Much anticipated roadmap for Eastman Kodak Co’s token is now finally released. However, Kodak is still to decide on the official status of the future KodakCoins.
On March 8, prospective investors have received e-mails from WENN Digital, the company that contracted for the ICO launching. These e-mails contained the link to a “light paper” revealing the details of KodakCoin ICO campaign. The document sets it out in such a way, that KodakCoin tokens probably will not be securities, but this is not a hundred percent certainty.
The reason for such ambiguous position lies in the company’s concerns about the recent scrutiny towards ICO market shown by the US Securities and Exchange Commission against the background of controversies of opinion on the matter in Congress.
As specified by Kodak’s representative, “While WENN Digital intends for the KODAKCoin issuable under the SAFTs to be classified as utility tokens rather than securities tokens, WENN Digital will be required to make a final determination of the tokens’ status as one or the other prior to the time that the KODAKCoin are issued, In conjunction therewith, WENN Digital may decide to seek formal or informal input from the staff of the US Securities and Exchange Commission.”
Kodak hopes to sell 100 000 000 KodakCoins under so-called “simple agreements for future tokens” (SAFTs), these being essentially the promises of future access to yet non-existent tokens given to the buyers.
The ICO itself was announced on January 9. The underlying blockchain platform will be purposed at safeguarding photographers’ copyrights.