> In fact, the very fact that they went to the SEC to tell them what they were up to and check if it was legal is a bit of a red flag. You might come to this c

> In fact, the very fact that they went to the SEC to tell them what they were up to and check if it was legal is a bit of a red flag. You might come to this conclusion if you think of laws as creating a fine boundary between legal and illegal. In crypto in particular, there are a ton of open legal questions that the SEC has not given explicit guidance about and certainly have no settled legal precedent in court. The SEC has the ability to write you a get out of jail free card, actually. You write to them and ask them to give you a letter saying they OK'd the thing you're doing as a one-off and that they are not issuing a general rule that that kind of thing is ok (in case they change their minds later).