# kaal:claim:3249860-024

**Claim.** The utility token model dominates the top 100 tokens, but the utility category as coded includes tokens that behave like a security, and no Howey test was performed in this research.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- N=100 dataset
- utility category aggregates network, network value, usage, and work token subtypes

**Source quote.**

> attributes: tokens offer owners clearly defined utility within a network or application (utility tokens); tokens that behave like a security, although no Howey test was performed in this research;

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), IV.4 Token Model Type, page 17

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Failure mode.** unresolved-security-classification  (family: definitional-ambiguity)

**Topics.** tokenomics, securities-law, systemic-risk

**Keywords.** utility-tokens, howey-test, securities-regulation, classification-limits

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.