kaal:claim:4021599-027

The Howey test operates as the practical sorting device between the two categories: a token that passes the Howey test is deemed a security token, while a token that does not qualify under Howey is often classified as a utility token.

Source quote, verbatim
Utility tokens can also be distinguished from securities tokens through the Howey test. While a token that passes the Howey test is deemed a security token, a token that does not qualify under the Howey test is often classified as a utility token.45 The SEC provides
From

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

mechanismsupport: arguedsecurities-lawsystemic-risktokenomics

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