# kaal:claim:3067615-007

**Claim.** The rapid evolution of ICOs was enabled in part by the negative factors that had depressed start-up fundraising, namely post crisis banking regulation and a shadow banking sector that only marginally supports new ventures and highly innovative start-ups.

**Type.** mechanism  **Support.** argued

**Holds when.**

- start-up fundraising conditions before and during the emergence of the ICO market

**Source quote.**

> ICOs' rapid evolution was enabled in part by these negative factors that affected start-up fundraising.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), II.2 Market Environment, page 9

**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

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** securities-law, systemic-risk, economics

**Keywords.** ico-emergence, shadow-banking, start-up-financing, market-conditions

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