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I understand who has the consequences here. My curiosity is about that conversation with the lawyer when you say "I traded a single unit of something I created

I understand who has the consequences here. My curiosity is about that conversation with the lawyer when you say "I traded a single unit of something I created for $1 and I happen to have 2,000,000 more units." where something is cryptocurrency (what else could it be?). Would most lawyers go "Yep, just another routine accredited investor check, $200 please." Or would most say "I'm being asked to affirm this person has $1m in assets and in the off chance that somehow this is checked by someone I could be penalized because I didn't do my diligence to make sure this isn't just funny money".

vmception 6y ago
the latter would only happen if dubious value propositions by poor/middle class people became too commonplace after they started complaining about losing their money and management in private securities offerings. the company will then double down on covering their ass by looking into who is making complaints. if they start predictably acting like non-accredited investors after jumping through those hoops, then there will be more scrutiny. right now not enough people that are actually poor jump through those hoops. there are a lot of people liquid with $25k-$100k or can get it, that don't make $200k/year or have $1mm in assets when not excluding their home. the wealth requirements also don't account for cost of living by area. Some of them jump through the hoops to get access to things they really should have access to. The rest don't and poorer people can't because the investment minimums so that nobody's time is wasted is too high.