“This bill would be the first tokens specific law by a legislative body in the world, if passed, and would exempt tokens from being classified as securities when they act as utilities.
A utility token is defined as arising in circumstances where it is not promoted as an investment, the token is exchangeable for goods, and there is no repurchase agreement. The 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.” (…)”
Via Trustnodes. Read full article here: http://ow.ly/FGZI30iwKpd