Which of the following is NOT true about an initial coin offering (ICC)? A. ICO issuers are primarily small start-up companies and persons seeking to raise money to develop new products or services or to expand their business. Which of the following is NOT true about private placement exemptions under SEC Rule 506(c)? A. Issuers must exercise reasonable due diligence and take reasonable steps to verify the accredited investor status of investors claiming to be accredited investors. B. Self-certification is permitted under Rule 506(c). C. Rule 506(c) is sometimes referred to as the "accredited investor rule." D. SEC Rule 506(c) is a private placement exemption that allows an issuer to raise an unlimited amount of money from only accredited investors; no nonaccredited investors can be sold securities. E. In a Rule 506(c) offering, because there are no nonaccredited investors, an issuer may use public solicitation and advertising, including the internet, websites, social media, and other media, regarding the offering. B. In an ICO, the issuer accepts payment from investors in Bitcoin or another cryptocurrency, or in money, and then issues its own crypto coins ortokens to the investors. C. In an ICO, investors receive utility tokens, also called utility coins, which can then be used to purchase goods or services or held for investment. D. Purchasers of the utility coins are not issued stock in the company and have no equity interest or voting rights. E. In applying the Howey test, the SEC has found that most ICOs are not securities and therefore not subject to securities laws and SEC regulation