Jeff Dorman,a former analyst at Merrill Lynch and Lehman, took to twitter recently to “to clear up a lot of misconceptions (on IEOs) that I’ve been hearing from others”. He begins by reiterating why IEOs are illegal at least in the U.S. saying that “the tokens are clearly securities, & unregulated exchanges are acting as broker/dealers.”
Long thread on #IEOs. Every crypto investor is chasing IEOs ($CELR, $MATIC, $BTT, $FET and soon Harmony). I worked on capital markets desks and syndicate desks at Lehman & Merrill for 2 decades. I'd like to clear up a lot of misconceptions that I've been hearing from others.