By [Dror Futter](https://rimonlaw.com/team/dror-futter) '89LAW, Partner, [Rimon, P.C.](https://rimonlaw.com/)

For a long time, ICOs lived in a regulatory silence zone. Some even boldly asserted that ICOs lived outside of government regulation. In mid-summer the SEC fired its first “shot across the bow.” While the SEC focused on the DAO token, its broader point was that tokens can be securities and, as a result, fall within the same regulatory regime as, for example, stocks.

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