Welcome to O痰f痰f痰i痰c痰e痰 After Hours with me! Let鈥檚 clear up this confusion about securities, investment contracts and digital assets.
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Replying to @s_alderoty
A token by itself can be a security depending on how it is programmed.

Jul 31, 2023 路 4:59 PM UTC

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Replying to @s_alderoty
how?
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Simplest example is probably a tokenized real world stock. But a more complicated example is a purely on chain token whose code automatically distributes to holders a percent revenue of a centralized project whose treasury is kept on chain.
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Replying to @s_alderoty
You right, but then it is an programmed / automated investment contract. As you described it鈥檚 a tokenized stock
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If a token is a programmed automated investment contract, then is the token itself the contract or is there still a division between that token and the investment contract?
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Replying to @s_alderoty
But XRP is not a security.
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