European researchers: it's difficult to completely separate utility tokens from securities tokens

European researchers Dmitri Boreiko, Paolo Giudici and Guido Ferrarini stated in their thesis "Regulations on Blockchain Startups and Prospectuses" that the conceptual differences between utility tokens and securities tokens "should be at least partially abandoned", The absolute difference between utility tokens and securities tokens is not as clear as some regulators claim, and it is difficult to draw a fixed boundary between the two.