Did the Sia team knowingly sell unregistered securities in 2014?
No, we did not. At the time of the 2014 offering, we were not aware that Sianotes or Siafunds may be considered securities by the SEC. This offering took place months before the Ethereum offering, and years before the SEC issued any cryptocurrency-related guidance.
Given that we properly registered our 2018 offering of Siafunds in the wake of the SEC’s 2017 guidance regarding digital assets, we are disappointed that the SEC chose to take action with respect to our relatively small 2014 offering.