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>https://outline.com/W97qRq
Based on what ShipChain management was telling buyers of the tokens, “SHIP tokens were offered and sold as investment contracts, and therefore securities,” the settlement document said, citing other legal precedents that established what constituted an unregistered sale of securities. “A purchaser in the offering of SHIP tokens would have had a reasonable expectation of obtaining a future profit based on ShipChain’s representations and efforts to build its business.”