Quote from: playingpoodles on July 21, 2017, 03:00:37 AM

I suppose if there were some actually relevant news, like Lykke had received ANY license to trade other than a "Vanuatu brokerage license" the LKK price would react. But while I believe Lykke's US rep went so far as to anticipate imminent US regulation in the months ahead during the online AGM (from his laptop at the airport), I view this as unsubstantiated, unprofessional and misleading. He doesn't know IF AND WHEN US regulators will give him approval. What if they do not? What is Lykke's business case then?

This is how a lot of regulators I know work: You apply for a license. They examine your application, and if they're favourable or unfavourable they'll give preliminary written feedback, which of course is market sensitive information and will be immediately released by the company in question. Then later the regulator usually - not always - follows up with a final determination granting or not granting, as the case may be.

Lykke has "got people on it". How we get from that to publically stating likely timeframes within periods of months I don't know - or rather I do: that's what the person promising speedy regulatory approval hopes for. What you hope for isn't likely, and shouldn't be presented to investors as such. I think Lykke's hopes of licensing is an example of this. But let's look at another example, the Winklevoss brothers ETF application. It was rejected. Then a whole lot of "news" outlets in the crypto space started reporting the "news" that the SEC will "review" its decision. This isn't "news", it's a statutory obligation the SEC must offer to ALL applicants whose applications are not frivolous.

I do not like Coindesk, Cointelegraph or whatever manipulating the true nature the situation (eg. the SEC rejection of Winklevoss' ETF) to paint a picture not really aligned to reality. I like even less Lykke which claims to want to be a major financial exchange doing it. To me it's just like manipulation at every level - on the LKK price which users can't control, and then on the roadmap.

What you post here, is (again) misleading. Michael Klena has explained the process that is about several steps and levels, different regulators with different rules in different locations. And of course, the process is not fully under Lykke control and time frames are hard to predict. He expects limited approvals in certain states by end of the fall. He doesn't say that Lykke will have it all in the next months.

So if you want to give the impression Lykke would have promised SEC-approval any time soon to say that would be misleading and a manipulative attempt - nobody said that.

Please check again what Michael Klena said during the meeting:

https://youtu.be/ELG8HpRCHu8?t=13m45s

This is his comment in a blog-post about regulations:

Michael Klena, Director of Lykke U.S.

The United States has a fragmented regulatory environment, in that different products are overseen by different regulators. Each regulator, in turn, has different levels of approval, depending on regulatory history and segregated capital.

Lykkes approach is like climbing a ladder. We will get approval for the lowest levels first. Then we can progress to higher and higher rungs. This takes time, but its the best way to achieve our goals.

Applications have already been submitted to the SEC, the U.S. Treasury, and the IRS, with the CFTC and OCC to follow shortly. We expect our first approvals for a very limited set of products by the fall. Each quarter, we expect to add more and more products as approvals come in. By the end of 2018, we should be able to trade everything that Lykke offers.
https://www.lykke.com/city/blog/lykke_heat_from_the_global_street

Also in the blog-article he says that he expects approvals for "a very limited set of products" first.

So what has Lykke done wrong here? Shouldn't they talk about the process at all?