What does this mean?
With high probability the SEC regulation hammer will swing and hit ICO’s that has emerged in the US or involv US investors, it will probably hit ICO’s that happened recently extra hard if they don’t yet have working utility for the coin. Many of them are based on ERC20 and the spotlight will probably shine very bright on them first. How hard the regulation hammer probably will hit and how many it will effect is yet to be seen.
If the value of the issuing company is reflected in the value of their issued token … then it’s a security and they are required to follow special rules and seek SEC approval. MAIDSAFE tokens in the interim might fall under that category in the short run because it’s not part of the SafeNetwork (yet), however, two points: First MAIDSAFE did their ICO before the SEC ruled on what these sort of fundraisers are and the SEC has effectively said they will not go after organizations that did their fundraiser prior to their ruling on the matter. Second MAIDSAFE is not a US company, so worst case is that they probably sold tokens to some US investors at some point. All said and done, this has no impact on MAIDSAFE – IMO.
Very well written and fully explained comment. Thumbs up!
It’s good to see ICOs described as fundraisers for once. That’s what they are. ICOs are not some mystical terrorist weapon in themselves. Of course, funds can be raised for different purposes - nice ones or less nice ones. But I can’t wrap my mind around how the authorities are going to differentiate between the dreaded ICOs and regular charity dinners raising funds for building wells in Africa or whatever. Straight out cons or unkept promises are, of course, something else. But it shouldn’t be the method of fundraising that matters.
Is “their ruling” the DAO report that they issued?
Could ICO’s move on to kickstarter services?
Remember this? Are they going to regulate potato salads?
New route, start a kickstarter?
yes, I suppose that may not be considered an official ‘ruling’ like that of a court … but it seems their policy for the time being. They haven’t gone after the DAO or any other org that used a token to fundraise prior to the DAO – so far as I am aware. Please do correct me if I’m wrong here. I do follow the news in the matters, but I may have missed something.
7 hours of respected names in Crypto talking about the very important SEC guidance from the other day.
at 3:08:00 - Jasob Seibert breaks it down pretty well.
Yea, I watched the first 4 hours on 2x speed while surfing a few other things. Surely, I missed some more good discussion, but it was getting fairly redundant for my needs. There’s quite a discussion, though, for people thinking that Maidsafe is totally out of the clear. My clearest takeaway: Bruce Fenton is a radical anarchist and lets his ideological bias poison his logical reasoning.
Another video about 45 minutes or so in playing an audio RIPPING into Ethereum: