# kaal:claim:4021599-006

**Claim.** The lack of a clearly delineated nomenclature for the term securities token has produced divergent uses and interpretations of that term, especially in relation to the term utility token.

**Type.** failure  **Support.** argued

**Holds when.**

- United States digital asset markets as of 2022

**Source quote.**

> The lack of a clearly delineated nomenclature for the term "securities token" resulted in various uses and interpretations of the term securities token, especially vis-à-vis the term "utility token."

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), I. Introduction, page 5

**Cite as.** Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599

**Verify.** sha256 of source PDF `bb03790af46b3710e306121cfae25f850e3e7477e0f95313af42b9feeb6bc0c4` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Securities%20Versus%20Utility%20Tokens.pdf

**Failure mode.** undefined-securities-token-nomenclature  (family: definitional-ambiguity)

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

**Keywords.** securities-token, utility-token, nomenclature, token-classification

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