This is not legal advice. Consult a professional advisor before making investment decisions. SEC chair Jay Clayton out today with a reminder: US investors should consider the lack of “safeguards” before making crypto investments. He speaks the truth – no doubt.
I wish the SEC were more vocal cautioning folks about private investments. I got my face ripped off every way imaginable over the past 15 years in non-crypto investments. The shenanigans is so epic it’s almost unbreathable.
“Good news: we sold the company. Ya!”
How much do I make?
“Well, you owned the D shares which got voted into oblivion by the board. You can keep your coffee mug and pens – but we make all the money; you’re wiped out.”
Carbon visionaries; sports drinks; legal software, exchange memberships – you name it; they’ll get ya. An appearance in court costs a half million dollars – pocket change to established firms who used you’re money for free and can now afford Jenner & Block. For small time accredited investors the costs are too steep as the ripoffs get more creative and investors are shown fancy news ways to get screwed.
Cryptos aren’t perfect. If you think it’s all two-hand touch in private investments you may be disappointed to learn like I did scams there are endless, pervasive and accepted.