So I called up the SEC, luckily this was a pretty painless process. The agent recommended I open up my pdf in Chrome, save it again with a 1 after the file name, open up a completely new session in a separate browser, and upload the file, and it worked!
After the agent hung up, I once again filled out all the information, luckily at this point I have it all in a notepad document to just copy and paste it in.
Then came the moment of truth, I hit submit, and...
I needed to select a document type. The types are CORRESP, COVER and EX-42, which is explicitly saying that its power of attorney. Now, I had no idea whether the document I was required to submit, and had now submitted, exactly what they wanted, was a CORRESP or a COVER. How could I know?
It told me to go to Chapter 5 of Volume two of the EDGAR filing manual.
Thats this 803 page document. Not joking, check it out for yourself.
I found chapter 5 to be incredibly boring, most of it just pages and pages describing applicable and non applicable ascii characters, the proper way to make tables in HTML documents and how modules and segments should be constructed in PDF documents. I can't make this stuff up.
But I did find a few short paragraph in section 5.4 that said this:
After reading this three times, I think I understood that COVER was a public type filing, and CORRESP would be treated as non-public, as long as you filled out some other form that I didn't fill out and had no intention to fill out at this point.
Blah blah blah.....
Seriously, they must try to make things this ridiculously complicated. I think its a job creation program for lawyers or something like that.
So after chosing COVER, which I am still not quite sure was the right one, but pretty sure, now I could submit my application.
Remember that this is just the application to get into the system to actually apply.
This is a gateway step. Just to get an account on their system. To be able to file paperwork later. We are making progress.
Of course I am publishing all of our stuff publically, you can look us up within 45 days, maybe I'll give it a try someday.
And we have a number! We will see if we get a CIK, which is what we need to file, or get rejected with some reasons.
At this point, its all fun and games, why should I worry or rage, I just understand why nobody does this even though the 504d registration is 'easy', its probably still more work than just doing nothing and betting that the SEC won't come after you later.
Since, in what world would they come after a small project when there are 10 thousand bigger fish to fry in crypto?
I don't know, maybe I am a glutton for punishment.
Or maybe I will become a top expert in SEC filings for small projects and be able to charge big bucks some day.
Only time will tell!
Dude I tried that process and said F-it! And just riding with my dick in the wind, lol. Like you said, there are so many other bigger fish out there than some small Projects. Plus honestly how are they going to figure out all of it with the tiny amount of people they have. Also you see how long the Ripple case has taken. Honestly screw the regulators. They think they have more power than they do.
One small step !LUV
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The entire system just seems a bit rigged against you and I don't like how complicated it is. I am glad you were able to successfully get it done though and hopefully there won't be any issues getting approved.
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