However, the SEC may have ability to regulate an offering to US citizens. We did not claim to be using the IPVO term as a method to skirt the SEC, that was an assumption of a commenter. As I clarified, it is a new term meant to differentiate from a term that simply means something else.

Regarding how the SEC would view this, the simple answer is that it is complicated, and very much the responsibility of our lawyers and their strategy for legitimizing what we are doing within the current framework and guidance of the law. I know that certain registrations are being filed, and certain exemptions being considered for various aspects of what we are. What we are is the first entity attempting to be the first bitcoin investment bank, and that is no simple task to enact.