Those in the industry knew it was coming…
And on July 25 the SEC finally issued a press release regarding Initial Coin Offerings and Token Sales.
Specifically, the SEC focused on the DAO, the ICO on the Ethereum platform that raised over $150 million in June 2016.
The SEC found that “The DAO” were securities and therefore subject to federal securities law.
While the SEC did not file any charges, it did issue a warning to the industry:
- The federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology. *
Part of the problem with this press release from the SEC is that it gave little in the way of guidance.
That means most ICOs and Token Sales will avoid the US, rather than subject themselves to the whims of the SEC.
That’s why I’m afraid the US will become an ICO and Token Sale desert region. We’ve already seen a lot of token sales closed to US investors and I expect the trend to worsen.
There may be other fall out as well.
I put a little bit of money into the TokenFund and received the email below recently. Now I have until August 15 to get my funds out.
What do you think, will the US become an ICO and Token Sale desert region?
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The US will lag in the development of blockchain technology and the coming new digital economy. If it believes the likes of Google and FB will keep its tech sector afloat then it is sadly mistaken as these will become dinosaurs very soon.
Agree the competition against GOOG and FB is mounting and a lot of people are fed up with them already just waiting for better alternatives, which are coming.
You can skip that with bitcoin!
Very true, good point!
It's sad freedom to spend ones money is further restricted under the guise of protection.
we're all terrorists i guess
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still trying to understand all the crypto currency trends. i like it simple so :)
Just but BTC and hodl. Simple.
VPN's are easy to acquire and use, don't even worry about it Americans
True but it'd be better if it was just my own choice.
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