Legal question I keep coming back to: 
 
Aren’t some of these tokens/memecoins going to come up against sharky lawyers going after them for illegal securities claims?

Nothing about the law in the US has changed since the ICO era

Launching one still seems incredibly risky to me

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Absolutely, and some of the takes on how they are being rolled out may come back to bite them in the end, best hope for them is that they are wildly successful and no losers, and even then--there is risk.

Using points, a'la "frequent flyer miles" pre-token to prove utility value is a good start though.