There are many complexities involved in harvesting and tokenizing abandoned oil while ensuring it is a green, eco-friendly, and profitable process for all involved. This short video explains how the Solar Oil Project works behind the scenes to make the vision of Beyond Oil™ a reality!
Solar Oil Project has engaged multiple legal experts in the areas of cryptography, oil production, and regulatory oversight. In relation to this, SOP has received detailed legal opinion letters on the merits and regulatory views on the SOAX and SOPX tokens by an attorney group specializing in this area of regulation.
The SOAX token is not speculative in nature (no variance in the price of token), is a license or access granting token, and is not on the open markets. The token buyers also do not receive any fiat or dollar value return on the SOAX token and instead only receive rights to future production of commodities such as Oil and Gas. Additionally, the project holds no influence over the price of the produced commodities nor controls the user’s decisions on liquidation, conversion or net value of the produced commodities. This is the same model that has received no objection letters from the SEC on other projects.
Further, the SOPX token, which represents oil production, is exempt from International and US commodities law since the settlement on a redemption occurs in under 28 days.
The legal consults undertaken by Beyond Oil™ have specifically noted the SEC's No-Action Relief position towards JetTurnkey in landmark decision on April 9th 2019 as the precise model being followed by the Solar Oil Project:
On April 3, 2019, the United States Securities and Exchange Commission issued correspondence in response to the “No Action” relief request tendered by Turnkey Jet, Inc. The Commission stated that it would not recommend enforcement action with respect to Turnkey Jet’s proposed sale of tokens through an Initial Token Offering. Specifically, the Commission noted that:
The company will not use any funds from Token sales to develop [the company’s] platform …
The tokens will be immediately usable for their intended functionality . . .
[The company] will restrict transfers of Tokens to [the company’s] wallets only, and not to wallets external to the Platform . . .
Each [token] will represent a [company] obligation to supply . . . services . . .
The [token] is marketed in a manner that emphasizes the functionality of the [token], and not the potential for the increase in the market value of the [token] . . .
As noted by Beyond Oil™, no funds from SOAX sales are used towards development of the platform (the platform is already developed and functional). The SOAX token has no speculative value as its price will not and cannot change. The SOAX token is entirely restricted to use (staking) within the platform and not transferable to external wallets. And finally, the SOAX specifically notes the obligation of oil production (in the form of SOPX) that the SOAX has no potential increase of market value.
The complete SEC decision may be reviewed here: https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1.htm
The legal opinion letters, as well as consultations with the overseeing attorneys are available for high level token buyers and investment group representatives on request. Qualifying buyers/representatives may submit their PoF and related documents post-NDA via the SOP contact section available in the members area of the platform.
