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#Cryptonetworks that started as a security but already launched & will be grandfathered into “sufficiently-decentralized-to-no-longer-be-a-security-land” have a sizable #RegulatoryMoat vs those that raised in 2017 and have yet to launch & cross the security divide.
Much easier for a regulator to say, that #cryptoasset’s no longer a security, and leave its tax treatment, filing requirements, etc as such, than to provide the path to cross from security —> non-security, and that “path” I fear will become a quagmire.
What woes will a team face if upon launch their cryptoasset is a security (until they become a non-security)?
For example:
1) tax ramifications of “transacting” a security are horrible for use.
2) heavy filing requirements drag on resources, especially if dev heavy team
3) ...?
For example:
1) tax ramifications of “transacting” a security are horrible for use.
2) heavy filing requirements drag on resources, especially if dev heavy team
3) ...?
Cc @awrigh01 @msantoriESQ @prestonjbyrne @josh_blockchain and any other legal experts that anyone else would like to cc?
Yikes, forgot @valkenburgh & @coincenter!
