If you want to do an unregistered securities offering and receive $100 million in cash equivalents with no registration statement, a "whitepaper" as your only disclosure, and compensated agents promoting you to retail investors via WhatApp... I mean, well, clarity not lacking.
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c.f. "We need clarity about whether our cryptocurrency exchange is a money transmitter." "It is." "So we need clarity on how we can avoid having to KYC customers." "You can't." "This is all very mysterious, you know?"
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End of conversation
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Well, they probably aren't going to retroactively go after the original Ether presale or DAO, even though those were probably unregistered securities offerings. So there's some lack of clarity about exactly which early things they'll let slide.
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It's great to see an authority using existing laws and not making new ones for issue..... But with tech!
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