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How Tokenization will Transform Public Offerings

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How Tokenization will Transform Public Offerings

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Slides from webinar created for CPA Academy that highlights how digital assets and securities tokens are transforming corporate finance. Details include: Cryptocurrency Market Stats; How the Evolution of Public Offerings led to Tokenized Securities; The Types of Token Offerings; The Present Regulatory Landscape for Cryptocurrencies; How to mitigate ICO Fraud; The crypto advisory ecosystem; Who is investing in Crypto; & The catalysts enabling crypto to scale and become a mainstream asset class

Slides from webinar created for CPA Academy that highlights how digital assets and securities tokens are transforming corporate finance. Details include: Cryptocurrency Market Stats; How the Evolution of Public Offerings led to Tokenized Securities; The Types of Token Offerings; The Present Regulatory Landscape for Cryptocurrencies; How to mitigate ICO Fraud; The crypto advisory ecosystem; Who is investing in Crypto; & The catalysts enabling crypto to scale and become a mainstream asset class

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How Tokenization will Transform Public Offerings

  1. 1. © 2018 Dara Albright Media, All Rights Reserved Dara Albright Recognized speaker, writer & influencer on topics covering financial disruption, FinTech, RegTech, Digital/Crowd- Finance Darren Marble CEO, CrowdfundX | Reg A+ IPOs | Security Token Offerings (STOs) | Contributor, Business Insider and Inc.
  2. 2. © 2018 Dara Albright Media, All Rights Reserved Webinar Overview This will be an hour-long webinar designed to help CPAs understand how digital assets and securities tokens are transforming corporate finance and how it will impact their corporate clients. Listeners will gain a firm understanding of: • The Cryptocurrency Market • How the Evolution of Public Offerings led to Tokenized Securities • The Types of Token Offerings • The Present Regulatory Landscape for Cryptocurrencies • How to mitigate ICO Fraud • The crypto advisory ecosystem • Who is investing in Crypto • The catalysts enabling crypto to scale and become a mainstream asset class
  3. 3. © 2018 Dara Albright Media, All Rights Reserved @ToTheStoics | @FinTechRevTV @DaraAlbrightMedia www.Linkedin.com/in/DaraAlbright Speaker, writer and influencer on topics relating to FinTech, RegTech, digital-, peer- & crowd- finance About Dara Albright www.daraalbrightmedia.com www.fintechREVOLUTION.tv
  4. 4. © 2018 Dara Albright Media, All Rights Reserved Blockchain is Even More Disruptive than the Internet
  5. 5. © 2018 Dara Albright Media, All Rights Reserved Why Token Offerings? Why Now?
  6. 6. © 2018 Dara Albright Media, All Rights Reserved Token Offerings Didn’t Arrive by Accident Traditional Paths of Capital Formation in Dire Need of Repair
  7. 7. © 2018 Dara Albright Media, All Rights Reserved Token Offerings are the culmination of: • Conventional financing structures are no longer conducive to today’s investor market; • Technological advancement; • The mass adoption of digital finance; • An increasing disdain for traditional asset classes, particularly equities; • The upsurge of millennial influence; • Zealousness for Crypto.
  8. 8. © 2018 Dara Albright Media, All Rights Reserved The Evolution of Public Offerings
  9. 9. © 2018 Dara Albright Media, All Rights Reserved Polling Question #1 • Have your clients expressed interest in the following? • Bitcoin • Cryptocurrencies • ICOs / STOs / Token Offerings • All of the Above • None of the Above
  10. 10. © 2018 Dara Albright Media, All Rights Reserved THE CRYPTO BUBBLE MYTH
  11. 11. © 2018 Dara Albright Media, All Rights Reserved The Mega Crypto Bubble The World Economic Forum predicts that 10 percent of the global GDP (approx. $7.8 trillion) will be stored on the blockchain in less than 10 years.
  12. 12. © 2018 Dara Albright Media, All Rights Reserved The Fastest Growing Asset Class in History Years it took to reach $300 Billion 0 10 20 30 40 50 60 Mutual Funds Junk Bonds ETFs Crypto
  13. 13. © 2018 Dara Albright Media, All Rights Reserved Just How Fast is Crypto Growing? Source: Etherscan.io According to RT, analysts expect the number of bitcoin users to reach 200 million by 2024, within the next seven years, given the current exponential growth rate of bitcoin.
  14. 14. © 2018 Dara Albright Media, All Rights Reserved You Can Always Gauge the Progression of an Industry by Growth of its Industry Conferences
  15. 15. © 2018 Dara Albright Media, All Rights Reserved Crypto will Eventually Displace Equities as an Asset Class
  16. 16. © 2018 Dara Albright Media, All Rights Reserved 5 Reasons Why Crypto Will Ultimately Displace Equities 1. Because conventional equity markets are broken 2. Because retail investors are no longer into equities 3. Because millennials say so 4. Because sharing is the new black 5. Because the tokenization of everything
  17. 17. © 2018 Dara Albright Media, All Rights Reserved 1. Traditional Equity Markets are Broken
  18. 18. © 2018 Dara Albright Media, All Rights Reserved 2. Hey, Equities…Retail Investors are Just Not that Into You Anymore! • U.S. households have $900 billion less invested in stocks today than they did in 2007 - Goldman Sachs • Demand for Equity-only Funds have steadily declined since 2007 • Investors now hold an average of 52.4% in equity-only funds, down from the 64.7% percent they held in 2007- Fidelity • Demand for Managed Equity Funds have significantly declined • Passive funds now comprise about 46% of total mutual fund and ETF assets, compared with just 8 percent in early 2008 - Morningstar. • There is $5.4 trillion in AUM in passive funds, up from $1.2 trillion in 2007- Lipper.
  19. 19. © 2018 Dara Albright Media, All Rights Reserved Global Cryptocurrency Market According to the Blockchain Capital 2017 Survey: • given the choice of either $1,000 of Bitcoin or $1,000 of a traditional financial asset: • 30% of millennials said they would choose Bitcoin over government bonds; • 22% would choose Bitcoin over real estate; • 19% would choose Bitcoin over gold. • 27% of millennials think that Bitcoin is more trustworthy than big banks Many Millennials Trust Crypto Over a Number of Traditional Asset Classes
  20. 20. © 2018 Dara Albright Media, All Rights Reserved 3. Millennials & Gen Zers Will Inherit the Earth
  21. 21. © 2018 Dara Albright Media, All Rights Reserved 4. Sharing is the New Black
  22. 22. © 2018 Dara Albright Media, All Rights Reserved 5. The Tokenization of EVERYTHING! Tokenizing real-world assets allows for the fractionalization of assets and products - enabling small buyers to access assets that they weren’t ever able to access before. While, at the same time, tokenization enables sellers to unload assets that were difficult to move in the past such as real estate, patents, illiquid venture stock, art – you name it.
  23. 23. © 2018 Dara Albright Media, All Rights Reserved Polling Question #2 • What would you say is the primary reason preventing you from recommending a Token Offering to your corporate finance clients? • Lack of understanding of the cryptocurrency market • Lack of regulatory clarity in the cryptocurrency market • Lack of relationships with key cryptocurrency advisors/support • I don’t know
  24. 24. © 2018 Dara Albright Media, All Rights Reserved WHERE ARE THE INSTITUTIONAL INVESTORS?
  25. 25. © 2018 Dara Albright Media, All Rights Reserved Major Institutions are Dipping their Toes in Crypto Waters
  26. 26. © 2018 Dara Albright Media, All Rights Reserved What will Really Fuel the Institutional Demand for Crypto? • Regulatory clarity? • ETF Approval? • Institutional grade data? • Enterprise ready infrastructure? • The true driver is ARBITRAGE!
  27. 27. © 2018 Dara Albright Media, All Rights Reserved ISSUING TOKENS What to consider
  28. 28. © 2018 Dara Albright Media, All Rights Reserved Types of Tokens • Currency Token – Decentralized digital currency ie: Bitcoin • Security Token – also called equity token, security token or tokenized security • Utility Token – Used for in-platform purchases • Asset Token – backed by a real-world asset or product such as gold or real estate • Reward Token – token that rewards users of blockchain technology. Also referred to as reputation token. This is just the beginning…
  29. 29. © 2018 Dara Albright Media, All Rights Reserved Types of Tokens
  30. 30. © 2018 Dara Albright Media, All Rights Reserved The Regulatory Landscape
  31. 31. © 2018 Dara Albright Media, All Rights Reserved Is it a security? Is it not? “Given the undeveloped nature of this area, I am wary of any blanket designation for all ICOs.” – SEC Commissioner Hester Peirce “I believe every ICO I’ve seen is a security.” – SEC Chairman Jay Clayton
  32. 32. © 2018 Dara Albright Media, All Rights Reserved Proceeding in an Uncertain Regulatory Regime
  33. 33. © 2018 Dara Albright Media, All Rights Reserved Err on the Side of Caution & Assume All Token Offerings Will Be Deemed Securities • 506c • Least expensive • Prior SEC approval is not required • Can raise unlimited amounts • Only accredited investors can participate in the offering • Resale restrictions / liquidity issues • Reg A+ (Tier II) • More expensive • Must be pre-approved by the SEC • Can raise up to $50M • Unaccredited investors can participate in the offering (investment limitations) • Ongoing reporting requirements • Audited financial statements • Reg CF • Depending on how much is raised, it can become cost prohibited • Unaccredited investors can participate in the offering (investment limitations) • Low Offering thresholds ($1M) • Audited financials and limited reporting requirements may be required • Look Outside the U.S. *Disclaimer: The information contained in this presentation is provided for informational purposes only, and should not be construed as legal advice on any subject matter and should certainly not be used as a substitute for competent legal advice from a licensed securities attorney.
  34. 34. © 2018 Dara Albright Media, All Rights Reserved Perhaps the Question is not whether all Token Offerings should be deemed securities, but whether all securities should be tokenized?
  35. 35. © 2018 Dara Albright Media, All Rights Reserved Tokenizing Wall Street “The Security Token Thesis” by Professor Stephen McKeon • 24/7 markets • Fractional ownership • Rapid settlement • Reduction in direct costs • Increased liquidity and market depth • Automated compliance • Asset interoperability • Expansion of the design space for security contracts
  36. 36. © 2018 Dara Albright Media, All Rights Reserved We are Witnessing A Truly Historic Moment in the History of Finance!
  37. 37. © 2018 Dara Albright Media, All Rights Reserved Learn More
  38. 38. © 2018 Dara Albright Media, All Rights Reserved @ToTheStoics | @FinTechRevTV @DaraAlbrightMedia www.Linkedin.com/in/DaraAlbright Speaker, writer and influencer on topics relating to FinTech, RegTech, digital-, peer- & crowd- finance About Dara Albright www.daraalbrightmedia.com www.fintechREVOLUTION.tv Thank you! Let’s connect:
  39. 39. © 2018 Dara Albright Media, All Rights Reserved Polling Question #3 • What do you believe concerns your clients most about capital raising via a token offering? • Regulatory Uncertainty • Lack of familiarity with the cryptocurrency ecosystem • None of the Above • All of the Above
  40. 40. Polling Question #4 • What action step do you plan to take as a result of this webinar? • More research • Discuss with clients • Not sure • Nothing
  41. 41. Polling Question #5 • What do you consider to be the most valuable part of today’s webinar?

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