A security is a standardized and tradeable asset that derives its value from a contractual claim. From my layman's understanding of US securities law, for a tok

A security is a standardized and tradeable asset that derives its value from a contractual claim. From my layman's understanding of US securities law, for a token sale to be defined as a securities offering, the token issuers have to make representations of the token providing the holder with contractual rights to a share of an underlying enterprise, including all profits derived from it. In my opinion, the vast majority of token sales haven't advertised their tokens as representing a legal claim on an enterprise and its profits. Orocrypt is one that has gone the route of issuing an equity-token, and if offered to US residents, would fall under US securities laws: https://orocrypt.com https://orocrypt.com Again, none of this is legal advice. Consult with a lawyer if you're going to do or participate in a token sale.