Using a blockchain doesn’t exempt you from securities regulations | Ars Technica

Using a blockchain doesn’t exempt you from securities regulations; ; In Ars Technica; 2017-07-26.
Teaser: A $150 million Ethereum crowdfunding project broke the law, SEC says.

tl;dr → DAO et al. broke the law by offering shares to the public without complying with applicable securities laws, but the SEC won’t prosecute them under their authority to defend the law that they are declared to have broken.

Original Sources

34-81207; a ruling; Securities and Exchange Commission (SEC); 2017-07-25.

Mentions

  • DAO
    • 2016-06
    • $50M stolen
    • re-capitalized with $150 million funny munny.
    • <quote>In short, the DAO fit the conventional definition of an investment security.<quote>
  • Ethereum Classic

Test

the bright line

<quote>If coin owners are promised voting rights in an organization or the right to a share of profits, that’s likely to be a security.
By contrast, if users mostly buy tokens for a utilitarian purpose—for example, to buy network storage—it’s less likely to be a security. </quote>

<quote>The SEC reasoned that if something looks like a duck and quacks like a duck, the law should treat it like a duck.</quote>

Others

  • Brave
  • Filecoin
  • Kik
  • Bancor
  • Tezos

Argot

  • ICO → Initial Coin Offering

Quoted

  • Patrick Murck
    • expert, Berkman Klein Center, Harvard University.
    • ex-general counsel and (ex-)executive director, Bitcoin Foundation, 2012→2015.

Referenced

Previously

The Year Megaplatforms Ruled The Internet | BuzzFeed

; The Year Megaplatforms Ruled The Internet; In BuzzFeed; 2013-12-27.
Teaser: On the web we lost, the web we deserve, and the web we want.

Original Sources

Teens Are Deserting Facebook, And They’re Heading To Places Where Their Parents Can’t Find Them | Business Insider

Parmy Olson (The Guardian), Teens Are Deserting Facebook, And They’re Heading To Places Where Their Parents Can’t Find Them; In Business Insider; 2013-11-10.

Original Source

Apparently in The Guardian.

Mentions