the protection racket finally swinging into action, banks must have been getting pissed at missing out on the action and now let their dogs off the leash.
I don't see it ending well at all, I think the bitcoin and the DAO shows we can not only redefine what an 'asset' or 'security' is to route around the protection rackets but the next step is we can redefine what a 'company' is ... now that they are on our turf they are going to get a run around like they've never seen ... and the only thing all their protectioneering will achieve is to drag USA and its citizens further and further behind in the free market for innovative crypto-finance.
Whether a particular investment transaction involves the offer or sale of a security – regardless of the terminology or technology used – will depend on the facts and circumstances, including the economic realities of the transaction.
I mean wtf? does that even mean ... it's just some vague nonsense that says, "we want to interfere wherever we say we can interfere" ... classic protection racket mentality.
"The SEC is studying the effects of distributed ledger and other innovative technologies and encourages market participants to engage with us," said SEC Chairman Jay Clayton. "We seek to foster innovative and beneficial ways to raise capital, while ensuring – first and foremost – that investors and our markets are protected."
"We don't know wtf we are dealing with but we want to get involved so we can keep getting our vig from our protection racket. Please help us because we haven't got a clue what we are talking about but you guys are getting rich!"
The SEC's investigation in this matter was conducted in the New York office by members of the SEC's Distributed Ledger Technology Working Group (DLTWG) -- Pamela Sawhney, Daphna A. Waxman, and Valerie A. Szczepanik, who heads the DLTWG -- with assistance from others in the agency's Divisions of Corporation Finance, Trading and Markets, and Investment Management. The investigation was supervised by Lara Shalov Mehraban.
"We've given some clueless flunkies high-faluting titles so you think we are on top of this but these are actually the girls who make the coffee when the banksters show up to drop off the brown envelopes. In fact we created a whole division full of them so it sounds even more impressive."
