The June 2017 Bancor token offering was the second largest in history as of August 1, 2017. The Bancor protocol was designed to let anyone create and manage a liquid, viable token over a decentralized exchange system. Funds from the Bancor token offering went to the Bprotocol Foundation located in Switzerland. The Security and Exchange Commission (SEC) released guidance on initial coin offerings in July 2017. The central issue in this case is whether the Bancor token is a security under the 2017 SEC guidance
