[everdev]

Important second line to that quote:

"A change in the structure of a securities offering does not change the fundamental point that when a security is being offered, our securities laws must be followed"

They're saying it's fantastic, just do it legally. And for any offering that passes the Howey Test, that means registering with the SEC.

[couchdive]

and probably requiring Accredited Investors only at some point, which probably 90 percent of crypto folks aren't, myself included.

Accredited investors must make 200 to 300k annual (dual income allowed) and/or have 5 mill in tied up assets and/or a net worth of over 1 mill.

[dahdum]

It's just the income or $1M net worth excluding primary residence. The $5M is for business entities.

[couchdive]

thanks for the more detailed and accurate info!

[AnkhMorporkian]

90 percent? Probably close to 99. While a significant portion of crypto is probably owned by rich people, the vast majority of actual owners of crypto is owned by people who make far less than that.

For every millionaire out there who is investing in crypto, there are a few hundred people who just want to buy things off the dark web.