It's strange that commenters here think a 30-year-old entrepreneur worth $500M wouldn't know that there have been SEC questions around crypto offerings being unregistered securities for years.

It's not some obscure detail, it's one of the key risks of being involved in a new crypto offering as an investor, and I think most people posting here have read years of HN discussions about the relevant SEC positions. Ultra high net worth individuals - especially ones that have launched multiple business lines - are fairly likely to have heard about it. At least enough to play word association and ask someone to look into it for them.