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The SEC expects the disclosure of various types of information which are impossible to create/state in the case of a decentralized security/commodity/currency like crypto.



I think that is mostly about offering a new security, not acting as a broker.


Sure, but presumably registered brokers can only deal in registered securities?


No one is allowed to deal in unregistered securities.


> No one is allowed to deal in unregistered securities

All of VC happens with unregistered securities.


You got me :)

Accredited investors make an exception.


Well true!




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