Red China Bans ICO – What About USA ICO Threats?
Now Isn’t this rather ironic? The author wrote this article on Trustnodes to throw jabs at “Red China’s” Ban of ICOs and takes a swipe at China’s so-call Communist leanings.
Well let me digress a little before I get back on point.
China’s Communist leadership structure is geared toward capitalist ends. For example, regional leaders are evaluated every year based on economic growth in their areas of expertise. That gives them incentives to drive innovation however possible—sometimes by fostering healthy competition among companies and other times by encouraging a monopoly. The system inevitably produces high levels of corruption, as local officials collect kickbacks from the companies they help.
China is now GM’s largest market. Sales growth there lifted it to volume it never achieved when it was the world’s biggest automaker
So what is with the China Communist “Red Threat” angle? (rolling my eyes)
Back on topic …
Well let us look at the USA and its Securities and Exchange Commission (SEC)’s most recent actions.
The USA’s SEC picked up the phone, scares the owner of a SMALL firm who just started an ICO and collected a measly $45,000. The SEC pressured or forced the owner to halt his ICO. He surrendered because he doesn’t have the money to contest the BIG BAD WOLF, SEC.
Well let us not throw tomatoes at China without making sure we throw the same tomatoes at the USA!
We have to pay attention to the negative ramifications when the USA starts dictating to ICO companies what they can and cannot do on a global scale. We’ve seen that these ICOs have no problem restricting their offering by not allowing American citizens / American taxpayers to participate.
Remember FATCA? Look it up! “FATCA requirements are so restrictive and obtrusive that many foreign banks and financial institutions just refuse to do business with American customers.”
I introduce to you the “Soup Nazi”. “No Soup For YOU!”
Faith Sloan, Queen Wiki, CryptoQueen