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From what I heard, I think it's the other way around... an organization needs to register the security before putting it up for crowd-sale. That was also only this week that the SEC made that decision, so I assume there is some wiggle room for those sales that were already in progress or arranged. More importantly, don't let the government stop you from doing anything that is not clearly defined in the constitution. Pretty sure there is nothing about Crypto in there. ;)

Hi @joedirt, True that, BitClave isn't available to U.S. citizens during the pre-sale but it seems to be available in the ICO round - the second token sale event in upcoming months. I understand that this wasn't clear from the instructions. Please refer to the comment in this link: www.youtube.com/watch?v=6v5dTV2F8ZQ&lc=z121hx0xerescvnxx04cdtubut3fjjmpq5g.1500704102542636 | Also do check out this post https://steemit.com/cryptocurrency/@vinesh/bitclave-vs-presearch-a-blockchain-pre-sale-and-ico-discussion