Let’s assume for the sake of argument that some blockchain token, either pre-launch or post-launch, is held to be or represent a security. What next? I am often asked this question by clients and others. Frustratingly, the answer is that no one really knows.
both equity & debt securities can be qualified under Reg A+, but there are stricter requirements on the permissible secondary trading of equity securities (again, because of 12(g) for equity securities)....Reg A+ has a limited safe harbor from 12(g) for a certain # of years, subject to certain conditions like using a registered transfer agent (a condition that wouldn't work well with most real crypto tokens)
Maybe read it the wrong way, but why Reg A+ allows more freely debt trading? It is for both equity&debt securities
both equity & debt securities can be qualified under Reg A+, but there are stricter requirements on the permissible secondary trading of equity securities (again, because of 12(g) for equity securities)....Reg A+ has a limited safe harbor from 12(g) for a certain # of years, subject to certain conditions like using a registered transfer agent (a condition that wouldn't work well with most real crypto tokens)