Just got a call from the Wall St. Journal about this topic. They have been calling around to all of the major crypto projects and so far no one has reported receiving any communication from the SEC.
Either US mail is slow or the "letters being sent" really means "they are planning on sending letters, but haven't yet".
From what I gather all major projects have been operating under the assumption that eventually the SEC would contact them and everyone has taken measures they believe will protect them.
If there was some kind of SEC violation then couldn't the community donate to a legal defense fund or use a gift economy where people who give whatever resources they can are made into hero members of the community?
I think Bitshares as a community could survive a black swan SEC event. I think if the SEC is going to target everyone in an entire industry then it could only be political persecution. We are talking about victimless crimes here and if you do talk to the media they have to know that it's a victimless crime. It is also important to restructure fully into a gift economy so remove all "investors" and similar concepts from everything we do going into the future.
I'm no lawyer but from what I see the only thing that could get Invictus in trouble would be poor choice of words in marketing. If the SEC decides to make a case out of that (and they could) then it will likely generate a lot of media attention but I doubt it would be favorable media attention for the SEC. I already wonder what the other projects are going to say to the media.
So hopefully Bitshares gets a mention in The Wall Street Journal. Thank you SEC!
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If the SEC is sending letters by the hundreds it's going to be a scandal no doubt.
Do you think it's an accident that they choose to do this right before election day?