Author: Malek Kallas

Initial Coin Offerings (ICOs) under global securities regulations

ICOs under global securities regulations Malek Kallas – Master of Laws - King's College London (Last updated on February 2019)  TABLE OF CONTENTS Chapter 1: Introduction    3 Chapter 2: The "Howey Test" - Standing the test of time and technology    6 Section 1: Strict regulation under existing laws - Assessment of whether ICOs may be "securities" based on their structure (USA)    7 1.1 The SEC and the "Howey Test"    7 1.2. Investor Protection Warnings issued by U.S. authorities    9 1.3. U.S. v. Zaslavskiy – A recent landmark decision    10 Section 2: The investment contract test in the...