The investment bank syndicate often takes on some or all of the risk of a failure to sell a new issue. Also, in the equity markets, there is a legal and regul

The investment bank syndicate often takes on some or all of the risk of a failure to sell a new issue. Also, in the equity markets, there is a legal and regulated way for the syndicate to prop up the initial price to maintain the target sale price. So, even with an ICO, the role of an investment bank syndicate may be necessary. Also all of the equivalent safeguards against insider trading, self-dealing, and restricted transfer protections would need to be created.