MobileCoin has made over 50% of the coins available for purchase. We are currently figuring out how to give away coins while remaining regulatory compliant.
That does not answer the question. You answered the question of "how many coins do you intend to sell" not "how many coins do you currently hold." Based on your answer I can only assume that you hold >50% of the coins and intend to sell 50% of them in the near future.
Unfortunately cryptocurrency regulations are anything but clear and obvious. This is a new frontier and operating with an abundance of caution is of paramount importance. We respect the hard work all of the regulators are doing trying to figure out this new world.
We're all doing our best to work within the constraints.
Yeah but like, what if you find out that you can't distribute the remaining coins in a compliant way? Wouldn't that be something that should have been determined before all the work to integrate with Signal was done? It just feels like if that were a true priority, it wouldn't be in the "implement first, figure the rest out later" category. Even if it's a complicated question.
I can assure you that we have the best minds in the regulatory and legal worlds thinking about this and there just isn't a lot of regulatory clarity. If you had told me that 4 years after I started MobileCoin we still wouldn't have guidelines on how to issue a cryptocurrency in the US I would've told you that you were insane, yet here we are. This isn't to point fingers at the regulators, I really think they have a humongous task before them; regulating cryptocurrency is the institutional challenge of a lifetime.
We want to make sure we operate out of an abundance of caution. Correctness is more important than speed.
Out of an abundance of caution and advice from our counsel. The regulatory landscape in the United States is complicated. It is hard to predict what is and what is not ok. We tend to be far more conservative than other players in the space.
I find it strange that you bundle your currency ecosystem into a product that is widely used in the US and you haven't ironed out how to sell it directly to them. Also, it's a strange choice geoblocking the traffic rather than serving a static lander explaining the issues. This entire situation is rife with strange choices.
I see risk exposure increasing greatly across the board, for Signal operations, users, and everyone involved from your side due to this merging of services.
