# kaal:claim:4021599-029

**Claim.** As the digital asset industry matures, the distinguishing features between token categories and the associated case law will likely increase and provide more guidance to market participants.

**Type.** predictive  **Support.** speculative

**Holds when.**

- industry maturation over time

**Source quote.**

> As the industry matures, the distinguishing features and associated case law will likely increase and provide more guidance to market participants.

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), V. Conclusion, page 15

**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, economics

**Keywords.** industry-maturation, case-law, token-classification, market-guidance

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