Matt Levine, writing today about block.one, "which 'has raised about $700 million and counting' by selling EOS tokens that it says 'do not have any rights, uses, purpose, attributes, functionalities or features.'":
It is hard to believe that anyone commits securities fraud anymore. Right now you can design an electronic token, say in big bold letters that the token is utterly useless, and raise $700 million selling it to people who "don't think it's fair reading into that language too tightly." Why bother to scam anyone?