There is a thin line in a definition which defines token as security or utility.
Here is qutation from forbes:
"The investigation raised questions regarding the application of the U.S. federal securities laws to the offer and sale of DAO Tokens, including the threshold question whether DAO Tokens are securities. Based on the investigation, and under the facts presented, the Commission has determined that DAO Tokens are securities under the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (“Exchange Act”)."
https://www.forbes.com/sites/francescoppola/2017/07/31/sec-tells-digital-coin-and-tokens-issuers-to-comply-with-securities-laws/#152510f3bb17Regarding this statement all DAO tokens are treated as security or?
If not what are the limitations of tokens so they don't become security?
