kaal:claim:3606663-005

The assumption by ICO issuers that token sales let them circumvent securities registration and disclosure requirements proved to be a fallacy for many U.S. issuers, who faced increased SEC enforcement actions in late 2019.

Source quote, verbatim

Of course, for many U.S. issuers of tokens in ICOs this presumption became in retrospective a fallacy that should haunt them in the aftermath of increased SEC enforcement actions of ICOs in late 2019.

From

Kaal, Digital Asset Market Evolution (2020), 2. Initial Coin Offerings, p. 14
https://ssrn.com/abstract=3606663 · source PDF

Cite as

Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

Holds when

U.S. issuers of tokens in ICOs
post 2017 enforcement environment

Classification

failuresupport: arguedfailure: regulatory avoidance presumption collapses under enforcementfamily: regulatory-arbitragesecurities-lawcomplianceregulatory-failuredecentralization

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