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Lattice Ventures : BlockTalk - Legal Frameworks for ICOs
- 1. Lattice Ventures BlockTalk Legal Frameworks for ICOs #LatticeVCBlockTalk @LatticeVC
- 2. 2 The information provided in this presentation and the following panel is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. LEGAL DISCLAIMER
- 3. 3 About Lattice Ventures Lattice Ventures is run by partners Brittany Laughlin and Vanessa Pestritto. Based in New York, investing in US companies. We invest in blockchain, the future of work, fintech, AI and infrastructure. @LatticeVC #LatticeVCBlockTalk Series Focused on our work in Blockchain technology to help the ecosystem collaborate and navigatie risks. ● Raising Capital ● Corporate Structure ● Security ● Community ● Talent
- 4. Lattice Ventures BlockTalk #LatticeVCBlockTalk @LatticeVC ICOs Are A New Alternative To Project Financing
- 5. In 2017, $5.6 Billion was raised in ICOs across 435 projects Lattice Ventures BlockTalk #LatticeVCBlockTalk @LatticeVC Source: Reuters
- 6. Top 10 Projects Accounted for 25% Raised, Avg ICO was $12.7M Lattice Ventures BlockTalk #LatticeVCBlockTalk @LatticeVC Source: Reuters
- 7. SEC Started Taking Action in July 2017 Lattice Ventures BlockTalk #LatticeVCBlockTalk @LatticeVC
- 8. Increased Regulation Could Strengthen Investor Confidence Lattice Ventures BlockTalk #LatticeVCBlockTalk @LatticeVC
- 9. Lattice Ventures BlockTalk Arina Shulga Ross & Shulga Ryne Miller Sullivan & Cromwell LLP Arianna Simpson Autonomous Partners #LatticeVCBlockTalk @LatticeVC Lattice Ventures BlockTalk: Legal Frameworks for ICOs
- 10. Lattice Ventures BlockTalk Legal Frameworks for ICOs #LatticeVCBlockTalk @LatticeVC
Editor's Notes
- Welcome!
- Legal Disclaimer. Do not take this as financial or legal advice.
- Lattice Ventures is run by partners Brittany Laughlin and Vanessa Pestritto. Based in New York, investing in US companies. We invest in blockchain, the future of work, fintech, AI and infrastructure. Lattice.vc follow @latticeVC BlockTalk Series to collaborate and navigate risks.
- Today we’re here to talk about ICOs. Who knows what they are? An alternative to project fundraising.
- Gained in popularity. In 2017, ICOs raised a total of $5.6B in funding. Happened across 435 successful projects. There were more launches but many did not end up successfully raising. -- Regulation dip in August. -- Successful - ⅓ made it.
- Here you can see the top 10 projects and their geographic region. We will discuss geography in our topic today. Singapore, US, etc. I also wanted to point out that the average ICO is $12.7M, which is the size of a Series A, but not the size of the $100M ICO. Geography matters?
- July: An SEC report found that tokens in TheDAO were securities, but declined to take enforcement action. December 4: The SEC shut down PlexCoin and brought charges against its operators. December 11: The SEC chairman issued guidance for ICO operators and investors. Check out his non-exhaustive list of questions for any ICO. December 12: The SEC shut down the Munchee ICO. Despite Munchee labelling itself a “utility token” and not a security, the representations made by Munchee pushed it over the line into securities territory in a shot across the bow of other ICOs. So where are we today? Well starting in July 2017 last year, the SEC started taking action. TheDAO, SEC said the tokens were indeed securities, but did not take action. December the SEC shutdown PlexCoin. Munchee called itself a utility token. Have you heard of these cases? Tokens vs. Securities.
- ICOs are just one type of project financing. As more regulation has come into the space, there are new best practices on how to launch projects by being mindful about regulation. Goal is to understand the current state of ICOs so whether you’re launching your own project or investing in ICOs, you can better understand the legal tradeoffs.
- I’d like to introduce our experienced panel