Ethereum - Blockchain App Platform
07-20-2017
, 09:41 AM
07-25-2017
, 04:55 PM
Very sad that Kazuya and Two Shae have abandoned this thread.
Throughout 2014-2015, no one who advocated for Bitcoin previously decided to run away. TC, I, housenuts, and a few others took our beating like men on the way down.
heres a new ICO bulletin by the sec
https://www.investor.gov/additional-...coin-offerings
here is their research on dao
https://www.sec.gov/litigation/inves...t/34-81207.pdf
they are coming.
http://forumserver.twoplustwo.com/sh...postcount=1567
Throughout 2014-2015, no one who advocated for Bitcoin previously decided to run away. TC, I, housenuts, and a few others took our beating like men on the way down.
heres a new ICO bulletin by the sec
https://www.investor.gov/additional-...coin-offerings
here is their research on dao
https://www.sec.gov/litigation/inves...t/34-81207.pdf
they are coming.
Quote:
B. DAO Tokens Are Securities
1. Foundational Principles of the Securities Laws Apply to Virtual
Organizations or Capital Raising Entities Making Use of Distributed
Ledger Technology
Under Section 2(a)(1) of the Securities Act and Section 3(a)(10) of the Exchange Act, a
security includes “an investment contract.” See 15 U.S.C. §§ 77b-77c. An investment contract
is an investment of money in a common enterprise with a reasonable expectation of profits to be
derived from the entrepreneurial or managerial efforts of others. See SEC v. Edwards, 540 U.S.
389, 393 (2004); SEC v. W.J. Howey Co., 328 U.S. 293, 301 (1946); see also United Housing
Found., Inc. v. Forman, 421 U.S. 837, 852-53 (1975) (The “touchstone” of an investment
contract “is the presence of an investment in a common venture premised on a reasonable
expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”).
This definition embodies a “flexible rather than a static principle, one that is capable of
adaptation to meet the countless and variable schemes devised by those who seek the use of the
money of others on the promise of profits.” Howey, 328 U.S. at 299 (emphasis added). The test
“permits the fulfillment of the statutory purpose of compelling full and fair disclosure relative to
the issuance of ‘the many types of instruments that in our commercial world fall within the
ordinary concept of a security.’” Id. In analyzing whether something is a security, “form should
be disregarded for substance,” Tcherepnin v. Knight, 389 U.S. 332, 336 (1967), “and the
emphasis should be on economic realities underlying a transaction, and not on the name
appended thereto.” United Housing Found., 421 U.S. at 849.
Section 5 of the Exchange Act makes it unlawful for any broker, dealer, or exchange,
directly or indirectly, to effect any transaction in a security, or to report any such transaction, in
interstate commerce, unless the exchange is registered as a national securities exchange under
Section 6 of the Exchange Act, or is exempted from such registration.
1. Foundational Principles of the Securities Laws Apply to Virtual
Organizations or Capital Raising Entities Making Use of Distributed
Ledger Technology
Under Section 2(a)(1) of the Securities Act and Section 3(a)(10) of the Exchange Act, a
security includes “an investment contract.” See 15 U.S.C. §§ 77b-77c. An investment contract
is an investment of money in a common enterprise with a reasonable expectation of profits to be
derived from the entrepreneurial or managerial efforts of others. See SEC v. Edwards, 540 U.S.
389, 393 (2004); SEC v. W.J. Howey Co., 328 U.S. 293, 301 (1946); see also United Housing
Found., Inc. v. Forman, 421 U.S. 837, 852-53 (1975) (The “touchstone” of an investment
contract “is the presence of an investment in a common venture premised on a reasonable
expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”).
This definition embodies a “flexible rather than a static principle, one that is capable of
adaptation to meet the countless and variable schemes devised by those who seek the use of the
money of others on the promise of profits.” Howey, 328 U.S. at 299 (emphasis added). The test
“permits the fulfillment of the statutory purpose of compelling full and fair disclosure relative to
the issuance of ‘the many types of instruments that in our commercial world fall within the
ordinary concept of a security.’” Id. In analyzing whether something is a security, “form should
be disregarded for substance,” Tcherepnin v. Knight, 389 U.S. 332, 336 (1967), “and the
emphasis should be on economic realities underlying a transaction, and not on the name
appended thereto.” United Housing Found., 421 U.S. at 849.
Section 5 of the Exchange Act makes it unlawful for any broker, dealer, or exchange,
directly or indirectly, to effect any transaction in a security, or to report any such transaction, in
interstate commerce, unless the exchange is registered as a national securities exchange under
Section 6 of the Exchange Act, or is exempted from such registration.
http://forumserver.twoplustwo.com/sh...postcount=1567
Last edited by aggo; 07-25-2017 at 05:24 PM.