Cryptos Are Becoming Just Another Banker Issued “Investment Vehicle”
Cryptos Are Becoming Just Another Banker Issued “Investment Vehicle” by Rory – The Daily Coin
Not sure what else needs to be known at this point regarding the security and safe passage of cryptocurrencies. Over the past month we have focused specifically on how governments have been enacting rules and regulations to surround cryptos to, either crush them into the nothingness that they are or to tax them into oblivion. Now we learn the SEC is going after ICO’s because people just move into an ICO because it uses the word “crypto” or token or coin or some other buzzword linking it to the crypto market place.
Here is the latest information pointing out the scheme that is cryptos and how regulatory bodies are no longer going to allow the wild west mentality, nor something like bit-connect, to rise up. While this is a positive move in the crypto space it allows government and regulatory bodies to oversee what is happening and determine what can and can not happen with the crypto market place. Regulated, taxed and loaded with fees, sounds like just another banker issued “investment vehicle”, or is it just me?
A top official at the U.S. Securities and Exchange Commission (SEC) has confirmed the existence of numerous investigations into initial coin offering (ICO) campaigns.
On Thursday, Stephanie Avakian, co-director of the SEC’s Enforcement Division, said the agency had “dozens” of investigations that relate to cryptocurrency and ICOs, according to Bloomberg BNA, during an appearance at this week’s Investment Adviser Association conference in Washington, D.C. During her remarks, Avakian said that the agency is “seeing a lot in the crypto space.”
“We are very active, and I would just expect to see more and more,” she told the conference.
Reports that the SEC had issued subpoenas to startups running ICOs emerged earlier this month, though the legal requests appear to have begun last year, as previously reported.
The agency is looking for every detail surrounding token sales, one industry lawyer told CoinDesk.
SEC officials have said previously that they are looking into the space for illegal activity, with a particular focus on token sales. Reports indicate that the agency might also be looking into sales that involve Simple Agreements for Future Tokens (SAFTs), which effectively act as a promise to eventually distribute tokens in exchange for immediate funds. Source
SAFT – or said another way; “I will happily pay you on Tuesday for a hamburger today” ~Wimpy
With it now being clear cryptos are not a way to beat the bankers, but rather just another form of fiat currency, how much longer will bitcoin enjoy such levels of “valuation”? With more and more nations around the world passing legislation to encircle and engulf cryptos it seems it’s just a matter of time before this scheme is completely overrun with taxes and banker fees. Remember, if you’re involved with crypto schemes you need to file your taxes as there is a seven year statue of limitations and in seven years the rules and regulations can change a lot. If you don’t hold it, you don’t own it. Got physical?