A Critical Appraisal of Initial Coin Offerings: Lifting the "Digital Token's Veil"

In A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil”, Dominika Nestarcova examines the regulatory treatment of initial coin offerings (‘ICOs’), a novel form of raising capital, where start-up companies issue blockchain-based assets (‘digital tokens’) to the public in return for a payment.
The ICO model promises to utilize blockchain technology to enforce financial contracting via the underlying code, thereby substituting the traditional securities regulation...