Who we are…
Veri DAO members are a collective of Veritaseum enthusiasts, entrepreneurs, media personalities, mothers and fathers. Most of us are token holders who have been separated from the VERI token’s utility through the actions of the SEC against Reggie Middleton and Veritaseum Inc. in 2019.
The SEC accused Reggie Middleton of defrauding the holders of the VERI token. At least one of us was consulted to find out whether we agreed with the accusations against Reggie Middleton. During this conversation, an attorney from the SEC tried to convince a member that he had been the victim of fraud, which he denied. Furthermore, the Veri Fair Fund, established by the SEC to compensate “defrauded” token holders had less than 1% of token holders file a claim. Despite efforts to persuade token holders they were victims, the community to this day stands with Reginald Middleton.
We purchased the VERI tokens knowing that We would need them to use the Veritaseum Software kiosk.
When the platform launched, we were able to buy, sell and redeem tokenized metals (Ve Assets) using the VERI token to acquire discounts on these purchases. The token also enabled access to different modules within the Kiosk. These were ground-breaking innovations in the blockchain space. Patents had been applied for years ahead of any other blockchain project.
The reason the Veri DAO was formed is two fold. One, to bring relationships to Veritaseum through analysis of partners who might be able to benefit from the Veritaseum Capital LLC IP. Secondly, to provide a voice to highlight the maleficence at the SEC. In our opinion, the SEC’s actions against Middleton were unfair and heavy handed. They accused Reginald Middleton of selling securities and committing fraud, both of which are untrue. At no point did the holders of the VERI token believe we were acquiring equity in Veritaseum LLC, which is what a security would have been. Veri holders acknowledged in the initial distribution offering in 2017 that we were purchasing pre-paid access to the Veritaseum platform.
The SEC’s legal attack against Reggie Middleton left Reggie with no option but to settle and save himself from Bankruptcy by an out-of-control authority. They almost destroyed Reggie and his family over accusations that were never proven.
These actions also had a major impact on the token holders, leaving us without clarity around how we could use our VERI utility tokens now that Reggie was forced out of the blockchain space. The SEC also falsely insinuated that Reggie’s yet-to-be-granted patents were nothing but hot air, which was disproven when the patents were granted by the JPO and USPTO.
The SEC stripped the token’s utility, and caused significant financial harm to retail investors who could no longer use these tokens to access a ground-breaking investment technology, software platform and acquire discounts on our purchases and access other modules.
The Mission
We aim to help Reggie Middleton of Veritaseum Capital LLC to further his vision of Global Peer to peer capital markets.
Our goal is to help all VERI token holders by exposing Reggie’s plight with the SEC, how it affected us as token holders and to work out a pathway forward to re-establish the utility which was stripped from VERI.
We have the support of a strong and robust community, who also feel completely alienated by the SEC and their lack of communication with VERI token holders.
Our goal is simple: return the utility of the VERI token and let us continue to use the peer-to-peer capital markets that were created by Reggie at Veritaseum. He has the patents for this technology.
So far, we have requested NAL’s from the SEC to enable us to create a pathway towards returning functionality to the VERI token, but these requests went unanswered by the SEC.
The SEC state on their website the following..
https://www.sec.gov/about/what-we-do
Lawyers were engaged to follow up on this and requested response, but they too were ignored.
Ripple Labs has a court case with the SEC currently and the Veri DAO saw an opportunity to submit an Amicus curiae into this case. The Veri DAO was able to highlight our plight as VERI token holders, which is very similar to what the SEC is accusing Ripple of, while supporting the Ripple attorney’s motion to dismiss the case by the SEC. We were the 12th Amicus brief to be submitted in the Ripple case…
Reggie Middleton
Inventor of Distributed Finance – Active Patents covering DeFi, Bitcoin, Ethereum, Solana, ODL & conditional value transfer – US11196566B2 – JP6813477
Mr Middleton’s patents cover Peer to Peer Capital markets. Imagine Wall Street without brokers, loans without banks, trading without centralized exchanges. That is what the patents cover and we will fight to see humanity freed from the current system and its antiquated rails of value transfer with rent seekers at every step of a transaction. We want to see the world run on Reggie’s patented mechanism that enables all the above.
Humanity has not experienced true capitalism due to the centralized systems we have been using for almost 60 years; the ones we have been told are the best way to do transactions of value. We have a new way of doing capital markets… It is the Reggie Middleton patents that have so far been granted in Japan (JP6813477B2) and the USA (US11196566), with applications pending in Europe and Asia.
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By raising awareness of Reggie Middleton’s story and the invention he patented back in 2014, we want to bring clarity for the current and future holders of the token as to how we can have utility restored and use these tokens as the prepaid fee and discount mechanisms they always were…
To restore the original utility of the VERI token.