- does not detract from Bitcoin....maybe ETH as there might be less applications based on ETH (short term) --- but who knows how the SEC can police what happens in South Korea.
i kind of have the feeling that using the eth chain to some degree is like share dilution... not sure why i have this feeling but i do. CFTC approved LedgerX -- not pumping myself but check my blog post on it.. CFTC will lead on regulations in a broader sense i think.
Good points....we will know soon. We will see how the community reacts and by price/action.
I don't think so . The real thing for the market is bitcoincash.org statement. The Sec just mentioned that US citizens would have problems with ICO , but most of ICO suggested for US citizens not to be involved. They said just the good news that those who participated wont be punished :) I understood it like this.
Thank you for that update... :-)