# kaal:claim:4021599-020

**Claim.** Utility tokens are not created by their issuers for investment purposes; they are designed to be used for their specific utility in a given context.

**Type.** design  **Support.** asserted

**Source quote.**

> investment purposes.32 They are designed to be used for their specific utility in a given context.33

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), III. General Characteristics of Utility Tokens, page 11

**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

**Keywords.** utility-token, issuer-intent, token-design, investment-purpose

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