SHO's are this cycles ICO's ? I like this project but this type of alphabet shuffle is a direct reaction to the lack of clarity in the market. #XRPL needs more adoption but I wonder what the impact of possible security offerings have on perception.
https://twitter.com/xspectar/status/1526986095237406723
#NFT's and their tokens for projects that aren't built are easy targets for the @SECGov new #cybersecurity group. @GaryGensler just asked congress for more money to go after what they perceive as fraud. I am not a lawyer, but I was licensed to sale securities.
A safe harbor provision would be amazing as most projects go from centralized offerings to decentralized, chain level. The issue I see with large #NFT projects is that they cannot become sufficiently decentralized. #BAYC's proposed chain faces this issue.
The regulators are going to use #UST/#Luna as a reason to drop the hammer on this space. The majority of projects will get wrecked by it as they are too close to being securities. I wonder if any industry groups are working on a framework that breaks out #NFT's from securities.
If not, then a shift in fundraising /deliverables would be needed. #NFT projects launching their SHO after a minimal feasible product is available seems like a must for the protection of the project at minimum. #Crypto coming regulation thoughts.
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