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As a precondition to listing, certain exchanges require that Ravencoin provide a memorandum from legal counsel explaining why RVN is not a security under U.S. securities laws. Since Ravencoin is a decentralized network, with no central organization to fund and retain counsel to draft the memorandum, this process has proven difficult. A community volunteer has written the article linked article below for this purpose.:
https://docs.google.com/document/d/1Se_GqusXcobgdVGwa8x55oQjJfTFHkHUQTxuqPcOmbA/edit?usp=sharing
