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whether Token qualifies as non-security depends on whether 'Network Maturity' (functionality or decentralization of network) has been reached, but:
decentralization of network power (mining, storage, etc.) might not entail decentralization of token value drivers (e.g., power over software improvements, increased network effects (marketing), etc.)
network may be 'functional' or used for non-investment purposes but primary interest in token purchases/trading may still be for speculative investment
I suggest reorienting safe harbor toward decentralization of token value drivers, with 'network maturity' being one necessary (but not sufficient) element of showing decentralization of token value drivers.
The text was updated successfully, but these errors were encountered:
whether Token qualifies as non-security depends on whether 'Network Maturity' (functionality or decentralization of network) has been reached, but:
I suggest reorienting safe harbor toward decentralization of token value drivers, with 'network maturity' being one necessary (but not sufficient) element of showing decentralization of token value drivers.
The text was updated successfully, but these errors were encountered: