What are the real reasons behind the 'virtual entity' nonsense when you could be selling the real shares in the real legal entity ?
The virtual entity is to ensure current American SEC regulations are not being broken by investors from America.
Why are you sure that calling it virtual will definitely exempt you from all SEC regulations?
This IP"V"O absolutely is under the purview of the SEC if this caters to US citizens. Any claim to the contrary is misinformed or a lie.
I'd be particularly interested to hear TAT's opinion on this, after his many condemnations of Burnside for doing something very similar.
Edit: added quote below from the BTC-TC thread:
Your perspective is short-sighted, in my opinion.
Yes, it is easier to think and behave how you recommend, but that does not make it healthy or right or smart or necessary.
This is not a question of shoddy legalese, it is calling a duck a spade for the preservation of the duck trade.
He can afford KYC hoops, and there are services that can help with that. Why assume he has made any effort at all in that regard?
No one expects a bitcoin financial service effort to be totally SEC-proof at this point, but the SEC does indeed value good faith efforts to operate within the law. They do not, however, respect deception and the contrary.
Yes, I can acknowledge that legal developments take time, I know this first hand. But I do not see how asserting a false position is wise, nor how a legal team could recommend such.