How do token sales fit with securities regulations?

The case for treating some crypto-tokens as securities—and some not.

There are many types of digital tokens, ranging from tightly controlled airline miles to open and decentralized systems like Bitcoin. In this video explainer, Coin Center Director of Research Peter Van Valkenburgh identifies the various properties of digital token , such as decentralization and utility, that one might consider when determining whether or not its distribution fits the definition of an investment contract. This is based on Coin Center’s Framework for Securities Regulation of Cryptocurrencies.