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Michael Manley was quoted on January 23, 2018, about the current state of cryptocurrency rules, the expectations for CCOs at fund shops and brokerages, and how the market might be expected to evolve. Here is an excerpt from the article regarding the SEC's report that was published last summer:

In the wake of that report, anyone who's considering an ICO or token sale [would need to analyze] both whether what's occurring would constitute the offer and sale of a security, and if so whether that offer and sale requires any kind of registration either with respect to the transaction itself or with respect to the platform upon which the transaction occurred. In making these evaluations, you have to understand what it’s been developed for, whether that would constitute a security, and whether that would constitute the offer and sale of a security. Part of that analysis includes looking at whether the offer and sale has an expectation on behalf of the investor of profiting on the value of the cryptocurrency.