Link:
https://www.wsgr.com/WSGR/Display.aspx?SectionName=publications/PDFSearch/wsgralert-initial-coin-offerings-1017.htmAlert by U.S.-based legal services provider WSRG. Some highlights:
> Some tokens are and always will be securities. Tokens that offer holders dividends, interest, or profit or revenue participations, for example, generally are securities.
> Tokens that are solely utility tokens should not be securities.
> Simple Agreements for Future Tokens (SAFTs), as used today, almost always are securities.