Not even sure why I get into these little twitter debates with him. He's just as fake as Homero, and seriously the SEC doesn't investigate to APPROVE.
That's not really what he's saying. He's saying if the SEC does a thorough job, and they don't find anything, then that's implicitly an approval. And he's right. It's just really presumptuous to think they won't find anything.
Its not an implicit approval. There is a mechanism for an implicit approval called a no action letter... basically, that would mean that the SEC investigated and decided to take no action as matter of policy (as opposed to lacking sufficient direct evidence to convince a jury or a decision based on prosecutor priorities). That will NOT happen here. No way on earth with the SEC give a stamp of approval to cloud mining, fractional reserve mining, ICO sales, etc. A no action letter won't happen because that would be a green light to the world to engage in fractional reserve mining, cloud shares selling, ICO sales, etc. all the types of conduct GAW has engaged in. Even if the SEC fails to take action, it will NEVER give any stamp of approval for these activities either expressly (never happens anyway) or implicitly through a no-action letter.
Gava is right also that the SEC will NEVER issue the letter suggested by Mr. Coins that will expressly approve anything. That just doesn't happen, ever.
IF the SEC fails to take action, it is because they have other bigger fish to fry, are still collecting evidence, and/or do not have evidence of wrongdoing severe enough to warrant the full weight of the federal government. That is a FAR cry from approval or a no action letter. Still I think the SEC will do something here but they work on their own timeline, not ours.