[sjg007]

They can't be equity by definition otherwise they are unregulated securities and then the SEC will step in and shut everything down or make you subscribed to the new equity crowdfunding rules.

You want them interpreted at best as as in game currency or at worst as gift cards.

[michaelscott]

I didn't say they were equity, only that they follow the same conceptual structure in investment practice. That said, the days of unregulated ICOs are definitely numbered and you can count on regulatory legislation coming to a city near you soon.

The only problem with the idea of tokens as "gift cards" or "in game currency" is that it restricts the conceptual range of possibilities of what a token can really do. It's an assumption to think they NEED to function that way, because they definitely don't have to. Better to think of the blockchain tech from first principles.