# kaal:claim:4021599-008

**Claim.** 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.

**Type.** failure  **Support.** asserted

**Source quote.**

> 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, 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

**Failure mode.** blurred-token-category-lines  (family: definitional-ambiguity)

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

**Keywords.** token-classification, boundary-cases, securities-token, utility-token

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3117224-028

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