Just wanted to drop this here too as it could catch a lot of people out if they are not aware:

Does distributing funds out to coin holders not make the coin a security? i.e Howey test "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others." ref investopedia.com/terms/h/howey-test.asp

Worth keeping in mind for these things. Even in the wild west there are rules and people get caught.