Even for those that filed the : UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM D Notice of Exempt Offering of Securities?
Every crypto company that raised funds through a public token sale is currently at risk of being forced to pay back every single dollar to their initial investors. The level of risk may differ for each company, but it's non-zero for all of them & it still hangs over their heads.
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Yes. Filing a Form D merely tells the SEC that the issuer thinks it qualifies for an exemption, but doesn't mean they're right. Consider, for example, CoinAlpha Advisors LLC, which filed a Form D but was still hit with a fine by the SEC.https://www.coindesk.com/sec-fines-crypto-fund-50k-and-issues-cease-and-desist …
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What if the tokens they sold were gifted to them?
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That's a potentially relevant fact that could reduce the risk of a rescission order, but depending on the circumstances, the risk is still non-zero. In other words, "gifting" alone will not immunize a company from liability under the federal securities laws in every instance.
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A lot of ICOs didn’t accept US investors though.
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Those ICOs face less, but not necessarily zero, risk of rescission.https://twitter.com/jchervinsky/status/1073723376789831680 …
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You mean in USA, right?
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The less contact with the USA, the lower the risk, but I stand by "non-zero for all of them."
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What about the dozens of companies that utilized relevant exemptions?
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If an exemption applies, then the securities law remedy of rescission does not. However, there's a non-zero risk that any given issuer attempting to utilize a particular exemption failed to properly do so. Hence, the non-zero risk of rescission.
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