Montana § 30-24-109 - Sales Limit On Network Tokens

§ 30-24-109. Sales Limit On Network Tokens

Sales limit on network tokens. (1) In order for a network token issuer to receive an exemption under 30-10-105 , the aggregate of network tokens that may be sold by a network token issuer to accredited or nonaccredited investors in a 12-month period may not exceed $250 million as the amount is adjusted annually by the securities and exchange commission to reflect the change in the consumer price index for all urban consumers published by the bureau of labor statistics of the U.S. department of labor. This does not include programmatic and nondiscretionary distributions of network tokens to persons for services or direct use of the network made in accordance with the rules and code of the network. (2) The commissioner may revise the limitations in subsection (1) by rule when necessary or in the public interest and when consistent with the protection of investors.