"The term ‘‘security’’ means any note, stock, treasury
stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or
other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing."
If I presell tickets to my music festival to a reseller who in turn profits in selling it to festival goers, you're basically saying my tickets were securities and need to be registered with the SEC. you see how crazy that sounds. :)
DAO tokens were obvious everything else is just a funny money commodity. Yes, some kid made a way to print your own money in under 30 secs. enjoy it!
I'm so torn. On one hand, I want you to be right, but on the other hand I would love to see the likes of Ticketmaster and StubHub going down in flames at the hands of the SEC.
Nah disagree. Most folks building on top of Ethereum are using token sales as a fundraising mechanism to bootstrap their projects, and these projects are raising $100ms of dollars.
The whole "but, but, these tokens have utility" will get old pretty quickly imo and you can see the signaling with sophisticated projects like Protocol Labs' filecoin offering going the Reg D route.
https://www.sec.gov/about/laws/sa33.pdf
"The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing."