kaal:position:2026-07-31-6737
Initial coin offerings as security offerings: a comparison of legal approaches in the United States and France presents the following source proposition: This thesis canvasses how the United States, France, and the European Union have approached the issue of whether ICOs should be considered securities offerings for the purpose of applying securities law. 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