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 discussed in this episode:The history and mandate of the SECNick's years as a trial attorney at the SECHow the Howey Test is used to determine if something is a securityThe application of the Howey Test to the DAO caseThe weaknesses in their argument that token holders relied on the effort of othersWhy the SEC did not prosecute the Slock.it foundersWhy the SEC will likely focus on token sales involving fraudHow the SEC's limited resources will make it hard for it to impact the ICO boomThe implications of the SEC report for cryptocurrency exchanges Links mentioned in this episode: SEC Press Release on The DAOSEC Report on Investigation of The DAOSeven Takeaways from the DAO Report - Kyle MitchellEB134 ?'" Emin G?ƒn Sirer And Vlad Zamfir: On A Rocky DAONicolas Morgan WebsiteThe DAO Report: Understanding the Risk of SEC Enforcement - CoinDesk Sponsors: Jaxx: Wallets that Unify the Blockchain Experience Across Devices - http://epicenter.tv/jaxxShapeshift: Buy and sell alt coins instantly and securely without a centralized exchange - http://epicenter.tv/shapeshift Support the show, consider donating: BTC: 1CD83r9EzFinDNWwmRW4ssgCbhsM5bxXwg (https://epicenter.tv/tipbtc)ETH: 0x8cdb49ca5103Ce06717C4daBBFD4857183f50935 (https://epicenter.tv/tipeth) This episode is also available on :Epicenter.tvYouTubeSouncloud Watch or listen, Epicenter is available wherever you get your podcasts. Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.