If you follow the crypto space and read the headlines about the recent decision in SEC vs. Ripple Labs, Inc., you will be grossly disappointed by the delta between hype and reality. Crypto-promoters will tell you that Ripple “won,” that tokens are not securities, and that crypto can now go on to create the New Eden that will bring freedom and prosperity to everyone. Everyone except for the teeth-gnashing demons who work at the Securities and Exchange Commission, a.k.a. the Anti-Christ.

Form D is a notice filing to be made with the Securities and Exchange Commission (“SEC”) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). Through required registration and detailed disclosure documents, the Securities Act aims to achieve two main objectives: (1) to require that investors receive financial and other important information about securities being offered for public sale, and (2) to prohibit misrepresentation and fraud in the sale of securities, both of which protect investors and the investment community. The Securities Act also, provides for exemptions from the lengthy registration requirements in the form of Rules 504, 506(b), and 506(c). The exemptions help alleviate the administrative burden of Securities filings and streamline the process for private companies to raise capital.

Just about every business client that we counsel maintains an active website. These help drive user engagement, deliver news and updates on interesting products, and drive significant new business. Depending on how the website is curated, however, that extra business may end up being for us greedy lawyers and not for our well-intentioned client.