Show HN: SEC ICO No Action Request http://bit.ly/2WvmpLW

Show HN: SEC ICO No Action Request This has previously been submitted and flew under the radar, in light on the Kik/SEC story being #1 yesterday, we are resubmitting to shed light on the SEC No Action Letter process. Unlike every other ICO we are not promising profits or future value. We think of ourselves as a safe sandbox to take on the legal risk associated with challenging the SEC current application of Law to tokens. In short we believe the legal framework exists for business to create “Blockchain Stock” (tokens) which can be sold to the public to raise funds without registering with the SEC, and we are asking the SEC to rule on our legal opinion. However, unlike Kik we are seeking permission rather than having our ICO and then seeking forgiveness (or fighting in court). One of Kik’s main arguements for not seeking to work with the SEC before raising $100M selling their token is because the SEC to date has not treated ICOs fairly, and the SEC has delayed issuing No Action Letters for ICO (only having issues 1 to date). So far Kik seems correct, we have submitted our initial No Action Request on 10/31/18 and there seems to be no end in sight. In fact the SEC keeps asking for information we have provided them with multiple times in order to avoid making a written response, they have even said they may not issue a written response to our request at all. Worse, even though our ICO smart contract isn’t even active and it’s impossible to purchase a token, because we have published our legal documents, the SEC is accusing us of making a public offering. We feel publishing our documents is about transparency in the SEc process, and should be about encouraging others to work with the SEC. We are going to avoid any legal discussion in this submission and instead just link to our published legal documents: http://bit.ly/2HWiQVO Please provide feedback or submit any questions and we will do our best to answer (but we will not be giving legal advice). June 5, 2019 at 03:21AM