# kaal:claim:3067615-029

**Claim.** The lack of a regulatory framework creates significant legal uncertainty in the ICO market, and because cryptocurrencies are censorship-resistant and arguably regulation-resistant by design, that uncertainty may sooner or later lead the Securities and Exchange Commission to declare ICOs illegal.

**Type.** failure  **Support.** argued

**Holds when.**

- ICO market as of November 2017
- United States securities regulation

**Source quote.**

> The lack of a regulatory framework creates significant legal uncertainty in the ICO market. Moreover, cryptocurrencies are censorship-resistant and arguably regulation-resistant by design,56

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), IV.5 Legal Uncertainty, page 19

**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

**Failure mode.** Regulatory void and legal uncertainty  (family: innovation-chilling)

**Topics.** law-and-legal-systems, securities-law

**Keywords.** legal-uncertainty, regulation, sec, censorship-resistance

**Related claims.**

- specializes: https://wulfkaal.github.io/claims/1806252-018
- extended_by: https://wulfkaal.github.io/claims/3782201-030

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.