# Utility tokens

`kaal:entity:utility-tokens`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `utility-tokens`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2018 to 2025.

**2018**

- [3249860-024](https://wulfkaal.github.io/claims/3249860-024) [empirical/evidenced] *(failure mode)* -- The utility token model dominates the top 100 tokens, but the utility category as coded includes tokens that behave like a security, and no Howey test was performed in this research.
  > attributes: tokens offer owners clearly defined utility within a network or application (utility tokens); tokens that behave like a security, although no Howey test was performed in this research;
  Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**2025**

- [5583610-023](https://wulfkaal.github.io/claims/5583610-023) [condition/argued] -- MiCA exempts non-transferable utility tokens like LER vouchers from white paper and issuer authorization requirements, but only while they lack investment characteristics and stay inside a closed-loop ecosystem.
  > MiCA exempts non-transferable utility tokens, such as LER's voucher rewards, from white paper and issuer authorization requirements, as long as they lack investment characteristics and are confined to closed-loop ecosystems.
  Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/utility-tokens.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.