Digital tokens linked to financial and economic ventures may have multiple functions and uses. In this work, we examine the relationship between various token functions and the market price of the corresponding token. We consider 86 venture related blockchain tokens, and develop the analysis through a stepwise testing of four hypotheses using panel ordinary least squares with cluster-robust standard errors. We find that token functions are statistically significant in relation to token prices. In the absence of an established legal framework, we argue that our results complements recent regulatory actions identifying tokens to be investment contracts in a common venture.

与金融和经济活动相关的数字令牌可能具有多种功能和用途。在这项工作中，我们研究了各种代币功能与相应代币的市场价格之间的关系。我们考虑了86个与风险相关的区块链代币，并通过使用具有聚类稳健性标准误差的面板普通最小二乘法对四个假设进行逐步测试来进行分析。我们发现，代币功能相对于代币价格具有统计学意义。在缺乏成熟的法律框架的情况下，我们认为我们的结果是对近期法规行动的补充，这些法规行动将代币识别为普通企业的投资合同。