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ubernostrum
on July 27, 2017
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Ether Tokens Are Likely Securities (2016)
It likely wouldn't cause anything interesting to happen because real-world law doesn't work like "smart" contracts or computer code. You probably want to read this classic article for a good explanation:
http://ansuz.sooke.bc.ca/entry/23
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Search:
http://ansuz.sooke.bc.ca/entry/23