Re: [EXT] Re: Unlawful Unregistered Securities, DID and VC

It would be helpful to see the intersection of methods listed in the did
registry with the verboten chains/tokens before proceeding. It's hard to
see the scope of the perceived problem otherwise.

On Tue, Jun 13, 2023 at 5:39 PM Steven McCown <steve@mccown.me> wrote:

> Reading the SEC’s filings on Binance and Coinbase, there are some very
> serious charges / allegations.  Both specify “Jury Trial Demanded”, so this
> should go on for a while.
>
> I’m wondering, what is the W3C / WG policy for how to proceed when such
> lawsuits are filed (esp. by governments)?
>
> In the email thread below, Orie commented with "You are welcome to raise a
> PR removing an entry”.  That seems like a reasonable discussion.  Presuming
> that there is (will be) a PR, could someone post the link?
>
> The other thing I read below was a suggestion for “standardizing of few
> methods, such as did:web”.  While I can appreciate the desire to act given
> the SEC’s actions, that seems like a fundamental change in direction rather
> than a modification directed towards the subjects of the SEC's filings.  I
> propose that we defer that to a separate discussion.
>
> Best,
>
> Steve
>
>
>
>
> Sent from my iPhone
>
> On Jun 13, 2023, at 3:20 PM, Melvin Carvalho <melvincarvalho@gmail.com>
> wrote:
>
> 
>
> You don't often get email from melvincarvalho@gmail.com. Learn why this
> is important <https://aka.ms/LearnAboutSenderIdentification>
>
>
> út 13. 6. 2023 v 22:16 odesílatel Kim Hamilton <kimdhamilton@gmail.com>
> napsal:
>
>> I got one, thanks to a lovely person on the list. DM me if you need it too
>>
>
> For a more comprehensive understanding, I recommend reading the original
> SEC guidance, which you can find at this non paywalled link:
>
> https://www.sec.gov/litigation/complaints/2023/comp-pr2023-102.pdf
> <https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.sec.gov%2Flitigation%2Fcomplaints%2F2023%2Fcomp-pr2023-102.pdf&data=05%7C01%7Csmccown%40anonyome.com%7C6ae281346ccc4711db5f08db6c53ccab%7Ce5dd2ea3e8fb4509a85d30f0c43986dc%7C1%7C0%7C638222880159621263%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=m4z2q60jV5OL2mubakWKExS%2BgBly4S%2BISVXASnePyV8%3D&reserved=0>
>
> This document provides thorough case studies, including insights from blog
> posts, Twitter posts, and transcripts. For an illustrative and relevant
> example, you might find the Filecoin / Protocol Labs case study
> particularly informative, which is covered in parts 163-189.
>
>>
>>
>> On Tue, Jun 13, 2023 at 11:28 AM Kim Hamilton <kimdhamilton@gmail.com>
>> wrote:
>>
>>> Non-paywall link please?
>>>
>>> On Tue, Jun 13, 2023 at 5:15 AM Melvin Carvalho <
>>> melvincarvalho@gmail.com> wrote:
>>>
>>>>
>>>>
>>>> st 7. 6. 2023 v 15:20 odesílatel Michael Prorock <
>>>> michael.prorock@mesur.io> napsal:
>>>>
>>>>> Personal hat firmly on, I would be a fan of removing the did registry.
>>>>> Especially in favor of standardizing of few methods, such as did:web
>>>>>
>>>>
>>>> That makes sense to me, Mike, as a possible way forward
>>>>
>>>> The Wall Street Journal recently published an article titled "The List
>>>> of Crypto Coins the SEC Says Are Illegal Is Growing". The word "illegal",
>>>> when used by such an eminent publication, commands significant attention
>>>> and should not be taken lightly.
>>>>
>>>>
>>>> https://www.wsj.com/livecoverage/stock-market-today-dow-jones-06-06-2023/card/the-list-of-crypto-coins-the-sec-says-are-illegal-is-growing-VDghHoLBchVk5hzYxox6
>>>> <https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Fstock-market-today-dow-jones-06-06-2023%2Fcard%2Fthe-list-of-crypto-coins-the-sec-says-are-illegal-is-growing-VDghHoLBchVk5hzYxox6&data=05%7C01%7Csmccown%40anonyome.com%7C6ae281346ccc4711db5f08db6c53ccab%7Ce5dd2ea3e8fb4509a85d30f0c43986dc%7C1%7C0%7C638222880159621263%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=ae7PB1tZCOw%2ByYxgR1dDdPsY1tfe6NL7gGutHvff%2FDw%3D&reserved=0>
>>>>
>>>> Working groups and community groups, particularly those associated with
>>>> reputable bodies like the W3C, should be vigilant about the materials they
>>>> produce. It's imperative that such entities abstain from promoting or
>>>> associating with these unregistered securities which have been deemed
>>>> illegal. Given the gravity of securities laws and the extensive
>>>> ramifications of their violations, we cannot afford to be complacent.
>>>>
>>>> Such a situation demands proactive action, and it's crucial to remember
>>>> that the gravity of securities laws supersedes even the consensus within
>>>> the W3C.
>>>>
>>>>
>>>>> Mike Prorock
>>>>> CTO - mesur.io
>>>>> <https://nam12.safelinks.protection.outlook.com/?url=http%3A%2F%2Fmesur.io%2F&data=05%7C01%7Csmccown%40anonyome.com%7C6ae281346ccc4711db5f08db6c53ccab%7Ce5dd2ea3e8fb4509a85d30f0c43986dc%7C1%7C0%7C638222880159621263%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=SCwVKP6GkkfTCoSaC2oD6ttmXL3TjN5mJczmR8szfWg%3D&reserved=0>
>>>>>
>>>>> On Wed, Jun 7, 2023, 08:34 Orie Steele <orie@transmute.industries>
>>>>> wrote:
>>>>>
>>>>>> W3C operates on consensus, and the registry is a note.
>>>>>>
>>>>>> You are welcome to raise a PR removing an entry and provide your
>>>>>> justification, if the working group can't resolve the issue, it can be
>>>>>> escalated all the way up the chain.
>>>>>>
>>>>>> (Pun intended).
>>>>>>
>>>>>> The working group might also consider removing the method registry
>>>>>> entirely, since it is not necessary for URNs to remain namespaces, and has
>>>>>> been cited as a point of market confusion.
>>>>>>
>>>>>> Be the change you want to see in the world.
>>>>>>
>>>>>> On Wed, Jun 7, 2023, 5:25 AM Steve Capell <steve.capell@gmail.com>
>>>>>> wrote:
>>>>>>
>>>>>>> Well I’ve said before that it looks to me like all but a dozen or so
>>>>>>> did methods are really just marketing for “me too cryptocurrency ponzu
>>>>>>> schemes”
>>>>>>>
>>>>>>> Feel a like a government blacklist is more than enough rationale for
>>>>>>> w3c to remove those methods from the register
>>>>>>>
>>>>>>> Probably a lot more ought to get shot too but it’s not obvious what
>>>>>>> is the fair criteria for shooting
>>>>>>>
>>>>>>> Steven Capell
>>>>>>> Mob: 0410 437854
>>>>>>>
>>>>>>> On 7 Jun 2023, at 8:02 pm, Melvin Carvalho <melvincarvalho@gmail.com>
>>>>>>> wrote:
>>>>>>>
>>>>>>> 
>>>>>>> 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
>>>>>>> <https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.docdroid.net%2FI02zzqT%2Fsec-v-binance-4-pdf&data=05%7C01%7Csmccown%40anonyome.com%7C6ae281346ccc4711db5f08db6c53ccab%7Ce5dd2ea3e8fb4509a85d30f0c43986dc%7C1%7C0%7C638222880159621263%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=YLzsQngRaZCkoh6OLy4xjRt7pZbaR3fyKAI7%2Fd%2BQa2E%3D&reserved=0>
>>>>>>> .
>>>>>>>
>>>>>>> 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/
>>>>>>> <https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fw3c.github.io%2Fdid-spec-registries%2F&data=05%7C01%7Csmccown%40anonyome.com%7C6ae281346ccc4711db5f08db6c53ccab%7Ce5dd2ea3e8fb4509a85d30f0c43986dc%7C1%7C0%7C638222880159621263%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000%7C%7C%7C&sdata=H7wB0kBNt87z8oo75EkjkSw%2Fy%2BuIFZgO7AJWsduWcBE%3D&reserved=0>.
>>>>>>> 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.
>>>>>>>
>>>>>>>