Unlawful Unregistered Securities, DID and VC

This issue has been raised previously, but the severity of the situation
has escalated recently. The US government has started taking legal action
against companies that allegedly promote unregistered securities, as
outlined in this document:

https://www.docdroid.net/I02zzqT/sec-v-binance-4-pdf.

Specifically, twelve blockchains have been named: BNB (BNB), Binance USD
stablecoin (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin
(FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand
(ALGO), Axie Infinity (AXS,) and Coti (COTI). There may be more beyond this
list.

What is particularly disconcerting is the visibility of many of these
potentially problematic instruments under the auspices of the W3C logo,
particularly in the DID method registry:
https://w3c.github.io/did-spec-registries/. It's worth noting that many of
these also finance standards work.

In securities law, the attitude of "If you think something is illegal,
don't use it" is insufficient. The potential risk here is that W3C's
reputable image could be tainted by these developments. Urgent action is
required to rectify this situation.

Received on Wednesday, 7 June 2023 09:59:27 UTC