This white paper discusses considerations related to conducting a token offering under Regulation A under the Securities Act of 1933 (the “Securities Act”). The benefit of this strategy is that it can allow broad distributions of freely tradable tokens to their intended users. In July of 2019, two companies – Blockstack PBC (“Blockstack”) and YouNow, Inc. (“YouNow”) – successfully launched the first two token offerings under Regulation A, working in collaboration with Wilson Sonsini Goodrich & Rosati (“WSGR”). Below, we describe why Regulation A is a good option for many token issuers, the qualification process, and how token issuers should prepare for that process.