Regarding the WLFI unlocking issue that everyone is very concerned about!
Reg S applies to non-U.S. residents
Reg D applies to U.S. qualified investors
According to the U.S. Securities and Exchange Commission Regulation S rules
The starting point for the restricted resale period is usually the completion date of the securities issuance
For equity securities (such as WLFI tokens, which may be classified as equity securities), the restriction period is usually 12 months.
The lock-up period for Reg S is calculated based on the specific purchase date for each investor (i.e., the 'sale date' or 'subscription date')
rather than the end date of the entire project sales window.
This is because the purchase time for each investor may vary, and the lock-up period is based on the completion time of individual transactions.
Therefore, assuming sales begin in October 2024, the earliest purchasing non-U.S. users may unlock in October 2025.
If the purchase is made in March 2025, the unlock would be in March 2026.
Recently, the new chair of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, has pushed for a reform
The new SEC regulations have relaxed restrictions on tokenized assets, allowing eligible tokens to be traded and settled through DLT.
If WLFI tokens are identified as 'eligible tokenized assets'
they could theoretically unlock earlier or lift transfer restrictions!
The actual unlocking date will need to refer to future official announcements!
