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Another criticism: https://prestonbyrne.com/2016/08/12/against-crowdsales/

As for DeRose, if he isn't actually an asshat, he's certainly doing a flawless impersonation of one. But many of his points are correct nonetheless. Though do note that as a Bitcoin maximalist he would be making very similar arguments even if he were wrong ;)



A much more comprehensive analysis by experts in US securities law:

https://www.coinbase.com/legal/securities-law-framework.pdf




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