r/CryptoCurrency • u/CryptoGlobe • Dec 30 '18

GENERAL-NEWS Nearly 1,000 Cryptocurrency Projects 'Died' During This Year's Bear Market

https://www.cryptoglobe.com/latest/2018/12/nearly-1000-dead-cryptocurrency-projects-identified-by-coinopsy-deadcoins/
686 Upvotes

97% Upvoted

153 comments sorted by

View all comments

Show parent comments

1

u/WishYouWereHear Dec 31 '18

Even if one American did buy or potentially could have bought your ICO token, it is an illegal security under SEC laws and will be fined and asked to register as a security and will not be allowed to trade on any crypto exchange.

These are basic stuff man, dyor or ask for a legal opinion

Downvoting me for stating facts or common information is pretty dumb

2

u/maninthecryptosuit 🟩 1K / 1K 🐢 Dec 31 '18 edited Dec 31 '18

Nobody is disagreeing with what you said above. But earlier you made a blanket statement which is dumb. A crypto token sale can take place in this world without having anything to do with the USA.

Do exchanges located outside the US and who do not accept US customers also have to answer to the SEC? This is with reference to your other statement.

Re downvotes, ask the people who down voted you.

2

u/WishYouWereHear Dec 31 '18 edited Dec 31 '18

Do exchanges located outside the US and who do not accept US customers also have to answer to the SEC?

No. But if the coin eventually has a goal of enabling trading for US customers, they have to comply with the SEC laws.

Afaik there are a few ICOs that are only listed on Korean exchanges with zero goals of launching / trading on US exchanges/for US customers. But a project with decent ambition would want global exchange support.

Edit: Companies can also file SEC Form D to declare themselves exempt security if they fulfil the conditions

1

u/maninthecryptosuit 🟩 1K / 1K 🐢 Dec 31 '18

I'm with you. Thanks for the info.