kaal:claim:4021599-008

The boundaries between the different types of tokens are regularly blurred, so the securities token versus utility token distinction functions as a typical case distinction rather than a clean partition.

While the lines between the different types of tokens are blurred regularly,9 securities token are typically investment contracts,

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

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

failuresupport: assertedfailure: blurred-token-category-linesfamily: definitional-ambiguitysystemic-risktokenomicssecurities-law

• extends kaal:claim:3117224-028 Under German law the decisive factor in classifying a token is which rights are associated with it; labels suc...

The quote above is an exact substring of the source PDF, whose sha256 is bb03790af46b3710e306121cfae25f850e3e7477e0f95313af42b9feeb6bc0c4. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/996b4981633e0062...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/4021599-008.md | sha256sum