Funding Friday: DefendCrypto.org


This post is by Fred Wilson from AVC


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As expected, the SEC sued USV’s portfolio company Kik this week. Here is Kik’s response to the news:

This part of Kik’s response explains that the SEC is stretching the interpretation of the Howey ruling (from almost a century ago) in its efforts to claim jurisdiction of crypto token regulation:

For the reasons set forth in our Wells Submission, the SEC’s complaint against Kik is based on a flawed legal theory.  Among other things, the complaint assumes, incorrectly, that any discussion of a potential increase in value of an asset is the same as offering or promising profits solely from the efforts of another; that having aligned incentives is the same as creating a ‘common enterprise’; and that any contributions by a seller or promoter are necessarily the “essential” managerial or entrepreneurial efforts required to create an investment contract. These legal assumptions stretch the Howey test well beyond

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Universal Biometric Identity


This post is by Fred Wilson from AVC


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During the past week, I have traveled through airports using TSA Pre and Clear and plan to travel internationally soon using the Global Entry system. I have recently renewed my TSA Pre and Trusted Traveler accounts.

I am also in the process of renewing my NY State Drivers License and am going through the process of getting an “Enhanced” one.

Here is what one needs to do to get an Enhanced NYS Drivers License:

Enhanced

  • is Federal REAL ID compliant
  • costs an additional $30 on top of the regular transaction fees
  • requires an office visit to prove your
    • identity- *if your name has changed bring in marriage certificate(s), divorce decree(s) or court order document(s)
    • NY State residency
    • U.S. citizenship
    • date of birth
    • Social Security status
  • shows your full legal name (first, middle, last) as listed on your legal documents
  • shows your residential address (where you live)
  • has an American

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Audio Of The Week: How About Howey?


This post is by Fred Wilson from AVC


Click here to view on the original site: Original Post




This Unchained Podcast with Patrick Gibbs of the law firm Cooley and Ted Livingston founder of the Kin cryptocurrency project is a great discussion of the Howey Test that the SEC has put forward as the framework through which to evaluate whether a crypto token is a security.

Here are links to some interesting parts of the discussion:

1/ Ted Livingston explains who Howey was and the details of that case.

2/ Patrick explains why Kin (and most crypto tokens as well) is not a security.

This is the kind of stuff that mostly interests law nerds, but it is very relevant to all developers who are building crypto tokens and putting them out into the market. So it is worth getting knowledgeable about this stuff.

And if you want to support this Kin case as it works its way through the court system and ends up creating a new

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DefendCrypto.org


This post is by Fred Wilson from AVC


Click here to view on the original site: Original Post




Over the last year, the SEC has been investigating a significant number of token offerings that took place in 2017. While some of those offerings were scams or worse, many of the ones that are being investigated by the SEC are serious projects, started by some of the top cryptographers and computer scientists in the world, and backed by the leading token funds and venture capital firms in the US and around the world.

Sadly, the SEC looks at crypto tokens and sees securities that they want to regulate as such. They cannot seem to understand that not all of these assets are securities, they cannot seem to understand that most are commodities, currencies, or utilities like frequent flyer miles. They cannot understand that crypto tokens are unlike any assets that have come before them and that crypto tokens need new regulatory structures. They cannot understand that their unwillingness

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The Truth About Autonomy


This post is by HBR.org from HBR.org


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“We’re not even close to developing fully driverless cars,” urges Duke University professor Missy Cummings, a former fighter pilot and the director of the Humans and Autonomy Lab at Duke. She explores where automation currently is and paints a picture of the future with humans as integral parts of autonomous systems.