Lucinda Shen 2018年5月10日
As U.S. regulators crack down on initial coin offerings and debate how to regulate the burgeoning cryptocurrency space, Eastman Kodak is choosing to not choose. At least, not yet.
On Thursday, Wenn Digital, the company building the blockchain-based image rights platform KodakOne, announced that its much-delayed offering would start May 21. The company is targeting a total raise of $50 million, including about $10 million already raised from two prior pre-sale rounds.
That comes after Wenn licensed the Eastman Kodak brand, and announced plans to launch cryptocurrency KodakCoin in January. Initially set to ICO that month, the offering hit a roadblock when it found the need to verify accredited investors.
The method KodakOne and its partner in the fundraising efforts have chosen, however, will give the platform time to figure out whether the offering should be regulated under more rigorous securities laws. The method has been dubbed Simple Agreement for Future Tokens (SAFT), a method that gives buyers the right to a certain number of tokens at a future date.
“The Securities and Exchange Commission says every token is considered a security,” said KodakOne CEO Jan Denecke. “If you go out with a SAFT, you can still adjust to future views on how tokens are going to be considered by jurisdictions and authorities.”
The emergence of SAFT comes at a time when regulatory bodies are growing increasingly wary of ICOs. The SEC has reportedly sent down subpoenas to firms in a bid to suss out those who might be violating securities law. It’s certainly kept potential ICO-ers on their toes. Perhaps in response to this more aggressive atmosphere, ICOs stalled out in the first quarter of the year.
SAFT, was created as a way to potentially comply with securities laws that ICOs might have more trouble with. The idea, as set down by law firm Cooley, argues that tokens that are delivered only when they are “genuinely useful” with a functioning network in place, are utility tokens. The argument goes that such tokens do not give investors a stake in companies. In contrast, many ICOs have delivered tokens to their investors with just a plan of action—which should be considered security tokens.
Earlier this year, Blockchain storage network Filecoin raised some $200 million using SAFT in August and September. At the same time, two of its backers, Andreessen Horowitz and Union Square Ventures, have reportedly met with regulators in a bid to exempt ICOs that offer such utility tokens from securities law.
Still, the Wall Street Journal has reported that the SEC is, nevertheless, skeptical of SAFTs.
KodakOne says, though, it has no preference over whether it is deemed a security or a utility token (the former being partial ownership of an asset, while the latter providing buyers with access to certain services). KodakOne sees SAFT as an opportunity to determine exactly what category they might fall into.
“SAFT is not necessarily locked into exactly what the token has to be,” said KodakOne co-founder Cameron Chell. “We can figure it out over the course of the next six to nine months.”
That period is in which KodakOne is expected to go live with its own photo licensing platform.
According to Chell, KodakOne is hoping to raise a total of $50 million in its pre-sales, though it could raise more should it be deemed a security.
KodakOne says it has been in constant contact with regulators, including the SEC, during the process.
Update: This story has been updated to reflect the relationship between Eastman Kodak and Wenn Digital.
随着美国监管机构严厉打击最初的投币产品，并讨论如何规范新兴的加密空间，伊士曼柯达选择不选择。至少，还没有。星期四，Wangn Digital，建立基于B连锁的图像版权平台KODAKON，宣布其延迟发行将从5月21日开始。该公司的目标是总共筹集5000万美元，其中已经从之前的两次预售中筹集了大约1000万美元。此前，温恩授权了伊士曼柯达品牌，并宣布计划在一月推出Curkururrices KoDaB币。这个月最初设定为ICO，当发现需要核实认可投资者时，该股遭遇了障碍。然而，KokkOne及其合作伙伴在募款努力中所选择的方法将给平台时间来确定是否应该在更严格的证券法下监管该项发行。该方法被称为未来令牌（SAFT）的简单协议，该方法使购买者能够在将来的某个日期获得一定数量的令牌。WPA60304QTESEC证券交易委员会说，每一个令牌被认为是一种安全，WPAP60300 6QTE说，KODAKON首席执行官Jun-Dececk.WPA60604QTETF如果您与SAFT一起出去，您仍然可以调整未来如何看待令牌将被管辖和授权。WAPP60300 6QTE出现的SAFT是在监管机构越来越警惕ICOS的时候。据报道，美国证券交易委员会（Securities Securities）已向公司发送传票，以驱逐那些可能违反证券法的人。ITWPA60607QTES肯定保持潜在的ICO在他们的脚趾。也许是为了应对这种更激进的氛围，ICOs在今年的第一季度停滞不前。SAFT是一种潜在的符合证券法的方法，ICOs可能会遇到更多的麻烦。这个想法，正如法律公司库勒所提出的那样，认为只有当WPA60604QQUE真正使用WAPP60300 6QTE时，令牌才被交付使用，这是一个实用的令牌。理由是，这样的令牌不会给投资者带来公司的股份。相比之下，许多ICOS向投资者传递令牌只是一个行动计划，应该被认为是安全令牌。今年早些时候，BoScand存储网络FieloCin在8和九月用SAFT筹集了约2亿美元。与此同时，据报道，它的两个支持者，Andreessen Horowitz和联合广场创投，都在与监管机构会面，试图免除那些从证券法中提供这种实用令牌的ICOS。不过，《华尔街日报》报道称，SEC仍对安全措施持怀疑态度。KodakOne说，尽管它没有被认为是一个安全或实用令牌（前者是资产的部分所有权，而后者为买方提供对某些服务的访问）。KokaOne认为SAFT是一个机会来确定他们可能会进入哪个类别。WPA60304QTESTAFT不一定锁定到确切的令牌必须是什么，WPAP60300 6QTE说，KODAKON联合创始人Cameron Chell。WPA60604QTEWE可以在接下来的六到九个月的过程中找到它。WPAP60300 6QTE，在这个时期，KODAKONE预计将与它自己的照片许可P一起生活。窗台。根据切尔的说法，KodakOne希望在售前中筹集到5000万美元，但如果它被认为是安全的话，它可以筹集更多的资金。KodakOne说，在这一过程中，它一直与监管机构（包括SEC）保持联系。更新：这个故事已经更新，以反映伊士曼柯达和文恩数码之间的关系。
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