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[–] LawStudent 0 points 3 points (+3|-0) ago 

15 U.S.C. 77e. Illegal offer and sales of securities.

Let's not run Voat into the ground just yet please...

[–] [deleted] 0 points 1 points (+1|-0) ago 

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[–] LawStudent 0 points 1 points (+1|-0) ago 

Securities law is complicated. Everything is illegal unless it's specifically exempted. I would fear that the sale of advertising space in your hypothetical could be found to be a sale/offer of securities that would require Voat to file a registration statement with the SEC.

But I'm a law student; it's my job to be paranoid.

Also, disclaimer: not legal advice, just to be safe.