[jesseclay]

Jesse from CoinList & Protocol Labs here -- completely agree that following securities regulation is an especially great idea. Unfortunately doing that correctly can be really challenging. Despite several misleading doom-and-gloom articles written today (http://fortune.com/2017/07/25/sec-says-digital-tokens-are-se...) the SEC has not said that all tokens are securities. Rather, application tokens are a promising new technology that enable all kinds of use-cases, each one unique from the next, and each having a unique 'regulation profile'. It would be very short-sighted to apply broad sweeping legislation and with this ruling, it's clear that the SEC also feels the same.

Just like mifeng mentioned, it really is a facts and circumstances determination per token. Given we had to build all of the token sale scaffolding (legal, tech, etc.) for Filecoin, it made sense to open this up to other technologists as well. Our hope with CoinList is that creators can focus on building awesome tech and expanding the valuable uses for application tokens while reducing the amount of time and resource they need to spend making sure they stay within the parameters of the law. Filecoin may be limited to accredited investors for this particular sale, but that's not to say other tokens that use the platform in the future would be required to do the same. Ultimately the decision is up to the creators, but they should be very well educated on the implications of what those choices could mean.

[DennisP]

So I see CoinList uses AngelList, which I think verifies accreditation via financial accounts.

From what I've read, the SEC doesn't mandate any particular method to verify net worth. In this space, wouldn't it make sense to accept a signature proving ownership of a large ETH balance?

[maehwasu]

Doesn't help--could just have your wealthy friend sign for you.

[zachsnow]

Your wealthy friend could also loan you 1M for a bank statement. There must be trust of some kind, no?

[Fej]

I believe that most people are wary of defrauding the United States government. It tends to throw the book at you when you do that.

[joshuaxls]

Yes, we accept cryptographic proof of ownership for accreditation purposes.

[modeless]

How? On angel.co's accreditation form I only see a place to upload a single file containing one bank/brokerage statement. It says nothing about cryptographic proof of ownership, or even about providing multiple documents.

[chejazi]

I think he meant "proof of crypto ownership" and not "cryptographic proof of ownership". So probably a screenshot of your balance on an exchange.

[DennisP]

Generally, people with large crypto holdings do not keep most of it on exchanges, and certainly not on a single exchange.