"Initial Coin Offerings (ICOs) need to be regulated by relevant government authorities and regulatory agencies in order 'to protect' the general public and regular investors from scammers, fraudulent marketing practices, lack of transparency by ICO providers, etc."
1) Furthermore, there is a "strong" possibility that these ICOs may be in violation of existing laws on the books pertaining to the issuance of financial securities in the marketplace. 2) The current method of generation, purchase, issuance, use and redemption of these coins could also be illegal under any of the following regulations: Currency and Financial Transactions Reporting Act of 1970 as amended and now known as the Bank Secrecy Act (BSA), Foreign Account Tax Compliance Act (FATCA), as well as a number of other FinCEN-related (Financial Crimes Enforcement Network) regulations. 3) And in the event that these ICOs and cryptocurrencies are NOT currently violating any existing laws, nonetheless the existing environment under which they are now operating is a breeding ground for hard core criminals engaged in murder, drug trafficking, human trafficking, sex trafficking, child trafficking, prostitution, etc.; money launderers, tax evaders, terrorist financing, and other perpetrators of financial crimes; black market organ trafficking rings, sanctions-busting individuals and organizations; and terrorists and weapons traffickers, etc. 4) And last but not least:: as evidenced by the recent People's Bank of China (China's Central Bank) declaration on September 4, 2017 that ALL ICOs are illegal and that any proceeds received from such ICOs must be refunded to the investors:: many other governments, financial institutions, investment banking and venture capital firms view these ICOs as a threat to the hegemony of the current financial system.
on The New Virtual Organization World Consortium