First step: Call Washington

The SEC would like entrepreneurs to begin by contacting its staff, and that’s what TurnKey did.

“TurnKey Jet is highly regulated,” Curry began. It interacts with multiple transportation and public safety agencies, which made the company very hesitant about entering the controversial realm of initial coin offerings (ICOs).

“We decided rather than put any money into doing anything, we start with the SEC,” he continued. “We honestly thought it was a total long shot.”

While a positive step forward, it’s worth noting that a letter like this is not a get-out-of-jail-free card.

A source familiar with the process inside the SEC told CoinDesk:

“The no-action letter sets forth the conditions that the issuer would abide by in order to secure that no-action relief. It doesn’t bind the Commission, but it’s a pretty strong letter to have.”