Is your coin a security?
Since Australia has bilateral agreements with the United States of America, Am I at risk of prosecution by the Securities Act of 1933 (Securities Act) or Regulation A+ or Regulation Crowdfunding (if available) under the Securities Act.
Let’s look at what is termed a security from the perspective of our start-up.
- Does bBiller.com look like a financial website?
- Does bBiller intend to return profits to token holders?
- Can bBiller token holders transfer their tokens to someone else for value?
- Can bBiller token holders use bBiller tokens to pay for goods and services?
Well the answer is that bBiller is not responsible for what purchases may or may not do with the source code we have given out. We are a software company that offers peer-to-peer money software that anyone can use based on utility.
Adjusting the language at point of sale.
1. This is not an Investment product. This is a crowdfunded project. (Unless otherwise determined to be the case by external forces)
2. This is not a company share stock/derivative. It is a sale of a digital asset.(Unless otherwise determined to be the case by external forces)
3. bBiller tokens can be used to transmit money as payment for goods and services. See Token (“BILL”) instead. (Unless otherwise determined to be the case by external forces)
4. bBiller websites and website applications are generally non-financial in scope, however our solution is KYC/AML compliant, were a financial act to occur. (Unless otherwise determined to be the case by external forces)
5. bBiller tokens offer no rights to company profits generated by the project, unless members propose that such should occur. As a member you can! (Unless otherwise determined to be the case by external forces)
6. (“BBILLER”) tokens are not designed or disingenuously devised to aquire stock or money, except as required by the owners of (“BBILLER”) tokens.(Unless otherwise determined to be the case by external forces)
In the absence of any crowd funding legislation and the fact that we are simply providing a peer-to-peer backbone for payments, which of the definitions above would give rise to an undertaking by Government on our project or me as founder?
Hopefully Americans will work with Australians (We have great innovation potential, albeit no equity partners here for FinTech), and in doing so, templates for ICO’s from those in the field will find ways to package our distribution and make it possible to share wealth in the crowdfunding market confidently.