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     5 years ago 

    Yes, having lawyers is nice, but those departments also have lawyers, many. My point is that you are making bold claims that are clearly not accurate. Why do I say that? Because I am familiar with the guidelines and the no-action letter cases by both the SEC and FinCEN.

    The response:

    That’s why you have lawyers, bud.

    Is a poor reply, considering the fact that what you are telling people can most certainly be construed as financial advice. You're playing a dangerous game telling people that STEEM doesn't count as money while FinCEN views cryptocurrencies as convertible virtual currencies.

    It is not that I don't want to agree with you, but the problem is that I know that your opinion doesn't match with the positions of these departments. That means you either plan to take the SEC and FinCEN to court in order to establish the appropriate standards like DefendCrypto.org is trying to do now, or you don't mind letting people believe you and get into serious trouble.

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     5 years ago 

    I’m not a lawyer and this is not legal advice. It’s pretty clear I’m just offering my opinion about the law, which in the US is open to interpretation and based on precedent. In other words, the whole point of the law is it should be debated. I am looking forward to a new and updated version of Howey from the Supreme Court as it relates to digital assets. But for now, we are using a dull knife to deal with some very specific instances. But it is all that we have in the cupboard.

    Posted using Partiko iOS

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     5 years ago 

    Indeed @shanghaipreneur

    It's very clear that you're not providing financial advice and you're simply sharing your own knowledge and experience with us.

    I absolutelly appreciate it.

    Yours
    Piotr

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       5 years ago 

      Dear @blake.letras

      You're playing a dangerous game telling people that STEEM doesn't count as money while FinCEN views cryptocurrencies as convertible virtual currencies.

      In my own opinion @shanghaipreneur isn't really "telling people". He is simply sharing (in form of comment) his own knowledge within discussed topic. That's very different.

      Either anyone here is right or wrong - time will tell.

      Yours
      Piotr

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