According to this announcement, Blockstack expects to be the first SEC Regulation A+ qualified token offering.
I’m not touting or endorsing the potential Blockstack offering. But viewing from the outside in, there’s a good chance they’re right.
They are backed by a bona-fide VC firm that appears to want to devote the resources to do it right. Blockstack expects to spend $1,500,000 with a good Silicon Valley law firm to get it done.
There is also this nifty analysis by Blockstack’s law firm which addresses the following points:
- Miners are not broker-dealers though they receive fees for recording transactions
- Neither Blockstack nor miners need to register as transfer agents or clearing agencies
- Neither the Blockstack network nor browser extension are required to register as an exchange or ATS
- No Blockstack entity is a money transmitter or money services business
- Blockstack is not eligible to conduct this 1-A offering without engaging the services of a registered transfer agent
- Transactions of Stacks Tokens to pay fees on the Blockstack network do not violate Regulation M
- Blockstack does not meet the definition of “investment company” under the Investment Company Act of 1940 because the Tokens will be “non-securities” in Blockstack’s hands
It looks like Blockstack initially requested confidential treatment of the above analysis but I’m guessing it was shot down because where is the competitive harm?