It was only last year that startups launching new digital currencies were raising ever larger sums through initial coin offerings, giving investors who hadn’t bought Bitcoin when it was cheap a chance to get in on the crypto craze. Then the main U.S. stock market regulator ruined the party, as it stepped up enforcement of its ruling that most ICOs were in fact securities that had to be registered with it. Now a bunch of startups are taking a different approach, asserting that they’re playing by


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