Is the SEC creating secret law for crypto?

rosezionjohn

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Quote from: Pab on April 13, 2019, 11:44:45 AM

My answer is that USA is not whole world and will be not
It is all corporation frozen America

It's true that it is just one of many countries but do not underestimate their influence. Whatever US SEC will decide may set a precedent to what other countries will do. Also, do not forget the fact that a high percentage of crypto users are from the US.

Pab

legendary

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Ultimately, the question of whether your favorite token is an illegal unregistered security could be decided through a jury trial by twelve randomly selected Americans who don't know anything about crypto & don't care.

Maybe doesn't matter for you but matter for cryptocurrency startups from USA

sheenshane

legendary

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No. This isn't called as secret laws, you may also prefer it as "PILOT LAWS" where they have a few laws in Pilot mode and trying to know which will really work. Of course, if you have a pilot law, you will not be able to publish it as you are still trying to see if it would work or not.

There's no such thing as a secret law. Law is made for everyone and if a regulator is not publishing it, you have to expect that they are still working with it. Check this one, this is an SEC accepted cryptocurrency.

traderethereum

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If there is a secret law for crypto, then I guess that there is a political reason behind that law and I am sure that many people in the government which involves that. But we only guessing for what happens with the SEC itself, is they regulation was compromise with the political and the people inside the government who don't want to see cryptocurrency being accept in that country? Or there will be many questions in our mind because of that news.

incomefromcoins

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As per the rumors and Sec functionality model soon Sec may release a detailed guidelines for Ico Market which are very much beneficial for future crypto projects coming up in US

Beerwizzard

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SEC can't issue a secret law. People have to know about it if they need to follow this law. They can issue some kind of recommendation and provide some sanctions against the ones, who is not following those recommendations but is is still not the law and no one is getting any extra legal responsibilities.

Quote from: Kakmakr on April 14, 2019, 02:00:16 AM

Quote from: spadormie on April 13, 2019, 03:08:25 PM

A law should be expressed in public. If it is a called a "secret" law, then that's not a law. It is just a secret for themselves securing themselves for bitcoin.

The rules and laws in some countries does not necessarily reflect the will of the people, because those laws were shaped by these puppet masters to protect their wealth and their power. Angry

They don't have to. If you are dealing with the economy you don't have to ask a doctor or engineer for advice and vice versa.

Kakmakr

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Quote from: spadormie on April 13, 2019, 03:08:25 PM

A law should be expressed in public. If it is a called a "secret" law, then that's not a law. It is just a secret for themselves securing themselves for bitcoin.

Nope, the law will not be secret, but the hidden agenda behind it will be. You have to remember that each government are controlled by very influential and powerful puppet masters, each with their own hidden agenda. Some might be rich shareholders in Banks and for obvious reasons they might not want Bitcoin to succeed, so they will use their influence and money to push their own hidden agenda on the government puppets that are working in the public sector. Angry

The rules and laws in some countries does not necessarily reflect the will of the people, because those laws were shaped by these puppet masters to protect their wealth and their power. Angry

Nolimitz84

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I don't think that's all top secret,but let's wait for tomorrow and see what the outcome Fixed Income Market Structure Advisory Committee Meeting at 9:30 am EDT https://www.sec.gov/news/upcoming-events/fimsac-041519.Just there will deal with issues of transparency.

mohammedmattar

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Quote from: Pab on April 13, 2019, 11:44:45 AM

Worth to read.Some true about SEC and how SEC is creating legislation for cryptocurrency industry

SEC Commissioner Hester Peirce worries that the SEC’s opacity—and lack of accountability—might be creating a “fatal competitive disadvantage” for startups.

The SEC has secrets. And those secrets might be shaping the way cryptocurrency and blockchain companies do business.

https://decryptmedia.com/6503/sec-secret-law-crypto-hester-peirce

My answer is that USA is not whole world and will be not
It is all corporation frozen America

Regardless of the secrets of The SEC
As a general rule (nothing can be permanently hidden)
Personally, I began to feel weary about the SEC
Although it is important, but I think that crypto is able to continue without it
In the future, the SEC will enter the world of encryption if its final decision is rejected.

Pab

legendary

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Read article.SEC decide what is security or not.In current law SEC left them self door what will make possible to classified any cryptocurrency blockchain start up like a security
Corporation America regulators are in pocket of big corporation
But it is USA problem SEC is only USA agency startups can move to other places

Teawhalee

copper member

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A law is secret only if joy known and this is not even a secret to me. I knew they had hidden agendas right from onset but I only hope it dosent affect cryptocurrency becaue if it dose , I won’t be surprised that just after it, new innovations will rise from other end .

lyks15

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I think this is not a good news. I wonder why they keep it secret. They are proposing a bill against bitcoin or a thing that every bitcoiner will be affected. And in terms of centralization it will be a long process because there is so much thing to consider. On the other hand I think itbis matter of tax so they keep it secret so bitcoiner did not mad in this issue.

Gaff

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Quote from: pushups44 on April 13, 2019, 02:47:33 PM

I don't think they are creating a secret law, but instead are dragging their feet on bringing more clarity to the space. They possibly don't want to admit they are in over their heads and are thus unsure about what to do. With regard to ICOs, they were right to raise concerns about them, but they seem to be waiting for the day when they will be pushed by the public or politicians to be more forthright and clear about where cryptocurrencies stand.

There will be a perfect time for everything, and with respect to SEC rulings, the implementation of the law cannot be pushed due to decentralization. Separation between digital and fiat currency is always a concern because crypto is a broad coverage compared to traditional paper money. If the authority has a law on this, that will be in a specific country and not worldwide.

okala

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The world is full of secretes and to think that the SEC will not have it agenda's for how cryptocurrency and the blockchain business operate within the jurisdiction and cryptocurrency have to operate within that framework drafted by the SEC. Intact the real regulations will be fully inside that documents that the SEC will bring forward after they deliberation.

Irvinn

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Quote from: pawanjain on April 13, 2019, 01:48:50 PM

Is there any such thing as secret law ?
Law is meant for everybody within a desired region. Crypto is spread through out the world and involves people from different nations.
Hence any such crypto law would mean involving people across the globe. If SEC is planning on something for the same then it cannot be hidden for long since they will have to announce it at some point.
Even if they announce it, it would surely benefit us since it would create a huge advertising for crypto and you never know, it might also start a bull run.

First, if the law is secret and not promulgated, then it is not enforceable and unqualified. As a general rule, such laws should not exist, or they have a limited range of effects on individuals who should be aware of the existence of such a law.
Secondly, the SEC is just one of many government agencies of the US state alone. Anyone who is outside this state may well ignore the prescriptions of this body if they are not going to face the jurisdiction of this state in the future.
Thirdly, if the US Congress adopts a bill on which the cryptocurrency will not be treated as securities, the SEC as a commission on securities and stock exchanges will have nothing to do with cryptocurrency.

spadormie

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A law should be expressed in public. If it is a called a "secret" law, then that's not a law. It is just a secret for themselves securing themselves for bitcoin.

pushups44

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I don't think they are creating a secret law, but instead are dragging their feet on bringing more clarity to the space. They possibly don't want to admit they are in over their heads and are thus unsure about what to do. With regard to ICOs, they were right to raise concerns about them, but they seem to be waiting for the day when they will be pushed by the public or politicians to be more forthright and clear about where cryptocurrencies stand.

Zadicar

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It would never be considered as secret yet it is already revealed. Cheesy

If these are just on progress or consideration then hiding it to public would be senseless.

Ailmand

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I think we can't consider it a law if it's a secret though there are some stated facts in the link that you have shared, we can't conclude that it could affect the crypto world in a negative way. Every organization has its own secrets and plans and that's their strategy to pursue their agendas. Let's just see how it would affect the future of cryptocurrency.

pawanjain

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Nothing lasts forever

Is there any such thing as secret law ?
Law is meant for everybody within a desired region. Crypto is spread through out the world and involves people from different nations.
Hence any such crypto law would mean involving people across the globe. If SEC is planning on something for the same then it cannot be hidden for long since they will have to announce it at some point.
Even if they announce it, it would surely benefit us since it would create a huge advertising for crypto and you never know, it might also start a bull run.

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