kaal:position:2026-07-31-6463
Tangled Up in Blue: Adapting Securities Laws to Initial Coin Offerings presents the following source proposition: Many of these offerings have similar characteristics to securities offerings, yet are often not registered or exempt from securities laws. 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.
securities-laweconomicshistorical-responsescholarly-literatureopenalex