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The issuance of the Free Token as a dividend and its cousin the Bounty Token is yet another scenario that requires careful examination. Unlike many other articles and white papers that have addressed the question as to whether a particular token is a security, this analysis will focus on the definition of a “ sale ” under Section 2(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”). As part of this analysis, the SEC action In the Matter of Tomahawk Exploration LLC et al (“Tomahawk Matter
Acme Insurance is building a blockchain-based community for the development of blockchain applications to revolutionize the insurance industry. Acme Insurance intends for the community to ultimately be decentralized and the code to be entirely open-source. Acme Insurance is a regional, top-tier insurance company that hopes to grow in the national marketplace and believes that if it can start and assist in the creation of a community that fosters technological developments in the industry, it will be able to
Acme is launching the Free Token to facilitate its plans. Acme is forming a Foundation to oversee the Insurance Blockchain project . An initial team of international developers is creating the platform. Acme has created 15 million Free Tokens, half of which it will distribute as a dividend to all Acme Insurance shareholders, on a pro rata basis. Acme has 900 shareholders. Acme will not receive any consideration for the issuance. Future Free Tokens will be issued through Proof of Work, and later Proof of Sta