What I want to know is where were all these legal aids when all these bitcoin securities started up? If you guys knew all this before why not put it out there? So now do all of us bond holders need to pony up some dough for lawyers? Would have been nice to know some of this before buying into these, I guess I can say it is partly my fault for not looking into all the angles but it is just strange that all these legal aids have come crawling out of the woodwork....
just my 2 bit cents.
Naelr
It was brought up several times, but too many people, including Nefario, thought (and some still think) that because it relates to bitcoins, somehow laws dont apply to it. The "bitcoin isnt money" fallacy, failing to understand the issue is the security itself, not the means with which its purchased or traded against (ie bitcoin) .
But the question would be best directed towards asset issuers, as they are the ones taking on the biggest legal risk. Most of these laws exist to protect investors, and if this were to come for court, I wouldnt be surprised that on top of any fines, asset holders had to be fully reimbursed by the issuers - even if rolling back all trades will likely be an administrative nightmare.
Anyway, it may not come to that, all things considered, GLBSE is small potatoes and the SEC/FSA is not likely interested in going to court with each and every asset issuer over this (they may go after Nefario though), and they may be content with some reasonable settlement as long as going forward, the law is no longer broken. But if you as an investor, feel that you are not compensated fairly, you probably stand a good chance in court, or at least you will have serious stick to threaten asset issuers with to come to a reasonable settlement in case the SEC does nothing.