![]() ![]() In North America, the elusive Bigfoot and other creatures are the stuff of mountaineering legend. John Hickenlooper to figure out how to regulate the blockchain community while allowing it to thrive.In September, it was a giant squid found in the Antarctic that some believed would reveal the secrets of the deep and the legendary kraken.Ĭome October, a new infrared image of the Loch Ness Monster had cryptozoologists - those who specialize in searching for large, unproven species - in a tizzy.Įvery so often, a new sighting or development in the search for these long-standing legends grabs our attention and fuels our imaginations. He leaves that to Myklebust, who will continue to work with the Colorado Blockchain Council, a group created by Gov. If the funds are not disclosing the risks to investors, then they too are sidestepping the law.īut Rome, who is retiring, won’t be part of any changes to Colorado laws regarding securities. The task force’s investigations have expanded into hedge funds that are investing in questionable crypto-related companies. And I think Chris (Myklebust) agrees with this: Our mission is investor protection. We’re out in the space, and we’re finding almost all of it is fraudulent, so be careful. “Part of what we did was to send out warnings to investors. “To have the excitement with how high it went, along with true believers, is just a recipe for people to lose significant amounts of money if they are not careful,” Rome said. Bitcoin’s value has since dropped 80 percent, trading Tuesday at around $3,800, according to cryptocurrency exchange site Coinbase. Rome said his agency began paying attention to the cryptocurrency industry after bitcoin, the most popular coin, rose to a spectacular high value of $20,000 in December. “With the help of the internet, we found some of these sites were lifting images from other companies, indicating they were fraudulent.” Some even spoofed the Howe圜oins website, a fake site set up by the SEC, Rome said. “You’d look at their white paper online and see they were promising a 2 percent profit daily, and we know that isn’t happening,” Rome said. For the most part, the task force only looked at offerings online and did not interact with promoters until the cease-and-desist letter was sent. because of concerns from federal regulators. Some ICOs won’t sell to consumers in the U.S. The task force initially targeted coin investments open to Coloradans, although they didn’t specifically target Coloradans, he said. ![]() His staff wasn’t consulted about changing securities law, and he opposed it. In an interview Tuesday, Rome said he created the task force after legislation was introduced by the blockchain community earlier this year to clarify what makes a token a security or a utility. Her advice to incoming Myklebust? Find the balance that doesn’t stifle growth or spur an exodus of entrepreneurs out of Colorado or the United States.ĭo this, she said, by “taking (the) pulse of the Colorado market by exploring ideas and business ventures and sitting down with entrepreneurs to understand how they are using blockchain technology to make significant advances in our day-to-day lives.” “While fulfilling their much-needed role of protectionism within the confines of the law, there is a snowball of technological innovation challenging how we raise capital, authenticate information and transact, which naturally doesn’t fit so squarely into our round hole of regulations,” Muchnik said in an email. MORE: Read more politics and government coverage from The Colorado Sun. She understands a regulator’s job but called the system “somewhat archaic.” Yev Muchnik, a corporate and securities attorney at Launch Legal in Denver, said she has worked with members of the Department of Regulatory Agencies. Regulators should take very seriously this innovation that is nigh upon us.” Why can I do that but not invest in the startup I’m choosing to support,” Paller said. “No one is stopping us from going to the corner store and investing in the Powerball when it’s at $400 million. As in any new industry, there are bad guys, but there are also a lot of good startups trying to figure out the right approach, said John Paller, co-founder of ETHDenver, an event for the Ethereum blockchain community. The lack of clarity over whether a coin is a security or a utility, like a video-game token, frustrates many in the local blockchain community. ![]() Securities and Exchange Commission has issued several enforcement actions against companies that violate federal securities laws.
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