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[registrars] WLS as an option - we can't sell these

  • To: Registrars List <Registrars@xxxxxxxx>
  • Subject: [registrars] WLS as an option - we can't sell these
  • From: Jim Archer <jarcher@xxxxxxxxxxxxxxxxxxx>
  • Date: Thu, 07 Aug 2003 17:07:10 -0400
  • Cc: halloran@xxxxxxxxx, twomey@xxxxxxxxx
  • Reply-to: Jim Archer <jarcher@xxxxxxxxxxxxxxxxxxx>
  • Sender: owner-registrars@xxxxxxxxxxxxxx

Hi All...

Just a reminder to everyone that a wait, as currently described, sounds quite a bit like an "option." In fact, in Montreal, Bruce Tonkin actually suggested that I describe it to my customers as such.

In the US, as in Australia and most countries, the sale of commodities, futures, options and so on is regulated. The unlicensed sale of commodities is prohibited.

During the .BIZ rollout, almost all registrars were quite surprised to discover that they can't sell lottery tickets. Gee, big shock, hua? I don't have any idea why this surprised anyone. It was immediately clear to us that we could not sell lottery tickets and so we didn't.

Don't be surprised if, when you start selling waits, the SEC or other appropriate regulatory agency contacts you, or if some entity sues you. Everyone here can pretend all they want that there are no legal issues with selling waits. Maybe you'll be lucky and no one will call you on it. Maybe no one will sue or investigate. Maybe it is entirely legal. Who knows? Just answering the questions could be enough to put people out of business. But the lawyers will do well spending your money.

You have been warned.


James W. Archer

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