{"id":97710,"date":"2019-02-03T14:57:10","date_gmt":"2019-02-03T22:57:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=97710"},"modified":"2020-04-09T18:42:59","modified_gmt":"2020-04-09T17:42:59","slug":"without-regulation-ico-unlikely-disrupt-venture-capital-oecd","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/without-regulation-ico-unlikely-disrupt-venture-capital-oecd\/","title":{"rendered":"Without Regulation ICOs Unlikely to Disrupt Venture Capital According to OECD"},"content":{"rendered":"

In its January report<\/a>, the Organisation for Economic Co-Operation and Development (OECD) explained some of the intricacies of ICOs in modern finance. Although ICOs still offer advantages for startups, it comes at a steep cost. The organization concluded that ICOs can\u2019t be properly harnessed until there is regulatory consensus internationally and it is unlikely to replace venture capital for mainstream seed financing.<\/p>\n

OECD\u2019s Stance on ICOs<\/h2>\n

The Organisation for Economic Co-operation and Development was founded in 1961 to stimulate economic progress and world trade. Today, the organization is comprised of 36 member countries including the United States, much of the European Union, Korea, and other major economies.<\/p>\n

Like most regulatory agencies, the OECD asserts that ICOs, in their current form, are risky:<\/p>\n

\u201cICOs in their current shape and form carry important risks for SME [small and medium enterprise] issuers and investors subscribing to token offerings.\u201d<\/p><\/blockquote>\n

At face value, an ICO seems like an excellent way to raise funding. Thousands of businesses which otherwise would have never formed have been able to raise hundreds of millions using these offerings.<\/p>\n

Yet, to some extent, ICOs can be a trap. Keeping issuers accountable, properly structuring token economics, and evolving definitions for \u201cutility\u201d and \u201csecurity\u201d token have stunted many companies post-ICO. In extreme cases, the Securities Exchange Commission has even compelled companies that have conducted ICOs to return funds<\/a> to investors via recision.<\/p>\n

Considering the age of the industry, there are still a lot of unanswered questions. The OECD does provide some answers, but even these come with a lot of footnotes and exceptions.<\/p>\n

Grin as a Case Study<\/h2>\n

One highly anticipated project in the cryptocurrency space is Grin<\/a>. The privacy-centric cryptocurrency gained the attention of Peter Thiel and several crypto-minded venture funds, including Primitive Ventures, Iterative Capital, and BlockCypher.<\/p>\n

With no ICO, no pre-mine, and some innovative privacy attributes, Grin has some features the crypto-community appears to value.<\/p>\n

In his proof of work newsletter, Erik Meltzer, a partner at Primitive Ventures, stated:<\/p>\n

\u201cUnlike Bitcoin, which was so maligned and ignored at launch that Satoshi had to mine by himself on a single Intel CPU for most of 2009, there is (by our conservative estimates) 100 million dollars of mostly VC money invested into special-purpose investment vehicles to mine Grin.\u201d<\/p><\/blockquote>\n

One interesting feature of Grin is \u201cMimbleWimble,\u201d a feature that purportedly hides information related to cryptocurrency transactions. Some have heralded the feature as a \u201ccure\u201d to Bitcoin\u2019s<\/a> privacy and scalability issues, but the feature has seen limited implementation outside of Grin.<\/p>\n

In a video explainer, crypto evangelist Andreas Antonopoulos<\/a> said<\/a> that MimbleWimble allows users to \u201chave a much smaller, more private blockchain.\u201d The innovation hides the amounts being transacted, the identities of the transactors, as well as verifies the state of the blockchain without storing all transactions. Allegedly, these are all features that Bitcoin has struggled with.<\/p>\n

Grin has been compared a number of times to Bitcoin but implemented in such a way that\u2019s more \u201cfair,\u201d according to advocates on Twitter. Prominent Bitcoin developer Jameson Lopp<\/a> Tweeted his appreciation<\/a> for the project on Jan. 15, 2019, saying that \u201cthere are no sketchy incentives skewed towards the creators, it's actually innovating, and it's a pretty cypherpunk project.\u201d<\/p>\n

These questions of fairness are a matter of tokenomics (token economics). The monetary policy surrounding a cryptocurrency defines its use within the ecosystem and has a large impact on a coin\u2019s price.<\/p>\n

OECD on Pre-Mines and Tiered ICOs<\/h2>\n

The OECD offers some insights into this aspect of token offerings. The policy group asserts that \u201cprivate sales of tokens ahead of ICOs raise a number of issues,\u201d and \u201cnot having \u2018skin-in-the-game\u2019 is a source of potential conflicts.\u201d<\/p>\n

Pre-ICO rounds that offer discounted tokens, but aren\u2019t adjusted for risk compared to those sold during the main ICO, are primarily occupied by what the OECD labels \u201cinsiders.\u201d The funds raised by insiders during this period are typically used to pay for marketing and advisory costs needed to establish the project in the first place.<\/p>\n

Founders who manage to cover these costs often \u201ccarry no personal financial risk in the transaction besides reputation risk,\u201d states OECD. The international agency underlined the importance of having \u201cskin-in-the-game\u201d as this accountability prevents conflicts such as pump and dump schemes.<\/p>\n

In the context of traditional startups and small businesses, cryptocurrency entrepreneurs need only pay for marketing expenses and advisory fees. Moreover, the absence of a mandatory lock-up period often tempts startup leaders to leave after they\u2019ve raised the cash, rather than build out a working product.<\/p>\n

ICOs Compared to IPOs<\/h1>\n

Initial public offerings (IPOs) for traditional stocks share few similarities with ICOs, other than that they are both fundraising methods.<\/p>\n

In the case of an IPO, investors interested in buying shares in a company are betting on a former track record of performance. There is a history of \u201cboth operational and financial performance,\u201d explains the OECD, offering much more information than what is possible in an ICO.<\/p>\n

IPOs also tend to be much longer events, with planning for an offering lasting three times as long compared to an ICO, according to the OECD. With these features in mind, ICOs are more akin to venture capital-style fundraising:<\/p>\n

\u201cIPOs follow series A-D financing or are used as an exit after venture capital funding, while ICOs look for seed\/early stage financing, similar to seed financing (or perhaps series A round).\u201d<\/p><\/blockquote>\n

If IPOs are a bet on a business\u2019 forecasted success, then an ICO is a bet on turning an idea into reality.<\/p>\n

Unlike ICOs, venture capitalists (VCs) can meet with startups, get acquainted with the founding team, and then decide whether to provide funding. However, VCs still run into ‘problems' of liquidity.<\/p>\n

For ICOs, as soon as a token is listed, a secondary market becomes available that makes \u201ccashing out\u201d easy. Such ease is tempting for crypto founders:<\/p>\n

\u201cAcademic research suggests that ICOs are preferred for projects with a high risk of failure and right-skewed payoff distribution, given that in case of some retention of ICO proceeds by the entrepreneur, the payoff for the entrepreneur is positive even when the project fails.\u201d<\/p><\/blockquote>\n

ICOs Unlikely to Replace Venture Capital<\/h2>\n

Establishing a clear alignment of interest between token holders and founders is one of the largest impediments to ICOs succeeding. As the report claims, the OECD anticipates that the only way to harness ICOs is through international regulatory consensus.<\/p>\n

This, however, is easier said than done. At the end of the report, the OECD compiled all high-profile regulatory responses worldwide. Such a compilation emphasizes the complexity of \u201csafeguarding\u201d investors in each jurisdiction.<\/p>\n

The FMA, the financial authority in Austria, suggested<\/a> that ICOs require a license to help protect investors. Meanwhile, Thai authorities have simply outlined<\/a> the benefits and risks associated with the fundraising technique, with few rules on how the practice should actually be regulated.<\/p>\n

China<\/a> and Korea have both outright banned ICOs, with the latter citing<\/a> \u201cserious concern about the fact that the current market funds are being pushed into a non-productive speculative direction.\u201d<\/p>\n

ICOs were once lauded as a potential way to disrupt VC financing. Yet, at the present moment, the lack of accountability for issuers has left the space rife with scams and ill-conceived projects. With this in mind, the OECD concludes their report with the importance of a quality use case:<\/p>\n

\u201cIt [seems] inappropriate to consider ICOs as a potential \u2018mainstream\u2019 financing mechanism for SMEs whose projects are not enabled by DLTs and which would not benefit from network effects.\u201d<\/p><\/blockquote>\n

By extension, the OECD suggests that it might make sense for projects enabled by distributed ledger technology to raise funds via ICO. Yet, this brings about a whole host of other issues around which projects should use blockchain technology instead of conventional databases. Again, it seems like international decision-makers are leaving more questions than answers.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its January report, the Organisation for Economic Co-Operation and Development (OECD) explained some of the intricacies of ICOs in modern finance. Although ICOs still offer advantages for startups, it comes at a steep cost. The organization concluded that ICOs can\u2019t be properly harnessed until there is regulatory consensus internationally and it is unlikely to […]<\/p>\n","protected":false},"author":136,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,61045,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nWithout Regulation ICOs Unlikely to Disrupt Venture Capital According to OECD<\/title>\n<meta name=\"description\" content=\". Although ICOs still offer advantages for startups, it comes at a steep cost. 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Although ICOs still offer advantages for startups, it comes at a steep cost. 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