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View Full Version : SEC halts virtual coin offering, issues investor warning



ynot2k
12-15-2017, 11:25 AM
https://www.reuters.com/article/us-munchee-ico/sec-halts-virtual-coin-offering-issues-investor-warning-idUSKBN1E52CR

Hmm... expecting a return makes it a security requiring SEC registration? That seems a stretch but for TPTB is really just a slight yawn.


...The SEC chairman on Monday warned investors of putting their money into cryptocurrencies, saying trading and public offerings in the emerging asset class may violate securities law...

...significant because it showed SEC would step in to address ICOs for registration violations even if there were no claims of fraud, according to SEC officials.

A number of concerns have been raised...including that...there is substantially less investor protection than traditional securities markets, with correspondingly greater opportunities for fraud and manipulation,...


...investors expect a return on its investment in MUN tokens, which...make it a security requiring SEC registration...


...He added that many platforms trading in cryptocurrencies may also be in violation of laws that require them to register as an exchange, or an alternative trading platform ...


Just posted for info.. I hold and accumulate cryptos and am in favor of them fwiw.

ynot2k
12-15-2017, 11:37 AM
Wow, investment in jackboot manufacturers probably bringing in some good returns these days.


...And in a thinly-veiled warning shot against the likes of Floyd Mayweather and Paris Hilton, who have expressed support for certain ICOs on social media, the agency warned celebrities they risk falling afoul of securities laws for endorsing digital tokens.

From http://fortune.com/2017/12/04/cryptocurrency-bitcoin-sec-ico-scam/

I get that the PlexCoin ICO by Dominic Lacroix was a fraud and being shut down a good end... but to subtly threaten celebrities for "endorsing digital tokens" (as differentiated from endorsing scams/fraud) is over the top IMO.

shades
12-15-2017, 04:16 PM
word of warning, I have been saying all along. doesn't matter a whit if it is technically legal, the govt will step in and make up new rules to oppress anything that they view as against their own interests.