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      "permlink": "steemitboard-notify-ironsferri-20191111t071059000z",
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      "body": "Congratulations @ironsferri! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@ironsferri/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@ironsferri) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=ironsferri)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-meet-the-stemians-contest-the-mysterious-rule-revealed\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmasWw4jQHwxng82DKxY6Q6tVg9mWcto4xcDURs8knFgCa/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-meet-the-stemians-contest-the-mysterious-rule-revealed\">SteemFest Meet The Stemians Contest - The mysterious rule revealed</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Congratulations @ironsferri! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@ironsferri/birthday1.png)](http://steemitboard.com/@ironsferri)  1 Year on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest3-and-steemitboard-meet-the-steemians-contest\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmeLukvNFRsa7RURqsFpiLGEZZD49MiU52JtWmjS5S2wtW/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest3-and-steemitboard-meet-the-steemians-contest\">SteemFest3 and SteemitBoard - Meet the Steemians Contest</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "body": "Although market volatility can have a significant impact on the success or failure of an ICO, it turns out that most of the factors which impact the success rate of blockchain projects are entirely within the control of the project’s founders. I have included these controllable factors in what I call the ICO Success Framework (“ISF”), a summary of which is presented below.\n\n![ISF.png](https://cdn.steemitimages.com/DQmVPMYgBVLxQRhq5s3huTStr9p5mkdAZQZBXBbQ3h2B2Eg/ISF.png)\n\nOverview\n\nAs you can see in the infographic above, the ISF is composed of a foundation of three pillars upon which are laid three additional building blocks. In order for an ICO project to be successful, it is critically important that all six of these components are clearly established and constantly assessed for improvement. More detail on each of them follows.\n\nThe Foundation (3 Pillars)\n\nBefore investing in the building materials of your project, ensure that you have a solid foundation upon which to build, composed of the following 3 “pillars”:\n\n1. Community Focus – Just as your individual success has depended upon the support of your personal community (e.g. family, friends and extended network), so too the success of your ICO project will depend on the support of the community you build around it. It is important to do everything with the community in mind. An ICO project without a strong community behind it is simply a crowdsale without the crowd (i.e., you probably won’t reach your target raise).\n\n2. Transparency – Blockchain technology is by its very nature decentralized and transparent. Your ICO project (and how it is run) should follow the same principles. Allow your community to see the good and the bad as your project moves forward. They understand that no project is perfect and will appreciate your candor, especially when things get tough. However, if you betray them by not being completely transparent, you will lose them. And if you lose them, you will fail.\n\n3. Relevancy – Dozens of new ICO projects are being developed daily, so being (and staying) relevant is essential in order to stand out from the competition. Long-term sustainability starts by making the right decision today and then constantly challenging what you’re doing: Why are you using blockchain? Why are you raising money? Why are you launching an ICO? You should be able to answer all of these questions without hesitation. If you can’t, go back and figure out why. Without relevance, your project is simply a commodity that can be easily replaceable.\n\nThe 3 Building Blocks\n\nOnce you have a solid foundation in place as outlined above, it’s time to start building, applying these 3 “building blocks”:\n\n1. Start with the business – You’re an entrepreneur. Entrepreneurs build companies, not ICOs. In the 1990s and early 2000s, entrepreneurs said they were “launching start-ups.” In 2018, entrepreneurs say they are “doing an ICO,” but this is a misnomer because an ICO is a fund-raising vehicle, NOT a company. Don’t focus on the token sale. Spend your time on getting the business mechanics right.\n\n2. Enable with tokens – Token mechanics/economics are often overlooked in the rush to launch an ICO, but not spending adequate time challenging the tokenomics can cripple a project. You should understand and be able to clearly articulate the purpose of the token, who is going to use the token, how they are going to use the token, how many tokens will be released, etc.\n\n3. Abide and Govern – Compliance is another area that is too often overlooked, but can completely undermine an otherwise successful project. I have covered this topic in another article available here, but the three questions you need to ask yourself are:\n\na. Is my token an investment vehicle?\n\nb. Does my token have utility? Or even better, does it have exclusive utility?\n\nc. Is my TGE/ICO being used to access something concrete?\n\nConclusion\n\nAs has been clearly demonstrated in the past several months, the cryptocurrency market is nothing if not volatile. By following the ICO Success Framework presented above, you can help to ensure that your ICO project will still be successful even when the markets are not.\n\n---\n\nAbout:\n\nChristian is a believer in the power of decentralization, and the remarkable impact it can have on our lives.\n\nHe’s in an investor, writer, public speaker, advisor and connector in distributed system based ventures and ICOs.\n\nFormer Lead at PwC Tech Advisory, Christian was fortunate enough to have lived the transition, bringing two decades of traditional business experience coupled with the new decentralized frontier.\n\nHe’s often quoted in publications such as Forbes and Entrepreneur as “Blockchain Humanitarian” and “Blockchain Expert”.\n\nFind him on his blog or LinkedIn.\n\nIf you found this article valuable, consider donating (ETH) 0xe3A258a6968ba2cd6bfaaEfB2A92528DdFf59584\n\n---\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "body": "On March 8, 2018, Wyoming Governor Matt Mead signed into law House Bill 70, entitled the “Open Blockchain Token Exemption Act.” Wyoming has been at the forefront of business and corporate regulation for many years, having invented the limited liability company, or LLC, in 1977, and its recent foray into the cryptocurrency space is no exception. In this article, I will provide a brief overview of the new Wyoming law as well as what impact I think it will have on both Wyoming and those U.S. companies that are currently developing (or thinking about developing) blockchain-based projects.\n\nThe Law in a Nutshell\n\nAt its core, House Bill 70 creates an exemption for what it refers to as “open blockchain tokens” from Wyoming State securities laws as follows:\n\nA developer or seller of an open blockchain token shall not be deemed the issuer of a security and shall not be subject to the provisions of [the Wyoming Uniform Securities Act] if all of the following are met:\n\n(i)             The token has not been marketed by the developer or seller as an investment;\n\n(ii)           The token is exchangeable for goods or services; and\n\n(iii)          The developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.\n\nHouse Bill 70 is the first state-level law in the United States that explicitly recognizes the concept of “utility tokens” (which are described in my previous article here) and provides an exemption for them. This does not mean, however, that simply declaring one’s token as a “utility token,” or an “open blockchain token” for that matter, will automatically avail a project of taking advantage of this exemption for their issued tokens. However, what it does provide is much greater clarity, at least at a state level, as to what can and cannot be done if a project wants its token to qualify for the exemption.\n\nAlso important to note is that although this law is welcome news for blockchain project developers and founders, it has no impact whatsoever on U.S. federal law and regulations (which preempt state law), so all the uncertainty that still exists in the space regarding the U.S. Securities & Exchange Commission and how it will deal with the utility vs. security token issue still remains. You can find more information about federal securities law impact on blockchain tokens in my article here.\n\nMy Thoughts on the Bill\n\nRegardless, I consider the passage of Wyoming House Bill 70 a very positive move, for the following reasons:\n\n1.    For the State of Wyoming, it means an enormous inflow of companies doing cutting-edge development in the blockchain space;\n\n2.    Clearly defining security tokens as ones which are “promoted as investment” sends a signal to anyone caught up in the cryptocurrency “pump and dump” industry that such behavior is inappropriate; and\n\n3.    This move by Wyoming, where residents are still required to pay federal taxes on crypto transactions, will encourage similar attempts in other jurisdictions, such as the efforts of Brock Pierce, founder of EOS and board member of the Bitcoin Foundation, who is pushing a similar bill in Puerto Rico, which has the additional benefit of being exempt from federal taxes.\n\nIn conclusion, although the Wyoming bill is not a panacea for all the concerns present in the cryptocurrency space, it is an enormous step in the right direction, and will certainly benefit the people and businesses setting up shop in Wyoming moving forward.\n\n---\n\nAbout:\n\nChristian is a believer in the power of decentralization, and the remarkable impact it can have on our lives.\n\nHe’s in an investor, writer, public speaker, advisor and connector in distributed system based ventures and ICOs.\n\nFormer Lead at PwC Tech Advisory, Christian was fortunate enough to have lived the transition, bringing two decades of traditional business experience coupled with the new decentralized frontier.\n\nHe’s often quoted in publications such as Forbes and Entrepreneur as “Blockchain Humanitarian” and “Blockchain Expert”.\n\nFind him on his blog or LinkedIn. \n\nIf you found this article valuable, consider donating (ETH) 0xe3A258a6968ba2cd6bfaaEfB2A92528DdFf59584\n\n---\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "title": "Fear of your ICO token lacking “real” utility? Check out SEC’s Reg A+ and D",
      "body": "![download (4).jpeg](https://steemitimages.com/DQmYfeTjptkg6ji1nNRjbvUT4hvh7nCYkcCYdJrg8LMMoZa/download%20(4).jpeg)\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 \nIt allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\n\nTier 2 \nIt allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nChristian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier.\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "author": "ironsferri",
      "permlink": "fear-of-your-ico-token-lacking-real-utility-check-out-sec-s-reg-a-and-d",
      "title": "Fear of your ICO token lacking “real” utility? Check out SEC’s Reg A+ and D",
      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "title": "Fear of your ICO token lacking “real” utility? Check out SEC’s Reg A+ and D",
      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "permlink": "fear-of-your-ico-token-lacking-real-utility-check-out-sec-s-reg-a-and-d",
      "title": "Fear of your ICO token lacking “real” utility? Check out SEC’s Reg A+ and D",
      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "title": "Fear of your ICO token lacking “real” utility? Check out SEC’s Reg A+ and D",
      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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      "body": "Christian is a big believer in the power of decentralization, and the remarkable impact it can have on our lives. He’s a consultant, advisor, investor, connector, writer and speaker in Blockchain, ICOs and Cryptocurrencies . Fortunate enough to have lived across the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. You can book Christian for speaking gigs or request a consult here. Check out his blog and LinkedIn.\n\n--\n\nToken Generation Events (“TGEs”)—commonly referred to as an Initial Coin Offerings (“ICOs”)—are often perceived as a means to avoid the regulatory requirements imposed upon more traditional forms of raising capital imposed by the Security and Exchange Commission. As a result, many people are skeptical of TGEs/ICOs, shying away from everything they entail. However, TGEs/ICOs can be an incredible vehicle to finance projects that would likely never be financed through more traditional routes (e.g., venture capital funding) and if done properly, they can be fully compliant with the SEC’s regulatory requirements.\n\nIn the case of a TGE/ICO that is either based in the U.S. or that plans to offer tokens to U.S. citizens, the goal is typically to structure the project to be funded in a way that avoids the token(s) being classified as a “security” by the SEC (using a formula that is referred to as the “Howey Test”). For a very brief overview of what the Howey Test entails see here, and read my previous article on the subject.\n\nDepending on the nature of the project, it is not always possible to avoid having your token(s) classified as a security by the SEC. However, even if that happens, all is not lost. There are other options that you can consider in order to issue the token(s) and launch your desired project without having to fulfill all of the registration requirements imposed upon non-exempt securities by the SEC.\n\nThe first general exemption available is known as “Regulation D.” Under section 506b of Reg D, there is no maximum limit to the amount of money you can raise but you cannot publicly solicit investors (i.e., they must be known to you or referred to you by people you know), and all but 35 of your investors must be “accredited” investors, meaning that the investors in question have a net worth of over $1 million (not including the value of their homes) or an annual income of at least $200,000. Under section 506c of Reg D, there is also no maximum limit to the amount of money you can raise but unlike under section 506b you can publicly solicit investors. However, the tradeoff is that all the investors must be accredited (net worth over $1 million not including the value of their homes or annual income greater than 200,000), and it is up to you to verify that all of the investors meet the accreditation requirement.\n\nThe second general exemption is known as “Regulation A+.” Reg. A+ is broken into two tiers, as follows:\n\nTier 1 allows a maximum raise of $20 million, you can publicly solicit prospective investors and unaccredited investors are allowed, but they can only invest up to 10% of their annual income or net worth. However, unlike capital raises under Reg D, you must register with the SEC and wait for its review process to complete before you can actually start raising capital.\nTier 2 allows a maximum raise of $50 million, and just as with Tier 1 you can publicly solicit investors and unaccredited investors are allowed (with the same limits imposed under Tier 1), but in addition to the registration and review requirements under Tier 1 you are also required to undergo an annual audit and observe additional financial reporting requirements.\nAs previously stated, many who consider raising capital via TGEs/ICOs do so in order to avoid having to deal with the SEC requirements entirely. But in the event that it is not possible to accomplish that objective, consider looking into Reg D and Reg A+.\n\n--\n\nAll content created in this article does not represent advice nor is considered an official representation of the law or of the governing authorities. Use it at your own discretion.",
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