SEC bear comes at Crypto
SEC today announced big news in CryptoCurrency space. SEC has noted that DAO Tokens are securities and therefore subject to the federal securities law. The short version of this you can read in the press release (https://www.sec.gov/news/press-release/2017-131 ), for more details - read the report ( https://www.sec.gov/litigation/investreport/34-81207.pdf ).
In my opinion, this is what is coming soon:
- ICO will boom. Thank you SEC for recognition. If people want to invest in ICO they will find a way;
- ICO will in future would exclude US citizens ( Or US citizens become the e-citizen of Estonia);
- No EU rules: EU regulatory body have now to follow with their own rullings. However, it would take year or 2;
- Short ETH: SEC would start digging more into Ethereum based ICOs. However, On August 1st new ICO would come which will raise the ETH price significantly.
Good news, LONG BTC and BCC . In previous rulling (https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf ) SEC ruled that Bitcoin(BTC at that time) is not a security! It is digital asset and commodity and does not fall under SEC rulling. Great news for BTC and BCC investments. Just Bitcoin community have to figure out in their own yard what is the future. Instability still. Will be volatile till August 1st.
Short comeback to past: Last time regulations came in for OTC market ( https://www.worldfinance.com/banking/the-otc-market-gets-a-regulation-shake-up ) it slowed down drastically. Regulators coming to the markets, whatever they are, are not good. Currently it is the CryptoCurrency space.
However, Trump is in US. Based on direction (http://money.cnn.com/2017/04/21/news/trump-executive-order-taxes/index.html ) he wants to demolish Dodd-Frank Act. Maybe he would see Crypto Market as the future and would push for less regulations to make US the market leader for Blockchain and Cryptocurrency.
Where do you get over a year or 2 for eu regs. USA an EU eqioty narkets and regulatory bodies are very tight - i anticipate swift and fast regs from major govt institutions. Especially with Goldman sachs planning a coin.
EU regulators are very busy with privacy policies(GDPR) and giving fines to big industry players (f.x. Google). Crypto is booming in EU also, but not that much that it would get regulators into the picture. I believe there won't be anything from regulators in EU this year. You have other sources?
They can move a lot faster than 2 years, and they will. Why continue to allow Crypto exchanges and all of these ICO's to be totally wild west. People are going to get burned. The SEC decision was consumer protection - limiting the # of ponzi schemes people can buy it good in by books.
@satchmo - I did some digging and the only paper mentioning Bitcoin, distributed ledger on EU regulators. The latest one I found was from 2016-06 which states that more research is needed, and then nothing. So give me your arguments that regulations are coming.
Report link: https://www.esma.europa.eu/press-news/consultations/consultation-distributed-ledger-technology-applied-securities-markets#TODO
Lol the sec is starting. Cftc approved a firm. Its piterally happenibg in usa. Sec paves thw way. Thanks for the kessage
SEC approves crypto today
https://goo.gl/bwm3XC
Congratulations @migla! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes
Congratulations @migla! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!