# kaal:claim:4021599-026

**Claim.** The regulatory status of securities tokens is rather well established, whereas the regulatory status of utility tokens remains unclear.

**Type.** failure  **Support.** asserted

**Holds when.**

- as of 2022

**Source quote.**

> The regulatory status for a securities tokens is rather well established. By contrast, the regulatory status for utility tokens is unclear.44

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), IV. Distinction between Utility Token and Securities Token, page 14

**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

**Failure mode.** unclear-utility-token-regulatory-status  (family: staking-and-incentive-misalignment)

**Topics.** tokenomics, securities-law, law-and-legal-systems

**Keywords.** regulatory-uncertainty, utility-token, securities-token, legal-status

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