YOUR DAILY HASH ~ SEC SHUTS DOWN ICO, SEC MAKES STATEMENT ON ICOS
SEC regulation is coming. ICO's beware.
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I think there should be some regulation. There are so many actual frauds happening right now.
Yes, I spoke of two frauds in a previous video that I did. In that particular case, the person running the ICO claimed to have raised over 2 million dollars (correct me if I'm wrong), and he ALSO claimed to have a team of accountants and lawyers.
The investigation only found $300k and NO TEAM. I'm with you, there has to be a way to hold scam ICOs accountable for their actions. However, one could argue that government shouldn't intervene in this space.
I think basic reporting might be a fair requirement. Just so the public has an official filing to refer to and one that the SEC can investigate if they get wind of anything sketchy.
Do government organizations actually maintain said boundaries though? Historically speaking, it seems that when government organizations are given an inch, they take a mile.
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In this instance, I think SEC intervention certainly aids in spreading awareness and protecting ICO investors (although not completely). I think this may ultimately bolster confidence in potential ICOs. However, I’m curious exactly how broader regulations in crypto space will affect it. Will it support it, increase or stifle growth? Definitely think this will become apparent in 2018 since I believe the SEC’s hand will be forced (for better or worse).
I think that SEC intervention in ICOs will be good for QUALITY ICOs. It helps clean up the image of what an "ICO" is. I've spoken with many influential people in the space, and they all agree that ICOs have a bad reputation right now.
Broader regulations will force innovation within the privacy space IMO. As governments try to exercise more and more control over cryptocurrencies, people will flock to privacy coins like XMR, ZEC, PIVX, NAV, DASH, ZEN, and we'll see innovations in decentralized exchanges. I'm expecting 0x to surge in value, long-term.
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