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ARTICLE · 10 SEPTEMBER 2018

Is There A Unicorn Among ICO Issuers?

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The United States Securities and Exchange Commission ("SEC") has indicated that nearly all initial coin offering ("ICO") filings they have seen are securities offerings.

United StatesFinance and Banking
James Gatto
James Gatto
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The United States Securities and Exchange Commission ("SEC") has indicated that nearly all initial coin offering ("ICO") filings they have seen are securities offerings. Based on this expansive view, it may be more likely to find a Unicorn than an ICO that is not a securities offering. Ironically, a recent lawsuit was filed against Unikrn, a block-chain based betting platform, primarily focused on esports betting.

In the securities class action, the Plaintiff alleges that UnikoinGold Tokens ("UKG Tokens") were sold in an ICO and continue to be sold to the general public through cryptocurrency exchanges. The Plaintiff further alleges that Defendants attempted to sidestep the securities laws by calling the token a "utility token" rather than a security and that the  tokens did not have any functionality at the time of the ICO. However, Plaintiff acknowledges that the company promoted the tokens as being useful with their existing platform. In 2016, Unikrn created the

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