(it can be hard to notice the S and extra N if not careful.)
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They can be easy to fall for if you aren’t cautious!
1 thought on “The world will lastly see SEE….BTC vs. Crypto”
Some folks have suggested that getting designated a security won’t affect their coin or protocol. They are terribly mistaken. This designation means you have to follow the established legal framework for securities:
You can’t transfer a security to someone that is not registered to receive securities. If you do, in order to redeem it they must register. Otherwise you can transfer them freely as they are a property, but only to persons or institutions registered. International sales have their own sets of rules.
You cannot issue coins or tokens. This requires form S-3.
Insiders/Devs/DAO’s cannot sell their securities without a form S-4. More importantly, they can no longer trade on material action before the public knows, which is an enormous problem currently, especially amongst exchanges. This is a crime if you are trading securities.
And so on. There is no effort to rewrite American securities laws to accommodate the unique properties of crypto, which instead will meet the burden by complying with the rigor and legal framework everything else does.
r/Bitcoin – Regulation: two birds, one stone.
The coins-tokens-protocols that get designated securities don’t have to comply of course. If they don’t want to change their protocol, register their brass, and create a hierarchical chain of command for reporting, then:
They’ll be delisted by every centralized exchange within 90 days
All their wallets/apps will be deleted from Apple and Google Play
No taxpaying company will accept them as payment
Promoting the ticker or coin in any way will be a crime
All major stablecoins will cease to operate within their protocols–and this might be the most insurmountable obstacle, because 85% of ALL altcoin volume is from stablecoins. That means nothing inside an alt protocol has established itself as money–except for stablecoins