The Wall Street Journal reports that initial coin offerings have raised more than $1 billion in what could be called crowdfunding or private placement efforts.
Although some of these offerings are trying hard not to be securities offerings, they quack like them.
One example is Tezos, a Swiss “foundation” that has created software that claims to be a “self amending cryptographic ledger” that is a blockchain that “will underpin secure, decentralized applications and smart contracts while avoiding some of the political and technological problems which earlier efforts such as Bitcoin and Ethereum have faced.”
There is no cap on the amount of bitcoins that Tezos will accept. “The fundraiser will last for a period of 2,000 Bitcoin blocks.” Or about 2 weeks.
(No endorsement implied).