That is a valid question. If we use the 10,000,000 DNotes as a token sale to raise money for DNotes Global before being qualified by the SEC as registered or exempted that would be illegal under U.S. security laws. I would not be surprised that we need to file a disclosure statement with the SEC in the future if we intent to sell any of the DNotes.
Would it make any difference how you were to sell those DNotes? For example, would dumping them on an exchange at market price be any different legally than putting them up for sale directly to investors, most likely for fiat money?
I'm thinking that putting them up on an exchange would be legal, though not recommended at this time. You own the coins. You have the right to sell them.
But promoting the coin directly to investors as something that could be profitable would then qualify the coin as a security which means you'd better be properly registered and vetted first.
What if you put the coins up on an exchange *and* also promote it?