>4. Any profit comes from the efforts of a promoter or third party Some US securities experts have opined that a token where a holder can only earn a profit fr

>4. Any profit comes from the efforts of a promoter or third party Some US securities experts have opined that a token where a holder can only earn a profit from holding the token in conjunction with their own efforts in utilizing the rights that the token provides them is not a security token. It is more akin to a franchise or software license. The argument has also been made that the existence of a secondary market where these tokens are traded, and where these tokens can appreciate in value, does not make such a use-token a security token. A license or franchise right can also increase in value over time through secondary market trading, and neither are securities.