Tim Draper is a bonafide Ahole, after he cashed in, on the largest ICO in history, he now decided to throw everyone under the bus, that's the thanks he offers to the crypto community which trusted him with over $230 Mil raised with Tezos, brown nose Draper closed the drapes on everyone.
Funny thing is, his attitude and statements remind me of Louis XV, known as Louis the Beloved, who was a monarch of the House of Bourbon and ruled as King of France, which died a hated man on May 10, 1774
Why, you ask ?
One famous quote by his Majesty was "After me, the Flood " and "It is legal because I wish it."
The real question is ...
How can the SEC get involved in a cryptocoin world that is not even considered currency but property, my chair is property, so...if i sell it, would SEC look into it ?
The SEC should only butt in when cryptocurrency is officially accepted by the Government as currency, none of these coins trade in the stock market, Nasdaq, OTC Markets, NYSE, TSX, and so on.
The crypto community needs tough and competent lawyers that will raise these arguments against the SEC.
Below is his statement on the SEC regarding future Token ICO's
https://cointelegraph.com/news/tim-draper-speaks-on-sec-securities-decision
"Draper's View
Draper offered a series of comments regarding the nature of ICOs and the reasons why the SEC decision was preemptory and too far-reaching. Draper specifically stated his desire that tokens issued prior to October 30 of this year be grandfathered in as non-security instruments. This would obviously include his own ICO of Bancor, which, he argues, would inspire a sense of innovation in a land of opportunity.
Some Regulation
He did, however, agree that there should be some regulation, albeit light, on the sale of coins to investors. The same had been suggested by a number of other investment groups prior to the SEC announcement.
In a spirit of clarity, Draper suggested a series of guidelines to manage the status of tokens as securities.
If the purpose of a token is for investment, it must register with the SEC.
If the purpose of a token is for societal transformation, and all proceeds go to the support and development of the token, it need not register.
If the purpose of a token is to raise money for a company, and the money is used to support the company, it must register with the SEC."
I think he'll have a major success with a new coin called "DouchebagCoin", I'm sure he'll find new suckers in line to make the rich, richer.
Good article
ICO's will continue... They will just move somewhere besides the U.S., ban U.S. citizens from participating and say f**k the SEC.
Upvote while you're at it.