# kaal:position:2026-07-31-6737

**Affirmed position.** 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.

**Status.** affirmed  **Published.** 2026-07-31

**Holds when.**

- 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: 0.3776.
- The source-to-claim mapping remains explicitly ambiguous and is published with that limitation.

**Current debate.** Initial coin offerings as security offerings: a comparison of legal approaches in the United States and France: http://hdl.handle.net/1993/35495

**Extends.** kaal:claim:3067615-033: https://wulfkaal.github.io/claims/3067615-033

**Scholarly basis.** 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 level.** abstract indexed

**Mapping review tier.** moderate-confidence claim review

**Mapping confidence.** 0.3776  **Mapping ambiguous.** true

**Topics.** securities-law, economics, historical-response, scholarly-literature, openalex

**Provenance.** Affirmed in kaal-review:2026-07-31:streaming-etl-0005 at https://kaal-signal-desk.wulf577462.chatgpt.site/#review.

**Record type.** This is a dated commentary position that extends a scholarly corpus claim. It is not a verbatim claim extracted from the paper.

**Canonical form.** This markdown file is the canonical hashed representation of the position.