Research Project

Investigator:

Martin Miernicki

Abstract:

In recent years, and in connection with the development of “crypto-assets” based on blockchain technology, Initial Coin Offerings (ICOs) have emerged as a new model for raising capital. Since ICOs raise funds for investments or for the development of new online business models, they are often understood to fall under the broader concept of “crowd-funding.” However, ICOs can take multiple different forms, and therefore the legal analysis of ICOs should take place on a case-by-case basis. Accordingly, the purpose of this research project is to describe, compare and evaluate the regulatory framework that applies to the different forms of ICOs in the United States and the European Union, especially in the context of capital markets law.