Moving Forward at a Different Pace
In recent weeks, the Securities and Exchange Commission of the United States (SEC) has made it clear that they plan to enforce any applicable laws against certain cryptocurrency sales that could be considered securities offerings.
Some major cryptocurrencies such as Bitcoin and Ethereum have been cleared as proper “currencies” since they do not offer dividends related to a central entity, but we are certain that our Rise Housing Token (RSE) will fall under the “securities” category.
Though we saw this coming since the beginning and always treated RSE as a security, we cannot foresee what action the SEC will take in the coming months, and what requirements will be imposed on new ICOs. We imagine they could make the process quite difficult in an effort to deter people from organizing or participating in ICOs to begin with.
In order to remain compliant and avoid putting ourselves and our investors at risk, we have made the decision to put our crowd sale plans on hold until we learn more. In the meantime, we will raise our initial funds through venture capital and other private sources. Securing these investments will allow us to kick off our crowd sale with much more fire power when the time comes. Our CEO, Monika Proffitt, has been very active attending blockchain events and investor meetings and there has been no shortage of interest in the Rise Housing project.
While the crowd sale is on hold, all of our airdrops and bounties will be canceled. The purpose of these promotions is to draw interest for the ICO, and distributing tokens before the ICO will hurt the token’s value, and consequently hurt Rise’s chances of success. It is only right to distribute the first batch of tokens to investors who made monetary contributions to the project so they can be first to kick off trading and determine the coin’s initial value before it is released to bounty hunters. New bounties and promotions will likely be announced when we are ready to resume the crowd sale.
We assure you that Rise is on its way to fulfilling the goals laid out in our roadmap, be it at an adjusted pace, and we will keep our community updated along the way as we hit our milestones. Thank you for your continued support as we work to bring the Rise Housing vision to life and empower everyone to start building equity in real estate. Please direct any questions for the Rise team to our email, firstname.lastname@example.org.