According to the Wall Street Journal reported on July 11, the US Securities and Exchange Commission (SEC) has approved the decentralized Internet Protocol company Blockstack to sell $28 million worth of tokens under Reg A+ rules, starting on Thursday.
This seems to be the first token-issued project approved by the SEC, marking the SEC's way of identifying future financing for small businesses in the United States. According to Blocksetack founders Muneeb Ali and Ryan Shea, they spent $2 million to get approval for the deal.
“Mr. Ali said that the reason why it took so long and money was because the company and the SEC had to start an agreement for the digital token distribution under RegA+ from scratch.”
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It is reported that Blockstack has raised $5 million from venture capital firms such as USV, ycombinator, DCG, and raised $47 million in a token sale in 2017.
(Photo from Blockstack's official website)
As of now, there are more than 160 applications on the Blockstack decentralized computing network.
According to the Reg A+ structure, companies can raise up to $50 million from retail investors, and their financing targets are no longer limited to qualified investors. So far, the use of Reg A+ has been limited, even considering the reduction in documentation required by the SEC.
Blockstack officially said that participating in the STX token issuance, participants need to register at StackStoken.com (actually participate in the investment through the coinlist), and the exact time of the token issuance is set to 11:00 on July 11th, Eastern Daylight Time.