Altcoin News: SEC Gives Blockstack Permission to Sell Tokens to Retail Investors
The developer of the Blockstack decentralized computer network and application ecosystem on Wednesday received permission from the US Securities and Exchange Commission (SEC) to distribute its tokens in accordance with rule A +, writes The Wall Street Journal, citing the statement of the project lawyer.
According to the publication on the SEC website, the Blockstack can raise up to $28 million by offering its tokens to both accredited and non-accredited investors. In addition, in accordance with the S Blockstack rule, an additional $10 million may be raised from investors outside the US.
Initially, the Blockstack applied for a token sale in accordance with rule A in April of this year. It is assumed that the Blockstack campaign will be one of the first of its kind.
The founders of the project, Muneb Ali and Ryan Shi, stated that the associated costs in the process of obtaining this permission amounted to about $2 million.
“Mr. Ali said that it took so much time and money because the company and the SEC had to create a protocol from scratch to offer digital tokens in accordance with rule A +,” writes WSJ.
Earlier, Blockstack raised $5 million in venture capital and another $47 million in the sale of tokens in 2017. During the current campaign, investors are invited to purchase utility-tokens of the project.
Author: Marko Vidrih