Reggie had working 'proof of concept' software when Bitcoin was doing its 2013 hype cycles. He has been working on this for quite some time already, also seeking investors for the concept of trading / exchanges going digital. Perhaps he was a bit early but to me this is way different than the sale of tokens without even a working software product available (the new norm). Having said this, every coin sale requires some trust that the parties behind the issuing will not run away with the money. In this respect, Reggie has his name to lose. I do not think he is interested in letting that happen.