Abstract: The Green Bay Packers are the only community owned team in the NFL. Legally they are a very unique organization - a non profit with stock-stockholders - in fact the NFL even considers them at a competitive advantage to all other teams because of that and has control over Packers right to offer/issue new stock to raise capital. But when the NFL does permit the Green Bay Packers to raise money by issuing new stock, the Packers file a No Action Letter to the SEC setting out their legal argument that Packers Stock is not a security or does not need to register. We published their original documents, our redline versions and our final version of the SEC letter and Public Offering Document. Our Delaware Certificate of Formation and Operating Agreement are also worth a look because they memorialize the LLC units being maintained and issued on the Ethereum Blockchain and include the addresses for the “Blockchain Stock” (ERC20) and public offering smart contract.
The SEC does not accept hypothetical No Action Letters so behind the cloak of anonymity of The Satoshi Nakamoto Trust we launched a Delaware LLC and submitted our legal argument. Initially intended to be a safe/sandbox startup to legitimize our legal framework, we memorialized the duration/powers/duties of the LLC into a decision tree - which isn’t but could further be memorialized in smarts contracts in future iterations - which begins to look a lot like a Delaware DAO.
SEC No Action Letter- Delaware LLC & Operating Agreement
1. The Green Bay Packer’s Proposed Stock Offering “No Action” Letter dated June 16, 1997 [1]
2. A redline version of the Green Bay Packer’s Proposed Stock Offering “No Action” Letter dated June 16, 1997 [2]
3. The Blockchain Stock Company’s Proposed Blockchain Stock Offering “No Action” Letter dated 31 October 2018[3]
a. Exhibit A - The Blockchain Stock Company’s Certificate of Formation (Articles) [4]
b. Exhibit B - The Blockchain Stock Company’s Operating Agreement [5]
Public Offering Document:
1. The Green Bay Packer’s Public Offering Document [6]
2. A redline version of the Green Bay Packer’s Public Offering Document [7]
3. The Blockchain Stock Company’s Public Offering Document [8]
