SEC approved the sale of $ 28 million Blockstack token, the first “compatible ICO”. The Securities and Exchange Commission (SEC) approved the first money offer (ICO) under Reg A +. Blockstack’s $ 28 million investment tour will be the first legally approved crypto token sale.
Blockstack will be the first legally approved crypto token sale
Blockstack will start selling tokens on Thursday. The founders, Muneeb Ali and Ryan Shea, told The Wall Street Journal that it took about $ 2 million to get a green light from the SEC for a Reg A + offer. The company has so far accumulated about $ 5 million in venture capital (VCs) and about $ 47 million in 2017 in a token sale.
The Reg A + platform operates in the same way as an ICO or an IEO. It also allows companies to sell digital tokens not only to large investors with a very high capital level, but to normal individual investors. This can prove that the project is a big step forward for smaller crypto initiatives and offers them a new way of funding.
— Tuur Demeester (@TuurDemeester) July 10, 2019
SEC’s positive action could bring new investments to the Bitcoin market
Many leading observers in the crypto community claimed that the positive action of the SEC would bring more legitimacy to the Bitcoin and crypto market, and that token sales and crypto money investment would become more attractive to corporations. The increase in questionable token sales over the last few years has seriously damaged the crypto area’s reputation, and BullyEsq, a popular crypto personality on Twitter, has explained the importance of a “compliant ICO” with reference to Herman Melville’s classic novel Moby Dick.
👏 Nice! A compliant ICO is the white whale of crypto. This is huge. https://t.co/DzKNUamNEt
— ฿ully (@BullyEsq) July 10, 2019