Matt Levine, Columnist

Token Sales Have Some Rules Now

Also UNICORNs, Lyft and open platforms.

April 4, 2019 at 11:59 AM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE

Programming note: Money Stuff will be off tomorrow, back on Monday.

If you are an entrepreneur thinking of doing an initial coin offering, what should you make of the “Framework for ‘Investment Contract’ Analysis of Digital Assets” that the U.S. Securities and Exchange Commission issued yesterday? I think the correct answer is probably “that is a trick question, the ICO market is dead, nobody is thinking of doing ICOs anymore.” It is not uncommon for financial innovation to get a bit ahead of the rules that are supposed to regulate it, but the ICO market got so far ahead of the rules that it started, boomed, peaked and died before the rules came along.

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE