Be as clear and concise as possible in your posts, and avoid using jargon or unnecessarily complex language. Use proper spelling and grammar, and make sure that your posts are easy to understand.
- Manlobbi
Halls of Shrewd'm / US Policy❤
No. of Recommendations: 0
“ Be interesting to find out who attends. Do we citizens have a right to know?“. If you can correct a post, I don’t know how so let’s start over. Do the founders or originators of a meme coin have to disclose who they are and how much they own? Is there a holding period or can they sell day one? Do sellers have to file a form 4, form 144 or any type of filing to disclose who may be selling? Are the 200 plus buyers buying from insiders who founded the coin? Are any relatives of president trump or affiliates of Trump controlled entities invested the deal? So many potential problems, and issues, just unbelievable 🙏☮️
No. of Recommendations: 8
Do the founders or originators of a meme coin have to disclose who they are and how much they own? Is there a holding period or can they sell day one? Do sellers have to file a form 4, form 144 or any type of filing to disclose who may be selling?
Probably not (not legal advice). The SEC used to strongly take the position that most crypto coins were securities, and that coin issuers and exchanges were breaking the securities laws by not registering them the way any other public stock would have to be registered. One reason why the crypto community loved Trump so much is that they expected him to rein in the SEC. So while most ordinary crypto probably is a security under existing precedent (representing a token of ownership that derives value from a common business enterprise), the SEC probably will not take that position any more.
But even under the old SEC approach, meme coins probably weren't securities - and thus didn't have to comply with securities regulations. Because....they're memes. There is no business. There is no common enterprise. They're associated with....nothing in the real world. They're not serving any functional purpose in any other context other than lolz. So they probably weren't securities four months ago, and they're very more probably not securities now (not legal advice).
No. of Recommendations: 0
" But even under the old SEC approach, meme coins probably weren't securities - and thus didn't have to comply with securities regulations. "
Over 10 years ago those chain letter scams were huge in Vegas. You pay to get your name on the list, and you get ten more friends to join in, and they pay others above you to get below you on the list etc. They weren't securities, but friends at the state of Nevada division of securities and the fbi, knew a scam when they saw it and they stopped it over time. If team Trump owns and controls the SEC etc, Tony Soprano could only dream about this set up. PLUS, President Trump can pardon all the players in 4 years for a free roll financial crime spree. Trump should send the Biden family chocolates and flowers every Friday night for four years. What a country!!
No. of Recommendations: 1
So a meme coin is basically like an autograph that a fan might pay a ball player to sign at a sports memorabilia convention with even less authentic value to another person since it never passed through the hand of the famous person.
No. of Recommendations: 4
So a meme coin is basically like an autograph that a fan might pay a ball player to sign at a sports memorabilia convention with even less authentic value to another person since it never passed through the hand of the famous person.Or even an autograph that passed through the hand of the famous person. Whether something is a security is governed (roughly) by the
Howey test, which looks at whether the instrument involves: 1) an investment of money, 2) in a common enterprise, 3) with an expectation of profits, and 4) derived solely from the efforts of others. So you can see that something like buying a share of IBM would certainly be a security (it has all four), but buying an autograph or a Beanie Baby or an ounce of gold is not (there is no common enterprise).
The SEC was out there arguing that a lot of crypto tokens met the
Howey standards, especially the ones that were using the proceeds to fund some application or program or business. Bottom of the post has a link explaining their reasoning. So the SEC was going after some of these "ICO's" that were basically offering tokens that had all the attributes of common stock (right to a share of the proceeds of some business venture, voting rights, etc.) but were just called a "token" or a "coin" rather than shares.
But pure meme coins don't have any of that. There's no common enterprise, there's no business - there's nothing but a joke or a reference, usually. They're not really that much different than baseball cards or old Happy Meal toys or anything else that is just an object, rather than an investment contract.
https://www.investopedia.com/does-crypto-pass-the-...
No. of Recommendations: 0
“ But pure meme coins don't have any of that. There's no common enterprise, there's no business - there's nothing but a joke or a reference, usually.“ Thanks for sharing that Albaby, I’m curious, are these, coins, blue skied , for sale in all 50 states? Globally? Who are you purchasing the coins from? Do you have to be an accredited buyer to purchase from , the seller site? Thanks bud.
No. of Recommendations: 4
“ But pure meme coins don't have any of that. There's no common enterprise, there's no business - there's nothing but a joke or a reference, usually.“ Thanks for sharing that Albaby, I’m curious, are these, coins, blue skied , for sale in all 50 states? Globally? Who are you purchasing the coins from? Do you have to be an accredited buyer to purchase from , the seller site? Thanks bud.
It's crypto, baby. There's no geography or local regulation or rules on who can buy. It's all decentralized on the blockchain! Code is law! Etc.
