Illegal security offering?

[BldSwtTrs]

Thanks, I'll read that.

[Riverhead]

Bottom line? SEC doesn't care where your investors are. However it seems if you have foreign only investors you'll be OK. That's just this one paper though. Things may have changed.

http://3197d6d14b5f19f2f440-5e13d29c4c016cf96cbbfd197c579b45.r81.cf1.rackcdn.com/collection/papers/1970/1974_0207_GarrettChamberT.pdf

[BldSwtTrs]

Hi there,

Let's consider a completely hypothetical situation: I want to start a sort of hedge fund that invest in cryptos.

The shares of my fund would be available on a decentralized exchange (NXT AE, Bitshares, Counterparty, whatever...). I wouldn't plan to register with any regulatory organism. I would only invest, increase the wealth of people who trust me, and take a well deserved performance fee. I wouldn't be anonymous, my identity would be disclose. Let's also say I wouldn't accept US investors because the SEC looks annoying (but without any means to enforce the interdiction).

What law am I breaking? What am I risking?