# kaal:claim:4021599-023

**Claim.** 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.

**Type.** definitional  **Support.** argued

**Source quote.**

> 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

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), IV. Distinction between Utility Token and Securities Token, page 12

**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.** systemic-risk, tokenomics, securities-law

**Keywords.** token-classification, utility-token, securities-token, distinguishing-factors

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3117224-028

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