kaal:claim:3067615-003

ICOs cannot be qualified as donations and are therefore distinguishable from crowdfunding, because ICO participants acquire a financial stake in the company and, as the case may be, a right to vote on future decisions.

Source quote, verbatim

Unlike crowdfunding, ICOs involve a financial stake in the company including, as the case may be, the right to vote on future decisions. Therefore, ICOs cannot be qualified as a donation.

From

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), I. Introduction, p. 4
https://ssrn.com/abstract=3067615 · source PDF

Cite as

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

Holds when

comparison of ICOs to crowdfunding platforms such as Kickstarter

Classification

definitionalsupport: arguedtokenomicssystemic-risklaw-and-legal-systemsgovernance-design

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