Same capital. Optional format. Guardrails first.
A token is a format. EB-5 interests remain securities under US law.
Money + common enterprise + profit from others' efforts → often a security.
Most EB-5 raises use private exemptions — not "crypto rules."
Immigration lockups still apply. Format does not unlock early exits.
Tokenized securities stay under existing federal securities laws.
Operate + counsel first. On-chain representation later — never the opener.
Educational. Not an offering. Counsel before on-chain.