"What if you’re not sure whether what you want to offer your funders will be considered a security under your state’s laws? You can write a letter to the department within your state government that is responsible for securities regulation describing what you plan to offer and request a “no action letter.” This is a letter stating that the securities regulators will not take enforcement action against you based on your description of what you plan to offer. If you receive a no action letter (which usually does not require the payment of a fee), you are good to go."
