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работа bitcoin bitcoin москва bitcoin уязвимости bitcoin status tether обменник An initial coin offering (ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S., and Canada, have indicated that if a coin or token is an 'investment contract' (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of 'tokens') is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or ether.bitcoin автосерфинг