IMHO.......ok, I get this, but.....it all comes down to the fact that no one want's to take responsibility for their actions. I was the compliance officer of a brokerage firm for years. When clients were making money, all was good with the world, and they were brilliant. But when the markets went against them? Look out. It was their brokers fault for not "warning them". And stock trades were all unsolicited. Why do we need the SEC to "oversee" these ICO's? Buyer beware. For those that aren't educated enough to manage their own finances and investments, and understand the risks involved, then, too bad. Of course, there are those bad people that target and hard sell, but for the most part, I don't think that's how people end up investing, at least in Cryptos and ICO's. I may be misinformed on the ICO's however. Not sure how those investors are acquired. As a side note, I worked in the financial industry that was overseen by the SEC and Finra for many,many years. Believe me, they don't necessarily make it all better.
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Do you believe this can limit the growth for Developers?
@frogtron hard to say. If so, it will probably be a while but just seems like another way for regulators and the government to get their fingers in the pie.
Well you did hit it on the nose there.
These ICO are not regulated in any way. Except they can not offer them to US citizens because of the law in attributed to selling for financial gain in an offshore business hence the non-regulation in any jurisdiction.
I have no financial background but have been well informed in how ICOs work and how they operate.
I have been involved in a few since April of 2016 as an investor and have seen just how easily it is to scam with them since they are "So very new" to the ones not in the know about how crypto works.
There is alot of behind the scenes going on when it comes to ICOs
Let me tell you this much Teddifer.
Nice to get your take on this since you are experienced in money markets and know how those work.
Those same things can be transitioned into the crypto world but only with certain tweaks attributed to them. In order for them to work out with the same outcome to be expected.
Thanks for your comment! It will be very interesting to see how it all plays out, that's for sure.
I would expect that more of the exchanges (if they want to obtain U.S clients) will have to register with individual states as well. I have found a few that aren't authorized in my home state, so I am unable to open an account. I guess I could, but I choose not to (that's the compliance officer coming out. LOL) Others it seems don't care. Gemini is requesting registration from individual states, and there are just a handful that they are waiting on. Pretty interesting to read terms and conditions.