Utility tokens are not investment contracts and not investments because they are meant for a good or service, and they are typically exempted from federal securities laws if they are properly set up.
Source quote, verbatim
Utility tokens are not investment contracts and are not investments because are meant for a good or service30 and they are typically exempted from federal securities laws if they are properly set up.31
Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599
Holds when
the utility token is properly structured at issuance
United States federal securities laws
Classification
conditionsupport: arguedtokenomicssecurities-law
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