Is a blockchain token a security?

Today, we’re excited to announce the release of a Blockchain Token Securities Law Framework. We've also created a Framework Tool as a guide for developers and users of blockchain tokens. As the development of blockchain tokens (also known as App Coins) continues to enable new decentralized business models, new legal issues come into focus. For developers, legal and regulatory uncertainty can be one of the main barriers to building new blockchain protocols and applications. The Framework is a starting point for developers and companies entering the space. It can be used to analyze the likelihood that a particular blockchain token (e.g. any given App Coin) would be subject to US federal securities law. It also establishes a set of best practices for token crowdsales. The Framework has been prepared in collaboration with Coin Center, Union Square Ventures and Consensys. It is open source and free to use.