kaal:position:2026-07-31-6462

Tangled Up in Blue: Adapting Securities Laws to Initial Coin Offerings presents the following source proposition: Issuers of blockchain-based projects have increasingly turned to Initial Coin Offerings to raise capital. This proposition is pertinent to Kaal's source-bound claim that Zombie ICOs, which have little chance of creating a successful market for their tokens, became increasingly common in 2017 and are identifiable by their inability to answer core questions about the problem solved, the allocation of proceeds, the viability of the product, and the team's business experience. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.

• The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.
• External evidence level: abstract indexed.
• Mapping review tier: moderate-confidence claim review.
• Primary mapping confidence: 0.444.
• The source-to-claim mapping remains explicitly ambiguous and is published with that limitation.

Tangled Up in Blue: Adapting Securities Laws to Initial Coin Offerings

kaal:claim:3067615-033
Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615
Source PDF sha256: 164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38

Evidence: abstract indexed
Review tier: moderate-confidence claim review
Mapping confidence: 0.444
Mapping ambiguous: true

securities-laweconomicshistorical-responsescholarly-literatureopenalex

Affirmed in kaal-review:2026-07-31:streaming-etl-0004 on 2026-07-31. Review record.

Canonical markdown sha256: cdd04610b468035ceb96e586ccfebe464dd86828717490f6b74970e5aa8f710f
curl -s https://wulfkaal.github.io/positions/2026-07-31-6462.md | sha256sum