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You can't get to #2 without #1.
Right, but if its weak, then it could pass.
By the "its not money" argument, a company could IPO, using BTC as a numeraire, and it all be cool(?)
I quickly answered you, but you have me thinking. Your specific IPO example couldn't fly, obviously, since you need to use dollars to bring an IPO. My instincts tell me territories would not be considered securities, but I can't articulate why off the top of my head. I need to do some research when I can get some time. It is an important question and I'm glad you asked it.
can't articulate why off the top of my head
maybe because you don't want them to be? :) lol
Could be. I hope not.
I know that I tended to just dismiss the idea because it sounded ridiculous
but that's not how you're going to win in a court by saying something is "ridiculous", lol
Right, it wouldn't fly on a regulated stock exchange in the US, cause dollars are the only unit of account supported.
But if I launched a website, registered a company, and then sold shares for BTC - that'd be a security. And it'd be a public offering too. I guess I was using "IPO" in the broadest sense of the word.
Feels like a weak defense for #1 only.