kaal:claim:4021599-007

Securities tokens are typically investment contracts while utility tokens typically provide their users with access to a product or service, even though the lines between the different token types are blurred regularly.

Source quote, verbatim
appreciation, dividends or revenue share.8 While the lines between the different types of tokens are blurred regularly,9 securities token are typically investment contracts, whereas utility tokens typically provide their users with access to a product or service.
From

Wulf A. Kaal, Securities Versus Utility Tokens (2022), II. General Characteristics of Securities Tokens, p. 6
https://ssrn.com/abstract=4021599 · source PDF

Cite as

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

Holds when
Classification

definitionalsupport: arguedsecurities-lawtokenomicssystemic-risk

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