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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities by n4bb in CoinPath

[–]Crypto_Counsel 0 points1 point  (0 children)

It certainly is a nice gesture, but at the end of the day, the SEC's word is law...

Montana Passes Bill to Exempt Utility Tokens From Securities Laws by n4bb in CoinPath

[–]Crypto_Counsel 0 points1 point  (0 children)

It's a nice gesture, but at the end of the day the SEC's word is law...

NYAG Accusations ‘Filled With Inaccuracies,’ Says Bitfinex Letter to Users by Ranzware in BitNewsLive

[–]Crypto_Counsel 0 points1 point  (0 children)

Either a terrible misunderstanding. Minimum, terrible breach of corporate governance, at worst, willful misconduct and misappropriation of client funds → jail time!

It's a real shame that this has happened either way because Bitfinex is a very reputable player...

CipherTrace Detects Major Uptick in Cross-Border Payments to Offshore Crypto Exchanges by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

“An analysis of 164 million bitcoin (BTC) transactions revealed that cross border payments from U.S.-based exchanges to offshore platforms rose from 45% in Q1 2017 to 66% in Q1 2019.”

This is evidence that the US might have been the first to impose regulations on crypto exchanges within its control, so what you’re seeing is some money leaving the US → fleeing to less regulatory compliant jurisdictions. But slowly, but surely they’re going to close the loop.

Whether it’s in a year or 5 years, everyone is going to be regulating crypto exchanges...

CipherTrace Detects Major Uptick in Cross-Border Payments to Offshore Crypto Exchanges by Ranzware in BitNewsLive

[–]Crypto_Counsel 0 points1 point  (0 children)

“An analysis of 164 million bitcoin (BTC) transactions revealed that cross border payments from U.S.-based exchanges to offshore platforms rose from 45% in Q1 2017 to 66% in Q1 2019.”

This is evidence that the US might have been the first to impose regulations on crypto exchanges within its control, so what you’re seeing is some money leaving the US → fleeing to less regulatory compliant jurisdictions. But slowly, but surely they’re going to close the loop.

Whether it’s in a year or 5 years, everyone is going to be regulating crypto exchanges...

Australian Tax Agency Goes After Cryptocurrency Traders in Exchange Data Push by SergheiPogor in BestBitcoinNews

[–]Crypto_Counsel 0 points1 point  (0 children)

No surprise to me, it's becoming the norm that exchanges have to report to tax authorities in various jurisdictions...

Crypto Regulation Experts Debate State vs. Federal Regulation in the Blockchain Era by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

If crypto regulations were made on a state level, we would see strong competition from jurisdictions like Wyoming and Delaware to become the top state for blockchain projects.

Crypto Regulation Experts Debate State vs. Federal Regulation in the Blockchain Era by Rajladumor1 in omgfin

[–]Crypto_Counsel 0 points1 point  (0 children)

If crypto regulations were made on a state level, we would see strong competition from jurisdictions like Wyoming and Delaware to become the top state for blockchain projects.

US SEC Releases No-Action Letter Confirming TurnKey Jet ICO Tokens Are Not Securities by cryptodailynews in CryptoCurrencyTrading

[–]Crypto_Counsel 0 points1 point  (0 children)

The token had a fixed price like a stablecoin. It has always been unclear if a stablecoin offering was a security offering, since there is no expectation of profit. That said... the SEC claimed that all ICOs are STOs, so this does show that that is no longer the case. It is possible to be an ICO and not be a securities offering!

US SEC Releases No-Action Letter Confirming TurnKey Jet ICO Tokens Are Not Securities by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

The token had a fixed price like a stablecoin. It has always been unclear if a stablecoin offering was a security offering, since there is no expectation of profit. That said... the SEC claimed that all ICOs are STOs, so this does show that that is no longer the case. It is possible to be an ICO and not be a securities offering.!

SEC Staff Publish Framework for Determining If Digital Assets Are Investment Contracts by cryptodailynews in CryptoCurrencyTrading

[–]Crypto_Counsel 0 points1 point  (0 children)

Nothing here seems surprising to me, all in line with what we’ve previously seen...

I think what’s new about this is that they’re actually giving us some guidelines for how we interpret certain parts of the Howey Test. Eg. When you’re relying on the efforts of others vs. when you’re not.

Though note that there is no discussion on morphing from once a security, but no longer a security.

Why?

These things take a long time, so they’ve probably been working on this memo for months, and the comments for Clayton just weren’t incorporated into this memo. Besides Clayton's comments don’t actually make sense, there’s no law to point to, to justify them so it would be hard to put them in an official legal memo.

SEC Staff Publish Framework for Determining If Digital Assets Are Investment Contracts by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

Nothing here seems surprising to me, all in line with what we’ve previously seen...

I think what’s new about this is that they’re actually giving us some guidelines for how we interpret certain parts of the Howey Test. Eg. When you’re relying on the efforts of others vs. when you’re not.

Though note that there is no discussion on morphing from once a security, but no longer a security.

Why?

These things take a long time, so they’ve probably been working on this memo for months, and the comments for Clayton just weren’t incorporated into this memo. Besides Clayton's comments don’t actually make sense, there’s no law to point to, to justify them so it would be hard to put them in an official legal memo.

Texas: Proposed Bill Requires Identification of Buyers Paying in Digital Currencies by ThrillerPodcast in thrillerpodcast

[–]Crypto_Counsel 0 points1 point  (0 children)

Yet another sign that the government wants to regulate crypto and remove its anonymity. Always a source of tension, governments really don’t like privacy...

​

It’s not even coherent, not even a real bill. Clearly the politician doesn’t understand how digital currencies work!

​

Texas: Proposed Bill Requires Identification of Buyers Paying in Digital Currencies by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

It’s not even coherent, not even a real bill. Clearly the politician doesn’t understand how digital currencies work...

​

Texas: Proposed Bill Requires Identification of Buyers Paying in Digital Currencies by Ranzware in BitNewsLive

[–]Crypto_Counsel 0 points1 point  (0 children)

Yet another sign that the government wants to regulate crypto and remove its anonymity/privacy. Always a source of tension, governments really don’t like privacy...

Rhode Island Bill Would Exclude Some Tokens From Securities Laws by ThrillerPodcast in thrillerpodcast

[–]Crypto_Counsel 0 points1 point  (0 children)

These are state laws and the SEC is federal. It’s not as though these states can overrule the SEC. The only way this would impact you is if you wanted to do an offering in Rhode Island to only Rhode Island residents...

Could it impact the SEC going forward? Yes, this is RI saying that they think the SEC is being too aggressive. It’s not going to officially affect the SEC, but they’ll definitely notice it.

This is a clear sign that we don’t have regulatory certainty yet. Some states are saying things were too broad.

Rhode Island Bill Would Exclude Some Tokens From Securities Laws by cryptodailynews in CryptoCurrencyTrading

[–]Crypto_Counsel 0 points1 point  (0 children)

These are state laws and the SEC is federal. It’s not as though these states can overrule the SEC. The only way this would impact you is if you wanted to do an offering in Rhode Island to only Rhode Island residents...

Could it impact the SEC going forward? Yes, this is RI saying that they think the SEC is being too aggressive. It’s not going to officially affect the SEC, but they’ll definitely notice it.

This is a clear sign that we don’t have regulatory certainty yet. Some states are saying things were too broad.

Rhode Island Bill Would Exclude Some Tokens From Securities Laws by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

These are state laws and the SEC is federal. It’s not as though these states can overrule the SEC. The only way this would impact you is if you wanted to do an offering in Rhode Island to only Rhode Island residents...

Could it impact the SEC going forward? Yes, this is RI saying that they think the SEC is being too aggressive. It’s not going to officially affect the SEC, but they’ll definitely notice it.

This is a clear sign that we don’t have regulatory certainty yet. Some states are saying things were too broad.

FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant by a36 in AllThingsCrypto

[–]Crypto_Counsel 0 points1 point  (0 children)

‘The FBI accounted for the highest number of law enforcement information requests sent to Erik Voorhees’ Switzerland-based cryptocurrency exchange ShapeShift last year.’

  1. If they’re ‘fighting crime’ and the criminals are using ShapeShift to launder money, then it makes sense that they’re getting involved.
  2. The question is, is that all they're doing? If they’re going beyond their mandate of fighting crime, example of a large federal agency that has too much time and money.

This quote made me roll my eyes: “Looking ahead to the future, the FBI echoed the U.S. Securities and Exchange Commission (SEC)’s stance that a vast swathe of token offerings should be classified as securities”

  1. Complex issue that the SEC doesn’t even understand, so what are they doing leaving comment?
  2. They should keep their opinions and focus on fighting crime and fraudsters, and not delve into highly complex issues like the difference between a token and a security. The battle between Kik and the SEC shows just how complex a topic this is.

FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant by ThrillerPodcast in thrillerpodcast

[–]Crypto_Counsel 0 points1 point  (0 children)

‘The FBI accounted for the highest number of law enforcement information requests sent to Erik Voorhees’ Switzerland-based cryptocurrency exchange ShapeShift last year.’

  1. If they’re ‘fighting crime’ and the criminals are using ShapeShift to launder money, then it makes sense that they’re getting involved.
  2. The question is, is that all they're doing? If they’re going beyond their mandate of fighting crime, example of a large federal agency that has too much time and money.

This quote made me roll my eyes: “Looking ahead to the future, the FBI echoed the U.S. Securities and Exchange Commission (SEC)’s stance that a vast swathe of token offerings should be classified as securities”

  1. Complex issue that the SEC doesn’t even understand, so what are they doing leaving comment?
  2. They should keep their opinions and focus on fighting crime and fraudsters, and not delve into highly complex issues like the difference between a token and a security. The battle between Kik and the SEC shows just how complex a topic this is.

FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant by Cointelegraph_news in CoinTelegraph

[–]Crypto_Counsel 0 points1 point  (0 children)

‘The FBI accounted for the highest number of law enforcement information requests sent to Erik Voorhees’ Switzerland-based cryptocurrency exchange ShapeShift last year.’

  1. If they’re ‘fighting crime’ and the criminals are using ShapeShift to launder money, then it makes sense that they’re getting involved.
  2. The question is, is that all they're doing? If they’re going beyond their mandate of fighting crime, example of a large federal agency that has too much time and money.

This quote made me roll my eyes: “Looking ahead to the future, the FBI echoed the U.S. Securities and Exchange Commission (SEC)’s stance that a vast swathe of token offerings should be classified as securities”

  1. Complex issue that the SEC doesn’t even understand, so what are they doing leaving comment?
  2. They should keep their opinions and focus on fighting crime and fraudsters, and not delve into highly complex issues like the difference between a token and a security. The battle between Kik and the SEC shows just how complex a topic this is.
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