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RE: Explainer: Value Flows on Steem with SMTs [VIDEO]
With so much uncertainties regarding the legality of ICOs in certain countries, what does it look like for the future of SMTs in your opinion? Also...when are you going to update the bluepaper to include the link to smt.steem.io?
what we are all wondering is this: How will the SEC treat Smart Media Tokens? Will releasing them into the wild bring more scrutiny to the Steem ecosystem? This needs legal attention obviously.
If they spent four months on this, I'm sure they address this aspect carefully.
especially right on the tail of the SEC creating it's own Cyber Division.
I dealt with a similar question in this article: Does the STEEM Blue Paper respond to a recent decision by the SEC to consider some Crypto-Currencies Securities?
I see both"Due Diligence"and strategic moves in reaction to decisions by the SEC... but maybe I'm just seeing pictures in the sky.
I see the same things as you. In time, the SEC is regulating more not less, so ICO factories will most likely become somehow regulated. A smart move would be get some legal frameworks in place before anything is released.
I'll be waiting for answers.
I wondered this as well. It seems US users will only be able to use SMT capabilities in limited US specific ways unless they are a big enough company to hire the right lawyers like Kik for instance.
You won't have to worry about the SEC in a couple of years. The US is based on a ponzi scene and will burst eventually and cryptos will only hasten the default. And why should ANYONE especially the government have any say on how you spend or invest YOUR money? Just my two cents worth...
Phase 1 ....Collect underpants....
Phase 2..... ??????
Phase 3..... Profit
The countries where ICOs are completely legal can take full advantage of SMT features right away. It's the countries like the US, China, South Korea, that have to be aware of the legal challenges.