web3/concepts/ico.md

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# Initial Coin Offerings
Initial coin offerings are proxy [equity](security.md) fundraising structure that allows enterpeuers to raise crypto assets in a common enterprise outside of existing securities regulation.
Initial coin offerings are illegal in the United States.
## Citations
* [@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]