Crypto Tokens: A Breakthrough in Open Network Design
Chris Dixon
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This week the SEC provided long-expected guidance to the blockchain/ICO community, e.g, see https://venturebeat.com/2017/07/25/sec-to-blockchain-community-you-are-now-regulated/

One of the takeaways is that ICOs/token sales having an “expectation of profits” are more likely to be considered a security.

From your POV, (how) does the SEC guidance impact the use of tokens as a tool to build open networks?

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