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Tokenomics by Thomas Power, Sean Au

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The evolution of white paper legality clauses

Legal clauses within white papers have certainly evolved over time, to the extent that some white papers should in fact be called an investment statement or investment prospectus. Obviously, the reason why they are not called this is because nearly all tokens claim to not be a security but a utility token.

The Omni white paper, the very first ICO to take place back in 2013, had an amusing disclaimer in Appendix C:

"Investing in experimental currencies is really, absurdly risky. This paper is not investment advice, and anyone predicting what will happen with experimental currencies such as those described here is indulging in the wildest sort of speculation, and that includes the speculations in the previous ...

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