Debevoise on Blockchain Tokens and Initial Coin Offerings: New Year, New Perspective
Sales of blockchain tokens in so-called initial coin offerings (“ICOs”) exploded in 2017. According to CoinSchedule, a website that tracks ICO (or digital token sale) data, the total amount raised in ICOs in 2017 was $3,700,682,293, which compares to $96,389,917 raised in 2016.
Perhaps not surprisingly, 2017 was also a year of increasing focus by U.S. regulators on ICOs. The Securities and Exchange Commission (the “SEC”) launched a new Cyber Unit and took its first significant enforcement actions against promoters of ICOs.
As the calendar opens on a new year, it seems appropriate to revisit and assess the … Read more