The Securities and Exchange Commission issued an investigative report today cautioning market participants that offers and sales of digital assets by "virtual" organizations are subject to the requirements of the federal securities laws. Such offers and sales, conducted by organizations using distributed ledger or blockchain technology, have been referred to, among other things, as "Initial Coin Offerings" or "Token Sales." Whether a particular investment transaction involves the offer or sale of a security – regardless of the terminology or technology used – will depend on the facts and circumstances, including the economic realities of the transaction.
It looks to me like it's finally happening, we all knew the USA SEC would eventually try this, and it seems to be happening now
The DAO and associated entities and individuals violated federal securities laws with unregistered offers and sales of DAO Tokens in exchange for "Ether," a virtual currency. The DAO has been described as a "crowdfunding contract" but it would not have met the requirements of the Regulation Crowdfunding exemption because, among other things, it was not a broker-dealer or a funding portal registered with the SEC and the Financial Industry Regulatory Authority.
Here is the link to the report https://www.sec.gov/news/press-release/2017-131
SEC = Socially Engineered Collapse
lol..I agree 100% Of course the government has to get their cut, the bastards
Yes they do. It is expensive to be a pedophile. LOL
I'd like to know more about what this means to me, as someone who started mining, and what the future might hold for it all. Then again, it may just change in the next few days.
Yea, I also do some mining and hold a couple coins.. I am anxious to learn more about this.
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Wow god damn gov coming after crypto. Gonna be an interesting story play out these next decades. Thanks for the news.
Yea, you know they always want soemthong from us ..lol
Does that mean that individuals who own cryptos, will be taxed at 28% of profits (because they have been considered to be property), or at 20% of profits (because they are now considered to be capital gains)?
Very good question. I do not have a definitive answer to that. IMO though its definitly coming if not already here
Supposed to be capital gains but who knows
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Thank you @cheetah I am sure you found similar info since this is all over the internet :) And I placed a link in this post to show source. but you are doign a great job @cheetah and you help keep this place nice and clean ..So Thanks and here is a cheeto for you :)
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Thanks for sharing mate!
I heard somewhere that this is for transactions of $10K or more but I don't see a dollar amount listed?
This is really nothing to be worried about. The SEC does not have the infrastructure to investigate cases in which a token may be considered a security or not. Nor is the legislation in place for them to prosecute offenders for issuing a "security" that might legitimately be considered to be something that is not a "security".
I like that reply, And I do hope you are correct :)
waiting for the other shoe to drop! i'm sure this will be the first salvo in trying to simultaneously reign in cryptocurrencies and 'profit' from them in a quasilegal no-man's land of contardictory rulings, opinions, etc. without actually acknowledging the legitimacy of it as an 'asset' or 'security'
If I sell you some gold face to face for cash, no one knows except me and you and no digital tracks to follow.
Of course this means that if you have a microchip implanted in your head that you don't get to think about crypto.