To comply with the legal requirements of US securities laws, an issuer needs to consider the following:
- White paper—whether the content shows that this is an offering for digital tokens that would be considered as an investment contract under the Howey test
- Issuance of tokens—the number of tokens, the price, whether they are backed by assets/profits, and so on
- How the issuer markets the tokens
- Purchasers of the tokens
- Purchasers' expectations
- Use of tokens
- Whether there is a secondary market for the digital tokens
