# kaal:claim:3606663-013

**Claim.** 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.

**Type.** failure  **Support.** asserted

**Holds when.**

- ICOs administered through promoter controlled smart contracts

**Source quote.**

> 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, 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.** mid course alteration of sale terms  (family: investor-protection-gap)

**Topics.** securities-law, smart-contracts, governance-design, risk-and-incentives

**Keywords.** ico, smart-contracts, investor-protection, governance, risk-factors

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3117224-008
- supports: https://wulfkaal.github.io/claims/3067615-038

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