kaal:claim:3606663-013

ICO sale terms are not fixed at launch: promoters can alter the smart contract to change the sales rules mid course during an offering, a risk factor for retail investors that has no analogue in a registered offering.

Source quote, verbatim

Promoters can also alter the smart contract to change ICO sales rules mid-course during an ICO.

From

Kaal, Digital Asset Market Evolution (2020), 4. Regulatory Uncertainty, p. 36
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

ICOs administered through promoter controlled smart contracts

Classification

failuresupport: assertedfailure: mid course alteration of sale termsfamily: investor-protection-gapsecurities-lawsmart-contractsgovernance-designrisk-and-incentives

Related claims

extends kaal:claim:3117224-008 ICO promoters can alter the smart contract to change the sales rules mid-course during the ICO.
supports kaal:claim:3067615-038 ICO promoters should make significant and ongoing disclosures on vesting and lockup periods and should never m...

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