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The token economy is flourishing. After a breakout year in 2017, the number of tokenized decentralized software applications has grown exponentially, building the foundation for the next generation of the digital economy. Further progress is not guaranteed. In fact, the future of token-based innovation within the United States depends largely upon the upcoming decisions by US regulatory bodies.
Background

Digital tokens are unique, transferable units that can be created as part of a decentralized software protocol. Through the use of blockchain technology, ownership of these units can be tracked, and transactions can be mediated without the need for a trusted third party. This nascent technology allows for revolutionary advancements in digital currencies, software solutions, business models, and fundraising opportunities. The interest in tokenization is reflected in the over $6.5 billion of capital raised across over 525 token sales occurring in 2017.
Regulatory Overview

This level of capital allocation and consumer interest has unsurprisingly caught the attention of both state and federal regulators to varying degrees. The legal standing and regulatory requirements of digital tokens and their sale remain largely unclear, although many regulatory bodies are vying to control the space.
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