kaal:claim:4021599-021

Merely calling a token a utility token, or structuring it so that it provides some utility, does not prevent the token from being characterized as a security.

From a regulatory perspective, merely calling a token a utility token or structuring it to provide some utility does not prevent the token from being characterized as a security.34 According to SEC

Wulf A. Kaal, Securities Versus Utility Tokens (2022), III. General Characteristics of Utility Tokens, p. 11
https://ssrn.com/abstract=4021599 · source PDF

Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599

• United States regulatory characterization

failuresupport: arguedfailure: utility-label-does-not-defeat-security-statusfamily: definitional-ambiguitytokenomicssecurities-law

• restates kaal:claim:3117224-028 Under German law the decisive factor in classifying a token is which rights are associated with it; labels suc...

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