SEC investigates the DAO token sale case
Following the publication of the SEC Report of Investigation of theDAO (decentralized autonomous organization) (Release #81207 July 25, 2017), SONM Team needs to address this issue accordingly on whether it would affect SONM’s future development and the listing of its tokens on relevant crypto exchanges.
Since the SONM Team has no capacity to construe SEC regulations nor to anticipate their extended oversight in the blockchain market, the following statements are merely an opinion.
As the SEC Report mainly addresses the issues of application of the U.S. federal securities laws to the offer and sale of DAO tokens, it is worth mentioning that during SONM’s token sale:
a. no DAO entity and/or any other similar blockchain-enabled entity had been employed by SONM for capital raising;
b. no DAO tokens had been publicly offered to investors during the ICO campaign;
c. the SONM tokens, distributed at the ICO, are not DAO tokens in nature.
Therefore, we do not see any threat to the development of the SONM projects. In addition, having long-term plans for participation in the market of blockchain technologies, we highly appreciate the SEC official clarifications, which make the “rules of the game” more explicit and predictable.