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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Nov 6, 2018

After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops.

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Episode Links

Andy Bromberg:


Marco Santori:


Autonomous Next data on September ICOs down 90% since January:

Token Data on October ICOs down 94% since February:

SAFT project:

Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework:

SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25):

Jay Clayton's comments that every ICO he's seen is a security:

Civil token sale:

Blockchain's Airdrop program:

CoinList's Airdrops program: