SAFT is dead. Long live SAFTER

Over the past six months, SAFTs have become a popular way to help ICO issuers comply with securities laws. However, SAFTs are now obsolete. They should be replaced by similar securities that more cleanly separate the security from the utility token, and give issuers and…

A shareholder registry for blockchain securities

A registry is a list of shareholders with a real name and address, rather than just a blockchain address. Almost all countries require a stock issuer to keep a registry of shareholders. There are two reasons for this:

Manage disclosure and liquidity for traded securities

Blockchain offerings are designed for trading. They give the issuers and owners of private stock some liquidity, and a global secondary market. This is great for accessing capital. However, it creates problems with disclosure, and…

Taming the terror of token loss

Securities need to be handled differently from cryptocurrencies. We need to be able to replace lost securities.

Cryptocurrency transactions cannot be repudiated. This causes security problems, technical risk, and loss. The security problem comes…