At the start of June, Brave Software raised $35 million USD in 30 seconds, selling out their Initial Coin Offering (ICO) in record time. With recent reports indicating that the United States Securities and Exchanges Commission will be taking steps toward developing regulations for ICOs, questions have surfaced as to whether or not pre-sale token distribution fundraisers are comprising the illegal sale of unregistered securities.
If it is not illegal yet, it surely will in the future.