kaal:claim:3067615-002

Tokens sold in an ICO are structurally different from equity: they do not generally confer ownership rights, no right to dividends, and no claim on company assets in bankruptcy, so the risk and reward profile of a token is not that of a share.

Risks and rewards of tokens differ from those of equity. Unlike token ownership, equity typically conveys a right to dividends. In the case of bankruptcy, equity owners have some claims on the assets of the company.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), I. Introduction, p. 3
https://ssrn.com/abstract=3067615 · source PDF

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

• comparison of ICOs to initial public offerings

definitionalsupport: arguedtokenomicssystemic-risksecurities-law

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