2/ People have always known that at some point, the freewheelin’ crypto market would have to prepare for regulation. The stakes have been higher since last August when the SEC indicated they believed that the DAO had been a securities offerings. https://t.co/2J1j8UuedM
— Nathaniel Whittemore (@nlw) June 15, 2018
4/ What’s more, the SEC hasn’t been the only regulatory body providing their perspective on tokens. @Blockchain_Jay summarized this nicely https://t.co/xJuldEndrv
— Nathaniel Whittemore (@nlw) June 15, 2018
6/ Today, the head of the SEC’s division on corporate finance, came out with effectively that position. The ethereum ecosystem is too decentralized for it to be a security in practice, even if its initial token sale might have been. Read the full report: https://t.co/3QG08R3Dtm
— Nathaniel Whittemore (@nlw) June 15, 2018
8/ Most of the community, as you might imagine, was surprised and excited at the news. https://t.co/3sg84RD6tX
— Nathaniel Whittemore (@nlw) June 15, 2018
10/ Others, like @iamjosephyoung, asked whether we really needed a regulatory body embedded in the system that cryptocurrency was initially designed to disrupt to tell us what is or isn’t a security https://t.co/tQkzQkIDjM
— Nathaniel Whittemore (@nlw) June 15, 2018
12/ There was also, much chagrin from the Bitcoin maximalist community, and, if we’re honest, at least a dose of schadenfreude from the ETH adherents and altcoiners. Some were able to keep their humor https://t.co/cnKtKEcVTu
— Nathaniel Whittemore (@nlw) June 15, 2018
14/ Nonetheless, for most of the crypto community the announcement was an exciting, rejuvenating force. The markets dipped up into the green continuously for the first time in…well, a bit. Happy Hodling.
— Nathaniel Whittemore (@nlw) June 15, 2018
APPENDIX 2/ This analysis from @awrigh01 is essential reading. TL;DR seems SEC is recommending sell tokens to investors in registered ways, distribute to users later https://t.co/9lU4gIuC1F
— Nathaniel Whittemore (@nlw) June 16, 2018
APPENDIX 4/ @zooko previews the the coming battle to prove our projects’ decentralized bonafides. Because crypto needs more for project partisans to argue about. My decentral is more decentralized than your decentral, baby. https://t.co/gr4fKgBZQg
— Nathaniel Whittemore (@nlw) June 16, 2018
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