and just like Satoshi, the investors will be able to spend privately... so, maybe legality won't have much weight 

its a fantastic gambit. and I highly recommend digging through the 'why?' section of the page.

I really hope this sticks, it will be good competition

itsrealfake

Here is current SEC guidance on pre-mines:

 to investors, their status as securities is determined by the 

 made by the issuer at the time of sale.  If investors purchase these tokens with a reasonable expectation of profits derived from the 

 of the issuer or a third party, the sale is likely subject to SEC securities laws.

So the legality of this is going to depend on are any "collaborators" putting up cash to fund this initiative. If they are, and that comes out, this could present legal challenges.

bitcoin

eCash - Paul Sztorc announces Bitcoin hard fork to enable drive chains

Scoresby

Here is current SEC guidance on pre-mines:

> **Sale of Pre-Mined Tokens:** If the pre-mined tokens are **sold or offered** to investors, their status as securities is determined by the **representations or promises** made by the issuer at the time of sale.  If investors purchase these tokens with a reasonable expectation of profits derived from the **essential managerial efforts** of the issuer or a third party, the sale is likely subject to SEC securities laws.

So the legality of this is going to depend on are any "collaborators" putting up cash to fund this initiative. If they are, and that comes out, this could present legal challenges.