The unintended consequences of the SEC forcing ICOs away from representing equity towards "use tokens" is that investors lose any rights at all.
The SEC is fucking up pretty hard at the moment and doing real damage. Their actions in the IPO market, meant to protect advisors, have resulted in only pump-and-dump crap like snapchat and blue apron going public, while all the gains from real growth tech companies are being retained by VCs, sovereign wealth funds and investment banks, while retail investors holding index funds miss out.
I think this is a major factor contributing to widening gap between the super-rich and everyone else. There are a lot of ICO scams, however giving vague guidance and forcing ICOs out of their own jurisdiction when clearly people are still investing in tokens as a speculation/profit vehicle is worse than useless. Token-holders need the ability to change management, dissolve companies and reclaim cryptocurrency investment if companies are mismanaged or scammy, and they need to have the right to see how funds invested are being spent.
The SEC is fucking up pretty hard at the moment and doing real damage. Their actions in the IPO market, meant to protect advisors, have resulted in only pump-and-dump crap like snapchat and blue apron going public, while all the gains from real growth tech companies are being retained by VCs, sovereign wealth funds and investment banks, while retail investors holding index funds miss out.
I think this is a major factor contributing to widening gap between the super-rich and everyone else. There are a lot of ICO scams, however giving vague guidance and forcing ICOs out of their own jurisdiction when clearly people are still investing in tokens as a speculation/profit vehicle is worse than useless. Token-holders need the ability to change management, dissolve companies and reclaim cryptocurrency investment if companies are mismanaged or scammy, and they need to have the right to see how funds invested are being spent.