The SEC's ICO cleanup / China's convenient surveillance money / Recruiting new blood

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 14 August 2019

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What is dead may yet still die. At least, that seems to be the case as the SEC goes one by one through its list of unregistered securities offerings and outright scams. This week it was one unregistered SAFT settlement and one emergency lawsuit involving frozen assets and lifetime bans, oh my my. We also look at China's forthcoming convenient surveillance money..err..central bank digital currency. Finally, a Lambda School-Blockstack partnership brings up the question of recruiting new blood to crypto. Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to another Crypto Daily 3 at 3. All right, so today, number one, we're going to talk about the SEC's ICO cleanup.
0:09.0	Number two, we're going to talk about the China Central Bank digital currency that seems to be forthcoming, or at least is in the news right now.
0:16.5	And three, we're going to talk about a new partnership between Lambda school and Blockstack and what it
0:22.1	means in terms of developer recruitment. But let's start in with the SEC's ICO cleanup, or as I put
0:27.3	it here, what is dead may yet still die. So the ICO bubble was a huge moment in the crypto industry,
0:33.0	undeniably so, right? It was the space that or the time that probably brought more people into this industry than any other singular event.
0:40.3	And obviously the folks that have stuck around, the folks who found their way into Bitcoin, the folks who found their way into kind of exciting legitimate products, that's a good thing.
0:48.3	However, of course, for a lot of people, it was just a ruinous, strange financial moment.
0:53.3	And, you know, we could spend an entire episode of this
0:58.4	or six episodes or 10 episodes on the crazy combination of factors that led that ICO boom to happen.
1:06.4	Larry from the block recently looked into performance results, you know, and just kind of really
1:12.0	summed up what I think that we all knew in terms of the terrible long-term outcome.
1:18.0	And he really pinned it down to misaligned incentives between founders and investors
1:21.7	and how basically the liquidity that enabled such a crazy, fast, global token sales was also the thing
1:31.5	that allowed people to cash out so fast and there to be what Meltem called the shitcoin waterfall.
1:37.4	But anyways, that's not actually what we want to talk about.
1:39.0	What I want to talk about today is the SEC in recent action.
1:42.4	So two recent notable cases, pieces of news of the SEC still
1:46.9	engaging with previous ICOs. So the first was reported by CoinDesk. And this was from Monday. The SEC
1:55.6	set on Monday that New England-based Simple Vital Health raised around $6.3 million in its pre-sale of its tokens.
2:03.6	And basically, they settled with this firm settled with the SEC over an unregistered SAFT.
2:10.4	Simple agreement for future tokens is what a SAFT means.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.