The developer of Blockstack's decentralized computing network and application ecosystem received permission from the U.S. Securities and Exchange Commission (SEC) on Wednesday to distribute their tokens in accordance with rule A+. The Wall Street Journal writes about it with reference to the statement of the project's lawyer.
According to the publication on the SEC website, Blockstack can attract up to $28 million by offering its tokens to both accredited and non-accredited investors. In addition, in accordance with the rule of S Blockstack may attract additional $10 million from investors outside the U.S.
Initially, Blockstack applied for a tokensail in accordance with rule A in April this year. The Blockstack campaign is expected to be one of the first of its kind.
The founders of the project, Muneb Ali and Ryan Shi said that the associated costs in the process of obtaining this permit amounted to about $2 million, "Mr. Ali said it took so much time and money, because the company and the SEC had to create a protocol from scratch to offer digital tokens in accordance with the A+ rule," WSJ writes.
Previously, Blockstack raised $5 million in venture capital and another $47 million in token sales in 2017. During the current campaign investors are offered to buy utility-tokens of the project.