# Professor David Yermack is quoted in a story on the regulation of cryptocurrencies and Initial Coin Offerings (ICOs)

1 Faculty News July 23, 2018 ![Pensions & Investments logo](/sites/default/files/styles/246w/public/assets/images/pensionsandinvestments.jpg?itok=EyF2uAa0)>

Excerpt from [Pensions & Investments](http://www.pionline.com/article/20180723/PRINT/180729968/no-clear-signals-being-offered-for-cryptocurrency-rules) -- "[David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack), professor at the New York University Stern School of Business, said whether an ICO qualifies as a security has a lot to do with the motivation of the purchaser. Many ICOs are 'utility tokens' that are meant to provide access to a particular online platform or service, he said."

[Read more](http://www.pionline.com/article/20180723/PRINT/180729968/no-clear-signals-being-offered-for-cryptocurrency-rules)