# kaal:claim:3606663-010

**Claim.** The IEO reinserts an intermediary into token offerings: the exchange screens the offering and the issuer no longer interacts with investors directly, reversing the direct issuer to investor structure of the ICO.

**Type.** design  **Support.** asserted

**Holds when.**

- initial exchange offerings
- token offerings listed on a cryptocurrency exchange

**Source quote.**

> In an IEO, the cryptocurrency exchange acts as a screening device for token offerings. In an IEO the issuer does no longer interact with investors directly.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 4. Initial Exchange Offers, page 20

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

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Topics.** defi, securities-law, tokenomics

**Keywords.** ieo, screening, intermediation, cryptocurrency-exchanges, token-offerings

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