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GIGAMΞSH
@gigamesh
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.
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res ipsa ☺︎
@resipsa
does the token only serve as membership credentials in this instance?
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GIGAMΞSH
@gigamesh
It would also represent a claim on a % of the treasury. Early token holders would have a higher claim.
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grin
@grin
anything that looks like "a claim on a % of the treasury" would very likely be defined as a security under howey happy to chat in detail if you want. i went through all this shit with LBRY
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