A Ravencoin community member and U.S. lawyer reviews whether or not RVN is a security under U.S. securities laws.


Ravencoin is a community-based protocol consisting of code and users.  No person or entity controls, promotes or marketed it in a capital-raising exercise.  It was created without any fundraising, pre-mine or ICO.  RVN purchasers do not invest in an enterprise; they acquire RVN so they, or someone else in the future, can use it.  It is a direct fork of the Bitcoin codebase and is modeled after Bitcoin, which SEC representatives have made clear does not meet the Howey test.  RVN bears none of the hallmarks of a security.[27]”

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Ravencoin Memorandum – Google Docs


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