Do SEC rules and U.S. securities laws apply to a Mexican company raising from U.S.-based investors?

I'm exploring incorporating a Mexican entity and potentially issuing SAFE-style/future-equity instruments to a small number of friends who are based in the U.S. I'm trying to understand how U.S. securities laws apply when the issuer itself is a foreign company, but the investors are in the United States. For example, if a Mexican company raises around $30k–$50k privately from 3–4 people in the U.S.: Does the Mexican company still need to rely on a U.S. securities exemption such as Section 4(a)(

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