In hindsight that seems to be the case, but in 2017 at the time of the ICO, the laws and how the SEC would interpret them was much more uncertain. They clearly

In hindsight that seems to be the case, but in 2017 at the time of the ICO, the laws and how the SEC would interpret them was much more uncertain. They clearly decided to take a huge risk and it backfired. I’m not saying that it’s a risk I would have ever taken myself though.