Just about every securities lawyer in the info tech space, including myself, has watched with no small amount of sweat for the SEC’s response to the explosion of the ICOs as a quasi-investment vehicle. I use “quasi” because the difference between a utility token and security makes all the difference between a company engaging in an innocent, and unregulated, form of crowdfunding versus an illegal offering of unregistered securities.
Read the full article at Hacker Noon.