ConsenSys Pitches ‘Consumer Token’ Label

The Brooklyn Project – the token regulation initiative headed by ethereum startup ConsenSys – wants to dispense with the concept of “utility tokens” in favor of what it calls “consumer tokens.” The Project discussed its intention to shift the discourse at the Fluidity Summit on Thursday during a presentation by ConsenSys’ policy lead Pat Berarducci and OpenLaw’s Aaron Wright.

According to a document published by the Project, the initiative broadly aims “to provide a basic framework for long-term oriented behavior and to help establish trust between the initiators of consumer token projects, their collaborators, their customers, and the public at large.” More specifically, it makes recommendations on project objectives, practices and legal disclosures.

The framework defines consumer tokens as those lacking “equity ownership, a predominant interest in a fund, passive-earned dividend rights, or other characteristics of a financial instrument.” Likewise, they must be “consumptive in nature.”

Reference: https://www.coindesk.com/utility-no-consensys-pitches-consumer-token-label/

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