Legal Opinion


BlockMason is also happy to announce that our token sale will be open to all customers, including those in the United States. When the SEC recently signaled it would monitor token sales more closely, we were delighted to see that it followed the same lines of analysis that our legal counsel gave us months ago. Because we have been developing products and plans for a sale of product-use tokens rather than investment tokens, we suddenly found ourselves confirmed in our plan: and soon we’ll do a worldwide token sale, perhaps the first, of US-law-compliant product-use tokens. Rather than back away from the legal challenge of positioning our products in this new economy, we have spent the last few months carefully vetting the Credit Protocol Token sale with legal counsel.

Below, you will find a link to the full legal opinion from Stephen Galebach analyzing the SEC report on the DAO token offering, examining court precedent, and explaining how the Credit Protocol token sale passes the *Howey *Test, making it legal to sell tokens to customers in the United States. Galebach has broad lawyering experience in the tech world; he was IPO manager for the largest Internet IPO in US history (Genuity Inc., June 2000, a record broken 12 years later by Facebook), in addition to serving as an editor of the Harvard Law Review, a senior aide to the U.S. Attorney General, and a legal policy advisor in the White House. In drafting his legal opinion, Galebach also consulted with a former SEC official.

We invite you to read Galebach’s 30-page legal opinion; its in-depth analysis speaks for itself.

View the legal opinion here: