The Praetorian Group, referred to as a “Cryptocurrency Real Estate Investment Vehicle,” (CREIV) has filed with the US Securities and Exchange Commission (SEC) on March 6 to register their $75 mln Initial Coin Offering (ICO) as a security offering.
If the SEC accepts their registration, the Praeotorian Group will hold the first ever SEC-registered ICO.
The filing states that while there will be 200 mln of the Group’s PAX tokens on the Ethereum Blockchain, but the company is registering only the 15 mln offered in the ICO. These real estate-backed tokens will be offered for $5 per token, payable in Ethereum(ETH), Bitcoin (BTC) Litecoin (LTC), to what the company confusingly refers to as “accredited investors”.
Under US law, an accredited investor is one with a certain financial status — securities offered only to accredited investors in the US can qualify for SEC Rule 506(c) exemption, as messenger app Telegram and photo giant Kodak did for their token offerings, making them exempt from registration with the SEC…