... because of the company's intrinsic value (assets, etc.)? As in, the tokens would have value based on the company's value, not based on their own utility value in enabling a service or based on trade value in a marketplace?
That would make them uncomfortably close to a security, which is categorically not a good thing unless handled very carefully.
well if the company is distributing tokens it means that it has something to back them up. It can be perks or it can be equity itself. Here in Europe it's possible to tokenize equity. Being a security is not a problem if there is no offering to the public.
That would make them uncomfortably close to a security, which is categorically not a good thing unless handled very carefully.