DistributedLawyer💼

Trying to make legal sense of the world of blochain, crypto and distributed-ledger technology.
Retweets are not endorsements and None of this is legal advice

[DistributedLawyer💼 @DistributedLwyr]

Oh this is gonna be fun reading - An ICO S-1
#NotHowThisWorks

[DistributedLawyer💼 @DistributedLwyr]

"We're a blind-pool real estate investment vehicle but we're going to file our registration on Form S-1"
"What's a Form S-11".... "Guide 5 to where?"
#NotHowThisWorks #ICO #ICOS1 #Lawyers #WhatLawyers

[DistributedLawyer💼 @DistributedLwyr]

"We're a C.R.E.I.V which - well we made up and has no practical regulatory or tax meaning but it sounds cool, right? Like "Creep" with a "V"

[DistributedLawyer💼 @DistributedLwyr]

"We're going to take our #ICO proceeds and invest in stuff and distribute the profits"
No. of sections devoted to an analysis under the Investment Company Act of 1940: 0
No. of times the words "investment company" even appear: 0
#NotHowThisWorks #ICOS1 #Lawyers #WhatLawyers

[felix salmon @felixsalmon]

Everything is fine https://t.co/VB6uoq0Csu

[DistributedLawyer💼 @DistributedLwyr]

"Hey Accredited Investors, #ICO's are totally normal and well-accepted but watch out for Malware! It has nothing to do with us, we swear!"
#NotHowThisWorks #ICO #ICOS1 #Lawyers #WhatLawyers

[DistributedLawyer💼 @DistributedLwyr]

"We're going to keep talking about Accredited Investors even though this is supposedly a registered offering because we're just as confused as you"
#NotHowThisWorks #ICO #ICOS1 #Lawyers #WhatLawyers

[DistributedLawyer💼 @DistributedLwyr]

An #ICO is when "a newly created token/crypto currency offers to sell a portion of its crypto currency token to early adopters and blockchain to well-informed accredited investor individuals in exchange for funding"
#NotHowThisWorks #ICOS1 #LawyersAreWorthIt

[DistributedLawyer💼 @DistributedLwyr]

Wait, what am I doing? Is this illegal?
I take it all back...[delete][delete]
#NotHowThisWorks #ICO #ICOS1 #SorryNotSorry

[DistributedLawyer💼 @DistributedLwyr]

"Also... we're not representing that anything we say in this prospectus is accurate or truthful"
#NotHowThisWorks #ICO #ICOS1 #RegisteredICO #Truth #truthy

[DistributedLawyer💼 @DistributedLwyr]

"We're not responsible if you rely on anything in this prospectus"
#NotHowThisWorks #ICO #ICOS1

[DistributedLawyer💼 @DistributedLwyr]

When you're doing your ICO, don't pick up the phone from a 202 number
https://t.co/gL7oJ0UjKG