What Is the Legal Status of an ICO Whitepaper in Major Jurisdictions?

The legal status of an ICO whitepaper is complex and varies significantly by jurisdiction. In many places, like the US, the whitepaper is often viewed by regulators, such as the SEC, as an offering document.

If the token is deemed a security under tests like the Howey Test, the whitepaper is subject to securities laws, and any misrepresentations can lead to legal liability for the team. In jurisdictions with clear token regulations, it may be treated as a technical or informational document, but its contents must still be truthful and non-misleading.