SEC Warns Famous Crypto-Currency Backers

DooKey

DooKey

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The SEC has issued a warning to celebrities that are using social media networks to encourage the public to purchase stocks and other investments. The commission warned that virtual tokens or coins sold in Initial Coin Offerings may be securities. They state that a failure to disclose compensation for making these endorsements may be liable for potential anti-fraud provisions of the federal securities law. I don't know about all of that, but I do know fedzilla wants to curb the competition offered by crypto-currency. All you speculators and miners better watch yourselves because it's only a matter of time before the feds come down heavy, IMO.

Celebrities and others have recently promoted investments in Initial Coin Offerings (ICOs). In the SEC’s Report of Investigation concerning The DAO, the Commission warned that virtual tokens or coins sold in ICOs may be securities, and those who offer and sell securities in the United States must comply with the federal securities laws.
 
ruh roh
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3 camps in this status quo vs. crypto debate:

1) banksters, SEC & taxes are a scam (aka status quo), crypto is the answer
2) crypto is a scam, dark money, stick with the status quo
3) it's all a fucking scam

I am firmly in camp #3, as far as what the SEC is saying, I agree with prava, I don't trust the SEC anymore than I trust a bankster or a celebrity, but what they are giving you is a clear warning of potential fraud. Everyone should know by now what power of persuasion celebrities hold on the general American (Western world) public. Advertisers have for decades and in case you didn't notice, over the last decade celebrity TV endorsements have skyrocketed, I usually point to Samuel Jackson with Capital One as ground zero. No doubt true that it is a "taxman coming after celebrities" warning, but to us, it's a warning to not be fooled into investing in celebrity BS. People are out to line their own pockets and it's usually lined with sheep, celebrities have a lot of sheep following them, proven time and time again.

Like me, do not trust the SEC, but you have been fairly warned by them. I don't want to hear a fucking word when some celebrity takes a bunch of "investors" for a ride and people start crying, "why didn't the SEC do something about this".
 
We live in a broken / imperfect world. Every system is bound to have a shortcoming and /or weakness to it. That being said; the state has abused its authority to issue and force its financial will upon its people, ICOs are a dime a dozen and many are scamcoins, but the idea of bitcoin or any true decentralized currency takes the power out of the hand of those abusers. And not all cryptos are scams. A deflationary currency is a great scenario if not the best case scenario whose time has come.
 
Most likely they're going to slap a hefty tax for virtual currency profits - and that tax has to be paid with real money not the play dough :D
 
celeron300 said:
The SEC is the same band of blind regulators that let the banks commit crimes that are never prosecuted. A great video to watch if you want your eyes opened: The veneer of justice in a kingdom of crime
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I'm not saying the opposite nor defending blindly the SEC. I'm just saying that the same regulations should apply to those that promote "get XYZ stock" to those that promote "get Bitcoins". Both are investments and thus people promoting should disclose their positions.
 
B00nie said:
Most likely they're going to slap a hefty tax for virtual currency profits - and that tax has to be paid with real money not the play dough :D
Click to expand...

You can often buy and sell gold without a paper trail.

Infer from context.
 
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