Many thanks for your amazing support. Going into the last week of our campaign, we're going to be providing frequent updates on our progress.
We announced our historic campaign, the first one to issue a token pre-sale under the SEC's Regulation Crowdfunding rules, on the same day that the SEC's Cyber Unit took their first enforcement action, freezing about $15M in assets raised in the ICO of Quebec company PlexCoin.
Peter Armstrong, the host of the popular CBC show, On the Money, invited me to comment on the significance of the SEC's action.
We believe the SEC's current regulations provide strong protections for both investors in crypto assets and the companies that issue them, as long as the issuers comply with the rules. Too many crypto companies try to get around the regulations by claiming to be "utility tokens." A week later, the SEC halted the Munchee ICO. It's becoming clear that our strategy of building out our token, network and platform to comply with the SEC is the right strategy for delivering long-term value to our investors and building a company that will stand the test of time.
The Merkle wrote up a nice piece that was picked up widely in bitcoin and cryptocurrency publications:
We were also included in an In-depth report in Pacer Monitor, which covers regulatory affairs and court cases, on the fallout from the IRS lawsuit against Coinbase. Our approach to compliant crypto, which recognizes the authority of the SEC, FINRA, FTC, IRS, CFPB and FBI, is proving to be wise:
IRS lawsuit against Coinbase leads to order requiring profit disclosures
We were also mentioned in a HuffingtonPost story about Christmas Shopping. Not sure of the relevance, but we'll take the exposure!
Our software engineering team is hard at work building out the platform in preparation for our ICO. We plan to be fully operational before we qualify under Reg A+. Our fine legal team at Mayer Brown is working on our Form 1-A, the document that must be reviewed and qualified by the SEC before we can issue up to $50M in tokens to every investor, regardless of net worth or income level. We plan to file as soon as possible after this campaign closes.
We've very appreciative of your tremendous support! Please spread the word on our campaign, and don't hesitate to post questions. Crypto assets are very new, and our approach is unique.