# kaal:claim:3117224-004

**Claim.** ICOs enable borderless online sales with fewer points of friction, letting promoters bypass typical legal, jurisdictional, and business hurdles by marketing directly to a worldwide investor pool.

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

**Source quote.**

> First, ICOs enable borderless online sales with much fewer points of friction. ICOs enable the promoters to bypass the typical legal, jurisdictional, and business hurdles by directly marketing to a worldwide pool of investors.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), I. Introduction, page 3

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Topics.** securities-law, tokenomics, regulatory-failure, economics

**Keywords.** initial-coin-offerings, cross-border, regulatory-arbitrage, market-friction

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