Stanford<br />
<br />
Even the most seasoned investors, entrepreneurs, and established businesses have been caught off guard by the meteoric rise of Initial Coin Offerings (ICOs), cryptographic tokens, and blockchain-based application development. Early-stage startups raised nearly $4B from ICOs during the past year, far outstripping venture and angel funding. The U.S. Securities and Exchange Commission (SEC) recently spoke out, emphatically cautioning that many ICOs may be violating securities laws.