Crypto Exchanges

Security Token Exchange

Decentralize Exchange

P2P Exchange

Market Capitalization

Alternative Trading Systems

How are tokens classified?

Currency/AssetSecurityEquityUtilityDebt
DefinitionTokens with the primary function to serve as digital money. Unlike all other tokens, this is property with inherent value. These tokens do not represent third-party value and take their price from market forces like a standard commodity.Tokens which function as a traditional security asset. They represent a stake in the wealth created by a third party and take their value from that party’s success or failure. Distinct from an equity token in that no ownership of the underlying venture is created.Tokens which function as a traditional stock asset. They represent ownership of some third-party asset or venture and take their value from that property’s success or failure.Platform-dedicated tokens which serve as the medium or “coupon” for blockchain platform services. They take their value from the value of their dedicated platform.Tokens which represent outstanding debts and liabilities. They take their value from the debt, its interest and the creditworthiness of the debtor party.
Real World AnalogueGold, silver, dollars, and eurosSome mutual funds and ETFs, nonequity investments made against capital rather than debt. This security type is relatively uncommon outside of blockchain.Stocks, futures, and options contractsArcade tokensBonds, mortgages
Regulatory ApproachHands off by the SEC but increasingly scrutinized by the IRS.Treated as a standard securities transaction by the SEC. Treated as a standard securities transaction by the SEC.Hands off by the SEC, although the commission is skeptical of this category’s legitimacy.Treated as a standard debt security transaction by the SEC.
Business Detail
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