Nick Morgan, a former attorney at the SEC, joined us to discuss their recent report on the DAO and what it means for the ICO boom.
Topics discussed in the episode
- The history and mandate of the SEC
- Nick’s years as a trial attorney at the SEC
- How the Howey Test is used to determine if something is a security
- The application of the Howey Test to the DAO case
- The weaknesses in their argument that token holders relied on the effort of others
- Why the SEC did not prosecute the Slock.it founders
- Why the SEC will likely focus on token sales involving fraud
- How the SEC’s limited resources will make it hard for it to impact the ICO boom
- The implications of the SEC report for cryptocurrency exchanges
Guests