Token Classification: Security vs. Utility

This lesson is for enrolled learners

The previous lesson showed that every jurisdiction eventually asks "is this a security?" This lesson gives you the actual test used in the US — the Howey test — plus the EU's MiCA categories, and shows how specific design choices you made back in Module 1 (profit-sharing, buyback promises, governance-only rights) push a token across the line from one bucket……

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