Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Altcoin Discussion
Re: TPTB_need_war Bitcoin Fork in the making!
by
eca.sh
on 19/05/2016, 11:45:00 UTC
Quote from: ArticMine on May 17, 2016, 03:34:00 PM
In the United States I would take this guidance from FinCEN under consideration. https://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

It appears to me that an ICO would require the registration of the issuer with FinCEN as an MSB within the required time period in order for the ICO to be legal in the United States.

Edit 1: Here is the FinCEN Enforcement action against Ripple over this issue https://www.fincen.gov/news_room/nr/html/20150505.html

Edit 2: The above is the reason I stay well away from ICO coins including Ethereum.

Administrator classification didn't apply to Ripple because it lacked both token issuance and withdrawal from circulation; yet as an exchanger, it controlled the transfer of issuance.

ArticMine do you agree that the exchanger classification doesn't apply if the issuance, transfer, and token supply are controlled by decentralized version control open-sourced, decentralized protocol? The owners of the tokens have the power to change the protocol and use their tokens on their own fork.

FinCEN thrice reiterated the bit about users, exchangers, and administrators.

ICOs and premines are exchangers because there is central control over the token sales.

If the decentralized protocol controlled issuance of the DAO bypasses exchanger classification, whether a DAO bypasses SEC jurisdiction hinges on whether voting isn't a decentralized process.