see article appearing on banklesstimes.com at https://www.banklesstimes.com/2017/11/05/what-questions-will-the-sec-ask-icos/   While ICOs (initial coin offerings) and their legal advisors analyze facts and circumstances to assemble arguments why some token sales do not fall under the definition of a security, there are other securities-related questions that are necessary to address to ensure token offerings are compliant with the