Re:Statement on Cryptocurrencies and Initial Coin Offerings
by couchdive on Monday December 11, 2017 @08:42PM
(#15902415)
and probably requiring Accredited Investors only at some point, which probably 90 percent of crypto folks aren't, myself included.
Accredited investors must make 200 to 300k annual (dual income allowed) and/or have 5 mill in tied up assets and/or a net worth of over 1 mill.
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by dahdum on Monday December 11, 2017 @08:57PM
(#15902468)
It's just the income or $1M net worth excluding primary residence. The $5M is for business entities.
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by couchdive on Monday December 11, 2017 @10:26PM
(#15902785)
thanks for the more detailed and accurate info!
Re:Statement on Cryptocurrencies and Initial Coin Offerings
by AnkhMorporkian on Tuesday December 12, 2017 @02:06AM
(#15903577)
90 percent? Probably close to 99. While a significant portion of crypto is probably owned by rich people, the vast majority of actual owners of crypto is owned by people who make far less than that.
For every millionaire out there who is investing in crypto, there are a few hundred people who just want to buy things off the dark web.
"A change in the structure of a securities offering does not change the fundamental point that when a security is being offered, our securities laws must be followed"
They're saying it's fantastic, just do it legally. And for any offering that passes the Howey Test, that means registering with the SEC.