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Kai
@kaigani
It shouldn't be, even if you've done it with the intention of being a membership token. The tricky part is if there is some expectation of a return. What we're currently seeing the SEC go after are staking protocols.
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Kai
@kaigani
If a group self organizes after the fact it's difficult to point to any entity that would be issuing a security. I got a lot of legal advice on DAOs and if they could be fully autonomous - they are hard to legislate against -- the problem is most are not
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