Founders

Curious what this channel's consensus is on the legal risks of projects that have a token but can't be easily defined as a security.

Ex: A token-gated app that only has value when a broad % of members are actively contributing, but there is no onchain governance and the project relies on a centrally-controlled server.

musician: gigameshmusic.com | dev: github.com/gigamesh

Was part of one of these.
You're better off offering an NFT that has rights and privileges built into it over a token. Less headache than a token if architected properly.

off & onchain operations
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seemore.tv/free/fc/adam-

From talking to a few lawyers in the past it seems like the NFT approach is the best as it acts as a membership card. I also know decentralization is a big part of the non-security argument and a lot of groups achieve that through their foundation.