Breakingviews - Holding: Courts may toss investors a crypto-curve
Investors in crypto-currencies may be in for a surprise. To hear the U.S. Securities and Exchange Commission and other regulators tell it, many initial coin offerings – or ICOs – of digital tokens like bitcoin are actually securities, and subject to rigorous rules. That’s far from clear, though, judging from a handful of cases making their way through the courts. A ruling against the government could add to the confusion.