We have an alphabet soup of exemptions reg-a,a+,c,f,d,s and the easiest one to use is S, which excludes US persons. It’s easier to give bug bounties to German engineering students than US ones. All market structure really needs to do is keep it simple: * primary sales have disclosures that scale up by the amount raised. Less at 1m, much more at 100m. * no restrictions on secondary sales, like reg-s works outside the US This would cut the lawyer fees a US startup has to deal with by a factor of 100x.