As you may know, securities classification analysis in the U.S. today primarily revolves around the Securities Act of 1933 and the SEC v. W.J. Howey Co. Supreme Court case of 1946.
The Securities Act of 1933 was established to require issuers to disclose certain pieces of information to potential investors prior to any public securities offering.
71 years after the citrus groves, the SEC used the Howey Test to determine that the tokens sold in The DAO ICO were securities.
The DAO ICO was an unregistered securities offering.
In their conclusion that DAO tokens were securities, the SEC took no enforcement action against the ICO issuer.
Hinman purposefully "Put aside" ether's ICO and likely believes ether may have been a security at the time of the initial offer.
Statements from SEC staff are not the same as official reports from the SEC. Hinman speaking at a public Yahoo Finance conference is not the same as a report from the full SEC. If Hinman thinks like his colleagues though, ethereum's ICO may very likely be seen as an unregistered securities offering.
If ethereum's ICO was an unregistered securities offering, the list of ERC20 ICOs and tokens built upon its blockchain looks something like a minefield on top of a house of cards.
Liquid crypto asset price movements are highly correlated and many early stage crypto investments share exposure to risk around securities regulation and ethereum as its base blockchain.
Least risky: asset has had no sales - e.g., BTC, XMR, DCR. More risky: asset had a private ICO or sales - e.g., FIL, ZEC, XRP. Most risky: asset had a public ICO - e.g., ETH, EOS, SNT. To minimize risk to future securities regulation, minimize overall exposure to early stage illiquid deals without clear registration and liquid assets in bucket 3.
The Incoming Wave of ICO Regulation
Publié le Nov 2, 2018
by Coindesk | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.