U.S. SEC information about ICOs

U.S Securities and Exchange Commission provided a public reference information about Risks, Rewards, and Responsibilities involved in Initial Coin Offerings.

Information is grouped in 3 blocks, one for the general public and the others focusing on either investors or market professionals perspective.

Despite the fact that information is briefly presented and this is far from new or specific regulation in place, it reinforces the view that SEC will see current regulation enforced, that new technology does not mean exemption to current rules, and that commission’s mandate to protect investors hold in case e of coin investments, as seen in excerpts below:

“ICOs that are securities most likely need to be registered with the SEC or fall under an exemption to registration.”

“ICOs, or more specifically tokens, can be called a variety of names, but merely calling a token a “utility” token or structuring it to provide some utility does not prevent the token from being a security.”

and

“Gatekeepers and others, including securities lawyers, accountants and consultants, should be guided by the principal motivation for the SEC’s registration, offering process and disclosure requirements: Investor protection and, in particular, the protection of Main Street investors.”

Last but no less important is seeing SEC’s reference to the DAO report. This report seems to be part of a growing mass of normative jurisprudence.