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Offline woriedbana

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[6:06:27 PM] taariq lewis: HEADS UP COUNTERPARTY
[6:06:45 PM] taariq lewis: Just got off the phone with a professional in the Compliance and Prosecution Space
[6:06:56 PM] Wendell: *rolls eyes in advance*
[6:06:59 PM] taariq lewis: Expect 5 - 6 Companies in Bitcoin to be handed enforcement actions
[6:07:16 PM] taariq lewis: before Money 20/20 event on November 4th.
[6:07:25 PM] taariq lewis: By US Gov at the Federal Level.
[6:07:41 PM] Wendell: Good grief. But _companies_ is the underlying word?
[6:07:56 PM] taariq lewis: Not sure whom these companies are, but FinCen, SEC, and Justice Department are expected to make announcements of fines and deferred fines against these companies.
[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward
[6:08:41 PM] taariq lewis: Rumors are 3 - 6 USA Bitcoin companies are the targets.
[6:09:55 PM] taariq lewis: I encourage everyone here who is US based and issuing convertible digital money on Counterparty to check with your attorneys and get your guidance on registering with FinCen. If FinCen doesn't apply to you, don't sit around and scratch. Write a letter to FinCen and tell them why you are exempt.
[6:10:06 PM] taariq lewis: If you think you're not being tracked/recorded, think again.
[6:10:11 PM] taariq lewis: Good luck to us all.
[6:10:47 PM] taariq lewis: Oh and yes, the punishments are PUNITIVE back to when these companies first launched or had their businesses running outside of FinCen regulations.
[6:11:45 PM] taariq lewis: Lastly, if the Feds hand down actions, I fully expect the states to follow with their own legal actions as well. Of course, I'm not a lawyer and I could be wrong, but remember 2004 and PokerStars/ FullTilt/ Et al
[6:12:42 PM] David Mondrus: Thanks taariq...
[6:12:47 PM] Evan Stern: (expletive deleted) !
[6:13:42 PM] Tim Swanson: fwiw, Taariq is correct
[6:13:47 PM] Evan Stern: We have already found that the SEC is paying close attention to our project whilst on the phone with them.
[6:14:18 PM] Tim Swanson: i've probably had 6-7 conversations with AML/KYC and MSB/MTL compliance experts in the past month who have said similar things
[6:14:54 PM] :Matt: evan, what are you working on?
[6:15:06 PM] Wendell: Oh boy!
[6:15:19 PM] Evan Stern: Permacredits
[6:15:25 PM] taariq lewis: Shit goin git reel.

[6:17:02 PM] Wendell: What big companies are actually *issuing* tokens?
[6:17:07 PM] Wendell: SWARM… Who else?
[6:17:15 PM] Wendell: Is SWARM even incorporated?
[6:17:52 PM] Xavier  Hawk: Hmmm....CP, Bitshares, Swarm, mastercoin,
[6:18:09 PM] Xavier  Hawk: Ethereum
[6:18:13 PM] Gavin Knight: ethereum would be a likely target do to the mass volume, but they seemed to have tight legal
[6:18:17 PM] Xavier  Hawk: Storj
[6:18:23 PM] Xavier  Hawk: Maidsafe
[6:18:29 PM] Michael Sullivan: US companies
[6:18:32 PM] Evan Stern: Starts with a V
[6:18:41 PM] Xavier  Hawk: Dogeparty
[6:18:46 PM] Gavin Knight: I think you should differentiate between a protocol, and a company issuing tokens
[6:18:55 PM] taariq lewis: Well, rumor is that after this action there will be NO MORE BITCOIN EXCHANGEs in USA.
[6:19:18 PM] taariq lewis: sux. There's only 1 left.
[6:19:40 PM] Evan Stern: Wut.
[6:20:02 PM] Shawn D Kennedy: 1?
[6:20:13 PM] Shawn D Kennedy: in the US?
[6:20:26 PM] Shawn D Kennedy: Bittrex, Poloniex and Cryptsy...
[6:20:35 PM] Gavin Knight: they don't deal with USD
[6:20:39 PM] Gavin Knight: except cryptsy
[6:20:49 PM] Gavin Knight: exchange in the us is just not practical when dealing with USD, which is why coinbase doesn't function as such. Tether/Realcoin is aiming to integrate USD on the blockchain.
[6:21:03 PM] Nick Rathman: cryptsy is probably a likely target
[6:21:13 PM] Xavier  Hawk: I went by there office in Delray fl
[6:21:17 PM] Xavier  Hawk: It was empty
[6:21:21 PM] Xavier  Hawk: They have a secret office somehwere
[6:21:31 PM] Xavier  Hawk: Lol
[6:21:49 PM] Gavin Knight: I met the CEO and someone else awhile ago, decent people. I don't think they are their full-time, but have 24/7 support
[6:22:59 PM] Gavin Knight: taariq what was the source?
[6:23:17 PM] Xavier  Hawk: Yeah T any other horrible things? Lol
[6:23:43 PM] taariq lewis: One of our advisors. I can't divulge the name, but they were very clear that action is coming after all the rumors and that the Feds will make a statement about this industry.


what does this mean? i want to buy some more bitshares...

Offline xeroc

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Offline sschechter

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These type of rumors are almost always fake.  Buy BitShares, this is a non-issue
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Offline luckybit

[6:06:27 PM] taariq lewis: HEADS UP COUNTERPARTY
[6:06:45 PM] taariq lewis: Just got off the phone with a professional in the Compliance and Prosecution Space
[6:06:56 PM] Wendell: *rolls eyes in advance*
[6:06:59 PM] taariq lewis: Expect 5 - 6 Companies in Bitcoin to be handed enforcement actions
[6:07:16 PM] taariq lewis: before Money 20/20 event on November 4th.
[6:07:25 PM] taariq lewis: By US Gov at the Federal Level.
[6:07:41 PM] Wendell: Good grief. But _companies_ is the underlying word?
[6:07:56 PM] taariq lewis: Not sure whom these companies are, but FinCen, SEC, and Justice Department are expected to make announcements of fines and deferred fines against these companies.
[6:08:29 PM] taariq lewis: If you are in USA and you run a Bitcoin Business that issues tokens and you are not registered with FinCen, expect these fines to be established guidelines going forward
[6:08:41 PM] taariq lewis: Rumors are 3 - 6 USA Bitcoin companies are the targets.
[6:09:55 PM] taariq lewis: I encourage everyone here who is US based and issuing convertible digital money on Counterparty to check with your attorneys and get your guidance on registering with FinCen. If FinCen doesn't apply to you, don't sit around and scratch. Write a letter to FinCen and tell them why you are exempt.
[6:10:06 PM] taariq lewis: If you think you're not being tracked/recorded, think again.
[6:10:11 PM] taariq lewis: Good luck to us all.
[6:10:47 PM] taariq lewis: Oh and yes, the punishments are PUNITIVE back to when these companies first launched or had their businesses running outside of FinCen regulations.
[6:11:45 PM] taariq lewis: Lastly, if the Feds hand down actions, I fully expect the states to follow with their own legal actions as well. Of course, I'm not a lawyer and I could be wrong, but remember 2004 and PokerStars/ FullTilt/ Et al
[6:12:42 PM] David Mondrus: Thanks taariq...
[6:12:47 PM] Evan Stern: (expletive deleted) !
[6:13:42 PM] Tim Swanson: fwiw, Taariq is correct
[6:13:47 PM] Evan Stern: We have already found that the SEC is paying close attention to our project whilst on the phone with them.
[6:14:18 PM] Tim Swanson: i've probably had 6-7 conversations with AML/KYC and MSB/MTL compliance experts in the past month who have said similar things
[6:14:54 PM] :Matt: evan, what are you working on?
[6:15:06 PM] Wendell: Oh boy!
[6:15:19 PM] Evan Stern: Permacredits
[6:15:25 PM] taariq lewis: Shit goin git reel.

[6:17:02 PM] Wendell: What big companies are actually *issuing* tokens?
[6:17:07 PM] Wendell: SWARM… Who else?
[6:17:15 PM] Wendell: Is SWARM even incorporated?
[6:17:52 PM] Xavier  Hawk: Hmmm....CP, Bitshares, Swarm, mastercoin,
[6:18:09 PM] Xavier  Hawk: Ethereum
[6:18:13 PM] Gavin Knight: ethereum would be a likely target do to the mass volume, but they seemed to have tight legal
[6:18:17 PM] Xavier  Hawk: Storj
[6:18:23 PM] Xavier  Hawk: Maidsafe
[6:18:29 PM] Michael Sullivan: US companies
[6:18:32 PM] Evan Stern: Starts with a V
[6:18:41 PM] Xavier  Hawk: Dogeparty
[6:18:46 PM] Gavin Knight: I think you should differentiate between a protocol, and a company issuing tokens
[6:18:55 PM] taariq lewis: Well, rumor is that after this action there will be NO MORE BITCOIN EXCHANGEs in USA.
[6:19:18 PM] taariq lewis: sux. There's only 1 left.
[6:19:40 PM] Evan Stern: Wut.
[6:20:02 PM] Shawn D Kennedy: 1?
[6:20:13 PM] Shawn D Kennedy: in the US?
[6:20:26 PM] Shawn D Kennedy: Bittrex, Poloniex and Cryptsy...
[6:20:35 PM] Gavin Knight: they don't deal with USD
[6:20:39 PM] Gavin Knight: except cryptsy
[6:20:49 PM] Gavin Knight: exchange in the us is just not practical when dealing with USD, which is why coinbase doesn't function as such. Tether/Realcoin is aiming to integrate USD on the blockchain.
[6:21:03 PM] Nick Rathman: cryptsy is probably a likely target
[6:21:13 PM] Xavier  Hawk: I went by there office in Delray fl
[6:21:17 PM] Xavier  Hawk: It was empty
[6:21:21 PM] Xavier  Hawk: They have a secret office somehwere
[6:21:31 PM] Xavier  Hawk: Lol
[6:21:49 PM] Gavin Knight: I met the CEO and someone else awhile ago, decent people. I don't think they are their full-time, but have 24/7 support
[6:22:59 PM] Gavin Knight: taariq what was the source?
[6:23:17 PM] Xavier  Hawk: Yeah T any other horrible things? Lol
[6:23:43 PM] taariq lewis: One of our advisors. I can't divulge the name, but they were very clear that action is coming after all the rumors and that the Feds will make a statement about this industry.


what does this mean? i want to buy some more bitshares...

Probably FUD but if not then every company should pool resources to hire lawyers specifically to deal with SEC enforcement actions. It should be considered an inherent risk of doing business in this space (just as being scammed is a risk).

How much money will they be fined? How much in lawyer fees will it cost? But don't stop innovating out of fear of fines and lawyer fees or the whole industry is destroyed.

I actually hope this rumor is true so that we can know what the fine is. Knowing the size of the fine will allow developers and business owners to more accurately assess the risks of doing business in this industry. It's likely these fines if they are coming are perfectly timed for the election which is interesting to note.
« Last Edit: October 17, 2014, 08:51:58 PM by luckybit »
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