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An initial coin offering (ICO), also called a token sale, is a fundraising method in which a project or organization issues and sells digital tokens. Buyers may pay with dollars or virtual currency, and the issuer may use the proceeds to develop a platform or other project. A token’s rights vary: it may provide access or participation, and in some offerings buyers are led to expect investment returns.
How an ICO works
- An issuer offers tokens. A project promoter creates or distributes digital tokens, often using blockchain or other distributed-ledger technology.
- Buyers pay for them. Payment may be in traditional currency or virtual currency. The issuer may say the money will fund software, a platform, or another project.
- The tokens provide whatever rights their terms specify. They might grant access to a service or other participation rights. Some promoters also present tokens as investments or encourage buyers to expect returns. Tokens may later be resold on secondary-market platforms, but resale is not guaranteed.
In the SEC’s description, a blockchain is a distributed electronic ledger maintained by network participants, with cryptography used to process and verify entries. Code that automates functions on a blockchain may be called a smart contract. These are general features, not a description of every ICO’s design or terms. SEC Investor Bulletin: Initial Coin Offerings, July 25, 2017.
What rights an ICO token gives—and what it does not necessarily mean
There is no single set of rights attached to every ICO token. The offering documents should explain what the token is meant to do, what rights it carries, and whether there are limits on refunds or resale. Do not assume that buying a token means owning shares in the issuer: token rights differ, and the name “coin” or “token” does not establish ownership or legal status.
In a December 11, 2017 statement, then-SEC Chair Jay Clayton cautioned that calling a token a “utility” token, or giving it some utility, does not by itself prevent it from being a security. The substance of the offering matters, including whether buyers reasonably expect profits from other people’s managerial or entrepreneurial efforts. This describes the SEC chair’s statement, not a legal determination about any particular token. SEC statement on cryptocurrencies and ICOs.
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ICO vs. IEO vs. IPO
| Offering type | How it is described | What to keep in mind |
|---|---|---|
| ICO | A project or promoter raises funds by issuing and selling digital tokens. | Token rights and the offering structure vary. The token is not necessarily a share of company ownership. |
| IEO | An initial exchange offering is a digital-asset offering made on behalf of a company through an online trading platform, often for a fee. | A platform may claim to vet a project or enable trading, but its involvement does not by itself establish compliance with U.S. requirements. |
| IPO | The reviewed SEC sources do not provide a full comparison of an ICO with a traditional initial public offering. | Do not treat an ICO token as equivalent to stock; examine the actual rights in the offering materials. |
The SEC’s IEO alert discusses platform involvement and related risks. SEC Investor Alert: Initial Exchange Offerings (IEOs), January 14, 2020.
How U.S. securities rules may apply
Whether tokens offered or sold in an ICO are securities depends on the facts and circumstances of that offering, according to the SEC’s July 25, 2017 investor bulletin. If the tokens are securities, federal securities laws apply to their offer and sale, including applicable registration requirements or an available exemption. The SEC’s bulletin is U.S.-specific and dated; it does not establish the current legal status of a particular token or the rules in other jurisdictions.
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For a specific offering, check what the issuer says about registration or an exemption and verify any registration statement through SEC EDGAR. The SEC’s investor bulletin points to registration statements such as Form S-1 as a place to look. A claim that a token is a utility token, or that a platform has reviewed it, is not a substitute for checking the facts and applicable requirements.
ICO due-diligence checklist
Before considering an ICO, use the questions raised in the SEC’s investor bulletin to examine the offer:
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- Use of proceeds: What does the issuer say the funds will pay for?
- Token rights: What access, participation, or other rights does the token provide?
- Refunds and resale: Can buyers get a refund, and are there restrictions on reselling the token?
- Legal claims: Does the issuer claim the offering is registered or relies on an exemption? Can you verify that claim?
- Technical transparency: Is the blockchain open and public? Is the code published? Has an independent cybersecurity audit been conducted?
Risks and warning signs
The SEC warns readers to be alert to promised or guaranteed high returns, unsolicited offers, pressure to buy immediately, and unlicensed sellers. Digital tokens and virtual currencies can also be stolen through hacks or malware, and recovering assets after fraud or theft may be difficult or limited. Treat promotional claims as claims to verify, not as guarantees.
The cited SEC materials are investor-education sources, not individualized legal advice or a complete statement of current law. For legal questions about an offering, the SEC’s IEO alert recommends consulting an attorney specializing in securities law.
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- Powerful Pass-Through Charging: Supports up to 85W pass-through charging so you can power up your laptop while you use the hub. Note: Pass-through charging requires a charger (not included). Note: To achieve full power for iPad, we recommend using a 45W wall charger.
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- What You Get: Anker 332 USB-C Hub (5-in-1), welcome guide, our worry-free 18-month warranty, and friendly customer service.
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- Dual Converters, Infinite Potential：Includes 2× USB C male to USB A female adapters and 2× USB A male to USB C female adapters. Perfect for a wide range of uses—tablets with Bluetooth keyboards, expand USB ports on macbook, and more. Two different converters for all your daily needs
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- Please Note: To reach 10Gbps speed, keep the cable under 3.3 ft. For USB A Male to USB C adapters, try flipping the USB C connector. USB C Male to USB A adapters support bidirectional 10Gbps transfer within 3.3 ft
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
