Initial Coin Offerings: The Badlands Between Innovation and Regulation

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TheMerkle SEC Cryptocurrency ICOsIn recent weeks, the SEC sent a shockwave of concern that’s reverberating through the blockchain industry – issuing subpoenas to companies that have conducted Initial Coin Offerings (ICOs).   Those of us who understand the regulatory process foresaw the SEC subpoena sweep coming from miles away. Those who operated under the false assumption that blockchains, ICOs and related innovations were outside of current laws need a simple lesson in regulation.  Regulation is inherently reactive, and is an intrinsic response to innovation. The natural cycle of regulation begins with innovation, which is often misunderstood and foreign to regulators, and is followed by

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