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Topic: ICO ban for the US citizens - page 5. (Read 12210 times)

hero member
Activity: 770
Merit: 605
July 19, 2017, 11:31:49 PM
#25
I did notice a few US-based ICOs going on (WTT is one example), so it may not ban for it, just possibly need for agreements.
sr. member
Activity: 1008
Merit: 355
July 19, 2017, 08:48:30 PM
#24
Even India has been been banned from few of those ICOs due to strict laws and regulations (Monaco campaign). Mostly all ICOs have banned US though but I can still see many US residents who invest in those ICOs where you don't need to prove your identity before investing. Some ICOs do collect personal information to avoid any risk of a legal action but mostly comply by their laws.

There are many countries that express some concerns on the continuing proliferation and popularity of issuing ICOs. The market for ICOs has exploded these past few months and there are those who were successfully getting more than $100M in funding.

I am expecting that soon there can be strict regulations in place for ICOs and this can be done to, of course, protect the investors but I am hoping it will not also be restrictive as to kill ICO itslef.
sr. member
Activity: 476
Merit: 254
July 17, 2017, 07:23:59 AM
#23
Many European ICOs recently that I saw, they all state in their ToS that the US citizens can't participate. Why?


If there is any country that is very complicated and can go to any length to get convictions even to the extent of another country, its the United States and even if I happen to create a service in the crypto world, I am sure to exclude USA citizens because I don't have money to pay lawyers and then being offered a deal to plead guilty over something you probably don't know exist in the first place but that's definitely no excuse to the judicial system for whatever reason.
sr. member
Activity: 1008
Merit: 355
July 16, 2017, 10:18:43 AM
#22
US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.

It is not just the regulators who are extra cautious. It is the fund raisers who don't want to get entangled with the US regulators and incur high compliance costs. I don't blame them - there are enough people in other countries who are ready to subscribe to ICOs.

You are right. Rather than face legal challenge later on, why not just concentrate on markets aside from USA. There are indeed enough investors outside of USA, who can launch and fund a project. Unless of course, SEC would soon issue a legal framework to work with, then it is not worth including USA in any ICO issuance. The government of USA is very much protective of its own citizens and that is something we all understand, anyway.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
July 16, 2017, 04:36:05 AM
#21
The USA possesses very restrictive rules regarding the funding of projects in order to make sure that the common man does not get pulled into some sort of pyramid scheme. Of course in practice this is just the result of looking towards private rich venture capital as the only people that should be funding projects, it really does create issues for crowdfunding though in practice it basically says not US no good.
https://www.sec.gov/news/pressrelease/2015-249.html
newbie
Activity: 12
Merit: 0
July 15, 2017, 07:48:59 PM
#20
because their government protects them from scam
The Government protects themselves and their interests. Nothing more. They're the scam as well as their monopolies.
legendary
Activity: 2632
Merit: 1094
July 15, 2017, 02:50:02 PM
#19
Even India has been been banned from few of those ICOs due to strict laws and regulations (Monaco campaign). Mostly all ICOs have banned US though but I can still see many US residents who invest in those ICOs where you don't need to prove your identity before investing. Some ICOs do collect personal information to avoid any risk of a legal action but mostly comply by their laws.
hero member
Activity: 926
Merit: 1001
weaving spiders come not here
July 15, 2017, 02:41:21 PM
#18
because their governemt protects them from scam

This is the simplest and most accurate (best) explanation here.
jr. member
Activity: 75
Merit: 2
July 10, 2017, 06:22:37 AM
#17
because their governemt protects them from scam

yes, of course. what a nice and caring government
sr. member
Activity: 574
Merit: 251
July 09, 2017, 03:21:03 PM
#16
Usa government cannot get taxes from the ico profits,  so this is smart decision to forbid chanel that wash out money from their country. Better they'd find the way to legalise that whole area. 
legendary
Activity: 3248
Merit: 1070
July 09, 2017, 03:14:25 AM
#15
because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?

isn't this the same as gambling, i see no difference, is gambling prohibited on the USA? if no then it smell like hypocrisy, poeple will always gamble with their money, they can even meet with a stranger and gamble on anything they want

i don't think this is even remotely stoppable, and with ico is even worse because they offer big anonymity
legendary
Activity: 2478
Merit: 1360
Don't let others control your BTC -> self custody
July 08, 2017, 05:27:33 PM
#14
You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?

So you'd like everything to be regulated by the government, because there's a possibility that you could lose money, get scammed, cheated or hurt in any other way.
The government should surround you in a protective layer of foam, so that you don't have to think anymore and if anything happens can run crying to your mommy officials.
Not all ICOs are made to scam you, just as not all casinos are cheating, not all people are lying and so on. You need to use your brain and do some research before throwing money in someone's face.
legendary
Activity: 2758
Merit: 6830
July 08, 2017, 10:52:08 AM
#13
because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
You forgot that those "investors" are always looking for easy money. And because of that they don't see ICOs as a way to help and be part of a promising project, but a quick way to buy those tokens cheap and dump them after the release of the project. That's why they blindly invest in all new ICOs in the market.

Yes, they can't really control them. But the same way the US government wants to protect their citizens from fraud schemes by going after them, they could go after ICOs because they are not regulated and most of them only care about the money collected during the crowdfunding phase.

Do you really think those governments should just let those schemes operate without any control and just say to their citizens "if you don't want to lose money, don't invest in scams" ?
legendary
Activity: 3248
Merit: 1070
July 08, 2017, 03:11:09 AM
#12
because their governemt protects them from scam

what is stopping someone from mining big amount of coin and dump it for bitcoin to buy this ico scam? how can the government enforce rules on something so out of hands?

if investors really want to be protected they just need to avoid being scammed by ignore all the ico, i don't think they need a law for the common sense...
legendary
Activity: 1582
Merit: 1064
July 06, 2017, 07:53:36 PM
#11
I hear the part about different projects not wanting to get involved with the SEC but seriously how much can the US government really prevent investment by US citizens? 

As with most online projects, the companies will ask you to click on a form which checks whether you are a US citizen. Only if you make a representation that you are not a US citizen, will it allow you to proceed. Gambling companies do this as well, as they do not want to run foul of US laws.
In the event of action by any US agency, they can claim plausible deniability - that they were unaware that you are an US citizen.
member
Activity: 73
Merit: 12
July 06, 2017, 04:35:39 PM
#10
Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.
I do have my doubts here,how on earth the ICO know from which country you are getting the coins since most of the recent crowd funds are accepting different crypto currencies and they will be getting the coins either in ETH if it is ETH based token and almost all of the ICO are using their platform now,no one asked for my country of origin while investing ,they can only stop the US residents if they investing with fiat currency other than that they are free to invest.

I hear the part about different projects not wanting to get involved with the SEC but seriously how much can the US government really prevent investment by US citizens?  Unless I'm missing something, I really don't know how effective they will be. Some of these projects are based out of areas of the world that have extremely Crypto friendly governments. The SEC would be spending endless resources trying to keep all the different countries in line in an "industry" that is for the most part designed to be unregulated.  I just see there being too many loopholes and work-arounds to really stop anything.  Governmental bodies around the world are embracing this technology and the US is fast becoming the odd man out by going against the grain.  Its best they get onboard and try to be a leader in this space, if its not too late.
hero member
Activity: 2814
Merit: 911
Have Fun )@@( Stay Safe
July 06, 2017, 03:56:34 PM
#9
Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.
I do have my doubts here,how on earth the ICO know from which country you are getting the coins since most of the recent crowd funds are accepting different crypto currencies and they will be getting the coins either in ETH if it is ETH based token and almost all of the ICO are using their platform now,no one asked for my country of origin while investing ,they can only stop the US residents if they investing with fiat currency other than that they are free to invest.
hero member
Activity: 589
Merit: 502
July 06, 2017, 02:43:45 PM
#8
Many of the ICOs which I participated were shunning away USA residents and anybody holding USA-issued passports. Maybe because they would not want to get entangled with possible legal battle with SEC or any government agency. It can be a big hassle if one day USA SEC would declare that ICOs are not legal. Right now, the SEC has not yet issued any solid pronouncement regulating ICO but we don't what can be in the coming months.

The boom in the ICO market right now is really attracting big and small participants and there is now a trend for niche business to also join the ICO bandwagon. But while this can indeed scam issuers, regulating ICOs can do more harm than good. What we need is a way to do due diligence so we can guide ICO buyers away from possible scams.

I know of only two so far which have blocked selling ICO's to US citizens:
Ethbits and SONM.

I don't think I have heard of any others which do not allow US registered citizens to hold their ICO atleast buy them during the Pre-Sales they weren't allowed too hold any of the title to their coins. Lips sealed
legendary
Activity: 1582
Merit: 1064
July 06, 2017, 11:19:02 AM
#7
US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.

It is not just the regulators who are extra cautious. It is the fund raisers who don't want to get entangled with the US regulators and incur high compliance costs. I don't blame them - there are enough people in other countries who are ready to subscribe to ICOs.
newbie
Activity: 14
Merit: 2
July 06, 2017, 12:54:54 AM
#6
US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.
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