A company wants to do an initial coin offering of digital tokens similar to Ether by Ethereum. You would like to raise at least $10,000,000 by offering future digital tokens to investors in exchange for their investment capital up front. These tokens will become functional only after the proposed platform is developed and becomes operational. You doubt that you will raise all of the capital from institutional investors or from high net worth individuals (net worth greater than $1,000,000). Your business associate is concerned about whether the securities laws apply to this offering and if so, what you have to do. You absolutely do not want to do a full-blown securities registration with all of the work and costs involved. Do the securities laws apply to this offering and why? What specifically would you do if the securities laws do apply to this offering?