My New York software company raised money for a blockchain game through a token sale last year. We described the tokens as items meant for use inside the game and never promoted them as an investment. This week, an SEC subpoena arrived requesting our sales documents, conversations with buyers, and marketing materials. The agency is trying to determine whether the token sale should have been registered as a securities offering. Our team has never dealt with an investigation like this, and we have no idea what to send or say. Where can we find an attorney who genuinely knows crypto law and can defend the company?

Don't have the founder fire off an explanation to the SEC just because the response deadline is getting close. The agency will compare what the company says now with the token terms, buyer messages, and old promotional posts. Stop changing public pages related to the sale, preserve the original material, and route further questions through counsel. A rushed response could create contradictions that weren't there to begin with.

The central issue is whether buyers were purchasing access to the game or expecting the token to rise in value. Calling it a utility token won't settle that question when the SEC looks at how it was promoted and sold. The SEC inquiry should be handled by a cryptocurrency compliance attorney: https://arkadybukhlawfirm.com/practice-areas/cryptocurrency-and-crypto-law/ . The lawyer can also assess whether the company faces only a regulatory issue or possible civil claims from buyers. Any further token sale should be put on hold until that review is finished.