kaal:claim:4021599-022

Under SEC guidance a token sold for use or consumption by purchasers may fall outside classification as a security, and the SEC lists characteristics whose stronger presence makes a token less likely to be considered a security.

Source quote, verbatim
According to SEC guidance, if a token is sold for use or consumption by purchasers it may not be classified as a security for regulatory purposes. The SEC provided a list of characteristics where, the stronger their presence,35 the less likely a token is to be considered a security.
From

Wulf A. Kaal, Securities Versus Utility Tokens (2022), III. General Characteristics of Utility Tokens, p. 11
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
Classification

conditionsupport: evidencedsecurities-lawsystemic-risktokenomics

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