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Even without the SEC, you would not have been able to invest in Spotify. They had zero interest in taking your money when they could raise money much more easily from professional investors capable of writing 8 figure checks.

It's very important to understand this and the adverse selection problem that would emerge if laws were changed. There's a reason that only scammers did ICOs.


> only scammers did ICOs

This is absolutely incorrect. One of many examples - Tezos.

Oh, I probably overstated a little bit. But I'm confident that 90%+ of them were scams.

Re: Tezos - "Inside the Crypto World's Biggest Scandal"

https://www.wired.com/story/tezos-blockchain-love-story-horr...

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