The Simple Agreement for Future Tokens (SAFT) is an open-source agreement framework for token sales developed by Protocol Labs in collaboration with AngelList and Cooley. The SAFT is inspired by the Simple Agreement for Future Equity (SAFE) developed by Y Combinator. It is used as the default agreement by Coinlist, a platform for connecting token based networks with investors for pre-launch token sales. The first use of the SAFT was implemented for the Filecoin token sale by Protocol Labs.
A SAFT is an investment contract between investors and developers. Investors pay money to developers for the right to cryptocurrency tokens upon completion of the product. It is part of the developing legal standards and regulatory frameworks arising around digital token sales. It was created amid uncertainty over the legal structure around of the increasingly popular initial coin offering (ICO) ecosystem. The U.S. SEC has released statements suggesting some token sales may fall under U.S. securities law depending on the particular facts and circumstances of the unique token sale as well as a comprehensive report specifying the DAO tokens as securities. China’s central bank and South Korean financial regulators have taken notice both issued bans on current ICO activity in September 2017.
Filecoin becomes the first token to utilize the SAFT instrument with their raise of more than $200 million dollars worth of USD, ETH, BTC, and ZEC.
Calling All Attorneys – The SAFT Project Aims To Create The Perfect ICO Legal Framework
ICOs and the SAFT — Why, What, and How
SAFT - Simple Agreement for Future Token (github
The SAFT Is a Symptom of Regulatory Uncertainty
The SAFT Project: Toward a Compliant Token Sale Framework
Juan Batiz-Benet, Marco Santori, Jesse Clayburgh
Thoughts on the SAFT
Thoughts on the SAFT, pt. II: SAFT Harder
Documentaries, videos and podcasts
Ether Review Legal #3 - The Simple Agreement for Future Tokens
July 24, 2017
TGEs (5/18): US SAFT projects (Simple Agreement for Future Tokens)
Jul 24, 2017
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- StartupA startup company is an entrepreneurial venture in the initial stage of its operations. Startups are typically young businesses aiming to grow quickly and meet a marketplace need by developing or offering an innovative product, process or service.
- Cluster: Blockchain and cryptocurrencyA cluster of topics related to blockchain and cryptocurrency.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- CoinListCoinlist is a financial services platform for digital assets that is headquartered in San Francisco, California and was founded in 2017 by Andy Bromberg, Brian Tubergen, Graham Jenkin, Joshua Slayton, Kendrick Nguyen, and Paul Menchov.
- Protocol LabsProtocol Labs is the company behind Coinlist (along side AngelList) and Filecoin. Juan Benet is the founder of Protocol Labs.
- SAFE (Simple Agreement for Future Equity)The Simple Agreement for Future Equity is a financial instrument created by Y Combinator to simplify seed investing as an alternative to convertible notes.
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