I wonder if you were to declare an intent to establish a new nation in the Antarctic (say by purchasing some of Chile's land) and to fund raise for fees associated with this new nation you offered to sell people dollars of your soon-to-be currency at some fixed price below the expected value, would the SEC disapprove of such an action?
(assuming it was actually done in good faith and not discernibly a scam)
To clarify, yes, this is with the assumption you're actively fundraising in the US. And even if your entity is not based in the US, the question would be for the US related portion of your entity.
(assuming it was actually done in good faith and not discernibly a scam)