In Germany, if no more specific legislation applies, German legislation confers private law prospectus liability as a special case of *culpa in contrahendo*, which means that parties have a responsibility to negotiate and ultimately conclude a contract that is not detrimental to the other party. 

University of Minnesota - Twin Cities

- Consumer protection legislation for ICOs in the U.S. 
- Consumer protection legislation for ICOs in Germany
- Consumer protection legislation for ICOs in France
- Consumer protection legislation for ICOs in Australia

Consumer protection legislation by country for ICOs

Zetzsche, Dirk Andreas and Buckley, Ross P. and Arner, Douglas W. and Arner, Douglas W. and Föhr, Linus, The ICO Gold Rush: It's a Scam, It's a Bubble, It's a Super Challenge for Regulators (July 24, 2018). University of Luxembourg Law Working Paper No. 11/2017, UNSW Law Research Paper No. 17-83, University of Hong Kong Faculty of Law Research Paper No. 2017/035, European Banking Institute Working Paper Series 18/2018, Harvard International Law Journal, Vol. 63, No. 2, 2019, Available at SSRN: https://ssrn.com/abstract=3072298 or http://dx.doi.org/10.2139/ssrn.3072298

The ICO Gold Rush

In the U.S., the Federal Trade Commission (FTC) is ) is tasked with preventing “unfair or deceptive acts or practices in or affecting commerce,” and is empowered to commence proceedings against persons or corporations who engage in unfair or deceptive conduct.

Consumer protection legislation for ICOs in the U.S.

Consumer protection legislation for ICOs in Germany

French law subjects any intermediary in goods to rules of promotional communication which come close to prospectus regulation and include a statement “by an independent expert with sound repute and experience that certifies the existence of the goods on which rights are proposed and advises on the liquidity of the rights acquired.”

Consumer protection legislation for ICOs in France

In Australia, the Australian Securities and Investments Commission has announced that when the Corporations Act of 2001 does not apply to an ICO, the offering will still be subject to Australian consumer laws,62 which include prohibitions against misleading and deceptive, and unconscionable, conduct towards investors. 

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