Quote from: kevoh on February 03, 2018, 02:06:44 AM

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The eight page accessible and very readable bill says: A developer or seller of an open blockchain token shall not be deemed the issuer of a security if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.

Interesting. Except the tokens goes directly into use without any ICO, I sincerely doubt how any company doing an ICO will circumnavigate the quoted clause above. This is because ICOs are all about raising money which the contributors of such money will definitely see as some form of investment.

Hmm. I think that last part is indicating that the seller doesnt intend to locate a secondary buyer for the original buyer to sell to. This may mean that utility tokens will not be able to seek out official exchange listings, but rather will need to leave it to the token holders to make any exchange decisions on their own.