Check it out over on CoinDesk.
OPINION: Invented by white shoe New York City law firms, the two-step Simple Agreement for Future Tokens (SAFT) was supposed to keep crypto companies out of trouble. Now, the SEC is coming full bore for startups like @Kik and @Telegram.
— CoinDesk (@CoinDesk) April 28, 2020
I should add:
In this 2017 blog post I flagged a risk that the two-step SAFT token distribution structure might be found a "mere conduit for wider distribution" to US investors.
The SEC is now using this argument vs Telegram and Kik. https://t.co/NUZJJqzXP0 pic.twitter.com/Vl6nshtmG1
— Preston Byrne (@prestonjbyrne) April 28, 2020