Against Tokens: Part II

This is adapted from a Reddit thread (shout out to my homeboys in /r/ethereum). It is a follow-on from an earlier piece, Against Tokens. Warning: this blog post is long. Today brings us a paper, written by Coin Center and Debevoise & Plimpton, and sponsored by Coinbase, USV, Coin Center and ConsenSys, which explores the question of whether tokens sold on a blockchain are or are not securities under the test of Howey v SEC.    Given what we know of the paper’s sponsors, the paper’s unsurprising conclusion is: An appropriately designed Blockchain Token that consists of rights and does not include…