# Initial Coin Offerings
Initial coin offerings are proxy [equity](security.md) fundraising structure that allows entrepeneurs to raise [crypto assets](cryptoasset.md) in a common enterprise outside of existing securities regulation. Initial coin offerings are an example of [regulatory-arbitrage](regulatory-arbitrage.md) of [security](security.md) regulation.

Initial coin offerings are illegal in the United States.

## References

* [@kharif_half_2018]
* [@zetzsche_ico_2017]
* [@kelly_ico_2019]
* [@debler_foreign_2018]
* [@cincinnati_ponzico_2017]
* [@howell_initial_2018]
* [@boreiko_serial_2020]
* [@benedetti_digital_2018]
* [@momtaz_entrepreneurial_2020]