SEC Statement on Potentially Unlawful Online Platforms for Trading Digital AssetssteemCreated with Sketch.

in bitshares •  8 months ago

https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading

The SEC just released a statement regarding online crypto exchanges. The article basically provides warnings against using these services as they have no oversight into the operators/operations behind the scenes.

This statement just may preempt the SEC going after such online exchanges that may be offering securities. Based on what the BitShares foundation has been relaying to us on how difficult it has become to get blockchains listed on such exchanges, this could actually be great news for BitShares. It appears Stan could be right again as his prediction has been 2018 will be the year many of the blockchains bite the dust due to new regulations around the world.

While the prices have all come down today, I believe this news is extremely bullish for BitShares.

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The interesting thing will be how they can regulate foreign exchanges. From my understanding the main reason that they went against arisebank so strongly was that it was based in the US.
If bitshares is suddenly deemed to be Dutch because the foundation is based there, then I guess they just have to follow Dutch rules, right?

Or do you think they will try to go after the whole world?

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Typical .gov will go after anyone and everyone they can for "trying to do business with US Citizens."
https://www.coindesk.com/texas-hits-crypto-investment-firm-over-alleged-fraud/ is one recent example.

Exactly why a properly launched ico like EOS did not allow US citizens to purchase.

Also see FATCA which requires the international banking community to abide by certain rules to maintain their ability to do business within the USA. https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

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That's crazy!

It reminds me of how I always laugh when services like Airbnb force you to state if you're in anyway a US citizen or related to a US tax payer. But I guess it's not so funny if you actually are a US citizen and can be financially hunted throughout the world.

So from what you write it's seems like the citizens of the land of the free have to cross the pond with their projects to set them free. And not deal with anything related to Americans at all?

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Many banks abroad will refuse to open accounts to US citizens. Not exactly the land of the free, however still free compared to most places.