kaal:claim:4021599-023

Utility tokens can be distinguished from securities tokens along several core factors: the purpose of the token, associated valuation, associated rights, user expectations, and regulatory status.

Utility tokens can be distinguished from securities tokens based on several core factors, including but not limited to the following: the purpose of the token, associated valuation, associated rights, user expectations, and regulatory status.38

Wulf A. Kaal, Securities Versus Utility Tokens (2022), IV. Distinction between Utility Token and Securities Token, p. 12
https://ssrn.com/abstract=4021599 · source PDF

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

definitionalsupport: arguedsystemic-risktokenomicssecurities-law

• extends 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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