kaal:claim:4021599-025

Securities token users typically expect the value of the issuing company to be directly tied to token value, while utility token users typically expect no relation between the issuer's current valuation and the value of the utility token.

Users of securities tokens typically expect that the value of the issuing company is directly tied to the value of the securities token. By contrast, users of utility tokens typically expect no relation between the current valuation of the issuing company and the value of the utility token.42

Wulf A. Kaal, Securities Versus Utility Tokens (2022), IV. Distinction between Utility Token and Securities Token, p. 13
https://ssrn.com/abstract=4021599 · source PDF

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

definitionalsupport: arguedtokenomicseconomicssecurities-law

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