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The Future of ICOs: In the Hands of Regulators or Innovators?

The token as a decentralized utility is essentially needed, but not all tokens can be born as a security. It would be disastrous to the blockchain industry if we labeled utility tokens as securities when the primary ownership intent is one of usage, not profits. Labeling a token as a security at birth or even during the development and product-to-market fit evolutions restricts their movements, especially the efforts of putting them in the hands of consumers and developers who want to use them.

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Source: coindesk