# kaal:claim:4021599-018

**Claim.** Rather than replacing legacy financial services as securities tokens do, utility tokens are designed to give users future access to a product or service that may or may not exist at the time of the utility token issuance.

**Type.** design  **Support.** argued

**Source quote.**

> Rather than replacing legacy financial services like securities tokens, utility tokens are designed to provide users with future access to a product or service that may or may not exist at the time of the utility token issuance.29

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), III. General Characteristics of Utility Tokens, page 10

**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.** tokenomics, securities-law

**Keywords.** utility-token, token-design, future-access, securities-token

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