January 23, 2026

Capitalizations Index – B ∞/21M

The Third Web #1 – Re-examining the Legality of ICOs

Joshua Ashley Klayman, co-founded the blockchain and smart contracts working group at the law firm Morrison and Foerster and leads the WSBA?’?s Legal Working Group. We caught up in person at a Cafe in Central Park to discuss gender disparity in tech and ICO regulation – a subject of considerable significance right now.

Women in blockchain:Social barriers to entry,Counterproductive responses to gender disparity in blockchain,Public displays of bigotry.

ICO Regulation:What percentage of ICOs are legal?How do ?’?œfacts and circumstances?’ bear on the Howy test?Analyzing the SEC ruling that TheDAO was a securityRegulatory focus on preserving the innovation spaceFear of fraud, scams and terrorist financingMost ICO tokens are securitiesThe utility token misunderstandingThe Swiss foundation model and the challenges of separation of governanceIs it irresponsible for ICOs to be raising $200MM in funding?

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