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SEC contacting ICO issuer regarding need for registration.[1]

Form D, for small (under $5 million) issuers with a limited number of stockholders.[2] Free to file. Useful for legit small businesses, but not so much for crypto, because crypto issuers want a big "market cap" and lots of HODLrs.

Form S-1, for large issuers.[3] This is the classic paper form as a PDF, but today you file this as an XML document. Software to format the XML file is available from several companies. Anyone can download those files and analyze them, plus, at last, the SEC web site has a decent web search interface that displays the financial info. Filing fee is $110.20 per $1,000,000 raised.

Misstatements on a form S-1 are felonies. One of the main reasons crypto bros hate this process.

[1] https://www.sec.gov/news/press-release/2017-227

[2] https://www.sec.gov/education/smallbusiness/exemptofferings/...

[3] https://www.sec.gov/files/forms-1.pdf




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