SEC Chairman Jay Clayton: "I want to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story."
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If that's all it is, how can they possibly make statements like "every ICO so far looks like a security"? Now they're on to the "substance over form" angle. We are left guessing, meanwhile facing threats over possible past mind-reading failures.
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They’ve always been clear that it’s substance over form. Can you share an example or two of a potential “mind reading failure” where an ICO substantively does not look like a security but you’re concerned it will be deemed as such?
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Problem is the bar for substance is subjective, and they have said every ICO looks like a security so we have to wonder about them all, despite our own strong assessment.
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Is your own assessment coming from a securities law perspective? There’s pretty bright line guidance about what constitutes a security offering under US law. You may not like the guidance but your feelings don’t change the objectivity. Examples please though.
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It is and we thought we were all clear until the SEC started saying things like “we have not seen any ICO that isn’t a security our view”. That tells us we are way off and now have no basis to judge any tokens.
Which law firm were you getting your opinions from? Hopefully it wasn’t the Debevoise do it urself worksheet.