sorry to offer the unsolicited opinion, but my take is Munchee likely had a good argument as a utility token but their pennystock-like pump and dump advertising campaign sunk them. Any thoughts?
https://youtu.be/h-O1Hbz0hC8It seemed like a pretty solid idea to me as a utility token, but the arguments from the SEC make me think they are now taking a conservative stance vis-a-vis utility arguments. Indeed, it's obvious that the promises of future returns were the "smoking gun" in this case, from looking at
the SEC order:
In addition, Munchee made public statements or endorsed other people’s public statements that touted the opportunity to profit. For example, on or about October 25, 2017, Munchee created a public posting on Facebook, linked to a third-party YouTube video, and wrote “199% GAINS on MUN token at ICO price! Sign up for PRE-SALE NOW.” The linked video featured a person who said...“Pretty much, if you get into it early enough, you’ll probably most likely get a return on it....a $1,000 investment could create a $94,000 return.”
That's pretty egregious stuff. Unfortunately, the SEC went for the easy kill, so we can only glean so much from this regarding precedent.
