Matt Levine correctly notes that US securities laws were designed for an era with material direct retail investment in firms and that that era is over. https://www.bloomberg.com/amp/view/articles/2018-02-23/can-kardashians-trade-on-tweets?__twitter_impression=true … I am of two minds on this.
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And on the other other hand, ICOs last year demonstrated at almost a level of parity that scammers will rise to the challenge of taking every last dollar from a retail investor base which has ease-of-ecommerce ability to purchase securities.
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*parody; I often do this sort of word swap when tired. (Got a bit of a cold.)
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