Initial Coin Offerings. A Primer. The First Response of Regulatory Authorities

NYU Journal of Law & Business, Vol. 14, p. 1109, 2018.

28 Pages Posted: 12 Nov 2017 Last revised: 17 Sep 2018

See all articles by Marco Dell'Erba

Marco Dell'Erba

University of Zurich; New York University School of Law; Labex ReFi

Date Written: July 7, 2017

Abstract

In recent decades, financial markets have undergone many significant transformations. Recently, Initial Coin Offerings (ICOs) emerged as a disruptive trend as part of the broader ecosystem of the so-called Fintech and blockchain. ICOs are a revolutionary tool for capital formation, and are contributing to disintermediate financial markets. After a brief analysis on what ICOs are, how they work and how they evolved, this paper focuses on the first responses implemented by regulatory authorities (in particular securities regulators), highlighting their criticalities and the potential alternatives. This paper is with a view to promoting a more functional approach of the regulatory authorities, which are challenged like never before by the urgency of the regulatory issues emerging from the exponential growth of technology.

Keywords: ICOs, Venture Capitals, Banking disintermediation, Blockchain, Bitcoin, Ethereum

JEL Classification: K20, K23, K32, L43, L5, O31, O32

Suggested Citation

Dell'Erba, Marco, Initial Coin Offerings. A Primer. The First Response of Regulatory Authorities (July 7, 2017). NYU Journal of Law & Business, Vol. 14, p. 1109, 2018.. Available at SSRN: https://ssrn.com/abstract=3063536 or http://dx.doi.org/10.2139/ssrn.3063536

Marco Dell'Erba (Contact Author)

University of Zurich ( email )

Rämistrasse 71
Zürich, CH-8006
Switzerland

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012
United States

Labex ReFi ( email )

79 avenue de la République
Paris, 75011
France

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