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What Is a SAFT (Simple Agreement for Future Tokens) and How Does It Affect Distribution?

A SAFT is a legal agreement used primarily with accredited investors in the US to raise capital before a token is launched. It grants the right to receive tokens later at a discount.

This pre-sale distribution means a portion of the supply is concentrated among large, early investors, affecting the initial public distribution.

What Is the Purpose of an ‘Accredited Investor’ Requirement in a Security Token Sale?
What Are the Main Differences between Regulation D Rule 506(B) and 506(C)?
What Regulatory Exemption Is Commonly Used for Selling a SAFT to US Investors?
How Does a Token’s Pre-Sale Structure Affect Its Howey Test Analysis?