@valkenburgh @propelforward @BullyEsq @TenthAmendment @TraceMayer @brucefenton @Tyler_Lindholm Hey--back online. It seems we disagree abt both the def'n of digital token + federal preemption. Even if the #tokentaxonomyact got the defn right, I'd still oppose federal preemption--but we already beat that horse. So let's pick back up on the defn of digital token. If it really
@valkenburgh @propelforward @BullyEsq @TenthAmendment @TraceMayer @brucefenton @Tyler_Lindholm did what you think it does, I'd be less uncomfortable. But it leaves the SEC with so much wiggle room! @lex_node hits it well in this thread:
@valkenburgh @propelforward @BullyEsq @TenthAmendment @TraceMayer @brucefenton @Tyler_Lindholm @lex_node ...and the latest version added the word "partnership." That's a hole wide enough to drive a truck thru! As @PatBerarducci pointed out, one legal theory of decentralized networks is that they're general partnerships. Bam--suddenly they're all securities, except this time they...
@valkenburgh @propelforward @BullyEsq @TenthAmendment @TraceMayer @brucefenton @Tyler_Lindholm @lex_node @PatBerarducci ...received an actual notice from the SEC! And with no appeal process to boot! Seriously, I think the #tokentaxonomyact is well-intentioned but poorly drafted. I hope its sponsors carve out the tax provisions & move forward w/ those so the other controversies don't weigh it down.
