Sending Office: Honorable Jared Polis
Congressional Blockchain Caucus – Initial Coin Offering Briefing
122 Cannon House Office Building
The Congressional Blockchain Caucus would like to invite you and your staff to attend a special briefing on crypto-token crowdsales, also known as “initial coin offerings” or ICOs. The briefing will take place TODAY, October 11, at 9:30 a.m. in Room 122
of the Cannon House Office Building. (Refreshments will be served.)
ICOs represent an innovative way for open source software projects to raise capital to build unowned internet infrastructure based on blockchain technology. The development of early internet infrastructure, like email or the Web, was largely funded through
defense or academic government grants and now remain as open public resources. Today, new networks are typically developed by private firms, and as a result they are permissioned and centrally controlled systems. Blockchain networks and token crowdsales have
the potential to revive the development of open public networks.
The increasing popularity of ICOs, some of which have raised over $100 million, have attracted scam artists promising outsized returns and evincing little if any technical innovation. The Securities and Exchange Commission has made clear that certain token
sales will be considered securities offerings, and it has begun enforcement actions against ICO frauds. The SEC, however, has yet to issue guidance on whether legitimate, useful network tokens can be presold to consumers without qualifying as a securities
At the briefing you will learn what are crypto-token crowdsales, why they are an important innovation in technical development and capital formation, and what are the policy questions that they raise. We have gathered top experts in the field from leading
blockchain think tank Coin Center, crowd investment platform AngelList, and crypto investment fund Placeholder VC, to help demystify this exciting new topic in technology and law.
HERE if you would like to attend.
Jared Polis David Schweikert
Member of Congress Member of Congress
e-Dear Colleague version 2.0