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1)The Start.There are some strict timelines that need to be followed to be able to apply in time. Ideally the process begins about 15 months before the targeted semester.For example, for students targeting Fall-2016 semester should ideally begin the exercise by March-April '15. Starting early can spend enough time on each application and prepare the documents asked by each University. In case you are applying for a financial aid, it is very much advisable to send your applications early. Some Universities have a early deadline for students who are applying for financial aid.You will need to look for a lot of information on various Universities and the programs they offer.Fortunately there are forums and websites that can help in this exercise. I'll name a few that helped me a lot in getting the information.EDULIX: Edulix is a wonderful forum and a website that is a must for any MS aspirant.At edulix, you have different forums for different phases. Its like moving from one forum to other as you keep on progressing with your applications. You'll find many aspirants like you discussing various programs, Universities,etc.US NEWS Rankings: US News ranks all the Universities on many parameters and disciplines.Access to latest rankings and other plethora of information requires a subscription. You have extensive search features and school information on many streams like CSE, ECE etc. It lists the average GRE cut-off for each school, average admit/reject ratio and website links of admission page of various Universities.University website: University website is the best place to get information on the various programs, researches and admission details for a specific program. You may create a excel document that will have the application deadlines and other basic information of various Universities you are interested in. Later you can use this excel to trim your list of Universities.Universities in USA are mainly classified into Public and Private Universities. There are some subtle differences between them. However, for prospective applicants, it hardly makes a difference whether a University is Private or Public.Generally, Public Universities are (much) cheaper than Private ones. There is no distinction in the quality of education. There are some very good public as well as private Universities in USA. The annual tuition fees depends on the University. It is generally low for public Universities and more for private Universities. Living expenses include house rent, food, books, insurance, mobile/internet and other Leisure activities. These expenses vary a lot from place to place.If you are in a suburban area like SUNY-Buffalo, the total cost will be much lesser than what you'll spend in place like NYU in New York.Bank Loans: Most banks offer educational loan schemes. Loan Processing takes ample of time. Make sure you plan your loan needs well in advance.Teaching assistantship (TA), Research assistantship (RA), Graduate assistantship (GA)Various assistantships are available once you have arrived at the University. However, you need to find out what is the aid scenario in a particular University. In most Universities, the TA and RA are not immediately available and you may have to wait upto one year to get any of these assistantships.Tuition Waivers: The University can waive off part of your tuition fees if it finds your academic record good enough.On-Campus Jobs: The international student visa permits work on campus on a part-time basis for upto 20 hours per week. The positions include student helpers at the university bookstore, campus post office, dining halls, supervisory roles at graduate housing office, etc. The students are paid on an hourly basis and the money earned is usually sufficient to cover one’s living expenses.On-Campus job scenario differs from place to place. You need to check with the existing students for the availability of jobs on campus.2) GRE & TOEFLGRE is conducted round the year. ETS conducts GRE. GRE is conducted at various prometric centers around the globe.Generally, most Universities require students to write GRE General Test. The GRE Subject Test is a special requirement for Ph.D or for students who want to change their Undergraduate stream.Since MS is concerned more with science/technology aspect than with literature programs, the Universities will normally expect a basic criteria fulfillment in various sections of TOEFL. The basic idea is that you need to clear the cut-off limits of TOEFL for various Universities. While a great TOEFL score will not turn an average application to a promising one, a low score will not hamper your prospects either (so far as it is above the cut-off specified by the University).Having said that, you should never ignore the importance of TOEFL exam. A good score in TOEFL will benefit you for your TA (Teaching Assistantships) applications and other positions where English proficiency is required. TOEFL is a reflection of your complete English command, so make sure you give it sincerely.3) SOPYou will have to pay special attention to draft your Statement of Purpose. Your Statement of Purpose is a reflection of your goals, aspirations, academic highlights, co-curricular achievements and your enthusiasm for higher studies. Be very meticulous in framing your SOP. It is something that the professors are surely going to read. You need to highlight all your strong points and also explain (in short) the reasons of any shortfall in your application.4) TranscriptsA transcript is an official copy of a student's academic record. It is issued by the University on demand. Generally Universities charge a fee for each copy of the 'Official Transcript'.Transcripts are one of the most essential documents that are required by Universities where you are applying for admission. You'll need to send your transcripts by post (courier) to University admission office. Your application will not be processed until the University has your transcript.Some Universities ask for 2 copies of transcript (one for the graduate school and one for the department). You should always apply for more transcripts than the number of Universities your are applying for. Normally if you are applying for 10 Universities, you should get around 15-16 transcripts.5) RecosLetters of recommendation are another action item where you need to be very proactive. You may have to spend a lot of time for this activity. You need to identify the professors (or supervisors at work place) whom you’ll entrust with this responsibility. You’ll need to tell them well in advance and seek their approval for the same. Ideally for MS programs, most Universities ask for 3 recommendations. Some restrict you to 2 while a few allow even a fourth recommendation.6)ResumeYou'll need to write a well drafted resume to be sent along with the applications. Some Universities get it uploaded on their online application while some ask to send it along with the additional documents that you send via courier.By now, resume writing must not be new to you. There are thousands of websites what tell you how to write a good resume. Basically, your resume for your MS application should clearly capture all your academics, academic related achievements and significant co-curricular activities. Also mention your work experience (if any) and the kind of work you have done.7) Shortlisting UniversitiesYou need to do a lot of research on the Universities before you can come-up with a list. By the time you are preparing your list, you might have given your GRE and TOEFL. You’ll have to make a rational decision as to what are your chances in various Universities that you are evaluating. You'll have to evaluate the department and program ranking of the University and whether the researches and courses align with your interests.The number of universities to apply to depends on your profile, your personal mindset, and the money that you have kept aside for application. Generally an application for MS will cost you anywhere between Rs.5000 to Rs.8000 (All inclusive of the application fee, courier cost, GRE/TOEFL reporting fee, transcript fee and other small expenses).Most people I saw in various forums apply to about 8 to 12 Universities in general.Generally people have a simple logic of choosing Universities. You need to divide your list into 3 categories of :Ambitious – The ones that are your real dream Universities, but you think they are a bit unapproachable given the profile you have.Moderates – The Universities which you believe that you have a fair chance of getting in. You have researched that people of similar profile have gone through such Universities before. But you still cannot be very confident of an admit.Safes – The Universities that you are confident that you should get a call from.8) Application ProcessYou need to go to the admission websites of the University and look for the 'Prospective Students' or related link. Carefully study the requirements/deadlines and other admission related information for your program. Whenever you are browsing the admission website of a University, note down various deadlines, requirements, links (URLs), online application link, institution code for GRE/TOEFL and other admission related information. By doing this you may not require to search this critical information all over again when required later.Some Universities follow a rolling process of applications. Rolling process means that the University will not wait for the deadline to begin its application evaluation. Universities with rolling process of admission will evaluate applications as and when they come. If they find an application suitable, they'll send the offer. In such cases, sending a application early will definitely improve the chances. In some other Universities, where they start processing the applications only after the deadline, I don't think there is any substantial advantage in send the applications early.However, as a principle, you should never wait for the deadline and send/submit application as soon as possible. This will help them to check whether all aspects of your application are complete and they can revert back to you in case something more is expected. You should always leave enough time for such contingencies.For students who are applying for financial aid from University, it is imperative to send applications very early. In fact, most Universities have a separate early deadline for students applying for aid.A application for MS in a US University consists of various elements. I'll discuss the most common requisites of an application below:GRE Score reporting: In almost all cases you'll have to report your official GRE scores to the University. Universities won't accept the photocopy of your GRE scorecard. You need to report the scores directly from ETS. Score is reported by calling the phone numbers given at the GRE websites. You will require the Institution code and the department code of the University before you call. Keep your GRE registration number and credit card details ready when you call. You will need to key in the CC number on the IVRS. Each additional score will cost $20.TOEFL score reporting: TOEFL scores are also required in almost all the Universities. The information at the admission website will specify whether TOEFL is required or not. You need to log in to your iBT profile at the TOEFL website to order additional reports.Statement of Purpose/Resume: Most online applications facilitate uploading the SOP and Resume on the online application itself. Otherwise you'll require to send them with the courier packet. In case you are uploading your resume, you can also append scanned copy of various certificates to the resume.Letters of Recommendations: You will need to send your letter of recommendations. Most online applications now-a-days allow LORs to be submitted online. Submitting LORs online is easy and convenient for student as well as professors.Financial documents to be sent with applications: Some Universities ask some financial documents to be sent along with the application. These documents maybe custom documents/forms that are to be filled and sent back with bank seal etc. Basically they may ask for financial proof for some amount of money. Most students who will avail loan for their studies are not in a position to send those documents at this time. Ideally you should send authentic proof of whatever amount that is possible.The application packet to be sent via post: There are a few documents that are to be sent via post. Transcripts, LORs (in case you are sending written ones), Resume, SOP etc. are a few documents that are sent via post. Basically whatever documents/proofs that aren't uploaded in the online application are sent via post.In case you are applying to 8-12 Universities, you may find it difficult to track the progress of all the applications.A application is considered complete by the University when it has received all of the following:Application Fee (remitted online via Credit card or through bank draft)Online application (duly submitted).SOP, Resume etc. submitted online or sent via postal mail.Transcripts (sent via post)Letters of Recommendations(sent via post in case of paper LORs or received from Professors in case of online LORs)GRE and TOEFL score reports from ETS.9) The waiting time.After you've sent your last application, the impatient wait for results ensues. Please mind that some Universities send results really late while some will keep you in waitlist for long. In case you don't hear a decision from the University, just email or call the concerned admission officer. In my opinion, calling is always a better option that email. Some Universities are really lousy in responding to emails.If you get an admit, you are good to go. If you get multiple admits, your decision to choose a University must solely depend on the faculty and the courses that you'll take there. It should also depend on the financial aspects if it is a concern for you. Further, you should also take into consideration the weather of the place where your University is. You should not choose Universities in places of extreme cold if you are allergic to cold weather.Once you have decided your University, send them a letter of acceptance stating that you accept the offer. It is also important that you intimate other Universities that you won't be joining them. This really helps them to manage their wait list better and issue offers to waitlisted students.10) The Visa InterviewThe basic things that you'll need to carry on the day of interview are listed below (Note these may change over time and may be different for different consulate)Essential Documents:1) Passport2) DS forms (signed)3) I-20 (signed)4) GRE & TOEFL score cards5) Degree Certificate6) SEVIS fee receipt7) HDFC Visa fee receipt (Only the consulate copy)8) Appointment letterThis is normally not enough. You'll also need to have documents to prove your finances for the entire period of study. This includes your tuition, living expenses, books etc. While the consulate doesn't give any specific guidelines on what kind of documents it requires, generally original bank documents, sponsor certificates etc. is what they'll expect.11) Fly for MSIts important that you have planned about the few initial days at US. You should know where are you going to stay for the initial couple of days and how and when will you get your permanent accommodation.Many graduate students in US stay on off-campus housing. There is no 'hostel' concept in most of the US Universities (more so for graduate students). Read ahead if you are going for a off-campus housing.There are two ways people do it:Some students arrange their accommodation from India itself. Mostly, there are realty companies that handle apartments. Your seniors can let you know which realty company is good enough and can be trusted. So, normally students who have identified their group of roommates search apartments online and view the location and connectivity. You can also see the pictures of the interiors. Once they find it good enough, a deal with the realty company can be reached. Some companies require some amount of initial deposit. Some will book it for you and you can make the deposit once you arrive.Some students ask their friends or seniors to go and have a look at the house they've identified and based on the feedback they proceed with the formalities.Many students are uncomfortable in finding and fixing a deal online. One may also not have identified his/her roommates and hence this exercise is not possible before landing. Most universities have a very active graduate students associations that will help you find your temporary housings.Contact your seniors for any such facility in your University or ask your seniors directly if you can stay with them. You'll definitely find very helpful seniors who'll help you out with your initial temporary accommodation.Once your temporary accommodation is fixed, you can arrive there and start looking for a permanent apartment.There are a couple of things that you'll need to do once you are there.Search for a house:If you haven't yet finalized the house, this should be your priority number 1. House search can be tiring and frustrating at times. It always is. But fortunately, it'll last only for a maximum of 4-5 days. So, make sure you see as many houses as you can and find the best deal.Mobile Phone:Unfortunately you cannot get a 'real' postpaid connection until you have a decent credit history here and that takes time to build. I say 'real' because there are a couple of plans here which may function like post-paid but are not really post-paid.Study Well, keep stress away and have fun:You are there to study. Most probably you'll experience a very different and challenging academic experience. You'll get immensely busy and you'll need to work very hard. Make sure that you work hard and don't let stress overwhelm you. Remember that plagiarism and cheating are dealt with utmost strictness in US academic culture. Don't ever try to indulge in cheating or plagiarism. A simple incident can throw you out of University.You'll sometimes get stressed due to work load, specially during your first semester when everything is new and you are still adjusting to the new place and environment. Just persist and keep performing. This is something that everyone has to go through and it will pass. Don't let homesickness and stress to come between you and you goals.Not only you'll learn your course, but many other facets of life. You'll appreciate the helping nature of Americans and learn being more polite. You'll also start appreciating India in many ways. All in all you'll have a great learning experience that will help you evolve.

Here are 31 things you should do, in no particular order:Get your OHIP (Ontario Health Insurance Plan) sorted out. Or the health plan of which ever province you are moving to. Note that it takes at least 3 months to get it so you may consider getting private insurance while you wait.Get your driving license. Hire a private driving instructor to train you, even if you have decades of experience. Road rules are different here (sometimes weird)Research the best schools in your city and enroll your kids. Fraser Institute is trusted with their annual school rankings report.Get a Presto card for commuting while you get your license sorted out. You can use it on local transit and GO trains and buses. Tap on and off you go.Understand how price matching at groceries works and start doing it. You will experience very quickly that customer service in Canada rocks! And it’s a shame to see how some people abuse it.Get a membership at COSTCO. Big savings on bulk grocery shopping. Helpful for big and small families. Just make sure you have cleared out some space for those massive jars and containers.Open up a bank account. RBC have a great newcomers deal where they patiently explain the whole process and new banking terminology to you (“Fixed Deposits” are called “Guaranteed Investment Certificates” for example). TD bank have a great app called My Spend which automatically tracks and categorizes your spending. Handy for the thrifty.When you get a credit card USE IT. Don’t use your debit card unless you have to. When you pay off your credit card on time it improves your credit score which will be important for you later when buying/renting homes and cars.If you have kids, apply for Child tax benefits to get generous income from the government to support your kids (O Canada!)Got big savings from your home country? Plan to save to a Registered Retirement Savings Plan (RRSP). You get a great tax return when you do this. But be careful as there is a limit as to how much you can put in here. When your limit is reached out the rest in a Tax Free Savings Account (TFSA). There is a retroactive limit on this as well from the year you landed. Careful you don’t crossover the limit on both RESPs or TFSAs else you will get a letter from the CRA that you owe extra taxes on it. Talk to your bank to be sure of your limits. The interest you generate from these savings is tax free so it’s definitely worth looking into.Want to save for your kids university education? Look into opening Registered Educations Savings Plan (RESP) to also get government grants to your child’s education.Staying at an AirBNB? Find a realtor to get you the best deals on a house to rent (for now). It doesn’t cost you anything. They will get their commission from the landlord.Too busy unpacking to cook? Register with Uber Eats or Skip The Dishes app to order in. It will help you scan restaurants in your area that suit your palette.Planning a direct flight back to your home country on Air Canada? Don’t forget to sign up for the Aeroplan rewards program to rack up those miles.Choose a car and find three dealerships that sell it. Bargain for the best deal. Don’t be fooled by “No interest loans”. There is no such thing as no interest. They build the interest into the price.Once you have a car, make sure you get road side assistance. CAA is popular, although my credit card also gets me access to my banks outsourced road side assistance service.Research on the best deals for your car insurance. Insurance depends on risk factors tied to your age but also where you stay. Brampton has the highest car insurance rates. Being a new driver in Canada will also pinch your pocket. TD bank have an app called TD My Advantage that tracks your driving habits and discounts your premiums with them, based on how you score in your driving.Buy winter tires. Recommended over all season tires. It’s a hassle to change on and off twice a year, but it’s worth it. Else you will discover how dangerous driving on the snow is the hard way. Find a local tire shop instead of the dealers to get a better price. If your car supports it, I’d recommend getting tire pressure sensors as well for the winters. Once again, the small tire shops will give you a better deal on the sensors. In Brampton, I use Tipples Tire Service & Sales. Great service.If possible, wait till Black Friday (End of Nov) or Boxing Day (Dec 26) to buy things like furniture and appliances. Super big massive sales at this time.Rogers, Bell and TELUS are the big telecom companies here. There are cheaper alternatives. I suggest going for quality and use them to supply your mobile, internet and TV needs if you want reliable services. You get what you pay for. It is generally known that telco is comparatively expensive in Canada.Start learning hockey, baseball and basketball. Else you will feel clueless and left out of many Canadian conversations.Buy a good winter jacket. Be prepared to spend a little extra here. Get the boots and gloves too. I love my Canada Goose jacket and Columbia boots.Join a local Facebook group that is linked to your area. Great source to get advice from real people. For example I stay in Brampton, and my wife is part of a group called “Brampton Moms”. Use the group to get advice and referrals on anything you need. And contribute as well. Give and take.Find and register with a family doctor. Use your Facebook group to ask for good doctors around.Find a good dentist. Dental is not covered by government health care so you must take care of those pearly whites. The dentist I go to schedules and consistently reminds me about my check ups. Get dental insurance (through your company or otherwise) and fix everything wrong with you and your family’s teeth NOW before it gets worse. Else you may end up spending 1000s over your private insurance limit. I personally know people who suffered this way.Register for an online CRA account so you can receive tax notifications digitally. Online self serve tax tools like Turbo tax can automatically pull your tax details from it, making filing your taxes a breeze.Watch out for fake messages from the CRA warning you that you owe money. “Click here or call back to fix your problem else you will owe a lot of money”. Those messages are all fake targeting innocent newcomers. Ignore any and all forms of messaging (sms/email/calls) where they ask you for money, bank details or SIN number.Setup your Interac e-transfer with your online banking mobile app. This allows you to send money to people by just using their email address. It’s a very popular way of transferring money between friends and even some small businesses.Moving to a house? Be sure to setup online accounts with Hydro (for electricity), Enbridge (for gas) and Regional Water and Wastewater (Water and Sewage). Or which every company is locally providing these utilities. Bills can be paid easily from your bank using online mobile banking.Keep your original confirmation of landing document that they stamp at the border safely. Don’t think that your PR card replaces it. You will need to show it for your citizenship test and ceremony.Make sure you get a good Carbon Monoxide detector. If you live in a house, your furnace is a source of CO, and a leak is silently fatal.What about your job?!?!?That’s a massive discussion on its own.Click this link to learn how you can get more job interviews in Canada without applying for 50 jobs a day. It’s how I got three job offers just two weeks after landing in Canada, without local experience, qualifications or a social network.You won’t get this advice at settlement services ;)So feel free to share this with someone you know is stressed out about moving to Canada. They’ll love you for it.

What are the key takeaways from the SEC ICO guidance issued on April 3rd 2019?On the surface the SEC’s response to Turnkey Jet’s letter to the SEC of April 2nd 2019, drafted by J.P. Curry Esq. is highly problematic for it implies that a consent decree type agreement is necessary for the issuance of a token initial offering.This is phrased in terms of “the SEC will not recommend enforcement action…” which de-facto grants the SEC powers it does not have under current legislation. This grants the SEC implicit power to approve or better “recommend non enforcement” of undisclosed or non-existent legislative initiatives.This is very similar to the Open Internet Order protocols of 2010, that were initiated by the Federal Communications Commission without legislative authority, and eventually taken down in court subsequent to a multiyear legal challenge. That also means that unless you got Verizon grade legal funds, you have no business innovating in the token space or with blockchain.Explicitly it means nothing.The SEC’s April 3rd letter, in response to Turnkey Jet’s consent letter, as drafted by J.A. Ingram says nothing about its legal authority to intervene in the issuance of its “non enforcement” letter.It is purposefully unforceful since the authority is absent.It’s more of a “consent agree” extorted against the threat of administrative harassment. A serious enough threat, but they are not packing any ammo in the stated opinion.No Action, Interpretive and/or Exemptive Letter of April 3, 2019The SEC April 3rd 2019 “Public Statement”, “Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets” drafted by B. Hinman Director of Division of Corporate Finance, and by V. Szczepanik, Seniour Advisor for Digital Assets and Innovation, is on the other hand a little clearer as to their authority.Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”Clearly stated: “…it may fall within the definition of a security under the US federal securities laws…” Which laws they do not say, for clearly the Securities Law of 1933 did not contemplate the notion of digital goods.Whatever “framework” they offer, would come under the guise of a white paper: Framework for “Investment Contract” Analysis of Digital AssetsThis is based entirely on the Supreme’s Courts Howey Definition from 1946.Regardless of precedent claimed, they are at least being honest about the precedent set:“This framework represents Staff views and is not a rule, regulation, or statement of the Commission. The Commission has neither approved nor disapproved its content. This framework, like other Staff guidance, is not binding on the Divisions or the Commission. It does not constitute legal advice, for which you should consult with your own attorney. It does not modify or replace any existing applicable laws, regulations, or rules. Market participants are encouraged to review all the materials published on FinHub.”End of statement.Explicitly it means nothing but implicitly it gives them power to curtail innovation.Sczczepanik goes further than this. Her statement at SXSW 2019 was that “We would much rather have people come in and ask us before they do something, than do it and ask for forgiveness later…”Forgiveness for what? Either the law specifically bans an activity, or its permissible a priori. If it’s not banned, or legislatively regulated, one is not required to ask permission to conduct business of any conceivable kind. This is an administrative state regulatory capture of the first order, absent any legislative authority.What is critical here is the pseudo consent decree they agreed to as negotiated by Curry Esq. Here is the link for the offending piece: https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1-incoming.pdfThis agreement is offensive on many levels. First and foremost on the simple basis that for two and a half millennia of roman jurisprudence, and seven hundred years of English common law thereupon based, the operating principle has been that “everything is permitted unless specifically banned or regulated.”Napoleon’s Code Civil des Francais of 1803, and Bismarck’s Prussian Code of 1873 states that “Everything is forbidden unless specifically allowed by law, regulated by the competent ministry, and permits granted and paid for”.The US would have to ditch the Constitution and the Bill of Rights for such a legal monstrosity to prevail. I think I would know if that had occurred.The short of it is that a digital coin offering is a figment of my imagination, and absent legislation, I am free to do with it as I please. That also extends to the sale, purchase or trade of imaginary pet rocks. I could also theoretically make a market for pet rocks, if it also pleased me.But lets look at the specifics of the Curry “negotiated pseudo consent agreement” that prompted the “no action” letter on the part of the SEC.Token is restricted to (p1): “Token sales cannot be used for platform development”. That means that they cannot be financed via coin issuance, ie a bet on the future value of the coin offering. That restricts financing, specifically to private funds only and bank loans, not VC backed public market accessed risk capital financing. It states “funds will be secured privately”. That means funds invested in technology development and deployment are not subject to leverage or the distribution of risk among different investments.Tokens must be “immediately useful” which means that that all tokens must be in use, or withdrawn. That’s a pseudo escrow account, not a token.Tokens might have a restriction on use limited to “charter flights”. They cannot be used for commercial air travel. That is a severe and restrictive definition of market that does not exist in law. The market is defined geographically for any given service or product (regionally, nationally or globally), for the purposes of anti trust. As written, it's a restraint of trade in the market for business travel, movements of goods, and air travel generally. The SEC has no authority to determine market. Only the Justice Department subject to the Sherman Act specifically and the Anti-Trust generally can make such a determination, if they can prove it in a Court of Law. It’s an administrative grab of somebody else’s turf, that bypasses judicial review.“Repurchases can only be made at a discount”. This is highly problematic because it does not allow the purchaser to get out of the purchase of a service he no longer finds useful. It also perverts the settlement process since the vendor has to negotiate his compensation, after he got nominally paid for services rendered at a given price.This also irrationally prices token supply negatively. The very definition of a property right presupposes the ability to resell the good. If that is gone, its no longer a property right. If its no longer property, then what exactly is it? A travel license subject to SEC review?If it's a pseudo coin (though not legal tender), the money supply is not within the purview of the SEC. The monopoly on the money supply was granted to the Federal Reserve Banking Corporation in 1913. It's a private corporation. If somebody is walking on their legislatively chartered monopoly, its their business, not the SEC’s. A cease and desist letter approved by a Judge is the only requirement if its a coin alternative.If it is not a storage of value, then one should be able to control the “not a coin” token supply, i.e. the volume of tokens in circulation. Absent that, there are either too many coins or too few to transact business.Since tokens must be purchased in advance, and held in escrow 1:1 against future use, there must be a guarantee that use can be made at market rates. If you restrict the ability to buy and sell them, you are at the mercy of the restricted pool of suppliers. Suppliers leaving because they are not happy with their inability to make a market for the token, or who are unhappy with the discount to redeem cash for services rendered, further curtail one’s ability to negotiate a market rate for the services.The inability to use the tokens for anything else other than “charter flights” means the tokens are perfectly illiquid. An illiquid coin with a market purposefully and legislatively restricted to a narrow sub market of the vertical, is sub optimal to the point of no longer being a transactional tool or pseudo coin. Its a captive prepayment mechanism that precludes a services discount against volume or future schedule capture.More critically, the tokens cannot be used as forward financial instruments, because they are not financial instruments. If they are not, it bewilders the mind as to why the SEC is involved in private contractual negotiations.They can only be used “for the immediate purchase of a charter flight”. That means it's a purchase against today’s availability, not tomorrow availability. If they cannot be used to hedge the future price of fuel, availability of equipment, landing rights, or parking slots, gates or personnel, they are not financial instruments. In which case, what has the SEC got to do with my ability to reserve a charter jet for next year’s Davos trip…? (Hehehehehe…).All business is based on one’s ability to efficiently price tomorrow’s needs, both goods and services. This is a pure restraint of trade on the part of a Securities Regulator. The SEC has no business deciding the future allocation of scarce resources by whatever means they are transacted.The non transferability of tokens across other digital domains, results is a mis allocation of technology invested funds. It precludes technology re-use.Domain restrictions are of course possible under Anti Trust, but that is not the legislative authority of the SEC. Regardless, you cannot restrict the applicability of a new technology. Even patent is very clear about this. It's a process, and a process necessarily is restricted to a specific industry. Using the same concept or idea as part of another industry’s process is perfectly permissible under patent law. Overly broad patents are rejected on this very basis. It is the purpose of patent law to restrict it to market process so that it can be re-used in other markets.While the patent is purposefully kept narrow, there is nothing that says that you cannot acquire the knowhow to apply it in another domain. There are no restrictions in law that disallow further investigation and application to other industries. A process patent for a separate domain is what is required, subject of course to a new filing with the PTO.It would seem that this agreement also trumps the PTO’s exclusive on the issuance of patents, and determining their reach.The pseudo consent decree also states unequivocally that the purpose is to reduce transactional fees like wire transfers, and other banking fees. If that were true, why would the agreement require 1:1 dollar deposit into a federally insured bank? Funds are released against escrow. Are escrow services cheaper than a check or a TT Wire transfer?If the tokens can only be exchanged for escrow amounts at a discount to face value, is that not more expensive than a normal banking transaction? If funds must be withdrawn from TokenJet’s bank escrow account, does it not follow that the funds must be wired out within business hours?That makes a mockery of the transactional efficiency and cost arguments being made by TokenJet. Its pure nonsense.P.2 goes further in defining who the customer is by using a novel conception of supplier and customer, that has nothing to do with goods, services or digital transactions: “Brokers and carriers are business entities and cannot be customers…” That of course precludes my ability to buy services from five vendors, assemble my own bill of materials, and sell it on. That is what a brokerage function is. I buy the plane’s time slot, the fuel, the pilot’s time, the cabin crew, the takeoff and landing slots, the ability to file the flight plan and leverage that against my ability to find a customer for that virtual product at any present or future time. A broker in the aviation industry is in fact purchasing goods from multiple other suppliers and brokers and provided he or she has a valid State issued Reseller’s License, he can buy, trade or barter for those goods without having to pay a sales tax on it either.It seems the concept of resell is alien to the folks at the SEC.If a token cannot facilitate the assembly of services rendered, its neither a coin or a service. What remains is the pseudo consent agreement which is nothing more than a restraint of trade. If the flight is not across State lines, it's a restraint of State Rights. If it’s between States, it's a restraint of interstate commerce. The SEC has no business and no authority regulating this.Further, “When a token enters circulation TKJ may freely trade or exchange tokens between wallets”. This is not an accounting function, and there is scant little to audit, especially where triangulation is not permitted by the tax authorities, or a value added tax against services rendered is required. There is no method by which a tax authority can collect what its due if the transaction is settled in one jurisdiction for services rendered in another jurisdiction. The agreement precludes venue for revenue purposes.That of course means that bank escrow capital is not subject to taxation. Yet, its pretty obvious that the decision here is to be made by the Department of Revenue not the SEC.“Platform will eliminate chargebacks” which is fine except that consumer law allows the chargeback in the event that goods or services provided do not meet the contractual stipulation. It is not the SEC’s job to re-write consumer protection rights.“TKJet will be responsible for verifying the validity of the ledger”. Except its not an accounting ledger, so no Generally Accepted Accounting Standards exist. Is the SEC now in the business of setting digital accounting standards also? Regardless the whole point of a block-chain, private or not, is to allow the parties to the transactions to verify transparently all entries in the ledger, and by virtue of distributed verification protocols, guarantee its veracity. In a two participant blockchain, either party can verify that present transactions cannot overwrite previous transactions. If you are required to verify the validity of the ledger, does that give you the right to reverse entries or make journal entries ex post facto? It's a contradiction in terms.On page 3 of the pseudo consent agreement they take this further:”The respective token balances and related activities of each member will not be public…” Then its not a block-chain, distributed or not.Worse yet there is nothing in the block-chain that would allow users to discover the appropriate price points in the market. It does not afford pricing discovery. As such its not a public market for services or products, but a private contractual domain where the information asymmetry is owned and leveraged by the stock holders only. If its not a public market where pricing discovery and trade is allowed, its not a public market, and as such its not subject to SEC review in any form. This agreement is an SEC attempt to regulate private contracts between willing participants. The State has no authority to regulate perfectly legal contracts between business and individuals, never mind the SEC.“TKJ will allow any and all brokers to be members because of anti trust legal concerns…” A monopoly position or absence thereof, is not for the “offender” to prove or disporove. It’s for the Justice Department to make a case, and for them to prosecute said claimed violations in Court subject to defendant’s legal recourse. Again, the SEC has no business regulating monopolies or even considering market impact of business trade agreements.P.4: “TKJ is obligated to release token escrow funds to broker or carrier…” In which case it's a pre-paid business service, subject to normal contractual practice. Absent is the ability to negotiate discount against volume purchase or pre-payment. It's a pure restraint of trade and a restraint of the ability to privately contract services in whatever manner one pleases.It also implies that contract structure, is subject to banking regulation generally, and by securities regulators specifically. That implies that the financial regulator is the only party that can arbitrate digital contract terms, and their disposition in the event of a contract dispute. It takes the Sovereign Court out of the contract enforcement business, and hands it over the SEC.This also introduces another problem. Failure to fully comply with the stated digital contract terms, does not entitle the defrauded party from not paying for partial services rendered, or returning goods not to contract terms. This agreement entitles the receiving party to claim that even a partial failure to meet agreed to terms, entitles them to withdraw total payment. Its either or, and the purchasing party has full power to decline payment on the simple basis that a comma is out of place. That is worse than a traditional letter of credit that requires thirty days to clear, where the slightest clerical error guarantees extensive delays and negotiations.We are back to a 1970’s financial instrument transmitted via Telex bank to bank.On page 4 it further insists the blockchain would be “…no different than currently employed business jet card programs”. But discounts are not permitted against settlement. Does that mean that only the SEC can regulate airline miles rebate programs? Or are those illegal now too? Is the SEC making the Justice Department’s case on their behalf, that airline miles and hotel rebates are a private bribe to the detriment of the corporation paying for said services? Legitimate case to be made, but its not the SEC’s case to make.On page 5, the logic further stretches incredulity. “Only consumers will be able to purchase tokens…” That of course means that a private contractor in the airline industry will not be able to settle all the transactions necessary to organize a flight, and sell their logistical skills to the highest bidder. Perhaps the SEC is unaware that all product is a BOM. And I am certain that they probably do not even know what that means, which is why they should not interfere with normal contractually agreed business transactions.In an industry where costs and revenue are calculated on the basis of time travelled, the agreement states “The tokens will not reprensent a TKJ obligation to supply a specified number of flight hours…” Airplanes like ships do not have mile odometers, they have time odometers, as in “how many hours are on that engine…?” Again, this is what happens when securities lawyers improvise themselves as business consultants with no vertical experience or training.“In compliance with banking Know Your Customer rules” … “any transfer of funds above US$10,000 must be reported” which I assume, means that the TKJ service provider is now a banking agent with legal reporting requirements. That implies that if my trip to Davos costs more than 10k, the SEC needs to know about it, or the travel agent, sorry the block-chain owner is subject to money laundering violations of law.The agreement specifies that only a customer can purchase the token. Then it goes to specify that the actual person flying is the customer. Does that not imply that a corporation cannot purchase said tokens with no idea who will eventually fly in the jet? The agreement strictly enforces the notion that the consumer is the flyer, not the corporation purchasing the service. This of course ignores that the beneficiaries are on the flight manifest, not on the contracted service. One answers to the contract the other to the TSA. And yet the consent decree enforces “all users must submit to CFR1540.107”And with that the SEC is doing Department of Homeland Security enforcement.Yes, the SEC consent agreement specifically states that “TKJ will follow the Patriot Act… and report any purchases above $10k”. Are there travel restrictions under law? Is freedom of movement no longer law? A flight plan and passenger manifest is mandatory. What does the SEC have to do with the purchase or brokerage of corporate jet travel restricted singularly to purchase by the actual flyer only…?!Page 8 further restricts the purchase, in so far as it “cannot be made in the expectation of profit”. Fine, but if I pre-book my trip to Davos a year in advance, will I not get a substantial price reduction versus buying it the day Davos Week opens? Does that mean that the expectation of future savings is a profit center and should be regulated like buying a pork future six months out on the Chicago Board of Trade?Buying when goods are not scarce, or reserving future production when its useful to you, is what profit is entirely predicated on. Will the individual flying have to prove to the SEC that he did not intend to profit from the early reservation of the jet when clearly buying passage same day would have been more expensive…?!The agreement is completely absurd. Future contracting for services, flight hours in the appropriately contracted private jet, has absolutely nothing to do with the Howey Test devised by the Supreme Court for an entirely different matter.A financial instrument is a property right. There are no property rights being transacted here. The property rights are transferred to TKJ subject to bank escrow and are not refundable. There are no financial instruments to track because the token gives you none.Under current law a reservation of passage on an aircraft is not a legal right, never mind a property right.When you purchase the token you simply surrender all your contractual rights to travel, to the SEC. The agreement presumes all services rendered are subject to banking and security controls. And since the profit motive is banned, it follows that the only beneficiary to the transaction is the capital holder as regulated by the Securities and Exchange Commission.If I was a shareholder in the Federal Reserve Bank I would tell the SEC they need to take better aim when pissing in the night pot.And that’s my story and I am sticking to it.Thanks for the ask always a pleasure!