[ppml] Securities Act 15 U.S.C. 77b(a)(1)

[michael.dillon at bt.com]

>    It's possible that you didn't see my response below:  We have had
>    ARIN Counsel look into this possibility per your request, 
> and it does
>    not appear to be an issue.   If a specific policy proposal 
> comes before
>    the Board, we will seek an in-depth legal review at that time.

What is it that isn't an issue?

We have had at least one suggestion here that once transfers are
allowed, ARIN should provide a listing service which quotes all
transactions that take place in order to provide market transparency.

I can believe that the policy proposal which simply allows transfers
doesn't slide into the SEC regulatory area. But real-time listing
services just like the NYSE and CBOT? Somewhere there is a line
which we should know about so that we don't waste our time
pushing the policy in a direction that attracts government regulation.
The possibility of FCC regulation has been well and truly put
behind us by work that ICANN and the DOC did, but the SEC is a different
ballgame.

Since we don't have a really clear case-law ruling that IP addresses are
not property, even that could change if and when people start buying
and selling address blocks.

--Michael Dillon