USA Subsection Needed? (POLL) - page 2.

ewitte

member

Activity: 98

Merit: 10

Quote from: Viceroy on May 29, 2013, 08:30:49 PM

It's not the individual investor who usually gets caught, it's the guy pitching. It is illegal to ask the public for funding with an unregistered offering. This law is designed to protect the individual from unscrupulous con men.

Quite the opposite its created to steal our money and give it to the con men in office.

Viceroy

hero member

Activity: 924

Merit: 501

Quote from: SEC agent on May 31, 2013, 05:58:58 PM

I would also avoid using one of the unlicensed exchanges to cash back into USD because of their non-compliance with various laws and regulations.

Can you name such exchanges? Are there ANY exchanges that are licensed or is there any known legal way to convert btc to usd? A miner can't even sell btc to his best friend for "cash" can he?

I would think you'd have no problems selling things like amazon gift cards or home depot gift cards but cash in the mail seems sketchy, right? and wires?

SEC agent

member

Activity: 98

Merit: 10

America, land of the free

Quote from: Coinseeker on May 27, 2013, 07:20:58 PM

I can accept bitcoins for my restaurant let's say, and currently am not in violation of any laws, correct?

As long as you pay your taxes, yes.

I would also avoid using one of the unlicensed exchanges to cash back into USD because of their non-compliance with various laws and regulations.

tytus

sr. member

Activity: 250

Merit: 250

We want to run a BTC mine.

- mining without conversion to USD does not require FinCEN registration (right?)
- we will pay the revenues from mining to people just like a dividend ... does this require registration as MSB ? (this would mean that all companies that pay out dividends must register as MSB).

Viceroy

hero member

Activity: 924

Merit: 501

It's not the individual investor who usually gets caught, it's the guy pitching. It is illegal to ask the public for funding with an unregistered offering. This law is designed to protect the individual from unscrupulous con men.

prophetx

legendary

Activity: 1666

Merit: 1010

he who has the gold makes the rules

I dont get it... so its illegal for a private citizen to give a loan to a business?

Lmao I have NEVER heard of anyone getting caught for that.

prophetx

legendary

Activity: 1666

Merit: 1010

he who has the gold makes the rules

Quote from: Mr.V on May 27, 2013, 07:39:37 PM

what mama dont know wont hurt her..

Damn straight

tinus42

hero member

Activity: 784

Merit: 501

Other countries also have securities laws which may be as complicated as the American laws and also apply internationally. So is it not better to make a subsection about security legislation in general?

twobits

sr. member

Activity: 574

Merit: 250

Luckily this law was changed April 5th.

ewitte

member

Activity: 98

Merit: 10

I can give a rats ^%#^& about anything coming from an administration that traffics firearms to drug dealers and slaps the hands of major banks (HSBC) laundering money for the same thing.

TheGovernedSelf

member

Activity: 102

Merit: 10

Quote from: Viceroy on May 27, 2013, 04:49:18 PM

You can't do that. The law was signed by Obabma it's true, but there are no rules yet that allow ANYBODY to actually crowdsource funding. The SEC has dragged their feet on the matter and the states have said nothing. Like most securities laws there are two completely different sets of rules (fed and state) and there is no state who allows crowdsourced funding... even the fed does not allow it *yet*.

So if the government doesn't explicitly condone the behavior through legislation, then it is assumed to be illegal? Does this sound like the ideology of a free country?

Quote

because it is meets the definition of a commodity

It is data and code. Nothing more.

There are already rules in place to prevent the selling of fake securities. It is called "fraud".

sublime5447

legendary

Activity: 966

Merit: 1000

I didnt read the whole thing but It really doesn't matter.... the govenment isnt going to come after individuals selling and trading coins and if they do it is because their is serious money changing hands..as long as the government gets paid they are good, just pay your taxes. These guidelines are for institutions doing millions of dollars of revenue... Do you really think the government is gonna track you down and throw you in jail for borrowing or trading or selling coins between a bunch of nerds online.. look just buy and sell and use coins get people using them.. grow it big enough and it cant be stopped...dont worry about the government!

Viceroy

hero member

Activity: 924

Merit: 501

Excellent. Glad you came, thanks!

MSantori

full member

Activity: 168

Merit: 100

Viceroy, thanks for the invite to this thread. It seems like Nova has it nailed down here.

Mr.V

full member

Activity: 182

Merit: 100

what mama dont know wont hurt her..

Coinseeker

sr. member

Activity: 252

Merit: 250

Quote from: Nova! on May 27, 2013, 06:44:31 PM

Quote from: SpaceProphet on May 27, 2013, 06:25:10 PM

Are you suggesting that most publicly traded bitcoin-centric companies are likely non-compliant could be easy SEC targets?

Yes that is one assertion and that assertion is actually valid if the company is based in the USA.

So then private companies need not worry? I can accept bitcoins for my restaurant let's say, and currently am not in violation of any laws, correct?

Branny

sr. member

Activity: 406

Merit: 250

Can anyone here explain to me the compliance aspects of the 2012 JOBs act? I realize they were requiring the SEC to write laws based on microfinance/microfunding however they obviously haven't done so.

This is an aspect I am VERY interested in because it is why I am wanting to seek BTC investment for my company. (My premise was that since BTCT/BF were "Virtual" exchanges, that it would be an out for me).

SpaceProphet

newbie

Activity: 31

Merit: 0

Quote from: Nova! on May 27, 2013, 06:44:31 PM

Quote from: SpaceProphet on May 27, 2013, 06:25:10 PM

Are you suggesting that most publicly traded bitcoin-centric companies are likely non-compliant could be easy SEC targets?

Yes that is one assertion and that assertion is actually valid if the company is based in the USA.

Yikes.

Quote from: ?? on ??

That is EXACTLY correct, sir. But as Nova! said you should probably be more concerned about the state regulators at this point.

Thanks for the heads up.

Nova!

full member

Activity: 140

Merit: 101

Quote from: SpaceProphet on May 27, 2013, 06:25:10 PM

Are you suggesting that most publicly traded bitcoin-centric companies are likely non-compliant could be easy SEC targets?

Yes that is one assertion and that assertion is actually valid if the company is based in the USA.

SpaceProphet

newbie

Activity: 31

Merit: 0

Are you suggesting that most publicly traded bitcoin-centric companies are likely non-compliant could be easy SEC targets?

Topic: USA Subsection Needed? (POLL) - page 2. (Read 4086 times)