When does a token become a security? It’s a question that courts, the SEC and startups are tackling on an increasingly frequent basis.

Now taking a swing at an answer is UCLA School of Law Professor James Park,  who is the Faculty Director of the Lowell Milken Institute, a securities expert who recently tackled the sticky question of the regulatory status of cryptocurrency in a newly released policy report from the institute, ”When Are Tokens Securities? Some Questions from the Perplexed.”