Permissioned blockchains are, in fact, nothing new. JPMorgan, Citigroup, Wells Fargo and dozens of different monetary establishments already use them, and by all accounts, they operate completely properly as inner, proprietary distributed ledgers. However that doesn’t imply they’ll assist securities that meet the U.S. Securities and Trade Fee’s Howey Check. Whereas stablecoins, utility tokens and true cryptocurrencies could make the case – efficiently or not – that they’re not securities, safety tokens are completely issued with that intention. There isn’t any fig leaf. They’re bought for the aim of elevating capital.