But this crowdfunding method raises a lot of questions, starting with: Is a token sold via an ICO a security? Additionally, the ease of raising gobs of money based on a white paper peppered with the word “blockchain” or “token” has led to numerous scams, and many ill-conceived projects have raised a lot more money than they would have from seasoned venture capitalists. For these reasons and more, AngelList, the go-to platform that connects startups and investors, and Protocol Labs, a company working on building the infrastructure for decentralized networks including Filecoin, are launching CoinList, a new platform for token-based networks to reach investors and raise money for the development of the project. The first ICO on the platform will be for Filecoin, sometime in the next few weeks.

https://www.forbes.com/sites/laurashin/2017/05/18/want-to-hold-an-ico-coinlist-makes-it-easy-and-legal/#1a376d677ce5