“The SEC also had a little message for the people running the platforms where the DAO tokens were traded: We will look for you, we will find you, and we will kill you. But they worded it a little differently, instead couching it as a reminder that “a system that meets the definition of an exchange must register as a national securities exchange” or have an exemption therefrom, regardless of whether it’s facilitating the buying/selling of virtual or “fiat” currency.
The moral of the story is, it’s not a simple process to get around the law, particularly the securities laws. If some newfangled thing comes along that’s convinced a lot of people that the securities laws don’t apply even though it looks like a security, swims like a security, and quacks like a security, it’s probably not a duck. It just might be a security.”
Read full article here: Above the Law http://ow.ly/agJI30e4JWN