Core Viewpoint - Coinbase is set to host the first digital token sale in the U.S. in seven years, allowing retail traders to participate in public token sales, also known as initial coin offerings (ICOs) [2][4]. Group 1: Token Sale Details - The first token sale will occur from November 17 to November 22, 2023, allowing investors to buy digital tokens before they are listed on the exchange [2]. - The token sale design aims to prioritize broader distribution and limit asset concentration among large purchasers, ensuring that true supporters receive higher allocation priority [2][4]. - The allocation process will favor participants requesting smaller amounts first, progressively filling larger requests until the supply is exhausted [3]. Group 2: Regulatory Context and Market Evolution - The launch of this platform marks the first public token sales for retail traders in the U.S. since 2018, following a period of regulatory scrutiny due to numerous fraud cases associated with ICOs from 2016 to 2018 [4][5]. - The previous ICO market was characterized by a lack of accountability, with many tokens being unregistered securities or outright frauds, leading to a decline in ICOs over time [5]. - The current market environment is more mature, with projects and their teams demonstrating more credibility than in the past, as noted by Scott Shapiro, head of trading at Coinbase [6].

Initial coin offerings are back, but with a twist. That’s the upshot of the news that Legion, an onchcain fundraising project, is extending its services directly into the crypto exchange Kraken and opening token sales to a much wider audience than before. By tapping Legion, crypto projects launching tokens can hand-select investors based on onchain data, social media activity, and GitHub commits, among other metrics. ICOs got a bad reputation following their prior boom in 2017 and 2018, which saw over 2 ...