Nick Morgan, a former attorney at the SEC, joined us to discuss their recent report on the DAO and what it means for the ICO boom.
Topics covered in this episode:

The history and mandate of the SEC
Nick’s years as a trial attorney at the SEC
How the Howey Test is used to determine if something is a security
The application of the Howey Test to the DAO case
The weaknesses in their argument that token holders relied on the effort of others
Why the SEC did not prosecute the Slock.it founders
Why the SEC will likely focus on token sales involving fraud
How the SEC’s limited resources will make it hard for it to impact the ICO boom
The implications of the SEC report for cryptocurrency exchanges

Episode links:

SEC Press Release on The DAO
SEC Report on Investigation of The DAO
Seven Takeaways from the DAO Report - Kyle Mitchell
EB134 – Emin Gün Sirer And Vlad Zamfir: On A Rocky DAO
Nicolas Morgan Website
The DAO Report: Understanding the Risk of SEC Enforcement - CoinDesk

This episode is hosted by Brian Fabian Crain and Sébastien Couture. Show notes and listening options: epicenter.tv/198