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.

Source quote, verbatim

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

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

Classification

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

Related claims

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

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