In its hubris the SEC forgot one thing, the most important thing, the only thing...yes the SEC knows the law well, but this is smart contracts, Case Law/precedent/stare decisis don’t apply to ICOs...the code is the law
Good luck arguing that novel legal theory when in front of a judge on a fraud or tax evasion trial.
It’s sarcasm, I forgot the doesn’t exist on HN. My post history shows from day one I called DAO snake oil, and code is Law bullshit, and shows how much crap I took for that here on HN. But if the SEc can have a sense of humor about it why can’t I? They really did miss an opportunity to use the smart contract marketing though...
Fraud is against the law, even if you write a contract for how you're going to do it.