# kaal:claim:3606663-012

**Claim.** The absence of mandatory disclosure obligations for ICOs leads promoters to make irregular disclosures or none at all as time passes, producing a significant lack of transparency in the ICO market.

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

**Holds when.**

- ICO markets without mandatory disclosure rules
- post issuance period

**Source quote.**

> Moreover, the lack of mandatory disclosures for ICOs leads many promoters to make irregular or no disclosures about the platform as time passes, leading to a significant lack of transparency in the ICO market.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 4. Regulatory Uncertainty, page 36

**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

**Failure mode.** disclosure decay after the raise  (family: disclosure-ineffectiveness)

**Topics.** securities-law, disclosure

**Keywords.** ico, disclosure, transparency, investor-protection, securities-regulation

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3117224-007

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