1. Which of the following is a characteristic of an ICO? The tokens are always backed by tangible assets The tokens are typically sold through traditional stock exchanges The tokens can be used to purchase goods and services on a specific platform The tokens are always considered a security under US law

2) A best efforts IPO underwriting consisted of 3.4 million shares at an offer price of $23 a share. The underwriter's fee was set at 7.79 percent. How many shares were sold if the issuer received $47,900,000? Provide your answer in whole shares (e.g., 1234567 for 1,234,567 shares).