Over the past year, regulators have increased their scrutiny of initial coin offerings. As a result of this increased pressure, many blockchain companies have undertaken a new token issuance model. In an effort to be fully compliant to investment regulations in multiple countries, security tokens now openly admit that they’re investment vehicles. — Of course, most ICO investors realized that the projects they supported were raising money. Those projects generally stated that they were offering a “utility” token with future value on a platform — like a coupon. However, most backers treated these initial token sales as investments, expecting returns on their initial…