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RE: Investor Bulletin: Initial Coin Offerings - SEC offers clarity
I had been wondering when the SEC would come out with a statement about this sort of thing. It sounds, to me, like they are trying to distance themselves from the whole market to an extent. This statement still doesn't make their position very clear, unfortunately.
It feels clearer to me at least. From discussions I’ve had in the community many people were expecting this. A couple of lawyers that I spoke to figured that ICOs could well be classified as securities depending on their nature. If the ICO token is a simple token then it is fine. If there is an implication of ownership or of promised future money (revenue share / dividends) then it would likely be classified as a security. This latest information from the SEC basically confirms that. The folks I spoke to basically said that if it walks and talks like a security then it is likely to be classified as one.