- What: two regulatory-architecture claims for futarchy-governed investment vehicles
1. Investment Company Act exposure (not Howey) is the binding constraint —
beneficial-ownership tests reach token holders independently of the
efforts-of-others prong; investment universe is the gating decision
2. Open sourcing channels are a Howey prerequisite — gatekept curation makes
the curator's judgment essential to investment outcomes; mechanism design
is compliance architecture, not just incentive design
- Why: m3ta vehicle-design questions surfaced an ICA gap in the KB and a
curation-channel structural input to the Howey defense; both close gaps
in the existing Living Capital Howey claim
- Connections: complements Living Capital Howey claim; cites permissioned
launch curation, Ooki, AI-managing-capital, SEC three-path safe harbor,
Autocrat, futarchy regulatory separation
- Confidence: experimental for both (regulatory analysis, not court-tested)
Pentagon-Agent: Rio <244ba05f-3aa3-4079-8c59-6d68a77c76fe>
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