Corporation, Capital Market and Finance

Can business owner raise funds for business purposes from public? Issuers, Innovators and/or entrepreneurs raises fund to use, operate, manage, innovate, various businesses including startup businesses. Raising such funds for business is called security. What is Security? (1)&nbsp;&nbsp;The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. 15 U.S.C.A. § 77b (a) (1). Does it legal to offer to sell, offer to buy or purchase or sell of security without registration by the Issuer? The Florida company, Howey Company, sold land and Howey-in-the-Hills service inc. is serviced company involved in providing cultivating and developing many of these groves including harvesting and marketing of the citrus trees. It was offered to both land sales contract and a service contract. Upon paid full price land is conveyed to purchaser by warranty deed. The service contract has 10 years during without option of cancellation, gives Howey-in-the-Hills Service Inc. a leasehold interest and complete possession of the acreage. &nbsp;In Howey Supreme court held that: An investment contract for purposes of the Securities Act means (a) a contract, transaction or scheme (b) whereby a person invests his money (c) in a common enterprise and (d) is led to expect profits solely from the efforts of the promoter or a third party, it being immaterial whether the shares in the enterprise are evidenced by formal certificates or by nominal interest in the physical assets employed in the enterprise. S.E.C. v. W.J. Howey Co., 328 U.S. 293, 299, 66 S. Ct. 1100, 1103, 90 L. Ed. 1244 (1946) Under Section 5 of the Securities Act, it is “unlawful for any person, directly or indirectly, ... to offer to sell, offer to buy or purchase [,] or sell” a “security” unless a registration statement is in effect or has been filed with the SEC as to the offer and sale of such security to the public. 15 U.S.C. §§ 77e(a), (c), (e). To prove a violation of Section 5, the SEC must show: (1) that no registration statement was filed or in effect as to the transaction, and (2) that the defendant directly or indirectly offered to sell or sold the securities (3) through interstate commerce. Citing See SEC v. Cavanagh, 445 F.3d 105, 111 n.13 (2d Cir. 2006). Sec. &amp; Exch. Comm'n v. Ripple Labs, Inc., 682 F. Supp. 3d 308, 321 (S.D.N.Y.), motion to certify appeal denied, 697 F. Supp. 3d 126 (S.D.N.Y. 2023). Under the securities act § 5 securities offered for sale must be registered by filing a registration statement with the SEC, unless a statutory exemption to the registration requirement applies. 15 U. S. C. § 77e.&nbsp;The full disclosure requirements to investors helps to make informed decisions to investors.&nbsp;Full disclosure submitted with SEC is publicly available therefore investors can make themselves aware.&nbsp;Registration statements must disclose, among other things, identify information about the business, its officers, and its underwriters, information about the purposes for which the security is being offered to supply funds and the amounts which will be devoted to those purposes, and information about the business’s financial health. 15 U. S. C. §§ 77f, 77g, 77aa.&nbsp;Companies also required comply with the Securities and Exchange Act of 1934. Failed to comply full disclosure under the securities act and Securities exchange Act of 1934, before offering to public is violation of the same law and will be liable to the investors. Under Section 5 of the Securities Act, SEC must show (1) lack of a registration statement as to the subject securities, (2) the offer of sale of the securities, and the use of interstate transportation or communication and the mails in connection with the offer or sale.&nbsp;Offerors or sellers violated the law regardless of any degree of fault, Negligence or intent on the sellers part. Offerors or seller also has to comply with the state law called Blue Sky law. This applies only the transaction limited to the subject state. Federal Law Exemptions to Registration- Regulation D and Rule 504It is also called seed money exemption. Under state law general solicitation is allowed only to the accredited investors. 17 C. F. R. § 230.504(b)(1)(iii). Under Rule 504(b)(1)(iii) exemption applies if three elements is satisfy: (a)&nbsp;a security sale or offer must be made exclusively according to state law exemptions from registration (b) the state law must permit general solicitation and general advertising; and (c) the purchases of the securities must be accredited investors. 17 C. F. R. § 230.504(b)(1)(iii).&nbsp;Issued under this provision are not subject to restriction of resale under rules 502(d), provided it meets the requirements of the Rules 17 C. F. R. § 230.504(b)(1)(iii). Issues came up like pump and dump schemes for securities of non-reporting companies that traded over the counter. Involved generally, the securities of microcap companies, i.e. those characterized by thin capitalization, low share prices, limited public information and little or no analyst coverage. Internet created easily offered nationwide. S.E.C. v. Bronson, 14 F. Supp. 3d 402, 409 (S.D.N.Y. 2014) Who is Accredited investor: 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Accredited investors: a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank (b) saving and loan associations or other institution (c) registered brokers or dealers, (d) insurance company (3) registered investment company; (f) registered investment advisers, (g) a business development company (e) Small business investment company license by SBA or (f) Rural Business investment company (g) certain government plans for the benefits of employee with assets exceeding $5,000,000 (h) any employee benefits plan with the assets exceeding $5,000,000, 17 C. F. R. § 230.501(a)(1). 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Accredited Investors: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A natural person whose individual net worth or joint net worth with the person’s spouse exceeds $1,000,000 (excluding the value of their primary residence) or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as a natural person who had an individual income in excess of $ 200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $ 300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year. &nbsp;&nbsp;&nbsp;III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If it is entity who has all of the individual’s income requirement or has net worth of 5,000,000 of such entities. 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accredited Entities Investors:Corporation, Partnerships, trusts or other entities not formed for specific purposes of acquiring the securities offered, with total assets exceeding $5,000,000. 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other categories Accredited investors:Entities in which all equity owners are accredited investors, knowledgeable employees of certain issuers, family officers with assets exceeding $5,000,000, and individuals holding specific professional certification designated by the SEC. Any person who, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial matters, or amount of assets under management qualification as an accredited investor under the rules and regulations which the commission shall prescribe. Issues may raise funds from the above listed accredited investors. However, the issuers must do reasonable due diligence to determine that investors are accredited. This is not legal Advice if you have questions, please contact Bhurtel Law Firm.&nbsp;

Issuers only can raise fund from Accredited investor without registration with S.E.C. 

Raising funds for Business purposes and limitation and Accredited investors exception

user

Guiding and establishing national innovation for U.S. Stablecoins Act (GENIUS Act). &nbsp;PL 119-27 July 18, 2025, 139 Stat 419. Blockchain technology is used for cryptocurrency. Blockchain technology is a distributed database or ledger with lists of records (blocks) that are securely linked together via cryptographic hashes connected by peer to peer (P2P). &nbsp;A user can create one transaction in Blockchain application. That transaction is transmitted to a network of computers connected with P2P, around the world. Each block contains cryptographic hash of the previous block, time stamp and transaction data. The network computer will receive transaction to verify the transaction. The network computer must verify the transaction by verifying public keys and private keys. &nbsp;After transactions are verified, the application will group together into blocks. These blocks are chained together with its all-transaction history. Once it is put together it becomes permanent. Which means transactions are complete.After transaction is completed, it cannot be altered or changed retroactively unless all subsequent blocks and obtaining network consensus to accept new changes. Blockchain is managed by P2P. There is no central control or management. Blockchain forks are possible which may allow to change, but this could be secure by additional security measures.&nbsp;How will the Payment Stablecoin work? If you have one million US dollars you put that money in the bank. &nbsp;You purchased from your one-million-dollar fund, that is in deposit in bank, payment stablecoin from the permitted issuers. Use that payment stablecoin for your necessary transactions such as purchasing apartments or goods or services. &nbsp;This Act creates one more layer of the transaction that consumers will have to do and probably issuer will make money but yet to see how they are going charge fees for services.&nbsp;This will create additional layer of administrative work, cost fees less efficiency. But it is one step towards the Central Bank Digital currency. &nbsp;We need to see regulations which will further provide guidance to issuers and consumers.When will GENIUS act be effective? The US congress has enacted the GENIUS Act it will be effective either (1) 18th months after July 18, 2025, or (2) the date that is 120 days after final regulations issued by the Regulators whichever is earlier.The GENIUS Acts provides definitions of the terms. What is the meaning of Digital asset? Digital asset means any digital asset representation of value that is recorded on a cryptographically secured distributed ledge. 12 USCA §5901 (6); PL 119-27 § 2(6).&nbsp;What is the meaning of the Digital asset service providers? (A)&nbsp;&nbsp;a person that, for compensation or profit engages in the business in United States(i) exchange digital assets for monetary value;(ii) exchange digital assets for other digital assets;(iii) transferring digital assets to a third party;(iv) acting as a digital asset custodian; or(v) participating in financial services relating to digital asset issuance; and(B) does not include-(i) a distributed ledger protocol.(ii) developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces;(iii) an immutable and self-custodial software interface;(iv) developing, operating, or engaging in the business of validating transactions or operating or distributed ledger; or(v) participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.12 USCA § 5901 (7).What is the term of Distributed ledger? The term of “distributed ledger” means technology in which data is shared across a network that creates a public digital ledger of verified transaction or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions. 12 USCA § 5901 (8)&nbsp;What is the term of “Distributed Ledger Protocol”? Means, publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts. &nbsp;12 USCA § 5901 (9)What is the term of Payment Stablecoin? The Term “Payment stablecoin” &nbsp;Means: (A) (i) digital assets designed to be used as a means of payment of settlement; and (ii) the issues of which – (I) obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and(II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a field amount of monetary value; and(B) does not include a digital asset that-(i) is a national currency;(ii) is a deposit ( as defined section 3 of the Federal Deposit Insurance Act) including deposit recorded using distributed ledger technology; or(iii) is a security as defined in sec. 2 of the securities act of 1933, § 3 of the securities Exchanges Act of 1934 or § 2 of the Investment Company act of 1940 except that, for the avoidance of doubt, no bond, note, evidence of indebtedness, or investment contract that was issued by a permitted payment stablecoin issuer shall qualify as a security solely by virtue of its satisfying the conditions described in subparagraphs(A), consistent with the section 17 of the GENIUS Act.12 USCA § 5901 (22).&nbsp;The GENIUS Act requires that only permitted payments stablecoins issuer can issue a payment stablecoin in the United States. The law has given time to comply within the three years period to obtain permission either Federal or State by US issuers or foreign issuers.GENIUS act will be applicable to extraterritorial effect if the conduct involves the offer or sale of a payment stablecoin to a person located in the United States.A person who violates this section may be fined up to 1,000,000 per violation or face imprisonment for up to 5 years. &nbsp;&nbsp;12 USCA § 5902.&nbsp;What are the requirements for the issuance of payment stablecoins? &nbsp;Title 12 USCA § 5903 provides requirements. The permitted payment stablecoin issuer shall:(A)&nbsp;&nbsp;Maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1&nbsp;basis with reserves comprising—(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US coins or currency or money standing to the credit of an account with a Federal Reserve Bank;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds held as demand deposits, or insured shares at an insured depository institution, subject to limitations(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury bills, notes or bonds—(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a remaining maturity of 93 days or less; or(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued with a maturity of 93 days or less;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money received under repurchase agreement, with the permitted issuer acting as a seller of securities and with an overnight maturity, that are backed by treasury bills with a maturity of 93 days or less;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreements, with the permitted issuer acting as a purchaser of securities and with an overnight maturity, that are collateralized by Treasury notes, bills or bonds on an overnight basis, subject to&nbsp;overcollateralization in line with standard market terms, that are—(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri-party;(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared through a clearing agency registered with the SEC; or(III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bilateral with a counterparty that the issuer has determined to be adequately creditworthy even in the vent of severe market stress;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities issued by an investment company registered under § 80a-8(a) of title 15 or other registered Government money market fund and that are invested solely in underlying assets described in clauses above.(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other similarly liquid Federal Government-issued asset approved by the primary Federal payment stablecoin regulator or state regulator if applicable issuer or(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reserve described in clause (i)-(iii) or Clause (vi)-(vii) tokenized form, provided that such reserves comply with all applicable laws and regulations.The reserves require under the act may not be pledged, rehypothecated or reused by the permitted issuer, either directly or indirectly, except for the purpose of(A)&nbsp;&nbsp;satisfying margin obligation in obligation in connection with investment in permitted reserves(B)&nbsp;&nbsp;Satisfying obligations associated with the use, receipt, or provision of standard custodial services; or(C)&nbsp;Creating liquidity to meet reasonable expectations of request to redeem payment stablecoinsPermitted payment stablecoin issuer may only do following: (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue payment stablecoin;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeem payment stablecoin;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manage related reserves, including purchasing, selling and holding reserve assets or providing custodial services for reserve assets, consistent with state and federal laws;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide custodial or safekeeping services for payment stablecoins, required reserves, or private keys of payment, consistent with act, and(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertake other activities that directly support any of the activities described in above paragraphs (i) – (iv).&nbsp;Must provide all notices to publics. Stablecoin issuer shall disclose monthly report or information examined by the CPA. &nbsp;12 USCA § 5903.State level regulatory may issue licenses to state qualified payment stablecoin issuer with a consolidated total outstanding issuance of not more than $10,000,000,000. More than $10,000,000,000 total outstanding issuance comes under the Federal authority.&nbsp;&nbsp;Federal Payment stablecoin regulator (FPSR) should consider following factors and shall render a decision within 120 days on an application. Title 12 USCA § 5904 sets requirements. The ability of the applicant based on financial condition and resources(1)&nbsp;&nbsp;Officer or director’s conviction of felony offenses(2)&nbsp;&nbsp;The competence, experience, and integrity of the officer, director and principal shareholders, including other factors ..(3)&nbsp;&nbsp;Meeting of the redemption policy standards under § 5903(a)(1)(B).(4)&nbsp;&nbsp;Any other factors that regulator established.&nbsp;Financial institutions may issues the same activities under GENIUS Act and other laws. The GENIUS act does not limit a depository institution, Federal Credit Union, State credit union, National bank, or trust company to engage in permissible activities including---(1)&nbsp;&nbsp;Accepting or receiving deposits or shares and issuing digital assets,(2)&nbsp;&nbsp;Utilizing a distributed ledger for the books and records of the entity and to effect intrabank transfer; and(3)&nbsp;&nbsp;Providing custodial services for payments stablecoins, private keys of payment stablecoins or servers backing payment stablecoins.12 USCA § 5915.&nbsp;Foreign issuer must have capability to comply technologically with any lawful order: A payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold or otherwise make available for trading in US by a digital asset service provider unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the term of any lawful order.The Secretary of Treasury have authority to designate any foreign issuer violation and as a noncompliance.Priority of claim in Bankruptcy proceedings: The claim of a person holding payment stablecoins issued by the permitted payment stablecoin issuer shall have priority over other’s claim.Who will benefit from GENIUS Act? The GENIUS Act is going to add additional time and cost for consumers and resources for public funds and profit for issuers. It will substitute credit card payments system and debit cards payment or other online banking payments system we have now. It will be decreasing time for fund receivers compared to the banking payment such as credit, debit card etc.&nbsp;We need to see if the cost or expenses will be the same or less as the present banking payment system.&nbsp;It will benefit Stablecoin issuers which are private issues. &nbsp;Act does not provide technical aspects of Blockchain technology.&nbsp;The Act is silent about how to supervise or manage or prevent blockchain forks or other unknown technology. &nbsp;It is will totally in issuers to have technology.What is the alternative of the Payment Stablecoin? Alternative to this we US could have enacted Central Bank digital currency (CBDC) Law. CBDC would reduce extra time, cost and learning process for the consumers. It would prevent fraud currency, money laundering, tax evasion and other prohibited activities such as paying for drugs, illegal weapons, paying prostitutes like Jeffery Epstein transaction with actors. It would reduce implementation costs for fraudulent currencies, money laundering and tax evasion, recreational drugs, weapons, stolen goods transaction, origin of the transactions etc. It would make it easy to collect tax. CBDC would violate privacy laws which we would have to make changes to provide extra laws that no government authority should have access to those transactions until the court has issued authorization to review transactions with notice of consumers.&nbsp;This is not legal advice. This is for general information. If you have any question, please contact directly our office.

The Genius Act provides requirement for Payment issuer, and requirement for Payment Stablecoin. 

Guiding and establishing national innovation for U. S. Stablecoins Act ( GENIUS Act). 

Starting a new business in New York—or anywhere in the United States—requires careful planning, legal compliance, and strategic decision-making. Whether you're launching a startup, a small business, or preparing for a public offering, it is essential to analyze and plan each step meticulously. Below are some of the core considerations:<h2>1. Entity formation</h2>a. What kind of entity founders like to form. Such as Corporation, LLC or other types.&nbsp;<h2>2. Capital raising and financing:</h2>a. Crowd funding offering under the securities Act section 4(a)(6) which provides some exemption from registration for certain crowdfunding transactions. Must use Intermediary either registered broker dealer or funding portal (FINRA)b. Issuing/offering Equityc. Offer to sale bond or borrowing funds.d. Issuing Preferred stocke. Private offeringf. Raising from Venture capitalg. Startup Seed financing instruments: Convertible notes and (Simple Agreement for future Equity (SAFE).3. Scope and nature of the Capital governance shareholder relation and corporate housekeeping.4. Workplace and labor issues with employees, independent contractors and service providers.5.&nbsp;Employee benefits and compensation. (when company grows up)6.&nbsp;Acquiring and protecting intellectual property and managing software and information technologies.7.&nbsp;Real estate and leasing issues. Are you going to purchase property or will lease.8.&nbsp;Insurance coverage, company and other issues.9.&nbsp;Liquidity events such as secondary sales tender offer. Turn off the company or initial public offering.10. Avoid managing and resolving disputes.11. Dissolving an entity and winding up a business.<h2>12. Company policies regarding:</h2>a. Corporate governance.b. Intellectual property protection.c. Information Technology, andd. Legal and regulatory compliance.13. Raising fund from one state within the United States or all over the world.14. Compliance with the location where funds were raised or collected. Our law firm offers comprehensive legal services for startups, including guidance on entity formation, securities offerings (both registered and unregistered), regulatory compliance, and more. <blockquote>Note: This information is for general guidance only and does not constitute legal advice. For personalized assistance, please contact our office directly.</blockquote><h1> </h1>

Essential legal and business formation guidance for startups and new businesses in New York and across the United States.

Corporation, Capital Market and Finance

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