Suppose as a thought experiment that Enigma, iExec and similar projects are successful. Suppose a dapp is invented which essentially is a combination of crowd mining and crypto fund. The crowd mining component generates income for all members who delegate either computation resources to the dapp or tokens representing computation resources to the dapp. The crowd then selects a cryptocurrency to mine and then the revenue is shared mining pool fashion with the members of the dapp. Suppose now this DAPP can participate in ICOs?

- Because it's on the TEE the members could be both verified but also anonymous to the public.
- Because it's encrypted no one could see how the members vote.

What exactly would this be? A secret DAO crypto fund mining pool? How would the SEC react to these if they emerge?

This concept is not science fiction. The Enigma community is calling the DAO portion of this concept [Dark DAOs](https://blog.enigma.co/dark-daos-and-the-complexity-of-secret-voting-fc3b4fe4d666). 

But if Dark DAOs can exist then Dark Funds and [Dark ICOs](https://blog.enigma.co/secret-icos-and-privacy-tokens-d77ed505514d) also can exist.