# kaal:claim:4021599-007

**Claim.** 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.

**Type.** definitional  **Support.** argued

**Holds when.**

- typical cases; boundary cases blur

**Source quote.**

> 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, page 6

**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

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

**Keywords.** securities-token, utility-token, investment-contract, token-classification

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