The most extensive legal report on initial coin offerings (ICOs) is now available to the general public, and the findings are pretty damning. University of Pennsylvania legal professors, alongside research teams, have meticulously studied the top 50 highest grossing ICOs of last year – their whitepapers and their code – to determine if there was any disparity between promises made and cryptocurrencies developed. An excerpt from the 100-page publication reads: Our basic finding is that ICO code and ICO contracts rarely match. In a financial ecosystem built around the proposition that regulation is unnecessary because code is the final guarantee of performance, the…

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