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Can I have you look at the memorandum from our attorney? I…

Customer Question
Can I have you look...
Can I have you look at the memorandum from our attorney? I feel like the attorney is not taking into much account of my status as a US citizen but rather stating that we have perceivably been in violation. We have not been contacted by any authorities alleging violations nd being the entire company is in Manila and are not US citizens it does not affect them the way it would affect me. Also, would be able to instruct me with the proper buzz words to use in rescinding outstanding client contracts?
Submitted: 3 months ago.Category: Employment Law
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Customer reply replied 3 months ago
I am being correct that I should be very cautious of continuing working with this company? So many violations with companies and ICO's and for me, only being paid with foreign wire transfer and crypto I already have a headache reporting this employment for taxes and explaining things to my bank. I am worried that if we got audited by SEC we would have major problems and I have been informed by our attorney that he is rearranging the business format to try to wriggle us out of the token sale rules we did not comply with. I also don't like the fact that I was told we had already legally been declared a utility token. I found out on the 22nd this was clearly not true and that no ICO/crypto company is able to be declared a Utility token.
Answered in 14 minutes by:
3/26/2018
Employment Lawyer: Law Educator, Esq., Attorney replied 3 months ago
Law Educator, Esq.
Category: Employment Law
Satisfied Customers: 125,900
Experience: 20+ Years of Employment Law Experience
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The Attorney is correct in that the cryptocurrency regulation is very speculative at best right now, with the SEC and FinCEN going back and forth as to what is or is not a security in these issues. At this point though registration is the best way to protect yourself in the US from the US laws, which is what the attorney is telling you, because the sales look like sale of an unregistered security based on the information they have been provided. If there is more information you can give them their opinion may change, but based on what I read in that memorandum, their opinion is correct.

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Customer reply replied 3 months ago
Thank you for your quick reply. To finish this conversation I would further like to ask you if we filed all necessary documents and got registered as a security, the company Ould be protected however wouldn't that further put me (Business Development for North America and US citizen) in further risk as I would then be violating the securities act of 1934? I do not have proper broker license to sell securities. My entire job was to pitch and sell to merchants and Fortune 500 companies in the US.
Employment Lawyer: Law Educator, Esq., Attorney replied 3 months ago

Thank you for your reply.

If you get the company properly registered, the attorneys can rework the sales to take place upon registration. You cannot sell the securities though, that is correct, if you were not a broker and that is something that the attorneys will have to work on in cancelling the original agreements with the clients and getting them reworked. In other words, if you were not aware the coins were securities because of the vague laws at the time, then they are not going to hold you personally liable, but they do need to rework the business model.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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