ICOs As Exempt Securities Offerings: An Economic Analysis

By Simona Mola, An Wang and Michael Liftik (June 28, 2018, 2:36 PM EDT) -- The number of initial coin offerings has exponentially increased since early 2017.[1] After a large setback in August 2017, possibly due to their being banned in China and South Korea,[2] ICOs have bounced back in 2018, reaching a total of 334 offerings and cumulative ICO proceeds of $13.9 billion as of the end of May,[3] exceeding venture capital investment in blockchain projects.[4] According to the New York Times, technology startups using ICOs can raise much more money, much faster, than venture capitalists.[5] For example, Coinbase — a virtual currency company funded with venture capital — raised $225 million in five years...

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