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The important difference is that equity provides actual legal rights. Tokens do not.

Before making an investment, always ask basic questions like "who are these people I'm giving my money to", "what jurisdiction are they in", and "what recourse do I have if they've lied to me"?

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Is there any work on making tokens provide actual legal rights, actually being securities?

But they specifically want to avoid that! If they're securities, there are laws you have to follow.

I hear ya. The stuff under "regulatory arbitrage" or "legal gray area" seems less interesting to me because of this. I don't have the expertise to tell if there's fundamental value or just breaking the rules.

That said, I'm interested in developments that do follow local laws, or explorations to what extent this is possible. Either that they're succeeding completely not as securities (pure utility somehow), or that they are clearly securities (ie trading stocks on the blockchain).

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