kaal:claim:4021599-019

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

From

Wulf A. Kaal, Securities Versus Utility Tokens (2022), III. General Characteristics of Utility Tokens, p. 10
https://ssrn.com/abstract=4021599 · source PDF

Cite as

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

Verify

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