The New Virtual Organization World
It's a New World, It's Virtual, and It's Organized
Proposed Global Cryptocurrency Policies to SEC-type Entities Worldwide
by Pierre Coupet
Initially, I intended to use the word "Regulations" instead of "Policies" in the title of this article. However, if there is a word I dread more than anything else in the human vocabulary, "regulations" tops the list.
Why is that, you might say? That's because the word itself implies that there is a coterie of very enlightened people who believe that adult human beings are nothing more than overgrown children and morons who need to be told, compelled--and taught how--to do what's good for them in the form of REGULATIONS, regardless as to whether or not they share the same sentiment. And that some form of children punishment (e.g., go to your room, forfeiture of cash allowance, being browbeaten, some yelling and screaming and other threatening behavior, inability to go out and socialize with friends, corporal punishment, participation in some Scared Straight program, get kicked out the house, or handover to law enforcement authorities to experience the beauty, excitement and wonders of juvenile hall, etc.) will be meted out to them in the event they fail to comply with such regulations.
As we all know, without preaching to the choir, that's the way all adult human beings on this planet are treated and, the worst part of it all is that, we tend to go along with that sort of parochialism and form of childish treatment and disrespect out of fear of the consequences (which can be very deadly).
I know some of you are probably wondering, "What the hell does that have to do with cryptocurrency?" Well, a hell of a lot! So read on.
A Constant Chorus for the Need to Regulate ICOs and the Issuance of Cryptocurrencies
Lately, there has been the following constant chorus by a bunch of Neanderthal regulators from various local, state and federal regulatory agencies worldwide (U.S. Securities and Exchange Commission-type of agencies from around the globe):
"Initial Coin Offerings (ICOs) need to be regulated by relevant government authorities and regulatory agencies in order 'to protect' the general public and regular investors from scammers, fraudulent marketing practices, lack of transparency by ICO providers, etc."
To further justify this need for regulations, these regulators start the "piling on" process with the following statements:
1) Furthermore, there is a "strong" possibility that these ICOs may be in violation of existing laws on the books pertaining to the issuance of financial securities in the marketplace. 2) The current method of generation, purchase, issuance, use and redemption of these coins could also be illegal under any of the following regulations: Currency and Financial Transactions Reporting Act of 1970 as amended and now known as the Bank Secrecy Act (BSA), Foreign Account Tax Compliance Act (FATCA), as well as a number of other FinCEN-related (Financial Crimes Enforcement Network) regulations. 3) And in the event that these ICOs and cryptocurrencies are NOT currently violating any existing laws, nonetheless the existing environment under which they are now operating is a breeding ground for hard core criminals engaged in murder, drug trafficking, human trafficking, sex trafficking, child trafficking, prostitution, etc.; money launderers, tax evaders, terrorist financing, and other perpetrators of financial crimes; black market organ trafficking rings, sanctions-busting individuals and organizations; and terrorists and weapons traffickers, etc. 4) And last but not least:: as evidenced by the recent People's Bank of China (China's Central Bank) declaration on September 4, 2017 that ALL ICOs are illegal and that any proceeds received from such ICOs must be refunded to the investors:: many other governments, financial institutions, investment banking and venture capital firms view these ICOs as a threat to the hegemony of the current financial system.
Therefore, from the government's standpoint, the bottom line is this: Whether or not the general public wants the government's help and protection (these poor, dumb, gullible souls who can't make a reasoned and intelligent financial decision on their own, thus needing help from the government) nonetheless it is going to provide it to them anyway in the form of new regulations for all the other aforementioned reasons.
Proposed Global Cryptocurrency Policies
In connection thereof, I propose the following Global Cryptocurrency Policies to ALL government regulators worldwide in order to provide a happy medium which will satisfy ALL parties:
Policy #1. The current ICO process will continue unfettered for the next 10 years for ALL ICO organizations which abide by Policies #2-9, to wit without the need for any official government regulations and related civil and criminal penalties.
Policy #2. All ICO proceeds (token, cryptocoin, cash, or precious metals such as gold, silver, platinum, etc.) received from any individual or institutional investor ARE FULLY REFUNDABLE by the ICO organization within a one full year period from the date of receipt.
Policy #3. All investor requests for electronic refunds from the ICO organization, which fall within the one full year period from the date of receipt of ICO proceeds, must be initiated immediately by the ICO organization without delay in any way, shape or form and with NO QUESTIONS ASKED or excuses given. Such refund must be made through the original source of funds receipt without having the need to use delaying tactics such as confirmation of investor's identity via snail mail or any other inconvenient medium designed to create an obstacle or impediment to expediting such investor's request for refund in a timely manner; and, in any event, within no more than 72 (seventy-two) business hours from the original date and time of such refund request. Non-electronic refunds of physical assets must be made within no more than 10 (ten) days for domestic requests and within no more than 30 (thirty) days for international requests.
Policy #4. Such ICO proceeds MUST be held for an entire year from the date of receipt into one or more of the following ESCROW ACCOUNTS: 1) With respect to all CASH proceeds received, an ICO CASH ESCROW account must be established at a publicly designated bank that is clearly listed and in plain view on the Home Page of the ICO website as well as in all other ICO offering materials. 2) With respect to ALL proceeds received in the form of cryptocurrencies, (e.g., bitcoin, bitcoin cash, ethereum, ethereum classic, etc.) in return for the issuance of such ICO tokens and cryptocoins, these cryptocurrencies must be held into an ICO CRYPTOCURRENCY ESCROW WALLET whose public key must also be clearly listed and in plain view on the Home Page of the ICO website as well as in all other ICO offering materials. 3) With respect to ALL other "Fair Market Value Consideration" proceeds received in the form of physical assets (e.g., gold, silver, platinum, etc.) A PHYSICAL ASSET ICO ESCROW account must be established for such physical assets and be clearly listed in plain view on the Home Page of the ICO website as well as in all other ICO offering materials.
Policy #5. Each investor's cash funds or other proceeds cannot be withdrawn from the ESCROW account prior to the end of the one full year anniversary period. For example, if an investor makes an ICO contribution on January 12, 2018, such funds or other fair market value consideration cannot be withdrawn by the ICO organization from such designated escrow account(s) prior to January 12, 2019. Barring the occurrence of a force majeure event and its immediate notification to such ICO investor; and a genuine attempt by the ICO organization to restore the original pre-force majeure condition; no exception is permitted under any other circumstances.
Policy #6. Each ICO website must include ALL original materials pertaining to an ICO and such website MUST remain open, regardless as to whether or not the ICO organization is still in business, for at least 15 months after the receipt date of the final contribution from the very last individual or institutional investor.
Policy #7. In order to insure that ALL parties are fairly treated and protected, each purchase or acquisition of tokens or coins made by an investor for either cash or other value consideration during an ICO is subject to a one full year holding period and cannot be transacted in any way, shape or form by the investor. The willful and intentional disregard of this policy provision WILL AUTOMATICALLY VOID THE ONE FULL YEAR REFUND GUARANTEE for only the specific transaction in question.
For example, if you, the investor, engaged in a total of 12 separate ICO transactions throughout an ICO period, and one or more of the tokens or cryptocurrencies received during ONE specific purchase transaction are used for some other transaction with the ICO organization or any other third party within the one full year window period, then that entire specific purchase transaction will lose the ONE FULL YEAR REFUND GUARANTEE. THE ONE FULL YEAR REFUND GUARANTEE for the other 11 separate transactions will remain in place.
Policy #8. This entire list of policies must be posted at all times in plain view on the ICO website as well as in ALL other ICO-related materials.
Policy #9. Each ICO organization MUST ensure that each individual or institutional investor acknowledges that he/she (or legal representative) has read and fully understands ALL of these policies prior to participating in an ICO.
Policy #10. Each ICO organization who fully, willingly, willfully and diligently complies with Policies #1-9 will automatically be FULLY IMMUNE to any and all future legal challenges or causes of action for prosecution by any Local, State or Federal government entity anywhere in the world which may be brought on behalf of the public or any investor(s), or directly by any individual or institutional investor. As well, such ICO organization will automatically be FULLY EXEMPT from the provisions of any future local, state or federal industry-wide regulations which govern the practice of ICOs and issuance of cryptocurrencies.
Policy #11. Should an ICO organization fail to fully observe the letter and intent of Policies #1-9 throughout any period of its existence, it will automatically lose its FULL IMMUNITY and FULLY EXEMPT status afforded by Policy #10. At which point, any individual or institutional investor who feels aggrieved by such ICO organization will be free to pursue any course of legal action in order obtain whatever legal remedies are afforded by their respective country's justice system or any existing laws on their books.
In a Nutshell
In a nutshell, what the government is saying with these very simple and common sense policies is this:
"Hey look, if you are one of the good guys, we will stand watch over you and stay the hell out the way, observe how this all pans out, and hopefully learn a great deal from it. As long as you keep your nose clean and deal with others in good faith, you have nothing at all to worry about during the next 10 years.
"As for all these Neanderthals out there in the current financial system who feel threatened by your burgeoning presence - The Status Quo - and would love nothing more than for the government to intervene and do what we normally do best, come up with a laundry list of bullshit excuses (terrorist financing, tax evasion, money launderers, etc.) in order to stick our noses in everybody's business and stay in control, we are going to spare you this horrible nightmare and let you go unimpeded in your efforts. In fact, we are rooting for your success!
"But if you are one of the bad guys, those of you who see this brand new and exciting development as just another way to come up with a new qet-rich-quick scheme and simply another way to make false and empty promises to others (generate a lot of vaporware) in order to rip them off, then the policies we've put in place will quickly deter you from doing so. Your defrauded investors will come after you like bolts of thunder and a sea of raging fire (it sounds like I am channeling Donald Trump and Kim Jong-un) and, with the government on their side, you will have no place to hide."
About Author: Pierre Coupet, CEO & Q of Virtual Organization Management is the founder of Virtual Organization Management Institute (VOMI), VOMI Virtual Organization Academy, VOMI Global Think Tank, and Virtual Organization Recruiter:: founder of the modern virtual organization management and virtual organization recruitment disciplines pioneered since 1997:: founder of League of Extraordinary Virtual Organization Executives:: and Architect of THE NEW VIRTUAL ORGANIZATION WORLD Collection. Contact directly at email@example.com; or via CHAT.
Copyright 2007-2017. Pierre Coupet. VOMI. Virtual Organization Management Institute. VOMI Virtual Organization Academy. Virtual Organization Recruiter. VOMI Global Think Tank. All rights reserved. Cannot be reproduced without permission.