WSGR (well-regarded law firm) examines question of whether ICO tokens are securities. https://www.wsgr.com/WSGR/Display.aspx?SectionName=publications/PDFSearch/wsgralert-initial-coin-offerings-1017.htm … Spoiler: of course they are.
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What’s the SEC going to do? Say “Well you did just raise several hundred million in capital from ordinary Americans... but crypto.”
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Tokens can have utility beyond raw fundraising. Convenient way to enable micro transactions or enable data provenance tracking
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And lots of money laundering.
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