Texas State Security Regulator takes aims at Overseas ICO with Cease-and-Desist

reypinioco

member

Activity: 182

Merit: 19

Quote from: magpie_lover on February 03, 2018, 12:36:14 AM

A state securities regulator in Texas has put out a cease-and-desist order on Hong Kong-based firm called R2B Coin alleging that they were issuing unregistered securities to Texas residents with false and misleading information.

Well, most projects have been excluding US citizens from their token sales/ICO's. What this news proves is the fact that being an overseas entity does not necessarily make you immune to regulations & risks. This case is particularly interesting because Hong Kong is an Administrative Region of the PRC.

What will be the implications of more orders like this?

source

If they really received cease and desist from overseas they tried to scam people,but i dont think they will be sued because they are based on hongkong,U.S regulations doesnt subject any countries.This is why these scammers wont stop because there is no official regulations to most of these countries.

magpie_lover

jr. member

Activity: 182

Merit: 8

Quote from: Angelia46 on February 03, 2018, 01:44:48 AM

As more countries regulate ICO.
So maybe you can't go to join the ICO raise, you can only buy tokens from the exchange, because the ICO crowdfunding only allows institutional investors to participate, which is my view.

The idea that only the so called accredited investors can participate in ICO's is disgusting and truly against the principle of decentralisation. One of the ultimate goals of decentralisation is to provide an economic opportunity to the common man and not just these big institutions and high net worth individuals. There are some genuine ICO's out there and people should be given the opportunity to invest- thats my opinion.

Angelia46

member

Activity: 238

Merit: 10

The Experience Layer of the Decentralized Internet

As more countries regulate ICO.
So maybe you can't go to join the ICO raise, you can only buy tokens from the exchange, because the ICO crowdfunding only allows institutional investors to participate, which is my view.

magpie_lover

jr. member

Activity: 182

Merit: 8

Quote from: speakoo on February 03, 2018, 01:18:13 AM

Exclude China , crypto is better than before .Let's turn back to 4th,Sep 2018 , China banned icos ,after that , on 31th Oct , China banned all the Chinese exchanges.After that , the price of BTC went to the highest level .
Texas State can not prevent people from cryptoes too.

Part of me wants some sort of intervention so that some of these ponzi ICO's don't get away after cheating poor people who put in their hard earned money hoping for gains. But I've never been a big fan of the US flexing her muscles, especially outside the areas of her jurisdiction. Let's wait and watch how this unfolds. The Bitfinex subpoena is also interesting because they are also HongKong based.

speakoo

full member

Activity: 224

Merit: 113

Exclude China , crypto is better than before .Let's turn back to 4th,Sep 2018 , China banned icos ,after that , on 31th Oct , China banned all the Chinese exchanges.After that , the price of BTC went to the highest level .
Texas State can not prevent people from cryptoes too.

magpie_lover

jr. member

Activity: 182

Merit: 8

Quote from: cryptohunter on February 03, 2018, 12:40:02 AM

this tells me as more countries regulate against illegal securities POW is going to make a big return

I'm not sure how having a specific consensus i.e PoW makes you immune to regulations. Can you elaborate more?

plasmodesmata

full member

Activity: 403

Merit: 109

my Beans can beat your Beans in a fight

Quote from: cryptohunter on February 03, 2018, 12:40:02 AM

this tells me as more countries regulate against illegal securities POW is going to make a big return

so unless you make the cut to be an accredited investor you wont be able to play anymore

Dev teams dont want to go through all these regulatory hoops. They will need to be super careful even if they do.

Smart dev teams will start to buy all the old POW coins that are now almost costing zero and also have no SEC type worries.

I live in Texas. where can I move to better enjoy my crypto-retirements funds... hopefully somewhere warm.

You specify POW coins.... why not POS?

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

this tells me as more countries regulate against illegal securities POW is going to make a big return

so unless you make the cut to be an accredited investor you wont be able to play anymore

Dev teams dont want to go through all these regulatory hoops. They will need to be super careful even if they do.

Smart dev teams will start to buy all the old POW coins that are now almost costing zero and also have no SEC type worries.

magpie_lover

jr. member

Activity: 182

Merit: 8

A state securities regulator in Texas has put out a cease-and-desist order on Hong Kong-based firm called R2B Coin alleging that they were issuing unregistered securities to Texas residents with false and misleading information.

Well, most projects have been excluding US citizens from their token sales/ICO's. What this news proves is the fact that being an overseas entity does not necessarily make you immune to regulations & risks. This case is particularly interesting because Hong Kong is an Administrative Region of the PRC.

What will be the implications of more orders like this?

source

Topic: Texas State Security Regulator takes aims at Overseas ICO with Cease-and-Desist (Read 136 times)