# kaal:claim:4021599-010

**Claim.** A key commonality that permits delineating securities tokens from other token designs is that securities tokens derive their value from an external tradeable asset.

**Type.** condition  **Support.** argued

**Source quote.**

> Key commonalities of securities tokens characteristics enable the delineation of securities tokens from other token designs. A key commonality of securities tokens includes its ability to derive their value from an external tradeable asset.12 The underlying assets for

**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, economics, systemic-risk

**Keywords.** securities-token, token-valuation, external-asset, token-classification

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