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      "permlink": "steemitboard-notify-cryptobully-20190724t194511000z",
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      "body": "Congratulations @cryptobully! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@cryptobully/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@cryptobully) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=cryptobully)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "title": "My First ICO - Why I'm Supporting DragonChain",
      "body": "**To participate in the DragonChain ICO, [click here](https://dragonchain.com/tokensale/bully/).**\n\n<iframe width=\"853\" height=\"480\" src=\"https://www.youtube.com/embed/UEogdXPaxeY\" frameborder=\"0\" gesture=\"media\" allowfullscreen></iframe>\n\nI have been wary of participating in any initial coin offerings (\"ICO\").  Most appear to be overcapitalized vaporware with an inexperienced team and systemic regulatory/compliance issues.   And regardless of the quality of the project, as a U.S. investor, most ICOs to date wouldn't even allow participation.   This is all until the [DragonChain ICO](https://dragonchain.com/tokensale/bully ) was announced.  \n\n*DragonChain is the first ICO in which I am participating.*\n\nHere are a few reasons:\n\n**The Team**\n\nI've done a lot of work with venture capital firms over the years, and the investment decision almost always comes down to the team.  I'm using the same approach. DragonChain has an incredible [team of U.S.-based industry professionals behind it](https://dragonchain.com/#team).  From Overstock to Bloq to the FBI, the team has a breadth of background that is unmatched in the space.  And the project itself was created by Disney, which has the midas touch.\n\n**The Product**\n\nThe DragonChain commercial platform is similar to Ethereum, using smart contracts to enable business assets to be protected through serverless architecture.  The platform uses known programming languages, such as Java, C#, Node, and Python, to name a few.  \n\nThe potential [use cases are breathtaking](https://dragonchain.github.io/blockchain-use-cases), including payment systems, enterprise systems, marketplaces, ticketing, legal (contracting/ediscovery).  The list goes on and on.\n\nThere's also an incubator and a marketplace, which add further value.  To read the whitepaper, [click here](https://dragonchain.com/assets/Dragonchain_Business_Summary.pdf).  To view the roadmap [click here](https://dragonchain.com/roadmap/).\n\n**U.S. Participation**\n\nFinally, DragonChain is allowing U.S. investors to participate in the ICO.  This is encouraging from a compliance POV and shows the seriousness of the team (i.e. they actually talked to lawyers =).\n\n**To participate in the DragonChain ICO, [click here](https://dragonchain.com/tokensale/bully/).**\n\n*Disclosure*\n\n*I will receive a referral bonus for the DragonChain tokens purchased using my [referral link](https://dragonchain.com/tokensale/bully/).*\n\nhttps://dragonchain.com/assets/images/dragon.png",
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      "permlink": "tech-law-basics-u-s-vol-1-incorporation",
      "title": "Tech Law Basics (U.S.) - Vol. 1: Incorporation",
      "body": "I thought I'd write a few posts on basic technology (fintech) corporate law, including topics like incorporation, regulatory issues, tax, employment law, litigation, etc.  [Note: these all are aimed towards readers in the United States.]\n\nThis first one is about something quite straightforward: *Incorporation of your company.*\n\nSo you want to start a company but not sure where to start?  Let Bully help!\n\n**Why Incorporate?**\n\n*Liability.*  The primary purpose of incorporation is to limit your *personal* liability (as opposed to your business's liability).  If you start a business without creating a legal entity and you get sued while performing services for that business, your personal assets (e.g. your car, house, savings) could be at risk in the lawsuit.  Incorporation protects you from personal liability (in most circumstances) and ensures that any losses are attributable only to the business.  LLC is an acronym for Limited Liability Company, after all.\n\nThere are other compelling reasons to incorporate, including generally favorable tax treatment, the ability to issue shares, set rules for the business (bylaws), hiring employees, etc.  But the best reason, imho, is limiting the liability of the business to the assets of that business.\n\n**Where Should I Incorporate?**\n\n*Most likely Delaware.*  Delaware is the best place to incorporate a company because that's where most companies incorporate.   This sounds circular, I know, but over the years companies incorporated in Delaware so Delaware courts/legislature became experts in general corporate law.  The jurisprudence in the state is the most developed, because that's where all the companies take their disputes.  Delaware regulators tend to be the most sophisticated because they have the most experience.  The fees are low and the statutes and courts are business friendly.\n\nIf you're only looking to start a simple small business only in your home state, however, it may make sense to incorporate in your home state.\n\n**What Corporate Entity Should I Chose?**\n\n*It Depends =)*  Classic lawyer answer, I know, but it really does depend on what you're trying to do.  I'll give a quick overview of the different types of corporate entities:\n\n**LLC (Limited Liability Company)** - LLC's are great when you don't need anything particularly fancy.  I usually suggest them to people who just want to start a small business and who will probably not need to go out and raise capital (e.g. a landscaping company).  A significant advantage to this format is that profits and losses from the business can be \"passed through\" to owners without double taxation (like a partnership) but limits liability like a corporation.  Corporations (except s corps, see below), for example, are taxed twice (the corporation itself is taxed on the income and the shareholders are taxed on the returns).  LLCs are quite flexible and allow for a variety of different structures.\n\nKeep in mind that most venture capital firms will not invest in LLCs due to tax reasons not worth discussing here.  But if you're thinking about raising money, a corporation is likely the better play.\n\n**C Corp (Inc.)** - Corporations are the gold standard for corporate entities in the United States.  They are well-established from a corporate formality POV and offer a variety of advantages over LLCs, including the ability to issue (multiple classes of) shares and nominate directors and officers.  As noted above,  corporations are taxed as an entity, rather than directly via its owner(s), though owners *also* pay income tax on profits.  \n\nCorporations have more signifiant reporting obligations and corporate formalities than LLCs (incl. holding reoccurring meetings, filing annual reports, etc.), however, which need to be considered.  \n\n**S Corp** - S corps are corporations that can elect to have the flow through taxation treatment of an LLC.   There are important restrictions, however.  S corps are restricted to no more than **100** shareholders, and all the shareholders must be US citizens.  S corporations cannot be owned by C corporations, other S corporations, LLCs, partnerships or many trusts.  So it gets *really* tricky to ensure you're complying with these restrictions, particularly as the cap table swells.  Also, you can only have one type of stock, which makes VC investment tricky.\n\n**Partnership** - Unless you're a professional (doctor, lawyer, dentist) and are statutorily precluded from limiting customer liability (for public policy reasons -- i.e. customers need to be able to sue doctors and lawyers for malpractice), there's no good reason to have a partnership.  I wouldn't recommend a partnership for most people. \n\n**Conclusion / Resources**\n\nYou can do it yourself, but if you're not an attorney you'll probably fuck something up.  Make sure to seek professional help.  In the meantime, here are some resources:\n\nHere's Delaware's help page: http://corplaw.delaware.gov/\n\nAlso check out Clerky: https://www.clerky.com.  Clearky is cheap and makes incorporation super easy.  \n\n![](https://steemitimages.com/DQmfLujZf4aPbBTxmjxYnyfFypp1gPJTLMLa6gQsW6yTqR9/image.png)",
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      "permlink": "steemitboard-notify-cryptobully-20170801t213750000z",
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      "body": "Congratulations @cryptobully! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstcomment.png)](http://steemitboard.com/@cryptobully) You made your First Comment\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstpayout.png)](http://steemitboard.com/@cryptobully) You got your First payout\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstcommented.png)](http://steemitboard.com/@cryptobully) You got a First Reply\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/payout.png)](http://steemitboard.com/@cryptobully) Award for the total payout received\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@cryptobully) Award for the number of upvotes received\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/votes.png)](http://steemitboard.com/@cryptobully) Award for the number of upvotes\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "title": "",
      "body": "I agree it would be nice to hold the scammers accountable. Maybe they could do some type of escrow account where you place said number of funds in to and then from that account you can purchase ico tokens. Maybe this approach could serve as the \"income\" limit workaround and protecting the investor until the token has been fully delivered upon. This could also prevent ico pump and dumps I think. Future block chain platform idea... hmm",
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      "permlink": "re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t041047694z",
      "title": "",
      "body": "> And y'all have been helping the exchanges make tons of money for their legal defenses by buying $DGB at 2000 sats lol.\n\nHahaha",
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      "parent_permlink": "ico",
      "author": "cryptobully",
      "permlink": "one-toke-n-over-the-line-sec-tackles-icos",
      "title": "One Toke(n) Over The Line - SEC Tackles ICOs",
      "body": "@@ -7340,12 +7340,18 @@\n  at \n-MoFo\n+Cooley LLP\n  %5B@m\n",
      "json_metadata": "{\"tags\":[\"ico\",\"cryptocurrency\",\"bitcoin\",\"blockchain\",\"regulation\"],\"image\":[\"https://i.ytimg.com/vi/3eVh71M2FRw/maxresdefault.jpg\"],\"links\":[\"https://twitter.com/NickSzabo4/status/876905398384513024\",\"https://www.sec.gov/litigation/investreport/34-81207.pdf\",\"https://www.sec.gov/news/press-release/2017-131\",\"https://twitter.com/lwsnbaker\",\"https://twitter.com/barrysilbert/status/890020977173725184\",\"https://www.sec.gov/news/press-release/2017-130\",\"https://support.bittrex.com/hc/en-us/articles/115000798731\",\"https://twitter.com/msantoriesq?lang=en\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_author": "cryptobully",
      "parent_permlink": "one-toke-n-over-the-line-sec-tackles-icos",
      "author": "lor3m1p5um",
      "permlink": "re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t025232751z",
      "title": "",
      "body": "Any way to get around investor limits via e-residency like the one being offered by Estonia?",
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      "voter": "lor3m1p5um",
      "author": "cryptobully",
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{
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    {
      "parent_author": "andrewsjm90",
      "parent_permlink": "re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t022348825z",
      "author": "cryptobully",
      "permlink": "re-andrewsjm90-re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t023027773z",
      "title": "",
      "body": "@@ -139,16 +139,18 @@\n , too.  \n+%0A%0A\n This 'ac\n@@ -244,16 +244,18 @@\n s, board\n+er\n s on nan\n",
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{
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  "op": [
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    {
      "parent_author": "andrewsjm90",
      "parent_permlink": "re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t022348825z",
      "author": "cryptobully",
      "permlink": "re-andrewsjm90-re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t023027773z",
      "title": "",
      "body": "I agree that regulation and anonymity seem to be  mutually exclusive here.  But perhaps there's a way around it.  I'd prefer your approach, too.  This 'accredited investor'  nonsense, where you have to meet certain income /networth thresholds, boards on nanny state.  Let people do what they like with their money.\n\nNow that being said, I think there are a lot of scammers out there who would use the ICO vehicle to  make off with investor's money.  My opinion would be that the SEC should protect investors that way, by prosecuting people who scam investors out of money via ICOs.",
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      "parent_author": "cryptobully",
      "parent_permlink": "one-toke-n-over-the-line-sec-tackles-icos",
      "author": "andrewsjm90",
      "permlink": "re-cryptobully-one-toke-n-over-the-line-sec-tackles-icos-20170801t022348825z",
      "title": "",
      "body": "While it makes sense to try and protect your citizens from financal damages that they may not be able to afford it seems counterintuitive to push SEC regulations on an anonymous system. I myself think that if you want to invest in an ICO go for it if you win good job if you lose well hopefully it wasn't too much but its your money to do what you want with. No one earned it for you but everyone wants to tell you how you can or can't spend it. #Merica",
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      "parent_author": "",
      "parent_permlink": "ico",
      "author": "cryptobully",
      "permlink": "one-toke-n-over-the-line-sec-tackles-icos",
      "title": "One Toke(n) Over The Line - SEC Tackles ICOs",
      "body": "<blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">Regulation is local, which means regtech cannot be seamlessly global as public blockchains can be. Radically different beasts.</p>Nick Szabo (@NickSzabo4) <a href=\"https://twitter.com/NickSzabo4/status/876905398384513024\">June 19, 2017</a></blockquote>\n\nBy now you have probably heard about the U.S. Security and Exchange's (\"SEC\") formal (read: boring) [Report](https://www.sec.gov/litigation/investreport/34-81207.pdf) on the DAO.  The SEC also issued a more accessible [Press Release](https://www.sec.gov/news/press-release/2017-131), which succinctly noted (emphasis added):\n\n*The SEC's Report of Investigation found that tokens offered and sold by a \"virtual\" organization known as \"The DAO\" were securities and therefore subject to the federal securities laws. **The Report confirms that issuers of distributed ledger or blockchain technology-based securities must register offers and sales of such securities unless a valid exemption applies. Those participating in unregistered offerings also may be liable for violations of the securities laws. Additionally, securities exchanges providing for trading in these securities must register unless they are exempt.** The purpose of the registration provisions of the federal securities laws is to ensure that investors are sold investments that include all the proper disclosures and are subject to regulatory scrutiny for investors' protection.*\n\nOh boy.  Let's unpack what this means for:\n\n1) Companies considering ICOs to raise money;\n2) Investors participating in ICOs; and \n3) Third-party cryptocurrency exchanges.\n\n**You Want to do an ICO in the USA?  Better look to the Howey Test (i.e. hire a lawyer)**\n\nThe Report noted (citations omitted, emphasis added):\n\n*An investment contract is an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.  **The “touchstone” of an investment contract is the presence of an investment in a common venture premised on a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.** This definition embodies a **flexible** rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.*\n\nI know this shit is boring, but stay with me.  The SEC is saying is that if your ICO meets this *Howey* test, which is flexible and broadly applied, you need to register your token as a security with the SEC.  \n\n*Is it a Security?*\n\nSo, you look at the following elements: \n\n1. **Did Investors Use Money to Buy?** - Come on, of course they did.  That's literally the entire point of an ICO.  Also, don't get cute, of course your stupid $ETH is \"money\" under the test - this definition is broad.\n2. **With a Reasonable Expectation of Profits?** - Yes. Of course! Why else would people buy your shitty ICO token?\n3. **Derived from the Managerial Efforts of Others?** - Yup, of course.  You know how you always look at the team of the shitty coin you want to invest in?  It's because they're running the show and you're hoping they succeed and make the coin valuable.\n\nThe problem with having to register your ICO as a security with the SEC is that it comes with a TON of regulatory burdens/headaches, like fiduciary duties, keeping track of your investors (who probably appreciate their anonymity!), limiting the number of investors, ensuring they meet certain income requirements, etc.  \n\nAnd as Barry tweeted:\n\n<blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">It gets better. Any ICOs deemed to be &quot;securities&quot; will also carry with them resale restrictions and limits on holder count<br>(h/t <a href=\"https://twitter.com/lwsnbaker\">@lwsnbaker</a>)</p>Barry Silbert (@barrysilbert) <a href=\"https://twitter.com/barrysilbert/status/890020977173725184\">July 26, 2017</a></blockquote>\n\n**Individual Investors**\n\nThe Report noted that \"those who participate in an unregistered offer and sale of securities not subject to a valid exemption are liable for violating Section 5.\"  So if you're a U.S. citizen and participated in an ICO, you very well may have violated federal securities law.  \n\nHowever, I don't think you'll be following Martha Stewart to federal prison (yet).  Considering this is a relatively novel area of developing securities law, it is *my opinion* that it is unlikely any participate will be prosecuted.\n\n*However, that will likely change now...*\n\nI think the take home message is that if you're thinking about participating in an ICO from here on out, you better be *awfully* sure that it is registered with the SEC and that you meet the requirements of an accredited investor.\n\nOr, if you really want to make the big bucks, just become a whistleblower for the SEC instead.  [Some dude just got $2.5 million for a tip!](https://www.sec.gov/news/press-release/2017-130)\n\n**Exchanges**\n\nThis is the most overlooked aspect of the Report, in my opinion.  The Report notes:\n\n*Exchange Act Rule 3b-16(a) provides a functional test to assess whether a trading system meets the definition of exchange under Section 3(a)(1). Under Exchange Act Rule 3b-16(a), an  organization, association, or group of persons shall be considered to constitute, maintain, or provide “a marketplace or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange,” if such organization, association, or group of persons: (1) brings together the orders for securities of multiple buyers and sellers; and (2) uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of the trade.*\n\nObviously the U.S. exchanges we all know and love like Poloniex, GDAX, and Bittrex would all meet these three elements.  **What is unclear is whether the SEC will now go after these exchanges, since none are currently registered with the SEC (as far as I know).**\n\nI hope that the SEC continues it's reasonable and measured approach and works with these exchanges to ensure compliance without shutting them down.  [Bittrex's statement on the Report noted it is working with Perkins Coie](https://support.bittrex.com/hc/en-us/articles/115000798731), which is one of the best law firms in the country.  \n\nAnd y'all have been helping the exchanges make tons of money for their legal defenses by buying $DGB at 2000 sats lol.\n\n**A line in the Sand**\n\nAll in all, the SEC's report was a measured response.   No one was taken out in handcuffs and the language in the press release is actually a bit soft.  But make no mistake, this is a line in the sand.  In my opinion the SEC is effectively giving all previous market actors a free pass.  \n\nHowever, from here on out it is unlikely these actors will enjoy such leniency.  If you want to do an ICO, solicit investors in the US for an ICO, or start an exchange, please contact a lawyer who knows a lot about this stuff.  \n\nIf you want a recommendation, look at Marco Santori at MoFo [@msantoriESQ](https://twitter.com/msantoriesq?lang=en).\n\nStay safe out there, friends!\n\n`CB\n\nhttps://i.ytimg.com/vi/3eVh71M2FRw/maxresdefault.jpg",
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      "title": "One Toke(n) Over The Line - SEC Tackles ICOs",
      "body": "@@ -195,24 +195,16 @@\n sts.%3C/p%3E\n-— \n Nick Sza\n@@ -3916,16 +3916,8 @@\n %3C/p%3E\n-— \n Barr\n",
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      "title": "One Toke(n) Over The Line - SEC Tackles ICOs",
      "body": "<blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">Regulation is local, which means regtech cannot be seamlessly global as public blockchains can be. Radically different beasts.</p>&mdash; Nick Szabo (@NickSzabo4) <a href=\"https://twitter.com/NickSzabo4/status/876905398384513024\">June 19, 2017</a></blockquote>\n\nBy now you have probably heard about the U.S. Security and Exchange's (\"SEC\") formal (read: boring) [Report](https://www.sec.gov/litigation/investreport/34-81207.pdf) on the DAO.  The SEC also issued a more accessible [Press Release](https://www.sec.gov/news/press-release/2017-131), which succinctly noted (emphasis added):\n\n*The SEC's Report of Investigation found that tokens offered and sold by a \"virtual\" organization known as \"The DAO\" were securities and therefore subject to the federal securities laws. **The Report confirms that issuers of distributed ledger or blockchain technology-based securities must register offers and sales of such securities unless a valid exemption applies. Those participating in unregistered offerings also may be liable for violations of the securities laws. Additionally, securities exchanges providing for trading in these securities must register unless they are exempt.** The purpose of the registration provisions of the federal securities laws is to ensure that investors are sold investments that include all the proper disclosures and are subject to regulatory scrutiny for investors' protection.*\n\nOh boy.  Let's unpack what this means for:\n\n1) Companies considering ICOs to raise money;\n2) Investors participating in ICOs; and \n3) Third-party cryptocurrency exchanges.\n\n**You Want to do an ICO in the USA?  Better look to the Howey Test (i.e. hire a lawyer)**\n\nThe Report noted (citations omitted, emphasis added):\n\n*An investment contract is an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.  **The “touchstone” of an investment contract is the presence of an investment in a common venture premised on a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.** This definition embodies a **flexible** rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.*\n\nI know this shit is boring, but stay with me.  The SEC is saying is that if your ICO meets this *Howey* test, which is flexible and broadly applied, you need to register your token as a security with the SEC.  \n\n*Is it a Security?*\n\nSo, you look at the following elements: \n\n1. **Did Investors Use Money to Buy?** - Come on, of course they did.  That's literally the entire point of an ICO.  Also, don't get cute, of course your stupid $ETH is \"money\" under the test - this definition is broad.\n2. **With a Reasonable Expectation of Profits?** - Yes. Of course! Why else would people buy your shitty ICO token?\n3. **Derived from the Managerial Efforts of Others?** - Yup, of course.  You know how you always look at the team of the shitty coin you want to invest in?  It's because they're running the show and you're hoping they succeed and make the coin valuable.\n\nThe problem with having to register your ICO as a security with the SEC is that it comes with a TON of regulatory burdens/headaches, like fiduciary duties, keeping track of your investors (who probably appreciate their anonymity!), limiting the number of investors, ensuring they meet certain income requirements, etc.  \n\nAnd as Barry tweeted:\n\n<blockquote class=\"twitter-tweet\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">It gets better. Any ICOs deemed to be &quot;securities&quot; will also carry with them resale restrictions and limits on holder count<br>(h/t <a href=\"https://twitter.com/lwsnbaker\">@lwsnbaker</a>)</p>&mdash; Barry Silbert (@barrysilbert) <a href=\"https://twitter.com/barrysilbert/status/890020977173725184\">July 26, 2017</a></blockquote>\n\n**Individual Investors**\n\nThe Report noted that \"those who participate in an unregistered offer and sale of securities not subject to a valid exemption are liable for violating Section 5.\"  So if you're a U.S. citizen and participated in an ICO, you very well may have violated federal securities law.  \n\nHowever, I don't think you'll be following Martha Stewart to federal prison (yet).  Considering this is a relatively novel area of developing securities law, it is *my opinion* that it is unlikely any participate will be prosecuted.\n\n*However, that will likely change now...*\n\nI think the take home message is that if you're thinking about participating in an ICO from here on out, you better be *awfully* sure that it is registered with the SEC and that you meet the requirements of an accredited investor.\n\nOr, if you really want to make the big bucks, just become a whistleblower for the SEC instead.  [Some dude just got $2.5 million for a tip!](https://www.sec.gov/news/press-release/2017-130)\n\n**Exchanges**\n\nThis is the most overlooked aspect of the Report, in my opinion.  The Report notes:\n\n*Exchange Act Rule 3b-16(a) provides a functional test to assess whether a trading system meets the definition of exchange under Section 3(a)(1). Under Exchange Act Rule 3b-16(a), an  organization, association, or group of persons shall be considered to constitute, maintain, or provide “a marketplace or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange,” if such organization, association, or group of persons: (1) brings together the orders for securities of multiple buyers and sellers; and (2) uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of the trade.*\n\nObviously the U.S. exchanges we all know and love like Poloniex, GDAX, and Bittrex would all meet these three elements.  **What is unclear is whether the SEC will now go after these exchanges, since none are currently registered with the SEC (as far as I know).**\n\nI hope that the SEC continues it's reasonable and measured approach and works with these exchanges to ensure compliance without shutting them down.  [Bittrex's statement on the Report noted it is working with Perkins Coie](https://support.bittrex.com/hc/en-us/articles/115000798731), which is one of the best law firms in the country.  \n\nAnd y'all have been helping the exchanges make tons of money for their legal defenses by buying $DGB at 2000 sats lol.\n\n**A line in the Sand**\n\nAll in all, the SEC's report was a measured response.   No one was taken out in handcuffs and the language in the press release is actually a bit soft.  But make no mistake, this is a line in the sand.  In my opinion the SEC is effectively giving all previous market actors a free pass.  \n\nHowever, from here on out it is unlikely these actors will enjoy such leniency.  If you want to do an ICO, solicit investors in the US for an ICO, or start an exchange, please contact a lawyer who knows a lot about this stuff.  \n\nIf you want a recommendation, look at Marco Santori at MoFo [@msantoriESQ](https://twitter.com/msantoriesq?lang=en).\n\nStay safe out there, friends!\n\n`CB\n\nhttps://i.ytimg.com/vi/3eVh71M2FRw/maxresdefault.jpg",
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