I'd be curious to hear his reply to your question. I would also like to pose another question to the author...
First, I'll give some background info to help make sense of the question:
An ICO is created for Token X. The purpose of token X is to invest in other cryptocurrencies and make a profit over time. All investors are granted a certain level of voting power based on the # of Token X they hold.
Each time the portfolio wants to make an investment, a vote goes out to all investors. Not all investors are required to vote, it just requires a 51% vote to make an investment decision. 2 investors are the "unofficial" deciders of the portfolio (each holds enough token X to make up the 51%)...
Would this ICO follow the "SEC sniff test" you mentioned... Would this be considered a "non-security" because investors have the ability to vote on decisions (even though the 2 main investors hold so many shares that it is possible for them to gather 51% vote on their own)...
The reason I'm asking is because I've been investing in cryptos for the past year now. I've made some serious returns and I have family and friends that want to get in on it. I'm looking for a legally compliant way to create a portfolio for my family, friends, and myself to "pool" our money together for a larger cryptocurrency portfolio.
Thank you for your time and your article, very well written and researched.
since the original poster hasn't responded yet, I will say that I think that steemit is pretty safe for now. actually working on an article about this right now, so I'll save the long answer for that.
I'd love to read the article that you're working on!
I'd also love to hear your take on the idea I presented above. Just looking for some outside input, I've been having troubles in my research trying to figure out whether my idea would be legal or not. Thanks!
I'd be curious to hear his reply to your question. I would also like to pose another question to the author...
First, I'll give some background info to help make sense of the question:
An ICO is created for Token X. The purpose of token X is to invest in other cryptocurrencies and make a profit over time. All investors are granted a certain level of voting power based on the # of Token X they hold.
Each time the portfolio wants to make an investment, a vote goes out to all investors. Not all investors are required to vote, it just requires a 51% vote to make an investment decision. 2 investors are the "unofficial" deciders of the portfolio (each holds enough token X to make up the 51%)...
Would this ICO follow the "SEC sniff test" you mentioned... Would this be considered a "non-security" because investors have the ability to vote on decisions (even though the 2 main investors hold so many shares that it is possible for them to gather 51% vote on their own)...
The reason I'm asking is because I've been investing in cryptos for the past year now. I've made some serious returns and I have family and friends that want to get in on it. I'm looking for a legally compliant way to create a portfolio for my family, friends, and myself to "pool" our money together for a larger cryptocurrency portfolio.
Thank you for your time and your article, very well written and researched.
Khaleel
since the original poster hasn't responded yet, I will say that I think that steemit is pretty safe for now. actually working on an article about this right now, so I'll save the long answer for that.
I'd love to read the article that you're working on!
I'd also love to hear your take on the idea I presented above. Just looking for some outside input, I've been having troubles in my research trying to figure out whether my idea would be legal or not. Thanks!
Does the Steem Blue Paper respond to a recent decision by the SEC to consider some cryptos Securities?