I wonder if someone is aware of these SEC positions and whether they apply to the Safe Network token:
SEC’s specific approach on creating a precedent for classifying airdrops as a form of “investment contract” according to its official guidelines for determining whether a digital asset classifies as a security ( SEC.gov | Framework for “Investment Contract” Analysis of Digital Assets ). Unfortunately, in the provided framework and based on multiple actions that had been undertaken against other projects, SEC is paying a high level of attention to airdrops as distribution events. Here is the specific piece of text as part of the most recent statement:
“…further, the lack of monetary consideration for digital assets, such as those distributed via a so-called “air drop,” does not mean that the investment of money prong is not satisfied; therefore, an airdrop may constitute a sale or distribution of securities. In a so-called “airdrop,” a digital asset is distributed to holders of another digital asset, typically to promote its circulation. “
I’m not positive, but as the network is autonomous, the tokens in the “buffer” that will be distributed in the early years of the network aren’t being distributed by maidsafe, but by the network itself. So it’s not an airdrop by their standard IMO.
Furthermore, like bitcoin, there isn’t going to be any central control over the code at that point I suspect … presuming that development starts to happen all over the globe vs. predominantly in Scotland … there won’t be anyone to go after for what the network is doing in any case.
If we choose the option with airdrop and not burn - MaidSafe will have control over which addresses can get the Airdrop plus if the network fails they will be able to restart it with the same addresses, ie. MaidSafe have full control with the Airdrop option, there is nothing autonomous…
What would be best is if there was wallet functionality such that where ever MAID exists, on a certain day the same amount of “safeties” populate much like what happened with BTC/BCH. I know the scenario is different as this isn’t a singular chain forking, but removing the need to send tokens anywhere would be helpful.
In this instance, it’s a trade of a token for a token … and technically the ‘contract’ here was made at the original token sale … which was before the SEC started ruling on these issues … hence, I believe it’s ‘grandfathered’ in.
I don’t want to troll so I won’t make more of these comments (plus of course I don’t have real expertise or even real understanding) but what’s come out recently on the origins of bit coin and Yellen’s recent comments lead me to believe Bitcoin is and has always been a US government project (literal claim of Satoshi Nakamoto- a classified defense dept and fed member bank project) and even if its had open source scrutiny and is decentralized I believe the US government has firm control over it. I also find the arguments by the bitcoiners about hostile governments making opositional use to foil the US utterly ridiculous. That looks to me like state collaboration to check waywards. In short I think bitcoin is going to sting a lot of people and collapse. The thing with currencies is they are the glues states use and are the symbol and totem of their mindshare the literal force of habit core that holds their societies together if they are like the US with soveriegn fiat. And soverieng fiat is the right thing because it can survive having something the gold asteroid psyche 16 towed closer to earth and mined or the tech equivalent of alchemy which soveriegn fiat is. Bitcoin people are going to get burned. Better get SAFE out before that happens. And get a forked version of SAFE if there is no point in the coin. But don’t get it out for the delusional reasons people want BT.
I have in mind that although the MAID sale from 7 years ago may not have been Security, the new event (airdrop or burn) can be considered as such and for the US holders of MAID will be important that the company is legally sound so that they can legally sell their tokens…
Does anyone know what the original plan was with regard to maidsafe tokens … specifically what was the promised method for conversion to safe network tokens before the original crowd sale … or were no details given?
IMO, if details/rules were given by Maidsafe AND those are to be the same details/rules followed, then the contract will hold as it was made before the SEC ruled on on all of this.
Taken from bct pre sale info.
No info present on conversion process, just that it will happen.
"Once the MaidSafe network goes live, the MaidSafeCoins will be redeemable for the network’s native safecoins at a 1-to-1 ratio.
The crowd sale will commence at 9 am GMT on the 22nd of April. Purchases can be made using either bitcoin or mastercoin with all purchases being recorded on the Bitcoin blockchain, via the Master protocol. It will be possible to trade MaidSafeCoin immediately, and this intermediary coin will remain while the SAFE test network remains in place."