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      Apparently “ontology recapitulates phylogeny” applies in finance. Cryptocurrencies are now roughly up to the Investment Company Act of 1940.

      A very relevant comment on how securities are duck typed.

      The full report makes for interesting reading. Pages 10 on sound like the SEC believes every DAO to be a security under their regulation. Maybe someone should start an DAO to fund a defense that their DAO is not a security. On page 16 they say every site where you can convert between cryptocurrencies (let alone money) is a regulated exchange.

      If the SEC has the budget and will to start enforcing security laws the cryptocurrency markets are going to all but vanish for a few years. I think the standard cc response here is that between distributed networks and pseudonymity the show will go on, but between know your customer and money laundering laws we’re going to start seeing some end users go to prison.

      Looking at Google’s top result for cryptocurrency charts, it looks like all but two of the top hundred down 5-20% across the board today (one’s down 2.8%, one’s up 0.48%).

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        From you link, a bit which made me smirk:

        ICOs are almost certainly selling securities. Tokens look like a duck. They quack like a duck. They are sold by people promoting them as ducks. A ToS which says “n.b. Our quacking avians are not ducks; they’re a totally different non-duck like thing which will supplant ducks in the future because they’re so much better than ducks and cannot be regulated as ducks” will probably not mollify the SEC.