id	sid	tid	token	lemma	pos
cblr-1702	1	1	microsoft	microsoft	PROPN
cblr-1702	1	2	word	word	PROPN
cblr-1702	1	3	5_2018.2_oren_final.docx	5_2018.2_oren_final.docx	PROPN
cblr-1702	1	4	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	1	5	ico	ico	PROPN
cblr-1702	1	6	’s	’s	PART
cblr-1702	1	7	,	,	PUNCT
cblr-1702	1	8	dao	dao	VERB
cblr-1702	1	9	’s	’s	ADV
cblr-1702	1	10	,	,	PUNCT
cblr-1702	1	11	and	and	CCONJ
cblr-1702	1	12	the	the	DET
cblr-1702	1	13	sec	sec	PROPN
cblr-1702	1	14	:	:	PUNCT
cblr-1702	1	15	a	a	DET
cblr-1702	1	16	partnership	partnership	NOUN
cblr-1702	1	17	solution	solution	NOUN
cblr-1702	1	18	ori	ori	X
cblr-1702	1	19	oren	oren	PROPN
cblr-1702	1	20	*	*	PUNCT
cblr-1702	1	21	in	in	ADP
cblr-1702	1	22	the	the	DET
cblr-1702	1	23	summer	summer	NOUN
cblr-1702	1	24	of	of	ADP
cblr-1702	1	25	2017	2017	NUM
cblr-1702	1	26	,	,	PUNCT
cblr-1702	1	27	a	a	DET
cblr-1702	1	28	new	new	ADJ
cblr-1702	1	29	method	method	NOUN
cblr-1702	1	30	of	of	ADP
cblr-1702	1	31	funding	funding	NOUN
cblr-1702	1	32	startup	startup	NOUN
cblr-1702	1	33	businesses	business	NOUN
cblr-1702	1	34	exploded	explode	VERB
cblr-1702	1	35	from	from	ADP
cblr-1702	1	36	a	a	DET
cblr-1702	1	37	small	small	ADJ
cblr-1702	1	38	capital	capital	NOUN
cblr-1702	1	39	market	market	NOUN
cblr-1702	1	40	to	to	ADP
cblr-1702	1	41	one	one	NUM
cblr-1702	1	42	worth	worth	ADJ
cblr-1702	1	43	billions	billion	NOUN
cblr-1702	1	44	.	.	PUNCT
cblr-1702	2	1	“	"	PUNCT
cblr-1702	2	2	initial	initial	ADJ
cblr-1702	2	3	coin	coin	NOUN
cblr-1702	2	4	offerings	offering	NOUN
cblr-1702	2	5	”	"	PUNCT
cblr-1702	2	6	(	(	PUNCT
cblr-1702	2	7	“	"	PUNCT
cblr-1702	2	8	icos	icos	PROPN
cblr-1702	2	9	”	"	PUNCT
cblr-1702	2	10	)	)	PUNCT
cblr-1702	2	11	can	can	AUX
cblr-1702	2	12	appear	appear	VERB
cblr-1702	2	13	to	to	PART
cblr-1702	2	14	be	be	AUX
cblr-1702	2	15	a	a	DET
cblr-1702	2	16	simple	simple	ADJ
cblr-1702	2	17	crowdfunding	crowdfunding	NOUN
cblr-1702	2	18	campaign	campaign	NOUN
cblr-1702	2	19	or	or	CCONJ
cblr-1702	2	20	a	a	DET
cblr-1702	2	21	public	public	ADJ
cblr-1702	2	22	stock	stock	NOUN
cblr-1702	2	23	offering	offering	NOUN
cblr-1702	2	24	at	at	ADP
cblr-1702	2	25	the	the	DET
cblr-1702	2	26	same	same	ADJ
cblr-1702	2	27	time	time	NOUN
cblr-1702	2	28	and	and	CCONJ
cblr-1702	2	29	,	,	PUNCT
cblr-1702	2	30	until	until	ADP
cblr-1702	2	31	recently	recently	ADV
cblr-1702	2	32	,	,	PUNCT
cblr-1702	2	33	have	have	AUX
cblr-1702	2	34	been	be	AUX
cblr-1702	2	35	conducted	conduct	VERB
cblr-1702	2	36	with	with	ADP
cblr-1702	2	37	no	no	DET
cblr-1702	2	38	regulatory	regulatory	ADJ
cblr-1702	2	39	oversight	oversight	NOUN
cblr-1702	2	40	.	.	PUNCT
cblr-1702	3	1	due	due	ADP
cblr-1702	3	2	to	to	ADP
cblr-1702	3	3	the	the	DET
cblr-1702	3	4	high	high	ADJ
cblr-1702	3	5	risk	risk	NOUN
cblr-1702	3	6	of	of	ADP
cblr-1702	3	7	fraud	fraud	NOUN
cblr-1702	3	8	,	,	PUNCT
cblr-1702	3	9	the	the	DET
cblr-1702	3	10	sec	sec	PROPN
cblr-1702	3	11	has	have	AUX
cblr-1702	3	12	begun	begin	VERB
cblr-1702	3	13	cracking	crack	VERB
cblr-1702	3	14	down	down	ADP
cblr-1702	3	15	on	on	ADP
cblr-1702	3	16	icos	icos	PROPN
cblr-1702	3	17	,	,	PUNCT
cblr-1702	3	18	requiring	require	VERB
cblr-1702	3	19	many	many	ADJ
cblr-1702	3	20	issuers	issuer	NOUN
cblr-1702	3	21	to	to	PART
cblr-1702	3	22	register	register	VERB
cblr-1702	3	23	their	their	PRON
cblr-1702	3	24	“	"	PUNCT
cblr-1702	3	25	ico	ico	PROPN
cblr-1702	3	26	tokens	token	NOUN
cblr-1702	3	27	”	"	PUNCT
cblr-1702	3	28	as	as	ADP
cblr-1702	3	29	securities	security	NOUN
cblr-1702	3	30	or	or	CCONJ
cblr-1702	3	31	halt	halt	VERB
cblr-1702	3	32	trading	trade	VERB
cblr-1702	3	33	entirely	entirely	ADV
cblr-1702	3	34	.	.	PUNCT
cblr-1702	4	1	this	this	DET
cblr-1702	4	2	note	note	NOUN
cblr-1702	4	3	looks	look	VERB
cblr-1702	4	4	at	at	ADP
cblr-1702	4	5	the	the	DET
cblr-1702	4	6	regulatory	regulatory	ADJ
cblr-1702	4	7	precedents	precedent	NOUN
cblr-1702	4	8	and	and	CCONJ
cblr-1702	4	9	factors	factor	NOUN
cblr-1702	4	10	that	that	PRON
cblr-1702	4	11	the	the	DET
cblr-1702	4	12	sec	sec	PROPN
cblr-1702	4	13	has	have	AUX
cblr-1702	4	14	considered	consider	VERB
cblr-1702	4	15	to	to	PART
cblr-1702	4	16	decide	decide	VERB
cblr-1702	4	17	whether	whether	SCONJ
cblr-1702	4	18	a	a	DET
cblr-1702	4	19	token	token	NOUN
cblr-1702	4	20	is	be	AUX
cblr-1702	4	21	a	a	DET
cblr-1702	4	22	security	security	NOUN
cblr-1702	4	23	,	,	PUNCT
cblr-1702	4	24	and	and	CCONJ
cblr-1702	4	25	proposes	propose	VERB
cblr-1702	4	26	an	an	DET
cblr-1702	4	27	alternative	alternative	ADJ
cblr-1702	4	28	legal	legal	ADJ
cblr-1702	4	29	system	system	NOUN
cblr-1702	4	30	to	to	ADP
cblr-1702	4	31	securities	security	NOUN
cblr-1702	4	32	law	law	NOUN
cblr-1702	4	33	that	that	PRON
cblr-1702	4	34	may	may	AUX
cblr-1702	4	35	be	be	AUX
cblr-1702	4	36	better	well	ADV
cblr-1702	4	37	suited	suit	VERB
cblr-1702	4	38	for	for	ADP
cblr-1702	4	39	regulating	regulate	VERB
cblr-1702	4	40	certain	certain	ADJ
cblr-1702	4	41	types	type	NOUN
cblr-1702	4	42	of	of	ADP
cblr-1702	4	43	ico	ico	PROPN
cblr-1702	4	44	tokens	token	NOUN
cblr-1702	4	45	.	.	PUNCT
cblr-1702	5	1	this	this	DET
cblr-1702	5	2	note	note	NOUN
cblr-1702	5	3	concludes	conclude	VERB
cblr-1702	5	4	that	that	SCONJ
cblr-1702	5	5	,	,	PUNCT
cblr-1702	5	6	for	for	ADP
cblr-1702	5	7	icos	ico	NOUN
cblr-1702	5	8	that	that	PRON
cblr-1702	5	9	raise	raise	VERB
cblr-1702	5	10	money	money	NOUN
cblr-1702	5	11	for	for	ADP
cblr-1702	5	12	a	a	DET
cblr-1702	5	13	decentralized	decentralize	VERB
cblr-1702	5	14	autonomous	autonomous	ADJ
cblr-1702	5	15	organization	organization	NOUN
cblr-1702	5	16	—	—	PUNCT
cblr-1702	5	17	in	in	ADP
cblr-1702	5	18	which	which	PRON
cblr-1702	5	19	all	all	DET
cblr-1702	5	20	token	token	VERB
cblr-1702	5	21	purchasers	purchaser	NOUN
cblr-1702	5	22	hold	hold	VERB
cblr-1702	5	23	equal	equal	ADJ
cblr-1702	5	24	management	management	NOUN
cblr-1702	5	25	rights	right	NOUN
cblr-1702	5	26	—	—	PUNCT
cblr-1702	5	27	uniform	uniform	PROPN
cblr-1702	5	28	partnership	partnership	NOUN
cblr-1702	5	29	law	law	NOUN
cblr-1702	5	30	is	be	AUX
cblr-1702	5	31	the	the	DET
cblr-1702	5	32	ideal	ideal	ADJ
cblr-1702	5	33	mode	mode	NOUN
cblr-1702	5	34	of	of	ADP
cblr-1702	5	35	regulation	regulation	NOUN
cblr-1702	5	36	.	.	PUNCT
cblr-1702	6	1	i.	i.	PROPN
cblr-1702	6	2	introduction	introduction	NOUN
cblr-1702	6	3	...............................................................	...............................................................	PUNCT
cblr-1702	6	4	618	618	NUM
cblr-1702	6	5	ii	ii	NOUN
cblr-1702	6	6	.	.	PUNCT
cblr-1702	7	1	when	when	SCONJ
cblr-1702	7	2	ico	ico	PROPN
cblr-1702	7	3	’s	’	VERB
cblr-1702	7	4	might	might	AUX
cblr-1702	7	5	be	be	AUX
cblr-1702	7	6	securities	security	NOUN
cblr-1702	7	7	...............................	...............................	PUNCT
cblr-1702	8	1	620	620	NUM
cblr-1702	8	2	a.	a.	NOUN
cblr-1702	8	3	defining	define	VERB
cblr-1702	8	4	a	a	DET
cblr-1702	8	5	security	security	NOUN
cblr-1702	8	6	..............................................	..............................................	PUNCT
cblr-1702	8	7	621	621	NUM
cblr-1702	8	8	1	1	NUM
cblr-1702	8	9	.	.	PUNCT
cblr-1702	9	1	the	the	DET
cblr-1702	9	2	howey	howey	PROPN
cblr-1702	9	3	test	test	NOUN
cblr-1702	9	4	..............................................	..............................................	PUNCT
cblr-1702	9	5	622	622	NUM
cblr-1702	9	6	2	2	NUM
cblr-1702	9	7	.	.	X
cblr-1702	9	8	partnership	partnership	NOUN
cblr-1702	9	9	stakes	stake	NOUN
cblr-1702	9	10	as	as	ADP
cblr-1702	9	11	securities	security	NOUN
cblr-1702	9	12	...................	...................	PUNCT
cblr-1702	9	13	624	624	NUM
cblr-1702	9	14	3	3	NUM
cblr-1702	9	15	.	.	PUNCT
cblr-1702	9	16	stock	stock	NOUN
cblr-1702	9	17	-	-	PUNCT
cblr-1702	9	18	like	like	ADJ
cblr-1702	9	19	investments	investment	NOUN
cblr-1702	9	20	distinguished	distinguish	VERB
cblr-1702	9	21	from	from	ADP
cblr-1702	9	22	investment	investment	NOUN
cblr-1702	9	23	contracts	contract	NOUN
cblr-1702	9	24	.....................................	.....................................	PUNCT
cblr-1702	9	25	626	626	NUM
cblr-1702	9	26	b.	b.	NOUN
cblr-1702	9	27	what	what	PRON
cblr-1702	9	28	is	be	AUX
cblr-1702	9	29	an	an	DET
cblr-1702	9	30	ico	ico	NOUN
cblr-1702	9	31	?	?	PUNCT
cblr-1702	9	32	..................................................	..................................................	PUNCT
cblr-1702	10	1	627	627	NUM
cblr-1702	10	2	1	1	NUM
cblr-1702	10	3	.	.	PUNCT
cblr-1702	10	4	class	class	NOUN
cblr-1702	10	5	one	one	NUM
cblr-1702	10	6	:	:	PUNCT
cblr-1702	10	7	the	the	DET
cblr-1702	10	8	utility	utility	NOUN
cblr-1702	10	9	token	token	VERB
cblr-1702	10	10	........................	........................	PUNCT
cblr-1702	11	1	628	628	NUM
cblr-1702	11	2	*	*	PUNCT
cblr-1702	11	3	j.d	j.d	PROPN
cblr-1702	11	4	.	.	PROPN
cblr-1702	11	5	candidate	candidate	NOUN
cblr-1702	11	6	2019	2019	NUM
cblr-1702	11	7	;	;	PUNCT
cblr-1702	11	8	columbia	columbia	PROPN
cblr-1702	11	9	law	law	PROPN
cblr-1702	11	10	school	school	NOUN
cblr-1702	11	11	.	.	PUNCT
cblr-1702	12	1	b.s	b.s	PROPN
cblr-1702	12	2	.	.	PROPN
cblr-1702	12	3	2011	2011	NUM
cblr-1702	12	4	;	;	PUNCT
cblr-1702	12	5	nyu	nyu	PROPN
cblr-1702	12	6	stern	stern	PROPN
cblr-1702	12	7	school	school	NOUN
cblr-1702	12	8	of	of	ADP
cblr-1702	12	9	business	business	NOUN
cblr-1702	12	10	.	.	PUNCT
cblr-1702	13	1	i	i	PRON
cblr-1702	13	2	would	would	AUX
cblr-1702	13	3	like	like	VERB
cblr-1702	13	4	to	to	PART
cblr-1702	13	5	thank	thank	VERB
cblr-1702	13	6	david	david	PROPN
cblr-1702	13	7	m.	m.	PROPN
cblr-1702	13	8	adlerstein	adlerstein	PROPN
cblr-1702	13	9	,	,	PUNCT
cblr-1702	13	10	counsel	counsel	NOUN
cblr-1702	13	11	at	at	ADP
cblr-1702	13	12	wachtell	wachtell	PROPN
cblr-1702	13	13	,	,	PUNCT
cblr-1702	13	14	lipton	lipton	PROPN
cblr-1702	13	15	,	,	PUNCT
cblr-1702	13	16	rosen	rosen	PROPN
cblr-1702	13	17	&	&	CCONJ
cblr-1702	13	18	katz	katz	PROPN
cblr-1702	13	19	,	,	PUNCT
cblr-1702	13	20	and	and	CCONJ
cblr-1702	13	21	merritt	merritt	PROPN
cblr-1702	13	22	fox	fox	PROPN
cblr-1702	13	23	,	,	PUNCT
cblr-1702	13	24	the	the	DET
cblr-1702	13	25	michael	michael	PROPN
cblr-1702	13	26	e.	e.	PROPN
cblr-1702	13	27	patterson	patterson	PROPN
cblr-1702	13	28	professor	professor	PROPN
cblr-1702	13	29	of	of	ADP
cblr-1702	13	30	law	law	PROPN
cblr-1702	13	31	and	and	CCONJ
cblr-1702	13	32	nasdaq	nasdaq	PROPN
cblr-1702	13	33	professor	professor	NOUN
cblr-1702	13	34	for	for	ADP
cblr-1702	13	35	law	law	NOUN
cblr-1702	13	36	and	and	CCONJ
cblr-1702	13	37	economics	economic	NOUN
cblr-1702	13	38	of	of	ADP
cblr-1702	13	39	capital	capital	NOUN
cblr-1702	13	40	markets	market	NOUN
cblr-1702	13	41	at	at	ADP
cblr-1702	13	42	columbia	columbia	PROPN
cblr-1702	13	43	law	law	NOUN
cblr-1702	13	44	school	school	NOUN
cblr-1702	13	45	for	for	ADP
cblr-1702	13	46	their	their	PRON
cblr-1702	13	47	help	help	NOUN
cblr-1702	13	48	and	and	CCONJ
cblr-1702	13	49	contributions	contribution	NOUN
cblr-1702	13	50	.	.	PUNCT
cblr-1702	14	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	14	2	618	618	NUM
cblr-1702	14	3	columbia	columbia	PROPN
cblr-1702	14	4	business	business	NOUN
cblr-1702	14	5	law	law	PROPN
cblr-1702	14	6	review	review	NOUN
cblr-1702	15	1	[	[	X
cblr-1702	15	2	vol	vol	NOUN
cblr-1702	15	3	.	.	NOUN
cblr-1702	15	4	2018	2018	NUM
cblr-1702	15	5	i.	i.	NOUN
cblr-1702	15	6	differentiating	differentiate	VERB
cblr-1702	15	7	pre	pre	ADJ
cblr-1702	15	8	-	-	ADJ
cblr-1702	15	9	functional	functional	ADJ
cblr-1702	15	10	utility	utility	NOUN
cblr-1702	15	11	tokens	token	NOUN
cblr-1702	15	12	by	by	ADP
cblr-1702	15	13	marketing	market	VERB
cblr-1702	15	14	messages	message	NOUN
cblr-1702	15	15	...............	...............	PUNCT
cblr-1702	16	1	631	631	NUM
cblr-1702	16	2	2	2	NUM
cblr-1702	16	3	.	.	PUNCT
cblr-1702	16	4	class	class	NOUN
cblr-1702	16	5	2	2	NUM
cblr-1702	16	6	:	:	PUNCT
cblr-1702	16	7	the	the	DET
cblr-1702	16	8	dividend	dividend	NOUN
cblr-1702	16	9	token	token	VERB
cblr-1702	16	10	.........................	.........................	PUNCT
cblr-1702	16	11	633	633	NUM
cblr-1702	16	12	3	3	NUM
cblr-1702	16	13	.	.	PUNCT
cblr-1702	16	14	class	class	NOUN
cblr-1702	16	15	3	3	NUM
cblr-1702	16	16	:	:	PUNCT
cblr-1702	16	17	the	the	DET
cblr-1702	16	18	decentralized	decentralized	ADJ
cblr-1702	16	19	partnership	partnership	NOUN
cblr-1702	16	20	token	token	VERB
cblr-1702	16	21	..............................................................	..............................................................	PUNCT
cblr-1702	16	22	635	635	NUM
cblr-1702	16	23	iii	iii	NOUN
cblr-1702	16	24	.	.	PUNCT
cblr-1702	17	1	the	the	DET
cblr-1702	17	2	sec	sec	PROPN
cblr-1702	17	3	misunderstands	misunderstand	VERB
cblr-1702	17	4	the	the	DET
cblr-1702	17	5	dao	dao	NOUN
cblr-1702	17	6	.........................	.........................	PUNCT
cblr-1702	18	1	637	637	NUM
cblr-1702	18	2	a.	a.	NOUN
cblr-1702	18	3	the	the	DET
cblr-1702	18	4	first	first	ADJ
cblr-1702	18	5	factor	factor	NOUN
cblr-1702	18	6	:	:	PUNCT
cblr-1702	18	7	investment	investment	NOUN
cblr-1702	18	8	of	of	ADP
cblr-1702	18	9	money	money	NOUN
cblr-1702	18	10	..............	..............	PUNCT
cblr-1702	19	1	637	637	NUM
cblr-1702	19	2	b.	b.	NOUN
cblr-1702	19	3	the	the	DET
cblr-1702	19	4	second	second	ADJ
cblr-1702	19	5	factor	factor	NOUN
cblr-1702	19	6	:	:	PUNCT
cblr-1702	19	7	a	a	DET
cblr-1702	19	8	common	common	ADJ
cblr-1702	19	9	enterprise	enterprise	NOUN
cblr-1702	19	10	.........	.........	PUNCT
cblr-1702	19	11	638	638	NUM
cblr-1702	19	12	c.	c.	NOUN
cblr-1702	19	13	the	the	DET
cblr-1702	19	14	third	third	ADJ
cblr-1702	19	15	factor	factor	NOUN
cblr-1702	19	16	:	:	PUNCT
cblr-1702	19	17	the	the	DET
cblr-1702	19	18	reasonable	reasonable	ADJ
cblr-1702	19	19	expectation	expectation	NOUN
cblr-1702	19	20	of	of	ADP
cblr-1702	19	21	profits	profit	NOUN
cblr-1702	19	22	..............................................................	..............................................................	PUNCT
cblr-1702	19	23	641	641	NUM
cblr-1702	19	24	d.	d.	NOUN
cblr-1702	19	25	the	the	DET
cblr-1702	19	26	fourth	fourth	ADJ
cblr-1702	19	27	factor	factor	NOUN
cblr-1702	19	28	:	:	PUNCT
cblr-1702	19	29	the	the	DET
cblr-1702	19	30	managerial	managerial	ADJ
cblr-1702	19	31	efforts	effort	NOUN
cblr-1702	19	32	of	of	ADP
cblr-1702	19	33	others	other	NOUN
cblr-1702	19	34	..............................................................	..............................................................	PUNCT
cblr-1702	19	35	642	642	NUM
cblr-1702	19	36	1	1	NUM
cblr-1702	19	37	.	.	PUNCT
cblr-1702	20	1	the	the	DET
cblr-1702	20	2	efforts	effort	NOUN
cblr-1702	20	3	of	of	ADP
cblr-1702	20	4	slock.it	slock.it	NUM
cblr-1702	20	5	,	,	PUNCT
cblr-1702	20	6	slock.it	slock.it	PRON
cblr-1702	20	7	’s	’s	PART
cblr-1702	20	8	cofounders	cofounder	NOUN
cblr-1702	20	9	,	,	PUNCT
cblr-1702	20	10	and	and	CCONJ
cblr-1702	20	11	the	the	DET
cblr-1702	20	12	dao	dao	PROPN
cblr-1702	20	13	’s	’s	PART
cblr-1702	20	14	curators	curator	NOUN
cblr-1702	20	15	...............	...............	PUNCT
cblr-1702	20	16	643	643	NUM
cblr-1702	20	17	2	2	NUM
cblr-1702	20	18	.	.	PUNCT
cblr-1702	21	1	the	the	DET
cblr-1702	21	2	expansive	expansive	ADJ
cblr-1702	21	3	rights	right	NOUN
cblr-1702	21	4	of	of	ADP
cblr-1702	21	5	the	the	DET
cblr-1702	21	6	dao	dao	NOUN
cblr-1702	21	7	token	token	VERB
cblr-1702	21	8	holders	holder	NOUN
cblr-1702	21	9	...........................................................	...........................................................	PUNCT
cblr-1702	21	10	647	647	NUM
cblr-1702	21	11	3	3	NUM
cblr-1702	21	12	.	.	PUNCT
cblr-1702	22	1	the	the	DET
cblr-1702	22	2	token	token	ADJ
cblr-1702	22	3	holders	holder	NOUN
cblr-1702	22	4	have	have	VERB
cblr-1702	22	5	meaningful	meaningful	ADJ
cblr-1702	22	6	control	control	NOUN
cblr-1702	22	7	............................................................	............................................................	PUNCT
cblr-1702	22	8	650	650	NUM
cblr-1702	22	9	iv	iv	NOUN
cblr-1702	22	10	.	.	PUNCT
cblr-1702	23	1	the	the	DET
cblr-1702	23	2	decentralized	decentralize	VERB
cblr-1702	23	3	partnership	partnership	NOUN
cblr-1702	23	4	form	form	NOUN
cblr-1702	23	5	as	as	ADP
cblr-1702	23	6	a	a	DET
cblr-1702	23	7	solution	solution	NOUN
cblr-1702	23	8	.	.	PUNCT
cblr-1702	24	1	651	651	NUM
cblr-1702	24	2	a.	a.	NOUN
cblr-1702	24	3	the	the	DET
cblr-1702	24	4	features	feature	NOUN
cblr-1702	24	5	of	of	ADP
cblr-1702	24	6	a	a	DET
cblr-1702	24	7	decentralized	decentralized	ADJ
cblr-1702	24	8	partnership	partnership	NOUN
cblr-1702	24	9	....	....	PUNCT
cblr-1702	24	10	652	652	NUM
cblr-1702	24	11	b.	b.	X
cblr-1702	24	12	the	the	DET
cblr-1702	24	13	organic	organic	ADJ
cblr-1702	24	14	internalization	internalization	NOUN
cblr-1702	24	15	of	of	ADP
cblr-1702	24	16	risk	risk	NOUN
cblr-1702	24	17	...................	...................	PUNCT
cblr-1702	25	1	655	655	NUM
cblr-1702	25	2	c.	c.	NOUN
cblr-1702	25	3	positive	positive	ADJ
cblr-1702	25	4	externalities	externality	NOUN
cblr-1702	25	5	..........................................	..........................................	PUNCT
cblr-1702	26	1	656	656	NUM
cblr-1702	26	2	v.	v.	ADP
cblr-1702	26	3	conclusion	conclusion	NOUN
cblr-1702	26	4	..................................................................	..................................................................	PUNCT
cblr-1702	26	5	658	658	NUM
cblr-1702	26	6	i.	i.	NOUN
cblr-1702	26	7	introduction	introduction	NOUN
cblr-1702	26	8	would	would	AUX
cblr-1702	26	9	you	you	PRON
cblr-1702	26	10	invest	invest	VERB
cblr-1702	26	11	in	in	ADP
cblr-1702	26	12	a	a	DET
cblr-1702	26	13	company	company	NOUN
cblr-1702	26	14	in	in	ADP
cblr-1702	26	15	which	which	PRON
cblr-1702	26	16	all	all	DET
cblr-1702	26	17	management	management	NOUN
cblr-1702	26	18	is	be	AUX
cblr-1702	26	19	replaced	replace	VERB
cblr-1702	26	20	by	by	ADP
cblr-1702	26	21	the	the	DET
cblr-1702	26	22	remote	remote	ADJ
cblr-1702	26	23	control	control	NOUN
cblr-1702	26	24	of	of	ADP
cblr-1702	26	25	all	all	DET
cblr-1702	26	26	investors	investor	NOUN
cblr-1702	26	27	?	?	PUNCT
cblr-1702	27	1	that	that	PRON
cblr-1702	27	2	was	be	AUX
cblr-1702	27	3	the	the	DET
cblr-1702	27	4	question	question	NOUN
cblr-1702	27	5	“	"	PUNCT
cblr-1702	27	6	the	the	DET
cblr-1702	27	7	dao	dao	NOUN
cblr-1702	27	8	,	,	PUNCT
cblr-1702	27	9	”	"	PUNCT
cblr-1702	27	10	a	a	DET
cblr-1702	27	11	conceptual	conceptual	ADJ
cblr-1702	27	12	investment	investment	NOUN
cblr-1702	27	13	fund	fund	NOUN
cblr-1702	27	14	designed	design	VERB
cblr-1702	27	15	to	to	PART
cblr-1702	27	16	operate	operate	VERB
cblr-1702	27	17	a	a	DET
cblr-1702	27	18	decentralized	decentralize	VERB
cblr-1702	27	19	autonomous	autonomous	ADJ
cblr-1702	27	20	organization	organization	NOUN
cblr-1702	27	21	almost	almost	ADV
cblr-1702	27	22	entirely	entirely	ADV
cblr-1702	27	23	through	through	ADP
cblr-1702	27	24	digital	digital	ADJ
cblr-1702	27	25	code	code	NOUN
cblr-1702	27	26	,	,	PUNCT
cblr-1702	27	27	asked	ask	VERB
cblr-1702	27	28	the	the	DET
cblr-1702	27	29	public.1	public.1	PROPN
cblr-1702	27	30	participants	participant	NOUN
cblr-1702	27	31	buy	buy	VERB
cblr-1702	27	32	in	in	ADP
cblr-1702	27	33	to	to	ADP
cblr-1702	27	34	the	the	DET
cblr-1702	27	35	fund	fund	NOUN
cblr-1702	27	36	by	by	ADP
cblr-1702	27	37	purchasing	purchase	VERB
cblr-1702	27	38	digital	digital	ADJ
cblr-1702	27	39	tokens	token	NOUN
cblr-1702	27	40	,	,	PUNCT
cblr-1702	27	41	then	then	ADV
cblr-1702	27	42	introduce	introduce	VERB
cblr-1702	27	43	,	,	PUNCT
cblr-1702	27	44	view	view	NOUN
cblr-1702	27	45	,	,	PUNCT
cblr-1702	27	46	and	and	CCONJ
cblr-1702	27	47	vote	vote	VERB
cblr-1702	27	48	on	on	ADP
cblr-1702	27	49	pitches	pitch	NOUN
cblr-1702	27	50	;	;	PUNCT
cblr-1702	27	51	the	the	DET
cblr-1702	27	52	company	company	NOUN
cblr-1702	27	53	’s	’s	PART
cblr-1702	27	54	smart	smart	ADJ
cblr-1702	27	55	code	code	NOUN
cblr-1702	27	56	then	then	ADV
cblr-1702	27	57	automatically	automatically	ADV
cblr-1702	27	58	executes	execute	VERB
cblr-1702	27	59	the	the	DET
cblr-1702	27	60	winning	winning	NOUN
cblr-1702	27	61	projects.2	projects.2	ADP
cblr-1702	27	62	the	the	DET
cblr-1702	27	63	idea	idea	NOUN
cblr-1702	27	64	1	1	NUM
cblr-1702	27	65	david	david	PROPN
cblr-1702	27	66	siegel	siegel	PROPN
cblr-1702	27	67	,	,	PUNCT
cblr-1702	27	68	understanding	understand	VERB
cblr-1702	27	69	the	the	DET
cblr-1702	27	70	dao	dao	NOUN
cblr-1702	27	71	attack	attack	NOUN
cblr-1702	27	72	,	,	PUNCT
cblr-1702	27	73	coindesk	coindesk	NOUN
cblr-1702	27	74	,	,	PUNCT
cblr-1702	27	75	https://www.coindesk.com/understanding-dao-hack-journalists/	https://www.coindesk.com/understanding-dao-hack-journalists/	NOUN
cblr-1702	28	1	[	[	X
cblr-1702	28	2	perma.cc/3mfc-74hu	perma.cc/3mfc-74hu	NOUN
cblr-1702	28	3	]	]	PUNCT
cblr-1702	28	4	(	(	PUNCT
cblr-1702	28	5	last	last	ADJ
cblr-1702	28	6	updated	update	VERB
cblr-1702	28	7	june	june	PROPN
cblr-1702	28	8	27	27	NUM
cblr-1702	28	9	,	,	PUNCT
cblr-1702	28	10	2016	2016	NUM
cblr-1702	28	11	,	,	PUNCT
cblr-1702	28	12	5:52	5:52	NUM
cblr-1702	28	13	pm	pm	NOUN
cblr-1702	28	14	)	)	PUNCT
cblr-1702	28	15	.	.	PUNCT
cblr-1702	29	1	2	2	NUM
cblr-1702	30	1	i	i	PRON
cblr-1702	30	2	d.	d.	PROPN
cblr-1702	30	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	30	4	no	no	INTJ
cblr-1702	30	5	.	.	PUNCT
cblr-1702	31	1	2:617	2:617	NUM
cblr-1702	31	2	]	]	X
cblr-1702	31	3	ico	ico	PROPN
cblr-1702	31	4	’s	’s	PART
cblr-1702	31	5	,	,	PUNCT
cblr-1702	31	6	dao	dao	VERB
cblr-1702	31	7	’s	’s	ADV
cblr-1702	31	8	,	,	PUNCT
cblr-1702	31	9	and	and	CCONJ
cblr-1702	31	10	the	the	DET
cblr-1702	31	11	sec	sec	PROPN
cblr-1702	31	12	619	619	NUM
cblr-1702	31	13	was	be	AUX
cblr-1702	31	14	to	to	PART
cblr-1702	31	15	create	create	VERB
cblr-1702	31	16	a	a	DET
cblr-1702	31	17	democratic	democratic	ADJ
cblr-1702	31	18	enterprise	enterprise	NOUN
cblr-1702	31	19	,	,	PUNCT
cblr-1702	31	20	but	but	CCONJ
cblr-1702	31	21	the	the	DET
cblr-1702	31	22	plan	plan	NOUN
cblr-1702	31	23	hit	hit	VERB
cblr-1702	31	24	a	a	DET
cblr-1702	31	25	snag	snag	NOUN
cblr-1702	31	26	when	when	SCONJ
cblr-1702	31	27	a	a	DET
cblr-1702	31	28	hacker	hacker	NOUN
cblr-1702	31	29	exploited	exploit	VERB
cblr-1702	31	30	the	the	DET
cblr-1702	31	31	company	company	NOUN
cblr-1702	31	32	’s	’s	PART
cblr-1702	31	33	code	code	NOUN
cblr-1702	31	34	and	and	CCONJ
cblr-1702	31	35	trapped	trap	VERB
cblr-1702	31	36	about	about	ADV
cblr-1702	31	37	$	$	SYM
cblr-1702	31	38	50	50	NUM
cblr-1702	31	39	million	million	NUM
cblr-1702	31	40	of	of	ADP
cblr-1702	31	41	investors	investor	NOUN
cblr-1702	31	42	’	'	PUNCT
cblr-1702	31	43	money.3	money.3	VERB
cblr-1702	31	44	the	the	DET
cblr-1702	31	45	implications	implication	NOUN
cblr-1702	31	46	of	of	ADP
cblr-1702	31	47	the	the	DET
cblr-1702	31	48	dao	dao	PROPN
cblr-1702	31	49	’s	’s	PART
cblr-1702	31	50	plan	plan	NOUN
cblr-1702	31	51	,	,	PUNCT
cblr-1702	31	52	and	and	CCONJ
cblr-1702	31	53	the	the	DET
cblr-1702	31	54	magnitude	magnitude	NOUN
cblr-1702	31	55	of	of	ADP
cblr-1702	31	56	its	its	PRON
cblr-1702	31	57	ensuing	ensue	VERB
cblr-1702	31	58	failure	failure	NOUN
cblr-1702	31	59	,	,	PUNCT
cblr-1702	31	60	were	be	AUX
cblr-1702	31	61	large	large	ADJ
cblr-1702	31	62	enough	enough	ADV
cblr-1702	31	63	to	to	PART
cblr-1702	31	64	draw	draw	VERB
cblr-1702	31	65	the	the	DET
cblr-1702	31	66	attention	attention	NOUN
cblr-1702	31	67	of	of	ADP
cblr-1702	31	68	the	the	DET
cblr-1702	31	69	securities	securities	PROPN
cblr-1702	31	70	and	and	CCONJ
cblr-1702	31	71	exchange	exchange	PROPN
cblr-1702	31	72	commission	commission	PROPN
cblr-1702	31	73	(	(	PUNCT
cblr-1702	31	74	the	the	DET
cblr-1702	31	75	“	"	PUNCT
cblr-1702	31	76	sec	sec	PROPN
cblr-1702	31	77	”	"	PUNCT
cblr-1702	31	78	)	)	PUNCT
cblr-1702	31	79	,	,	PUNCT
cblr-1702	31	80	leading	lead	VERB
cblr-1702	31	81	to	to	ADP
cblr-1702	31	82	a	a	DET
cblr-1702	31	83	decision	decision	NOUN
cblr-1702	31	84	that	that	PRON
cblr-1702	31	85	has	have	AUX
cblr-1702	31	86	since	since	SCONJ
cblr-1702	31	87	confused	confuse	VERB
cblr-1702	31	88	the	the	DET
cblr-1702	31	89	future	future	NOUN
cblr-1702	31	90	of	of	ADP
cblr-1702	31	91	blockchain	blockchain	PROPN
cblr-1702	31	92	startups4	startups4	PROPN
cblr-1702	31	93	:	:	PUNCT
cblr-1702	31	94	tokens	token	NOUN
cblr-1702	31	95	or	or	CCONJ
cblr-1702	31	96	virtual	virtual	ADJ
cblr-1702	31	97	currencies	currency	NOUN
cblr-1702	31	98	sold	sell	VERB
cblr-1702	31	99	in	in	ADP
cblr-1702	31	100	an	an	DET
cblr-1702	31	101	initial	initial	ADJ
cblr-1702	31	102	coin	coin	NOUN
cblr-1702	31	103	offering	offering	NOUN
cblr-1702	31	104	(	(	PUNCT
cblr-1702	31	105	“	"	PUNCT
cblr-1702	31	106	ico	ico	PROPN
cblr-1702	31	107	”	"	PUNCT
cblr-1702	31	108	)	)	PUNCT
cblr-1702	31	109	might	might	AUX
cblr-1702	31	110	be	be	AUX
cblr-1702	31	111	treated	treat	VERB
cblr-1702	31	112	as	as	ADP
cblr-1702	31	113	securities	security	NOUN
cblr-1702	31	114	under	under	ADP
cblr-1702	31	115	federal	federal	ADJ
cblr-1702	31	116	securities	security	NOUN
cblr-1702	31	117	law.5	law.5	PROPN
cblr-1702	31	118	the	the	DET
cblr-1702	31	119	sec	sec	PROPN
cblr-1702	31	120	’s	’s	PART
cblr-1702	31	121	decision	decision	NOUN
cblr-1702	31	122	to	to	PART
cblr-1702	31	123	evaluate	evaluate	VERB
cblr-1702	31	124	the	the	DET
cblr-1702	31	125	dao	dao	NOUN
cblr-1702	31	126	’s	’s	ADJ
cblr-1702	31	127	ico	ico	PROPN
cblr-1702	31	128	as	as	ADP
cblr-1702	31	129	an	an	DET
cblr-1702	31	130	investment	investment	NOUN
cblr-1702	31	131	contract	contract	NOUN
cblr-1702	31	132	failed	fail	VERB
cblr-1702	31	133	to	to	PART
cblr-1702	31	134	properly	properly	ADV
cblr-1702	31	135	take	take	VERB
cblr-1702	31	136	into	into	ADP
cblr-1702	31	137	account	account	NOUN
cblr-1702	31	138	the	the	DET
cblr-1702	31	139	innovative	innovative	ADJ
cblr-1702	31	140	purpose	purpose	NOUN
cblr-1702	31	141	of	of	ADP
cblr-1702	31	142	the	the	DET
cblr-1702	31	143	dao	dao	NOUN
cblr-1702	31	144	:	:	PUNCT
cblr-1702	31	145	to	to	PART
cblr-1702	31	146	introduce	introduce	VERB
cblr-1702	31	147	an	an	DET
cblr-1702	31	148	organizational	organizational	ADJ
cblr-1702	31	149	form	form	NOUN
cblr-1702	31	150	that	that	PRON
cblr-1702	31	151	is	be	AUX
cblr-1702	31	152	decentralized	decentralize	VERB
cblr-1702	31	153	,	,	PUNCT
cblr-1702	31	154	autonomous	autonomous	ADJ
cblr-1702	31	155	,	,	PUNCT
cblr-1702	31	156	and	and	CCONJ
cblr-1702	31	157	democratic	democratic	ADJ
cblr-1702	31	158	;	;	PUNCT
cblr-1702	31	159	a	a	DET
cblr-1702	31	160	form	form	NOUN
cblr-1702	31	161	closely	closely	ADV
cblr-1702	31	162	resembling	resemble	VERB
cblr-1702	31	163	a	a	DET
cblr-1702	31	164	general	general	ADJ
cblr-1702	31	165	partnership	partnership	NOUN
cblr-1702	31	166	,	,	PUNCT
cblr-1702	31	167	but	but	CCONJ
cblr-1702	31	168	open	open	ADJ
cblr-1702	31	169	to	to	ADP
cblr-1702	31	170	the	the	DET
cblr-1702	31	171	entire	entire	ADJ
cblr-1702	31	172	public	public	NOUN
cblr-1702	31	173	.	.	PUNCT
cblr-1702	32	1	in	in	ADP
cblr-1702	32	2	its	its	PRON
cblr-1702	32	3	report	report	NOUN
cblr-1702	32	4	on	on	ADP
cblr-1702	32	5	the	the	DET
cblr-1702	32	6	dao	dao	NOUN
cblr-1702	32	7	,	,	PUNCT
cblr-1702	32	8	the	the	DET
cblr-1702	32	9	sec	sec	PROPN
cblr-1702	32	10	may	may	AUX
cblr-1702	32	11	have	have	AUX
cblr-1702	32	12	placed	place	VERB
cblr-1702	32	13	a	a	DET
cblr-1702	32	14	premature	premature	ADJ
cblr-1702	32	15	road	road	NOUN
cblr-1702	32	16	block	block	NOUN
cblr-1702	32	17	in	in	ADP
cblr-1702	32	18	the	the	DET
cblr-1702	32	19	way	way	NOUN
cblr-1702	32	20	of	of	ADP
cblr-1702	32	21	new	new	ADJ
cblr-1702	32	22	blockchain	blockchain	PROPN
cblr-1702	32	23	business	business	NOUN
cblr-1702	32	24	models	model	NOUN
cblr-1702	32	25	by	by	ADP
cblr-1702	32	26	requiring	require	VERB
cblr-1702	32	27	such	such	ADJ
cblr-1702	32	28	businesses	business	NOUN
cblr-1702	32	29	to	to	PART
cblr-1702	32	30	register	register	VERB
cblr-1702	32	31	with	with	ADP
cblr-1702	32	32	a	a	DET
cblr-1702	32	33	central	central	ADJ
cblr-1702	32	34	,	,	PUNCT
cblr-1702	32	35	responsible	responsible	ADJ
cblr-1702	32	36	authority	authority	NOUN
cblr-1702	32	37	.	.	PUNCT
cblr-1702	33	1	while	while	SCONJ
cblr-1702	33	2	the	the	DET
cblr-1702	33	3	sec	sec	PROPN
cblr-1702	33	4	is	be	AUX
cblr-1702	33	5	trying	try	VERB
cblr-1702	33	6	to	to	PART
cblr-1702	33	7	protect	protect	VERB
cblr-1702	33	8	investors	investor	NOUN
cblr-1702	33	9	,	,	PUNCT
cblr-1702	33	10	the	the	DET
cblr-1702	33	11	public	public	NOUN
cblr-1702	33	12	may	may	AUX
cblr-1702	33	13	be	be	AUX
cblr-1702	33	14	better	well	ADV
cblr-1702	33	15	served	serve	VERB
cblr-1702	33	16	by	by	ADP
cblr-1702	33	17	relying	rely	VERB
cblr-1702	33	18	on	on	ADP
cblr-1702	33	19	partnership	partnership	NOUN
cblr-1702	33	20	law	law	NOUN
cblr-1702	33	21	to	to	PART
cblr-1702	33	22	regulate	regulate	VERB
cblr-1702	33	23	decentralized	decentralized	ADJ
cblr-1702	33	24	icos	icos	PROPN
cblr-1702	33	25	.	.	PUNCT
cblr-1702	34	1	a	a	DET
cblr-1702	34	2	new	new	ADJ
cblr-1702	34	3	general	general	ADJ
cblr-1702	34	4	partnership	partnership	NOUN
cblr-1702	34	5	form	form	NOUN
cblr-1702	34	6	should	should	AUX
cblr-1702	34	7	be	be	AUX
cblr-1702	34	8	recognized	recognize	VERB
cblr-1702	34	9	—	—	PUNCT
cblr-1702	34	10	the	the	PRON
cblr-1702	34	11	“	"	PUNCT
cblr-1702	34	12	decentralized	decentralize	VERB
cblr-1702	34	13	partnership”—with	partnership”—with	ADP
cblr-1702	34	14	the	the	DET
cblr-1702	34	15	potential	potential	NOUN
cblr-1702	34	16	to	to	PART
cblr-1702	34	17	use	use	VERB
cblr-1702	34	18	blockchain	blockchain	PROPN
cblr-1702	34	19	technology	technology	NOUN
cblr-1702	34	20	to	to	PART
cblr-1702	34	21	facilitate	facilitate	VERB
cblr-1702	34	22	meaningful	meaningful	ADJ
cblr-1702	34	23	control	control	NOUN
cblr-1702	34	24	across	across	ADP
cblr-1702	34	25	widely	widely	ADV
cblr-1702	34	26	dispersed	disperse	VERB
cblr-1702	34	27	participants	participant	NOUN
cblr-1702	34	28	of	of	ADP
cblr-1702	34	29	all	all	DET
cblr-1702	34	30	socio	socio	NOUN
cblr-1702	34	31	-	-	PUNCT
cblr-1702	34	32	economic	economic	ADJ
cblr-1702	34	33	backgrounds	background	NOUN
cblr-1702	34	34	.	.	PUNCT
cblr-1702	35	1	3	3	NUM
cblr-1702	35	2	klint	klint	PROPN
cblr-1702	35	3	finley	finley	PROPN
cblr-1702	35	4	,	,	PUNCT
cblr-1702	35	5	a	a	DET
cblr-1702	35	6	$	$	SYM
cblr-1702	35	7	50	50	NUM
cblr-1702	35	8	million	million	NUM
cblr-1702	35	9	hack	hack	NOUN
cblr-1702	35	10	just	just	ADV
cblr-1702	35	11	showed	show	VERB
cblr-1702	35	12	that	that	SCONJ
cblr-1702	35	13	the	the	DET
cblr-1702	35	14	dao	dao	NOUN
cblr-1702	35	15	was	be	AUX
cblr-1702	35	16	all	all	ADV
cblr-1702	35	17	too	too	ADV
cblr-1702	35	18	human	human	ADJ
cblr-1702	35	19	,	,	PUNCT
cblr-1702	35	20	wired	wire	VERB
cblr-1702	35	21	(	(	PUNCT
cblr-1702	35	22	june	june	PROPN
cblr-1702	35	23	18	18	NUM
cblr-1702	35	24	,	,	PUNCT
cblr-1702	35	25	2016	2016	NUM
cblr-1702	35	26	,	,	PUNCT
cblr-1702	35	27	4:30	4:30	NUM
cblr-1702	35	28	am	am	NOUN
cblr-1702	35	29	)	)	PUNCT
cblr-1702	35	30	,	,	PUNCT
cblr-1702	35	31	https://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/	https://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/	X
cblr-1702	36	1	[	[	X
cblr-1702	36	2	perma.cc/af47-x5xx	perma.cc/af47-x5xx	X
cblr-1702	36	3	]	]	PUNCT
cblr-1702	36	4	.	.	PUNCT
cblr-1702	37	1	4	4	NUM
cblr-1702	37	2	blockchain	blockchain	PROPN
cblr-1702	37	3	startups	startup	NOUN
cblr-1702	37	4	refer	refer	VERB
cblr-1702	37	5	to	to	ADP
cblr-1702	37	6	emerging	emerge	VERB
cblr-1702	37	7	companies	company	NOUN
cblr-1702	37	8	with	with	ADP
cblr-1702	37	9	business	business	NOUN
cblr-1702	37	10	models	model	NOUN
cblr-1702	37	11	premised	premise	VERB
cblr-1702	37	12	on	on	ADP
cblr-1702	37	13	the	the	DET
cblr-1702	37	14	use	use	NOUN
cblr-1702	37	15	of	of	ADP
cblr-1702	37	16	blockchain	blockchain	PROPN
cblr-1702	37	17	technology	technology	PROPN
cblr-1702	37	18	.	.	PUNCT
cblr-1702	38	1	blockchain	blockchain	PROPN
cblr-1702	38	2	technology	technology	PROPN
cblr-1702	38	3	is	be	AUX
cblr-1702	38	4	a	a	DET
cblr-1702	38	5	database	database	NOUN
cblr-1702	38	6	system	system	NOUN
cblr-1702	38	7	of	of	ADP
cblr-1702	38	8	creating	create	VERB
cblr-1702	38	9	,	,	PUNCT
cblr-1702	38	10	updating	update	VERB
cblr-1702	38	11	,	,	PUNCT
cblr-1702	38	12	distributing	distribute	VERB
cblr-1702	38	13	and	and	CCONJ
cblr-1702	38	14	maintaining	maintain	VERB
cblr-1702	38	15	records	record	NOUN
cblr-1702	38	16	via	via	ADP
cblr-1702	38	17	a	a	DET
cblr-1702	38	18	network	network	NOUN
cblr-1702	38	19	of	of	ADP
cblr-1702	38	20	independent	independent	ADJ
cblr-1702	38	21	record	record	NOUN
cblr-1702	38	22	-	-	PUNCT
cblr-1702	38	23	keepers	keeper	NOUN
cblr-1702	38	24	,	,	PUNCT
cblr-1702	38	25	that	that	PRON
cblr-1702	38	26	eliminates	eliminate	VERB
cblr-1702	38	27	the	the	DET
cblr-1702	38	28	need	need	NOUN
cblr-1702	38	29	for	for	ADP
cblr-1702	38	30	centralized	centralized	ADJ
cblr-1702	38	31	storage	storage	NOUN
cblr-1702	38	32	systems	system	NOUN
cblr-1702	38	33	.	.	PUNCT
cblr-1702	39	1	see	see	VERB
cblr-1702	39	2	nolan	nolan	PROPN
cblr-1702	39	3	bauerle	bauerle	PROPN
cblr-1702	39	4	,	,	PUNCT
cblr-1702	39	5	what	what	PRON
cblr-1702	39	6	is	be	AUX
cblr-1702	39	7	blockchain	blockchain	PROPN
cblr-1702	39	8	technology	technology	PROPN
cblr-1702	39	9	?	?	PUNCT
cblr-1702	40	1	coindesk	coindesk	NOUN
cblr-1702	40	2	,	,	PUNCT
cblr-1702	40	3	https://www.coindesk.com/information/	https://www.coindesk.com/information/	X
cblr-1702	40	4	what	what	PRON
cblr-1702	40	5	-	-	PUNCT
cblr-1702	40	6	is	be	AUX
cblr-1702	40	7	-	-	PUNCT
cblr-1702	40	8	blockchain	blockchain	NOUN
cblr-1702	40	9	-	-	PUNCT
cblr-1702	40	10	technology/	technology/	NUM
cblr-1702	40	11	[	[	X
cblr-1702	40	12	perma.cc/3dhx-xjph	perma.cc/3dhx-xjph	X
cblr-1702	40	13	]	]	PUNCT
cblr-1702	40	14	.	.	PUNCT
cblr-1702	41	1	5	5	NUM
cblr-1702	41	2	sec	sec	PROPN
cblr-1702	41	3	.	.	PROPN
cblr-1702	41	4	&	&	CCONJ
cblr-1702	41	5	exch	exch	PROPN
cblr-1702	41	6	.	.	PUNCT
cblr-1702	42	1	comm’n	comm’n	PROPN
cblr-1702	42	2	,	,	PUNCT
cblr-1702	42	3	release	release	VERB
cblr-1702	42	4	no	no	PRON
cblr-1702	42	5	.	.	PUNCT
cblr-1702	42	6	81207	81207	NUM
cblr-1702	42	7	,	,	PUNCT
cblr-1702	42	8	report	report	NOUN
cblr-1702	42	9	of	of	ADP
cblr-1702	42	10	investigation	investigation	NOUN
cblr-1702	42	11	:	:	PUNCT
cblr-1702	42	12	the	the	DET
cblr-1702	42	13	dao	dao	PROPN
cblr-1702	42	14	(	(	PUNCT
cblr-1702	42	15	2017	2017	NUM
cblr-1702	42	16	)	)	PUNCT
cblr-1702	42	17	,	,	PUNCT
cblr-1702	43	1	https://www.sec.gov/litigation/investreport/34-81207.pdf	https://www.sec.gov/litigation/investreport/34-81207.pdf	ADJ
cblr-1702	43	2	[	[	X
cblr-1702	43	3	perma.cc/rn28-fy3d	perma.cc/rn28-fy3d	NOUN
cblr-1702	43	4	]	]	PUNCT
cblr-1702	44	1	[	[	X
cblr-1702	44	2	hereinafter	hereinafter	NOUN
cblr-1702	44	3	the	the	DET
cblr-1702	44	4	dao	dao	PROPN
cblr-1702	44	5	report	report	NOUN
cblr-1702	44	6	]	]	PUNCT
cblr-1702	44	7	.	.	PUNCT
cblr-1702	45	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	45	2	620	620	NUM
cblr-1702	45	3	columbia	columbia	PROPN
cblr-1702	45	4	business	business	NOUN
cblr-1702	45	5	law	law	PROPN
cblr-1702	45	6	review	review	NOUN
cblr-1702	45	7	[	[	X
cblr-1702	45	8	vol	vol	NOUN
cblr-1702	45	9	.	.	NOUN
cblr-1702	45	10	2018	2018	NUM
cblr-1702	45	11	this	this	DET
cblr-1702	45	12	note	note	NOUN
cblr-1702	45	13	will	will	AUX
cblr-1702	45	14	first	first	ADV
cblr-1702	45	15	define	define	VERB
cblr-1702	45	16	an	an	DET
cblr-1702	45	17	ico	ico	NOUN
cblr-1702	45	18	and	and	CCONJ
cblr-1702	45	19	place	place	VERB
cblr-1702	45	20	it	it	PRON
cblr-1702	45	21	in	in	ADP
cblr-1702	45	22	the	the	DET
cblr-1702	45	23	context	context	NOUN
cblr-1702	45	24	of	of	ADP
cblr-1702	45	25	federal	federal	ADJ
cblr-1702	45	26	securities	security	NOUN
cblr-1702	45	27	law	law	NOUN
cblr-1702	45	28	.	.	PUNCT
cblr-1702	46	1	next	next	ADV
cblr-1702	46	2	,	,	PUNCT
cblr-1702	46	3	this	this	DET
cblr-1702	46	4	note	note	NOUN
cblr-1702	46	5	will	will	AUX
cblr-1702	46	6	survey	survey	VERB
cblr-1702	46	7	how	how	SCONJ
cblr-1702	46	8	three	three	NUM
cblr-1702	46	9	types	type	NOUN
cblr-1702	46	10	of	of	ADP
cblr-1702	46	11	icos	ico	NOUN
cblr-1702	46	12	commonly	commonly	ADV
cblr-1702	46	13	made	make	VERB
cblr-1702	46	14	available	available	ADJ
cblr-1702	46	15	to	to	ADP
cblr-1702	46	16	the	the	DET
cblr-1702	46	17	public—(1	public—(1	NOUN
cblr-1702	46	18	)	)	PUNCT
cblr-1702	46	19	utility	utility	NOUN
cblr-1702	46	20	tokens	token	NOUN
cblr-1702	46	21	,	,	PUNCT
cblr-1702	46	22	(	(	PUNCT
cblr-1702	46	23	2	2	X
cblr-1702	46	24	)	)	PUNCT
cblr-1702	46	25	dividend	dividend	NOUN
cblr-1702	46	26	tokens	token	NOUN
cblr-1702	46	27	,	,	PUNCT
cblr-1702	46	28	and	and	CCONJ
cblr-1702	46	29	(	(	PUNCT
cblr-1702	46	30	3	3	X
cblr-1702	46	31	)	)	PUNCT
cblr-1702	46	32	decentralized	decentralize	VERB
cblr-1702	46	33	partnership	partnership	NOUN
cblr-1702	46	34	tokens	token	NOUN
cblr-1702	46	35	—	—	PUNCT
cblr-1702	46	36	fit	fit	ADJ
cblr-1702	46	37	into	into	ADP
cblr-1702	46	38	current	current	ADJ
cblr-1702	46	39	securities	security	NOUN
cblr-1702	46	40	definitions	definition	NOUN
cblr-1702	46	41	.	.	PUNCT
cblr-1702	47	1	finally	finally	ADV
cblr-1702	47	2	,	,	PUNCT
cblr-1702	47	3	this	this	DET
cblr-1702	47	4	note	note	NOUN
cblr-1702	47	5	will	will	AUX
cblr-1702	47	6	analyze	analyze	VERB
cblr-1702	47	7	the	the	DET
cblr-1702	47	8	sec	sec	PROPN
cblr-1702	47	9	’s	’s	PART
cblr-1702	47	10	report	report	NOUN
cblr-1702	47	11	on	on	ADP
cblr-1702	47	12	the	the	DET
cblr-1702	47	13	dao	dao	NOUN
cblr-1702	47	14	and	and	CCONJ
cblr-1702	47	15	proposes	propose	VERB
cblr-1702	47	16	an	an	DET
cblr-1702	47	17	alternative	alternative	ADJ
cblr-1702	47	18	solution	solution	NOUN
cblr-1702	47	19	:	:	PUNCT
cblr-1702	47	20	using	use	VERB
cblr-1702	47	21	a	a	DET
cblr-1702	47	22	partnership	partnership	NOUN
cblr-1702	47	23	form	form	NOUN
cblr-1702	47	24	to	to	PART
cblr-1702	47	25	define	define	VERB
cblr-1702	47	26	and	and	CCONJ
cblr-1702	47	27	regulate	regulate	VERB
cblr-1702	47	28	decentralized	decentralized	ADJ
cblr-1702	47	29	partnership	partnership	NOUN
cblr-1702	47	30	tokens	token	NOUN
cblr-1702	47	31	.	.	PUNCT
cblr-1702	47	32	ii	ii	PROPN
cblr-1702	47	33	.	.	PUNCT
cblr-1702	48	1	when	when	SCONJ
cblr-1702	48	2	ico	ico	PROPN
cblr-1702	48	3	’s	’	VERB
cblr-1702	48	4	might	might	AUX
cblr-1702	48	5	be	be	AUX
cblr-1702	48	6	securities	security	NOUN
cblr-1702	48	7	from	from	ADP
cblr-1702	48	8	the	the	DET
cblr-1702	48	9	industrial	industrial	ADJ
cblr-1702	48	10	revolution	revolution	NOUN
cblr-1702	48	11	to	to	ADP
cblr-1702	48	12	the	the	DET
cblr-1702	48	13	internet	internet	NOUN
cblr-1702	48	14	age	age	NOUN
cblr-1702	48	15	,	,	PUNCT
cblr-1702	48	16	new	new	ADJ
cblr-1702	48	17	technologies	technology	NOUN
cblr-1702	48	18	have	have	AUX
cblr-1702	48	19	coincided	coincide	VERB
cblr-1702	48	20	with	with	ADP
cblr-1702	48	21	new	new	ADJ
cblr-1702	48	22	financial	financial	ADJ
cblr-1702	48	23	markets.6	markets.6	NOUN
cblr-1702	48	24	now	now	ADV
cblr-1702	48	25	,	,	PUNCT
cblr-1702	48	26	decentralized	decentralized	ADJ
cblr-1702	48	27	blockchain	blockchain	PROPN
cblr-1702	48	28	businesses	business	NOUN
cblr-1702	48	29	have	have	AUX
cblr-1702	48	30	introduced	introduce	VERB
cblr-1702	48	31	the	the	DET
cblr-1702	48	32	ico	ico	PROPN
cblr-1702	48	33	market	market	NOUN
cblr-1702	48	34	.	.	PUNCT
cblr-1702	49	1	in	in	ADP
cblr-1702	49	2	an	an	DET
cblr-1702	49	3	ico	ico	NOUN
cblr-1702	49	4	,	,	PUNCT
cblr-1702	49	5	a	a	DET
cblr-1702	49	6	company	company	NOUN
cblr-1702	49	7	raises	raise	VERB
cblr-1702	49	8	money	money	NOUN
cblr-1702	49	9	by	by	ADP
cblr-1702	49	10	issuing	issue	VERB
cblr-1702	49	11	digital	digital	ADJ
cblr-1702	49	12	tokens	token	NOUN
cblr-1702	49	13	in	in	ADP
cblr-1702	49	14	exchange	exchange	NOUN
cblr-1702	49	15	for	for	ADP
cblr-1702	49	16	currency	currency	NOUN
cblr-1702	49	17	,	,	PUNCT
cblr-1702	49	18	typically	typically	ADV
cblr-1702	49	19	bitcoin	bitcoin	ADJ
cblr-1702	49	20	or	or	CCONJ
cblr-1702	49	21	ether	ether	NOUN
cblr-1702	49	22	.	.	PUNCT
cblr-1702	50	1	the	the	DET
cblr-1702	50	2	tokens	token	NOUN
cblr-1702	50	3	are	be	AUX
cblr-1702	50	4	blocks	block	NOUN
cblr-1702	50	5	of	of	ADP
cblr-1702	50	6	code	code	NOUN
cblr-1702	50	7	(	(	PUNCT
cblr-1702	50	8	often	often	ADV
cblr-1702	50	9	referred	refer	VERB
cblr-1702	50	10	to	to	ADP
cblr-1702	50	11	as	as	ADV
cblr-1702	50	12	smart	smart	ADJ
cblr-1702	50	13	contracts)7	contracts)7	NOUN
cblr-1702	50	14	that	that	PRON
cblr-1702	50	15	give	give	VERB
cblr-1702	50	16	token	token	VERB
cblr-1702	50	17	-	-	PUNCT
cblr-1702	50	18	holders	holder	NOUN
cblr-1702	50	19	automated	automate	VERB
cblr-1702	50	20	rights	right	NOUN
cblr-1702	50	21	within	within	ADP
cblr-1702	50	22	the	the	DET
cblr-1702	50	23	company	company	NOUN
cblr-1702	50	24	,	,	PUNCT
cblr-1702	50	25	like	like	ADP
cblr-1702	50	26	participating	participate	VERB
cblr-1702	50	27	in	in	ADP
cblr-1702	50	28	a	a	DET
cblr-1702	50	29	service	service	NOUN
cblr-1702	50	30	or	or	CCONJ
cblr-1702	50	31	receiving	receive	VERB
cblr-1702	50	32	a	a	DET
cblr-1702	50	33	share	share	NOUN
cblr-1702	50	34	of	of	ADP
cblr-1702	50	35	profits	profit	NOUN
cblr-1702	50	36	.	.	PUNCT
cblr-1702	51	1	icos	icos	PROPN
cblr-1702	51	2	have	have	AUX
cblr-1702	51	3	been	be	AUX
cblr-1702	51	4	tracked	track	VERB
cblr-1702	51	5	since	since	SCONJ
cblr-1702	51	6	2003	2003	NUM
cblr-1702	51	7	,	,	PUNCT
cblr-1702	51	8	but	but	CCONJ
cblr-1702	51	9	between	between	ADP
cblr-1702	51	10	april	april	PROPN
cblr-1702	51	11	2016	2016	NUM
cblr-1702	51	12	and	and	CCONJ
cblr-1702	51	13	november	november	PROPN
cblr-1702	51	14	2017	2017	NUM
cblr-1702	51	15	,	,	PUNCT
cblr-1702	51	16	the	the	DET
cblr-1702	51	17	alltime	alltime	PROPN
cblr-1702	51	18	cumulative	cumulative	ADJ
cblr-1702	51	19	sum	sum	NOUN
cblr-1702	51	20	of	of	ADP
cblr-1702	51	21	money	money	NOUN
cblr-1702	51	22	raised	raise	VERB
cblr-1702	51	23	in	in	ADP
cblr-1702	51	24	icos	icos	PROPN
cblr-1702	51	25	increased	increase	VERB
cblr-1702	51	26	from	from	ADP
cblr-1702	51	27	$	$	SYM
cblr-1702	51	28	56	56	NUM
cblr-1702	51	29	million	million	NUM
cblr-1702	51	30	to	to	ADP
cblr-1702	51	31	over	over	ADP
cblr-1702	51	32	$	$	SYM
cblr-1702	51	33	3.5	3.5	NUM
cblr-1702	51	34	billion.8	billion.8	NOUN
cblr-1702	51	35	however	however	ADV
cblr-1702	51	36	,	,	PUNCT
cblr-1702	51	37	as	as	SCONJ
cblr-1702	51	38	the	the	DET
cblr-1702	51	39	market	market	NOUN
cblr-1702	51	40	6	6	NUM
cblr-1702	51	41	the	the	DET
cblr-1702	51	42	rise	rise	NOUN
cblr-1702	51	43	of	of	ADP
cblr-1702	51	44	the	the	DET
cblr-1702	51	45	limited	limited	ADJ
cblr-1702	51	46	liability	liability	NOUN
cblr-1702	51	47	corporation	corporation	NOUN
cblr-1702	51	48	and	and	CCONJ
cblr-1702	51	49	the	the	DET
cblr-1702	51	50	london	london	PROPN
cblr-1702	51	51	stock	stock	NOUN
cblr-1702	51	52	exchange	exchange	PROPN
cblr-1702	51	53	were	be	AUX
cblr-1702	51	54	essential	essential	ADJ
cblr-1702	51	55	prerequisites	prerequisite	NOUN
cblr-1702	51	56	to	to	ADP
cblr-1702	51	57	the	the	DET
cblr-1702	51	58	industrial	industrial	ADJ
cblr-1702	51	59	revolution	revolution	NOUN
cblr-1702	51	60	.	.	PUNCT
cblr-1702	52	1	see	see	VERB
cblr-1702	52	2	john	john	PROPN
cblr-1702	52	3	steele	steele	PROPN
cblr-1702	52	4	gordon	gordon	PROPN
cblr-1702	52	5	,	,	PUNCT
cblr-1702	52	6	how	how	SCONJ
cblr-1702	52	7	the	the	DET
cblr-1702	52	8	industrial	industrial	ADJ
cblr-1702	52	9	revolution	revolution	NOUN
cblr-1702	52	10	began	begin	VERB
cblr-1702	52	11	,	,	PUNCT
cblr-1702	52	12	barron	barron	PROPN
cblr-1702	52	13	’s	’s	PART
cblr-1702	52	14	,	,	PUNCT
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cblr-1702	52	19	(	(	PUNCT
cblr-1702	52	20	last	last	ADJ
cblr-1702	52	21	updated	update	VERB
cblr-1702	52	22	feb	feb	PROPN
cblr-1702	52	23	.	.	PROPN
cblr-1702	52	24	13	13	NUM
cblr-1702	52	25	,	,	PUNCT
cblr-1702	52	26	2015	2015	NUM
cblr-1702	52	27	,	,	PUNCT
cblr-1702	52	28	11:16	11:16	NUM
cblr-1702	52	29	pm	pm	NOUN
cblr-1702	52	30	)	)	PUNCT
cblr-1702	52	31	.	.	PUNCT
cblr-1702	53	1	new	new	ADJ
cblr-1702	53	2	pension	pension	NOUN
cblr-1702	53	3	fund	fund	NOUN
cblr-1702	53	4	investment	investment	NOUN
cblr-1702	53	5	rules	rule	NOUN
cblr-1702	53	6	that	that	PRON
cblr-1702	53	7	allowed	allow	VERB
cblr-1702	53	8	the	the	DET
cblr-1702	53	9	meteoric	meteoric	ADJ
cblr-1702	53	10	rise	rise	NOUN
cblr-1702	53	11	in	in	ADP
cblr-1702	53	12	the	the	DET
cblr-1702	53	13	availability	availability	NOUN
cblr-1702	53	14	of	of	ADP
cblr-1702	53	15	venture	venture	NOUN
cblr-1702	53	16	capital	capital	NOUN
cblr-1702	53	17	funds	fund	NOUN
cblr-1702	53	18	helped	help	VERB
cblr-1702	53	19	spur	spur	VERB
cblr-1702	53	20	a	a	DET
cblr-1702	53	21	new	new	ADJ
cblr-1702	53	22	era	era	NOUN
cblr-1702	53	23	of	of	ADP
cblr-1702	53	24	technological	technological	ADJ
cblr-1702	53	25	advancement	advancement	NOUN
cblr-1702	53	26	.	.	PUNCT
cblr-1702	54	1	see	see	VERB
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cblr-1702	54	3	paul	paul	PROPN
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cblr-1702	54	5	gompers	gompers	PROPN
cblr-1702	54	6	,	,	PUNCT
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cblr-1702	54	8	rise	rise	NOUN
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cblr-1702	54	10	fall	fall	NOUN
cblr-1702	54	11	of	of	ADP
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cblr-1702	54	13	capital	capital	NOUN
cblr-1702	54	14	,	,	PUNCT
cblr-1702	54	15	bus	bus	NOUN
cblr-1702	54	16	.	.	PUNCT
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cblr-1702	56	1	econ	econ	PROPN
cblr-1702	56	2	.	.	PUNCT
cblr-1702	56	3	history	history	NOUN
cblr-1702	56	4	,	,	PUNCT
cblr-1702	56	5	vol	vol	NOUN
cblr-1702	56	6	.	.	PROPN
cblr-1702	56	7	23	23	NUM
cblr-1702	56	8	,	,	PUNCT
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cblr-1702	56	10	.	.	NOUN
cblr-1702	56	11	2	2	NUM
cblr-1702	56	12	,	,	PUNCT
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cblr-1702	57	1	[	[	X
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cblr-1702	57	4	.	.	PUNCT
cblr-1702	58	1	7	7	NUM
cblr-1702	58	2	alyssa	alyssa	PROPN
cblr-1702	58	3	hertig	hertig	NOUN
cblr-1702	58	4	,	,	PUNCT
cblr-1702	58	5	how	how	SCONJ
cblr-1702	58	6	do	do	AUX
cblr-1702	58	7	ethereum	ethereum	VERB
cblr-1702	58	8	smart	smart	ADJ
cblr-1702	58	9	contracts	contract	NOUN
cblr-1702	58	10	work	work	VERB
cblr-1702	58	11	?	?	PUNCT
cblr-1702	58	12	,	,	PUNCT
cblr-1702	58	13	coindesk	coindesk	NOUN
cblr-1702	58	14	,	,	PUNCT
cblr-1702	58	15	https://www.coindesk.com/information/ethereum-smart-contracts-work/	https://www.coindesk.com/information/ethereum-smart-contracts-work/	NOUN
cblr-1702	58	16	[	[	X
cblr-1702	58	17	perma.cc/z5ll-tw94	perma.cc/z5ll-tw94	X
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cblr-1702	58	19	.	.	PUNCT
cblr-1702	58	20	8	8	NUM
cblr-1702	58	21	all	all	DET
cblr-1702	58	22	-	-	PUNCT
cblr-1702	58	23	time	time	NOUN
cblr-1702	58	24	cumulative	cumulative	ADJ
cblr-1702	58	25	ico	ico	PROPN
cblr-1702	58	26	funding	funding	PROPN
cblr-1702	58	27	,	,	PUNCT
cblr-1702	58	28	coindesk	coindesk	PROPN
cblr-1702	58	29	ico	ico	PROPN
cblr-1702	58	30	tracker	tracker	PROPN
cblr-1702	58	31	,	,	PUNCT
cblr-1702	58	32	https://www.coindesk.com/ico-tracker/	https://www.coindesk.com/ico-tracker/	VERB
cblr-1702	59	1	[	[	X
cblr-1702	59	2	perma.cc/7as6-42jl	perma.cc/7as6-42jl	X
cblr-1702	59	3	]	]	PUNCT
cblr-1702	59	4	(	(	PUNCT
cblr-1702	59	5	last	last	ADV
cblr-1702	59	6	updated	update	VERB
cblr-1702	59	7	nov	nov	PROPN
cblr-1702	59	8	.	.	PROPN
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cblr-1702	59	10	,	,	PUNCT
cblr-1702	59	11	2017	2017	NUM
cblr-1702	59	12	)	)	PUNCT
cblr-1702	59	13	.	.	PUNCT
cblr-1702	60	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	60	2	no	no	NOUN
cblr-1702	60	3	.	.	PUNCT
cblr-1702	61	1	2:617	2:617	NUM
cblr-1702	61	2	]	]	X
cblr-1702	61	3	ico	ico	PROPN
cblr-1702	61	4	’s	’s	PART
cblr-1702	61	5	,	,	PUNCT
cblr-1702	61	6	dao	dao	VERB
cblr-1702	61	7	’s	’s	ADV
cblr-1702	61	8	,	,	PUNCT
cblr-1702	61	9	and	and	CCONJ
cblr-1702	61	10	the	the	DET
cblr-1702	61	11	sec	sec	PROPN
cblr-1702	61	12	621	621	NUM
cblr-1702	61	13	grows	grow	NOUN
cblr-1702	61	14	,	,	PUNCT
cblr-1702	61	15	the	the	DET
cblr-1702	61	16	fear	fear	NOUN
cblr-1702	61	17	of	of	ADP
cblr-1702	61	18	fraud	fraud	NOUN
cblr-1702	61	19	and	and	CCONJ
cblr-1702	61	20	its	its	PRON
cblr-1702	61	21	impact	impact	NOUN
cblr-1702	61	22	on	on	ADP
cblr-1702	61	23	the	the	DET
cblr-1702	61	24	economy	economy	NOUN
cblr-1702	61	25	grows	grow	VERB
cblr-1702	61	26	,	,	PUNCT
cblr-1702	61	27	which	which	PRON
cblr-1702	61	28	in	in	ADP
cblr-1702	61	29	turn	turn	NOUN
cblr-1702	61	30	draws	draw	VERB
cblr-1702	61	31	the	the	DET
cblr-1702	61	32	attention	attention	NOUN
cblr-1702	61	33	of	of	ADP
cblr-1702	61	34	regulators.9	regulators.9	PROPN
cblr-1702	61	35	in	in	ADP
cblr-1702	61	36	response	response	NOUN
cblr-1702	61	37	to	to	ADP
cblr-1702	61	38	the	the	DET
cblr-1702	61	39	rapid	rapid	ADJ
cblr-1702	61	40	ballooning	ballooning	NOUN
cblr-1702	61	41	of	of	ADP
cblr-1702	61	42	the	the	DET
cblr-1702	61	43	ico	ico	PROPN
cblr-1702	61	44	market	market	NOUN
cblr-1702	61	45	,	,	PUNCT
cblr-1702	61	46	the	the	DET
cblr-1702	61	47	sec	sec	PROPN
cblr-1702	61	48	has	have	AUX
cblr-1702	61	49	attempted	attempt	VERB
cblr-1702	61	50	to	to	PART
cblr-1702	61	51	fit	fit	VERB
cblr-1702	61	52	nascent	nascent	NOUN
cblr-1702	61	53	,	,	PUNCT
cblr-1702	61	54	experimental	experimental	ADJ
cblr-1702	61	55	business	business	NOUN
cblr-1702	61	56	models	model	NOUN
cblr-1702	61	57	into	into	ADP
cblr-1702	61	58	decades	decade	NOUN
cblr-1702	61	59	-	-	PUNCT
cblr-1702	61	60	old	old	ADJ
cblr-1702	61	61	rules	rule	NOUN
cblr-1702	61	62	.	.	PUNCT
cblr-1702	62	1	such	such	DET
cblr-1702	62	2	a	a	DET
cblr-1702	62	3	regulatory	regulatory	ADJ
cblr-1702	62	4	approach	approach	NOUN
cblr-1702	62	5	can	can	AUX
cblr-1702	62	6	become	become	VERB
cblr-1702	62	7	a	a	DET
cblr-1702	62	8	road	road	NOUN
cblr-1702	62	9	block	block	NOUN
cblr-1702	62	10	to	to	ADP
cblr-1702	62	11	innovation	innovation	NOUN
cblr-1702	62	12	rather	rather	ADV
cblr-1702	62	13	than	than	ADP
cblr-1702	62	14	the	the	DET
cblr-1702	62	15	reasonable	reasonable	ADJ
cblr-1702	62	16	speed	speed	NOUN
cblr-1702	62	17	bump	bump	NOUN
cblr-1702	62	18	it	it	PRON
cblr-1702	62	19	is	be	AUX
cblr-1702	62	20	intended	intend	VERB
cblr-1702	62	21	to	to	PART
cblr-1702	62	22	be	be	AUX
cblr-1702	62	23	.	.	PUNCT
cblr-1702	63	1	a.	a.	NOUN
cblr-1702	63	2	defining	define	VERB
cblr-1702	63	3	a	a	DET
cblr-1702	63	4	security	security	NOUN
cblr-1702	63	5	the	the	DET
cblr-1702	63	6	securities	securities	PROPN
cblr-1702	63	7	exchange	exchange	PROPN
cblr-1702	63	8	act	act	NOUN
cblr-1702	63	9	of	of	ADP
cblr-1702	63	10	1934	1934	NUM
cblr-1702	63	11	(	(	PUNCT
cblr-1702	63	12	the	the	DET
cblr-1702	63	13	“	"	PUNCT
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cblr-1702	63	15	act	act	NOUN
cblr-1702	63	16	”	"	PUNCT
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cblr-1702	63	18	defines	define	VERB
cblr-1702	63	19	a	a	DET
cblr-1702	63	20	“	"	PUNCT
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cblr-1702	63	22	”	"	PUNCT
cblr-1702	63	23	as	as	ADP
cblr-1702	63	24	,	,	PUNCT
cblr-1702	63	25	among	among	ADP
cblr-1702	63	26	other	other	ADJ
cblr-1702	63	27	things	thing	NOUN
cblr-1702	63	28	,	,	PUNCT
cblr-1702	63	29	“	"	PUNCT
cblr-1702	63	30	any	any	DET
cblr-1702	63	31	note	note	NOUN
cblr-1702	63	32	,	,	PUNCT
cblr-1702	63	33	stock	stock	NOUN
cblr-1702	63	34	,	,	PUNCT
cblr-1702	63	35	treasury	treasury	NOUN
cblr-1702	63	36	stock	stock	NOUN
cblr-1702	63	37	,	,	PUNCT
cblr-1702	63	38	security	security	NOUN
cblr-1702	63	39	future	future	NOUN
cblr-1702	63	40	.	.	PUNCT
cblr-1702	63	41	.	.	PUNCT
cblr-1702	63	42	.	.	PUNCT
cblr-1702	64	1	[	[	X
cblr-1702	64	2	or	or	CCONJ
cblr-1702	64	3	]	]	PUNCT
cblr-1702	64	4	investment	investment	NOUN
cblr-1702	64	5	contract	contract	NOUN
cblr-1702	64	6	.	.	PUNCT
cblr-1702	65	1	”10	”10	NOUN
cblr-1702	65	2	the	the	DET
cblr-1702	65	3	sec	sec	PROPN
cblr-1702	65	4	has	have	AUX
cblr-1702	65	5	clarified	clarify	VERB
cblr-1702	65	6	and	and	CCONJ
cblr-1702	65	7	defined	define	VERB
cblr-1702	65	8	these	these	DET
cblr-1702	65	9	examples	example	NOUN
cblr-1702	65	10	,	,	PUNCT
cblr-1702	65	11	in	in	ADP
cblr-1702	65	12	turn	turn	NOUN
cblr-1702	65	13	,	,	PUNCT
cblr-1702	65	14	through	through	ADP
cblr-1702	65	15	promulgated	promulgate	VERB
cblr-1702	65	16	interpretations	interpretation	NOUN
cblr-1702	65	17	and	and	CCONJ
cblr-1702	65	18	judicial	judicial	ADJ
cblr-1702	65	19	review	review	NOUN
cblr-1702	65	20	of	of	ADP
cblr-1702	65	21	the	the	DET
cblr-1702	65	22	scope	scope	NOUN
cblr-1702	65	23	of	of	ADP
cblr-1702	65	24	the	the	DET
cblr-1702	65	25	securities	security	NOUN
cblr-1702	65	26	act.11	act.11	PROPN
cblr-1702	65	27	when	when	SCONJ
cblr-1702	65	28	evaluating	evaluate	VERB
cblr-1702	65	29	whether	whether	SCONJ
cblr-1702	65	30	to	to	PART
cblr-1702	65	31	regulate	regulate	VERB
cblr-1702	65	32	a	a	DET
cblr-1702	65	33	new	new	ADJ
cblr-1702	65	34	investment	investment	NOUN
cblr-1702	65	35	instrument	instrument	NOUN
cblr-1702	65	36	,	,	PUNCT
cblr-1702	65	37	both	both	CCONJ
cblr-1702	65	38	the	the	DET
cblr-1702	65	39	sec	sec	PROPN
cblr-1702	65	40	and	and	CCONJ
cblr-1702	65	41	the	the	DET
cblr-1702	65	42	courts	court	NOUN
cblr-1702	65	43	consider	consider	VERB
cblr-1702	65	44	the	the	DET
cblr-1702	65	45	purpose	purpose	NOUN
cblr-1702	65	46	of	of	ADP
cblr-1702	65	47	the	the	DET
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cblr-1702	65	49	act	act	PROPN
cblr-1702	65	50	,	,	PUNCT
cblr-1702	65	51	which	which	PRON
cblr-1702	65	52	was	be	AUX
cblr-1702	65	53	designed	design	VERB
cblr-1702	65	54	“	"	PUNCT
cblr-1702	65	55	to	to	PART
cblr-1702	65	56	eliminate	eliminate	VERB
cblr-1702	65	57	serious	serious	ADJ
cblr-1702	65	58	abuses	abuse	NOUN
cblr-1702	65	59	in	in	ADP
cblr-1702	65	60	a	a	DET
cblr-1702	65	61	largely	largely	ADV
cblr-1702	65	62	unregulated	unregulated	ADJ
cblr-1702	65	63	securities	security	NOUN
cblr-1702	65	64	market	market	NOUN
cblr-1702	65	65	.	.	PUNCT
cblr-1702	66	1	”12	”12	PROPN
cblr-1702	66	2	as	as	ADP
cblr-1702	66	3	of	of	ADP
cblr-1702	66	4	the	the	DET
cblr-1702	66	5	sec	sec	PROPN
cblr-1702	66	6	’s	’s	PART
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cblr-1702	66	8	of	of	ADP
cblr-1702	66	9	the	the	DET
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cblr-1702	66	12	release	release	NOUN
cblr-1702	66	13	,	,	PUNCT
cblr-1702	66	14	the	the	DET
cblr-1702	66	15	howey	howey	PROPN
cblr-1702	66	16	test	test	NOUN
cblr-1702	66	17	for	for	ADP
cblr-1702	66	18	investment	investment	NOUN
cblr-1702	66	19	contracts	contract	NOUN
cblr-1702	66	20	(	(	PUNCT
cblr-1702	66	21	the	the	DET
cblr-1702	66	22	“	"	PUNCT
cblr-1702	66	23	howey	howey	PROPN
cblr-1702	66	24	test	test	NOUN
cblr-1702	66	25	”	"	PUNCT
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cblr-1702	66	28	been	be	AUX
cblr-1702	66	29	used	use	VERB
cblr-1702	66	30	to	to	PART
cblr-1702	66	31	determine	determine	VERB
cblr-1702	66	32	whether	whether	SCONJ
cblr-1702	66	33	icos	ico	NOUN
cblr-1702	66	34	are	be	AUX
cblr-1702	66	35	securities.13	securities.13	NOUN
cblr-1702	66	36	9	9	NUM
cblr-1702	66	37	once	once	SCONJ
cblr-1702	66	38	the	the	DET
cblr-1702	66	39	securities	security	NOUN
cblr-1702	66	40	market	market	NOUN
cblr-1702	66	41	had	have	AUX
cblr-1702	66	42	clearly	clearly	ADV
cblr-1702	66	43	become	become	VERB
cblr-1702	66	44	large	large	ADJ
cblr-1702	66	45	enough	enough	ADV
cblr-1702	66	46	to	to	PART
cblr-1702	66	47	affect	affect	VERB
cblr-1702	66	48	interstate	interstate	PROPN
cblr-1702	66	49	commerce	commerce	PROPN
cblr-1702	66	50	,	,	PUNCT
cblr-1702	66	51	congress	congress	PROPN
cblr-1702	66	52	passed	pass	VERB
cblr-1702	66	53	the	the	DET
cblr-1702	66	54	securities	security	NOUN
cblr-1702	66	55	and	and	CCONJ
cblr-1702	66	56	exchange	exchange	PROPN
cblr-1702	66	57	act	act	NOUN
cblr-1702	66	58	of	of	ADP
cblr-1702	66	59	1934	1934	NUM
cblr-1702	66	60	,	,	PUNCT
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cblr-1702	67	12	as	as	ADP
cblr-1702	67	13	a	a	DET
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cblr-1702	67	15	from	from	ADP
cblr-1702	67	16	fraud	fraud	NOUN
cblr-1702	67	17	and	and	CCONJ
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cblr-1702	67	19	.	.	PUNCT
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cblr-1702	68	2	the	the	DET
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cblr-1702	68	4	market	market	NOUN
cblr-1702	68	5	ballooned	balloon	VERB
cblr-1702	68	6	in	in	ADP
cblr-1702	68	7	the	the	DET
cblr-1702	68	8	summer	summer	NOUN
cblr-1702	68	9	of	of	ADP
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cblr-1702	68	11	and	and	CCONJ
cblr-1702	68	12	showed	show	VERB
cblr-1702	68	13	signs	sign	NOUN
cblr-1702	68	14	of	of	ADP
cblr-1702	68	15	large	large	ADJ
cblr-1702	68	16	-	-	PUNCT
cblr-1702	68	17	scale	scale	NOUN
cblr-1702	68	18	fraud	fraud	NOUN
cblr-1702	68	19	and	and	CCONJ
cblr-1702	68	20	hacking	hacking	NOUN
cblr-1702	68	21	,	,	PUNCT
cblr-1702	68	22	the	the	DET
cblr-1702	68	23	sec	sec	PROPN
cblr-1702	68	24	has	have	AUX
cblr-1702	68	25	applied	apply	VERB
cblr-1702	68	26	the	the	DET
cblr-1702	68	27	securities	security	NOUN
cblr-1702	68	28	and	and	CCONJ
cblr-1702	68	29	exchange	exchange	PROPN
cblr-1702	68	30	act	act	NOUN
cblr-1702	68	31	to	to	PART
cblr-1702	68	32	regulate	regulate	VERB
cblr-1702	68	33	many	many	ADJ
cblr-1702	68	34	icos	ico	NOUN
cblr-1702	68	35	.	.	PUNCT
cblr-1702	69	1	see	see	VERB
cblr-1702	69	2	the	the	DET
cblr-1702	69	3	dao	dao	PROPN
cblr-1702	69	4	report	report	NOUN
cblr-1702	69	5	,	,	PUNCT
cblr-1702	69	6	supra	supra	PROPN
cblr-1702	69	7	note	note	PROPN
cblr-1702	69	8	5	5	NUM
cblr-1702	69	9	;	;	PUNCT
cblr-1702	69	10	munchee	munchee	PROPN
cblr-1702	69	11	inc	inc	PROPN
cblr-1702	69	12	.	.	PROPN
cblr-1702	69	13	,	,	PUNCT
cblr-1702	69	14	securities	security	NOUN
cblr-1702	69	15	act	act	VERB
cblr-1702	69	16	release	release	VERB
cblr-1702	69	17	no	no	NOUN
cblr-1702	69	18	.	.	PUNCT
cblr-1702	69	19	10445	10445	NUM
cblr-1702	69	20	,	,	PUNCT
cblr-1702	69	21	(	(	PUNCT
cblr-1702	69	22	dec	dec	PROPN
cblr-1702	69	23	.	.	PROPN
cblr-1702	69	24	11	11	NUM
cblr-1702	69	25	,	,	PUNCT
cblr-1702	69	26	2017	2017	NUM
cblr-1702	69	27	)	)	PUNCT
cblr-1702	69	28	,	,	PUNCT
cblr-1702	69	29	https://www.sec.gov/litigation/admin/2017/3310445.pdf	https://www.sec.gov/litigation/admin/2017/3310445.pdf	NOUN
cblr-1702	70	1	[	[	X
cblr-1702	70	2	perma.cc/yp4r-f9a2	perma.cc/yp4r-f9a2	X
cblr-1702	70	3	]	]	PUNCT
cblr-1702	70	4	.	.	PUNCT
cblr-1702	71	1	10	10	NUM
cblr-1702	71	2	securities	securities	PROPN
cblr-1702	71	3	exchange	exchange	PROPN
cblr-1702	71	4	act	act	NOUN
cblr-1702	71	5	of	of	ADP
cblr-1702	71	6	1934	1934	NUM
cblr-1702	71	7	,	,	PUNCT
cblr-1702	71	8	§	§	PROPN
cblr-1702	71	9	3(a)(10	3(a)(10	NUM
cblr-1702	71	10	)	)	PUNCT
cblr-1702	71	11	,	,	PUNCT
cblr-1702	71	12	15	15	NUM
cblr-1702	71	13	u.s.c	u.s.c	ADJ
cblr-1702	71	14	.	.	PUNCT
cblr-1702	72	1	§	§	PROPN
cblr-1702	72	2	77b(a)(1	77b(a)(1	NUM
cblr-1702	72	3	)	)	PUNCT
cblr-1702	72	4	.	.	PUNCT
cblr-1702	73	1	11	11	NUM
cblr-1702	73	2	united	unite	VERB
cblr-1702	73	3	hous	hous	PROPN
cblr-1702	73	4	.	.	PUNCT
cblr-1702	74	1	found	find	VERB
cblr-1702	74	2	.	.	PROPN
cblr-1702	74	3	,	,	PUNCT
cblr-1702	74	4	inc	inc	PROPN
cblr-1702	74	5	.	.	PROPN
cblr-1702	74	6	v.	v.	PROPN
cblr-1702	74	7	forman	forman	PROPN
cblr-1702	74	8	,	,	PUNCT
cblr-1702	74	9	421	421	NUM
cblr-1702	74	10	u.s	u.s	PROPN
cblr-1702	74	11	.	.	PROPN
cblr-1702	74	12	837	837	NUM
cblr-1702	74	13	,	,	PUNCT
cblr-1702	74	14	848	848	NUM
cblr-1702	74	15	(	(	PUNCT
cblr-1702	74	16	1975	1975	NUM
cblr-1702	74	17	)	)	PUNCT
cblr-1702	74	18	(	(	PUNCT
cblr-1702	74	19	“	"	PUNCT
cblr-1702	74	20	the	the	DET
cblr-1702	74	21	task	task	NOUN
cblr-1702	74	22	has	have	AUX
cblr-1702	74	23	fallen	fall	VERB
cblr-1702	74	24	to	to	ADP
cblr-1702	74	25	the	the	DET
cblr-1702	74	26	securities	securities	PROPN
cblr-1702	74	27	and	and	CCONJ
cblr-1702	74	28	exchange	exchange	PROPN
cblr-1702	74	29	commission	commission	PROPN
cblr-1702	74	30	(	(	PUNCT
cblr-1702	74	31	sec	sec	PROPN
cblr-1702	74	32	)	)	PUNCT
cblr-1702	74	33	,	,	PUNCT
cblr-1702	74	34	the	the	DET
cblr-1702	74	35	body	body	NOUN
cblr-1702	74	36	charged	charge	VERB
cblr-1702	74	37	with	with	ADP
cblr-1702	74	38	administering	administer	VERB
cblr-1702	74	39	the	the	DET
cblr-1702	74	40	securities	security	NOUN
cblr-1702	74	41	acts	act	NOUN
cblr-1702	74	42	,	,	PUNCT
cblr-1702	74	43	and	and	CCONJ
cblr-1702	74	44	ultimately	ultimately	ADV
cblr-1702	74	45	to	to	ADP
cblr-1702	74	46	the	the	DET
cblr-1702	74	47	federal	federal	ADJ
cblr-1702	74	48	courts	court	NOUN
cblr-1702	74	49	to	to	PART
cblr-1702	74	50	decide	decide	VERB
cblr-1702	74	51	which	which	PRON
cblr-1702	74	52	of	of	ADP
cblr-1702	74	53	the	the	DET
cblr-1702	74	54	myriad	myriad	ADJ
cblr-1702	74	55	financial	financial	ADJ
cblr-1702	74	56	transactions	transaction	NOUN
cblr-1702	74	57	in	in	ADP
cblr-1702	74	58	our	our	PRON
cblr-1702	74	59	society	society	NOUN
cblr-1702	74	60	come	come	VERB
cblr-1702	74	61	within	within	ADP
cblr-1702	74	62	the	the	DET
cblr-1702	74	63	coverage	coverage	NOUN
cblr-1702	74	64	of	of	ADP
cblr-1702	74	65	these	these	DET
cblr-1702	74	66	statutes	statute	NOUN
cblr-1702	74	67	.	.	PUNCT
cblr-1702	74	68	”	"	PUNCT
cblr-1702	74	69	)	)	PUNCT
cblr-1702	74	70	.	.	PUNCT
cblr-1702	75	1	12	12	NUM
cblr-1702	76	1	i	i	PRON
cblr-1702	76	2	d.	d.	PROPN
cblr-1702	76	3	at	at	ADP
cblr-1702	76	4	849	849	NUM
cblr-1702	76	5	.	.	PROPN
cblr-1702	76	6	13	13	NUM
cblr-1702	76	7	the	the	DET
cblr-1702	76	8	dao	dao	PROPN
cblr-1702	76	9	report	report	NOUN
cblr-1702	76	10	,	,	PUNCT
cblr-1702	76	11	supra	supra	PROPN
cblr-1702	76	12	note	note	NOUN
cblr-1702	76	13	5	5	NUM
cblr-1702	76	14	,	,	PUNCT
cblr-1702	76	15	at	at	ADP
cblr-1702	76	16	11	11	NUM
cblr-1702	76	17	.	.	PUNCT
cblr-1702	77	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	77	2	622	622	NUM
cblr-1702	77	3	columbia	columbia	PROPN
cblr-1702	77	4	business	business	NOUN
cblr-1702	77	5	law	law	NOUN
cblr-1702	77	6	review	review	NOUN
cblr-1702	77	7	[	[	X
cblr-1702	77	8	vol	vol	NOUN
cblr-1702	77	9	.	.	PUNCT
cblr-1702	77	10	2018	2018	NUM
cblr-1702	77	11	1	1	NUM
cblr-1702	77	12	.	.	PUNCT
cblr-1702	78	1	the	the	DET
cblr-1702	78	2	howey	howey	PROPN
cblr-1702	78	3	test	test	PROPN
cblr-1702	78	4	“	"	PUNCT
cblr-1702	78	5	an	an	DET
cblr-1702	78	6	investment	investment	NOUN
cblr-1702	78	7	contract	contract	NOUN
cblr-1702	78	8	for	for	ADP
cblr-1702	78	9	purposes	purpose	NOUN
cblr-1702	78	10	of	of	ADP
cblr-1702	78	11	the	the	DET
cblr-1702	78	12	securities	security	NOUN
cblr-1702	78	13	act	act	PROPN
cblr-1702	78	14	means	mean	VERB
cblr-1702	78	15	a	a	DET
cblr-1702	78	16	contract	contract	NOUN
cblr-1702	78	17	,	,	PUNCT
cblr-1702	78	18	transaction	transaction	NOUN
cblr-1702	78	19	or	or	CCONJ
cblr-1702	78	20	scheme	scheme	VERB
cblr-1702	78	21	whereby	whereby	SCONJ
cblr-1702	78	22	a	a	DET
cblr-1702	78	23	person	person	NOUN
cblr-1702	78	24	invests	invest	VERB
cblr-1702	78	25	his	his	PRON
cblr-1702	78	26	money	money	NOUN
cblr-1702	78	27	in	in	ADP
cblr-1702	78	28	a	a	DET
cblr-1702	78	29	common	common	ADJ
cblr-1702	78	30	enterprise	enterprise	NOUN
cblr-1702	78	31	and	and	CCONJ
cblr-1702	78	32	is	be	AUX
cblr-1702	78	33	led	lead	VERB
cblr-1702	78	34	to	to	PART
cblr-1702	78	35	expect	expect	VERB
cblr-1702	78	36	profits	profit	NOUN
cblr-1702	78	37	solely	solely	ADV
cblr-1702	78	38	from	from	ADP
cblr-1702	78	39	the	the	DET
cblr-1702	78	40	efforts	effort	NOUN
cblr-1702	78	41	of	of	ADP
cblr-1702	78	42	the	the	DET
cblr-1702	78	43	promoter	promoter	NOUN
cblr-1702	78	44	or	or	CCONJ
cblr-1702	78	45	a	a	DET
cblr-1702	78	46	third	third	ADJ
cblr-1702	78	47	party	party	NOUN
cblr-1702	78	48	.	.	PUNCT
cblr-1702	79	1	”14	”14	VERB
cblr-1702	79	2	the	the	DET
cblr-1702	79	3	actual	actual	ADJ
cblr-1702	79	4	form	form	NOUN
cblr-1702	79	5	of	of	ADP
cblr-1702	79	6	the	the	DET
cblr-1702	79	7	contract	contract	NOUN
cblr-1702	79	8	is	be	AUX
cblr-1702	79	9	not	not	PART
cblr-1702	79	10	a	a	DET
cblr-1702	79	11	determinative	determinative	ADJ
cblr-1702	79	12	factor	factor	NOUN
cblr-1702	79	13	,	,	PUNCT
cblr-1702	79	14	but	but	CCONJ
cblr-1702	79	15	instead	instead	ADV
cblr-1702	79	16	the	the	DET
cblr-1702	79	17	economic	economic	ADJ
cblr-1702	79	18	realities	reality	NOUN
cblr-1702	79	19	of	of	ADP
cblr-1702	79	20	the	the	DET
cblr-1702	79	21	agreement	agreement	NOUN
cblr-1702	79	22	should	should	AUX
cblr-1702	79	23	be	be	AUX
cblr-1702	79	24	paramount.15	paramount.15	NOUN
cblr-1702	79	25	over	over	ADP
cblr-1702	79	26	time	time	NOUN
cblr-1702	79	27	,	,	PUNCT
cblr-1702	79	28	the	the	DET
cblr-1702	79	29	howey	howey	PROPN
cblr-1702	79	30	test	test	NOUN
cblr-1702	79	31	has	have	AUX
cblr-1702	79	32	been	be	AUX
cblr-1702	79	33	broken	break	VERB
cblr-1702	79	34	down	down	ADP
cblr-1702	79	35	into	into	ADP
cblr-1702	79	36	four	four	NUM
cblr-1702	79	37	factors	factor	NOUN
cblr-1702	79	38	that	that	PRON
cblr-1702	79	39	must	must	AUX
cblr-1702	79	40	be	be	AUX
cblr-1702	79	41	met	meet	VERB
cblr-1702	79	42	in	in	ADP
cblr-1702	79	43	order	order	NOUN
cblr-1702	79	44	to	to	PART
cblr-1702	79	45	declare	declare	VERB
cblr-1702	79	46	an	an	DET
cblr-1702	79	47	investment	investment	NOUN
cblr-1702	79	48	contract	contract	NOUN
cblr-1702	79	49	a	a	DET
cblr-1702	79	50	security	security	NOUN
cblr-1702	79	51	:	:	PUNCT
cblr-1702	79	52	(	(	PUNCT
cblr-1702	79	53	1	1	X
cblr-1702	79	54	)	)	PUNCT
cblr-1702	79	55	there	there	PRON
cblr-1702	79	56	must	must	AUX
cblr-1702	79	57	be	be	AUX
cblr-1702	79	58	an	an	DET
cblr-1702	79	59	investment	investment	NOUN
cblr-1702	79	60	of	of	ADP
cblr-1702	79	61	money;16	money;16	PROPN
cblr-1702	79	62	(	(	PUNCT
cblr-1702	79	63	2	2	NUM
cblr-1702	79	64	)	)	PUNCT
cblr-1702	79	65	in	in	ADP
cblr-1702	79	66	a	a	DET
cblr-1702	79	67	common	common	ADJ
cblr-1702	79	68	enterprise;17	enterprise;17	X
cblr-1702	79	69	(	(	PUNCT
cblr-1702	79	70	3	3	NUM
cblr-1702	79	71	)	)	PUNCT
cblr-1702	79	72	with	with	ADP
cblr-1702	79	73	the	the	DET
cblr-1702	79	74	reasonable	reasonable	ADJ
cblr-1702	79	75	expectation	expectation	NOUN
cblr-1702	79	76	of	of	ADP
cblr-1702	79	77	profits;18	profits;18	NOUN
cblr-1702	79	78	and	and	CCONJ
cblr-1702	79	79	(	(	PUNCT
cblr-1702	79	80	4	4	X
cblr-1702	79	81	)	)	PUNCT
cblr-1702	79	82	derived	derive	VERB
cblr-1702	79	83	predominately	predominately	ADV
cblr-1702	79	84	through	through	ADP
cblr-1702	79	85	the	the	DET
cblr-1702	79	86	managerial	managerial	ADJ
cblr-1702	79	87	efforts	effort	NOUN
cblr-1702	79	88	of	of	ADP
cblr-1702	79	89	others.19	others.19	NUM
cblr-1702	79	90	the	the	DET
cblr-1702	79	91	first	first	ADJ
cblr-1702	79	92	part	part	NOUN
cblr-1702	79	93	of	of	ADP
cblr-1702	79	94	the	the	DET
cblr-1702	79	95	howey	howey	PROPN
cblr-1702	79	96	test	test	NOUN
cblr-1702	79	97	may	may	AUX
cblr-1702	79	98	require	require	VERB
cblr-1702	79	99	asking	ask	VERB
cblr-1702	79	100	whether	whether	SCONJ
cblr-1702	79	101	the	the	DET
cblr-1702	79	102	contract	contract	NOUN
cblr-1702	79	103	was	be	AUX
cblr-1702	79	104	entered	enter	VERB
cblr-1702	79	105	into	into	ADP
cblr-1702	79	106	for	for	ADP
cblr-1702	79	107	purposes	purpose	NOUN
cblr-1702	79	108	of	of	ADP
cblr-1702	79	109	investment	investment	NOUN
cblr-1702	79	110	profit	profit	NOUN
cblr-1702	79	111	or	or	CCONJ
cblr-1702	79	112	consumption.20	consumption.20	NOUN
cblr-1702	79	113	similar	similar	ADJ
cblr-1702	79	114	contract	contract	NOUN
cblr-1702	79	115	forms	form	NOUN
cblr-1702	79	116	can	can	AUX
cblr-1702	79	117	be	be	AUX
cblr-1702	79	118	classified	classify	VERB
cblr-1702	79	119	as	as	ADP
cblr-1702	79	120	investments	investment	NOUN
cblr-1702	79	121	or	or	CCONJ
cblr-1702	79	122	consumption	consumption	NOUN
cblr-1702	79	123	,	,	PUNCT
cblr-1702	79	124	the	the	DET
cblr-1702	79	125	distinction	distinction	NOUN
cblr-1702	79	126	depending	depend	VERB
cblr-1702	79	127	in	in	ADP
cblr-1702	79	128	part	part	NOUN
cblr-1702	79	129	on	on	ADP
cblr-1702	79	130	the	the	DET
cblr-1702	79	131	economic	economic	ADJ
cblr-1702	79	132	purpose	purpose	NOUN
cblr-1702	79	133	driving	drive	VERB
cblr-1702	79	134	the	the	DET
cblr-1702	79	135	transaction	transaction	NOUN
cblr-1702	79	136	.	.	PUNCT
cblr-1702	80	1	in	in	ADP
cblr-1702	80	2	forman	forman	PROPN
cblr-1702	80	3	,	,	PUNCT
cblr-1702	80	4	tenants	tenant	NOUN
cblr-1702	80	5	entering	enter	VERB
cblr-1702	80	6	into	into	ADP
cblr-1702	80	7	real	real	ADJ
cblr-1702	80	8	estate	estate	NOUN
cblr-1702	80	9	contracts	contract	NOUN
cblr-1702	80	10	were	be	AUX
cblr-1702	80	11	not	not	PART
cblr-1702	80	12	given	give	VERB
cblr-1702	80	13	the	the	DET
cblr-1702	80	14	protection	protection	NOUN
cblr-1702	80	15	of	of	ADP
cblr-1702	80	16	the	the	DET
cblr-1702	80	17	sec	sec	PROPN
cblr-1702	80	18	in	in	ADP
cblr-1702	80	19	part	part	NOUN
cblr-1702	80	20	because	because	SCONJ
cblr-1702	80	21	the	the	DET
cblr-1702	80	22	arrangement	arrangement	NOUN
cblr-1702	80	23	was	be	AUX
cblr-1702	80	24	for	for	ADP
cblr-1702	80	25	the	the	DET
cblr-1702	80	26	purpose	purpose	NOUN
cblr-1702	80	27	of	of	ADP
cblr-1702	80	28	occupying	occupy	VERB
cblr-1702	80	29	the	the	DET
cblr-1702	80	30	space	space	NOUN
cblr-1702	80	31	rather	rather	ADV
cblr-1702	80	32	than	than	ADP
cblr-1702	80	33	investing	invest	VERB
cblr-1702	80	34	in	in	ADP
cblr-1702	80	35	its	its	PRON
cblr-1702	80	36	value.21	value.21	NOUN
cblr-1702	80	37	but	but	CCONJ
cblr-1702	80	38	in	in	ADP
cblr-1702	80	39	howey	howey	PRON
cblr-1702	80	40	,	,	PUNCT
cblr-1702	80	41	real	real	ADJ
cblr-1702	80	42	14	14	NUM
cblr-1702	80	43	sec	sec	PROPN
cblr-1702	80	44	v.	v.	PROPN
cblr-1702	80	45	w.j	w.j	PROPN
cblr-1702	80	46	.	.	PROPN
cblr-1702	80	47	howey	howey	PROPN
cblr-1702	80	48	co.	co.	PROPN
cblr-1702	80	49	,	,	PUNCT
cblr-1702	80	50	328	328	NUM
cblr-1702	80	51	u.s	u.s	PROPN
cblr-1702	80	52	.	.	PROPN
cblr-1702	80	53	293	293	NUM
cblr-1702	80	54	,	,	PUNCT
cblr-1702	80	55	298–99	298–99	NUM
cblr-1702	80	56	(	(	PUNCT
cblr-1702	80	57	1946	1946	NUM
cblr-1702	80	58	)	)	PUNCT
cblr-1702	80	59	.	.	PUNCT
cblr-1702	81	1	note	note	VERB
cblr-1702	81	2	that	that	SCONJ
cblr-1702	81	3	the	the	DET
cblr-1702	81	4	howey	howey	PROPN
cblr-1702	81	5	test	test	NOUN
cblr-1702	81	6	is	be	AUX
cblr-1702	81	7	used	use	VERB
cblr-1702	81	8	in	in	ADP
cblr-1702	81	9	the	the	DET
cblr-1702	81	10	same	same	ADJ
cblr-1702	81	11	way	way	NOUN
cblr-1702	81	12	to	to	PART
cblr-1702	81	13	identify	identify	VERB
cblr-1702	81	14	securities	security	NOUN
cblr-1702	81	15	under	under	ADP
cblr-1702	81	16	both	both	CCONJ
cblr-1702	81	17	the	the	DET
cblr-1702	81	18	securities	security	NOUN
cblr-1702	81	19	act	act	NOUN
cblr-1702	81	20	of	of	ADP
cblr-1702	81	21	1933	1933	NUM
cblr-1702	81	22	and	and	CCONJ
cblr-1702	81	23	the	the	DET
cblr-1702	81	24	exchange	exchange	NOUN
cblr-1702	81	25	act	act	NOUN
cblr-1702	81	26	,	,	PUNCT
cblr-1702	81	27	as	as	SCONJ
cblr-1702	81	28	the	the	DET
cblr-1702	81	29	definitions	definition	NOUN
cblr-1702	81	30	of	of	ADP
cblr-1702	81	31	securities	security	NOUN
cblr-1702	81	32	in	in	ADP
cblr-1702	81	33	those	those	DET
cblr-1702	81	34	acts	act	NOUN
cblr-1702	81	35	are	be	AUX
cblr-1702	81	36	“	"	PUNCT
cblr-1702	81	37	virtually	virtually	ADV
cblr-1702	81	38	identical	identical	ADJ
cblr-1702	81	39	.	.	PUNCT
cblr-1702	81	40	”	"	PUNCT
cblr-1702	82	1	landreth	landreth	PROPN
cblr-1702	82	2	timber	timber	PROPN
cblr-1702	82	3	co.	co.	PROPN
cblr-1702	83	1	v.	v.	ADP
cblr-1702	83	2	landreth	landreth	PROPN
cblr-1702	83	3	,	,	PUNCT
cblr-1702	83	4	471	471	NUM
cblr-1702	83	5	u.s	u.s	PROPN
cblr-1702	83	6	.	.	PROPN
cblr-1702	83	7	681	681	NUM
cblr-1702	83	8	,	,	PUNCT
cblr-1702	83	9	686	686	NUM
cblr-1702	83	10	n.1	n.1	NOUN
cblr-1702	83	11	(	(	PUNCT
cblr-1702	83	12	1985	1985	NUM
cblr-1702	83	13	)	)	PUNCT
cblr-1702	83	14	.	.	PUNCT
cblr-1702	83	15	15	15	NUM
cblr-1702	84	1	in	in	ADP
cblr-1702	84	2	keeping	keep	VERB
cblr-1702	84	3	broad	broad	ADJ
cblr-1702	84	4	definitions	definition	NOUN
cblr-1702	84	5	,	,	PUNCT
cblr-1702	84	6	the	the	DET
cblr-1702	84	7	acts	act	NOUN
cblr-1702	84	8	allow	allow	VERB
cblr-1702	84	9	for	for	ADP
cblr-1702	84	10	new	new	ADJ
cblr-1702	84	11	technologies	technology	NOUN
cblr-1702	84	12	—	—	PUNCT
cblr-1702	84	13	like	like	ADP
cblr-1702	84	14	icos	ico	NOUN
cblr-1702	84	15	—	—	PUNCT
cblr-1702	84	16	to	to	PART
cblr-1702	84	17	facilitate	facilitate	VERB
cblr-1702	84	18	new	new	ADJ
cblr-1702	84	19	capital	capital	NOUN
cblr-1702	84	20	markets	market	NOUN
cblr-1702	84	21	.	.	PUNCT
cblr-1702	85	1	tcherepnin	tcherepnin	PROPN
cblr-1702	85	2	v.	v.	ADP
cblr-1702	85	3	knight	knight	NOUN
cblr-1702	85	4	,	,	PUNCT
cblr-1702	85	5	389	389	NUM
cblr-1702	85	6	u.s	u.s	PROPN
cblr-1702	85	7	.	.	PROPN
cblr-1702	85	8	332	332	NUM
cblr-1702	85	9	,	,	PUNCT
cblr-1702	85	10	336	336	NUM
cblr-1702	85	11	(	(	PUNCT
cblr-1702	85	12	1967	1967	NUM
cblr-1702	85	13	)	)	PUNCT
cblr-1702	85	14	(	(	PUNCT
cblr-1702	85	15	“	"	PUNCT
cblr-1702	85	16	form	form	NOUN
cblr-1702	85	17	should	should	AUX
cblr-1702	85	18	be	be	AUX
cblr-1702	85	19	disregarded	disregard	VERB
cblr-1702	85	20	for	for	ADP
cblr-1702	85	21	substance	substance	NOUN
cblr-1702	85	22	”	"	PUNCT
cblr-1702	85	23	)	)	PUNCT
cblr-1702	85	24	;	;	PUNCT
cblr-1702	86	1	forman	forman	NOUN
cblr-1702	86	2	,	,	PUNCT
cblr-1702	86	3	421	421	NUM
cblr-1702	86	4	u.s	u.s	PROPN
cblr-1702	86	5	.	.	PROPN
cblr-1702	86	6	at	at	ADP
cblr-1702	86	7	848–49	848–49	NUM
cblr-1702	86	8	(	(	PUNCT
cblr-1702	86	9	“	"	PUNCT
cblr-1702	86	10	the	the	DET
cblr-1702	86	11	emphasis	emphasis	NOUN
cblr-1702	86	12	should	should	AUX
cblr-1702	86	13	be	be	AUX
cblr-1702	86	14	on	on	ADP
cblr-1702	86	15	economic	economic	ADJ
cblr-1702	86	16	reality	reality	NOUN
cblr-1702	86	17	”	"	PUNCT
cblr-1702	86	18	and	and	CCONJ
cblr-1702	86	19	“	"	PUNCT
cblr-1702	86	20	congress	congress	PROPN
cblr-1702	86	21	intended	intend	VERB
cblr-1702	86	22	the	the	DET
cblr-1702	86	23	application	application	NOUN
cblr-1702	86	24	of	of	ADP
cblr-1702	86	25	these	these	DET
cblr-1702	86	26	statutes	statute	NOUN
cblr-1702	86	27	to	to	PART
cblr-1702	86	28	turn	turn	VERB
cblr-1702	86	29	on	on	ADP
cblr-1702	86	30	the	the	DET
cblr-1702	86	31	economic	economic	ADJ
cblr-1702	86	32	realities	reality	NOUN
cblr-1702	86	33	underlying	underlie	VERB
cblr-1702	86	34	a	a	DET
cblr-1702	86	35	transaction	transaction	NOUN
cblr-1702	86	36	,	,	PUNCT
cblr-1702	86	37	and	and	CCONJ
cblr-1702	86	38	not	not	PART
cblr-1702	86	39	on	on	ADP
cblr-1702	86	40	the	the	DET
cblr-1702	86	41	name	name	NOUN
cblr-1702	86	42	appended	append	VERB
cblr-1702	86	43	thereto	thereto	VERB
cblr-1702	86	44	”	"	PUNCT
cblr-1702	86	45	)	)	PUNCT
cblr-1702	86	46	.	.	PUNCT
cblr-1702	87	1	16	16	NUM
cblr-1702	87	2	forman	forman	NOUN
cblr-1702	87	3	,	,	PUNCT
cblr-1702	87	4	421	421	NUM
cblr-1702	87	5	u.s	u.s	PROPN
cblr-1702	87	6	.	.	PROPN
cblr-1702	87	7	at	at	ADP
cblr-1702	87	8	852	852	NUM
cblr-1702	87	9	.	.	PUNCT
cblr-1702	87	10	17	17	NUM
cblr-1702	87	11	sec	sec	PROPN
cblr-1702	87	12	v.	v.	PROPN
cblr-1702	87	13	sg	sg	PROPN
cblr-1702	87	14	ltd	ltd	PROPN
cblr-1702	87	15	.	.	PROPN
cblr-1702	87	16	,	,	PUNCT
cblr-1702	87	17	265	265	NUM
cblr-1702	87	18	f.3d	f.3d	NUM
cblr-1702	87	19	42	42	NUM
cblr-1702	87	20	,	,	PUNCT
cblr-1702	87	21	49–52	49–52	NUM
cblr-1702	87	22	(	(	PUNCT
cblr-1702	87	23	1st	1st	ADJ
cblr-1702	87	24	cir	cir	NOUN
cblr-1702	87	25	.	.	PUNCT
cblr-1702	87	26	2001	2001	NUM
cblr-1702	87	27	)	)	PUNCT
cblr-1702	87	28	.	.	PUNCT
cblr-1702	88	1	18	18	NUM
cblr-1702	88	2	sec	sec	PROPN
cblr-1702	88	3	v.	v.	ADP
cblr-1702	88	4	edwards	edwards	PROPN
cblr-1702	88	5	,	,	PUNCT
cblr-1702	88	6	540	540	NUM
cblr-1702	88	7	u.s	u.s	PROPN
cblr-1702	88	8	.	.	PROPN
cblr-1702	88	9	389	389	NUM
cblr-1702	88	10	,	,	PUNCT
cblr-1702	88	11	394–96	394–96	NUM
cblr-1702	88	12	(	(	PUNCT
cblr-1702	88	13	2004	2004	NUM
cblr-1702	88	14	)	)	PUNCT
cblr-1702	88	15	.	.	PUNCT
cblr-1702	89	1	19	19	NUM
cblr-1702	89	2	sec	sec	PROPN
cblr-1702	89	3	v.	v.	ADP
cblr-1702	89	4	int’l	int’l	NUM
cblr-1702	89	5	loan	loan	NOUN
cblr-1702	89	6	network	network	NOUN
cblr-1702	89	7	,	,	PUNCT
cblr-1702	89	8	inc	inc	PROPN
cblr-1702	89	9	.	.	PROPN
cblr-1702	89	10	,	,	PUNCT
cblr-1702	89	11	968	968	NUM
cblr-1702	89	12	f.2d	f.2d	NOUN
cblr-1702	89	13	1304	1304	NUM
cblr-1702	89	14	,	,	PUNCT
cblr-1702	89	15	1308	1308	NUM
cblr-1702	89	16	(	(	PUNCT
cblr-1702	89	17	d.c	d.c	PROPN
cblr-1702	89	18	.	.	PROPN
cblr-1702	89	19	cir	cir	PROPN
cblr-1702	89	20	.	.	PROPN
cblr-1702	89	21	1992	1992	NUM
cblr-1702	89	22	)	)	PUNCT
cblr-1702	89	23	.	.	PUNCT
cblr-1702	90	1	20	20	NUM
cblr-1702	90	2	forman	forman	NOUN
cblr-1702	90	3	,	,	PUNCT
cblr-1702	90	4	421	421	NUM
cblr-1702	90	5	u.s	u.s	PROPN
cblr-1702	90	6	.	.	PROPN
cblr-1702	90	7	at	at	ADP
cblr-1702	90	8	858	858	NUM
cblr-1702	90	9	.	.	PUNCT
cblr-1702	90	10	21	21	NUM
cblr-1702	91	1	i	i	PRON
cblr-1702	91	2	d.	d.	PROPN
cblr-1702	91	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	91	4	no	no	INTJ
cblr-1702	91	5	.	.	PUNCT
cblr-1702	92	1	2:617	2:617	NUM
cblr-1702	92	2	]	]	X
cblr-1702	92	3	ico	ico	PROPN
cblr-1702	92	4	’s	’s	PART
cblr-1702	92	5	,	,	PUNCT
cblr-1702	92	6	dao	dao	VERB
cblr-1702	92	7	’s	’s	ADV
cblr-1702	92	8	,	,	PUNCT
cblr-1702	92	9	and	and	CCONJ
cblr-1702	92	10	the	the	DET
cblr-1702	92	11	sec	sec	PROPN
cblr-1702	92	12	623	623	NUM
cblr-1702	92	13	estate	estate	NOUN
cblr-1702	92	14	contracts	contract	NOUN
cblr-1702	92	15	that	that	PRON
cblr-1702	92	16	primarily	primarily	ADV
cblr-1702	92	17	offered	offer	VERB
cblr-1702	92	18	returns	return	NOUN
cblr-1702	92	19	from	from	ADP
cblr-1702	92	20	harvesting	harvest	VERB
cblr-1702	92	21	oranges	orange	NOUN
cblr-1702	92	22	on	on	ADP
cblr-1702	92	23	the	the	DET
cblr-1702	92	24	property	property	NOUN
cblr-1702	92	25	were	be	AUX
cblr-1702	92	26	considered	consider	VERB
cblr-1702	92	27	investment	investment	NOUN
cblr-1702	92	28	contracts	contract	NOUN
cblr-1702	92	29	under	under	ADP
cblr-1702	92	30	the	the	DET
cblr-1702	92	31	securities	security	NOUN
cblr-1702	92	32	act.22	act.22	PRON
cblr-1702	92	33	additionally	additionally	ADV
cblr-1702	92	34	,	,	PUNCT
cblr-1702	92	35	the	the	DET
cblr-1702	92	36	first	first	ADJ
cblr-1702	92	37	factor	factor	NOUN
cblr-1702	92	38	of	of	ADP
cblr-1702	92	39	the	the	DET
cblr-1702	92	40	howey	howey	PROPN
cblr-1702	92	41	test	test	NOUN
cblr-1702	92	42	asks	ask	VERB
cblr-1702	92	43	whether	whether	SCONJ
cblr-1702	92	44	an	an	DET
cblr-1702	92	45	investment	investment	NOUN
cblr-1702	92	46	was	be	AUX
cblr-1702	92	47	of	of	ADP
cblr-1702	92	48	“	"	PUNCT
cblr-1702	92	49	money	money	NOUN
cblr-1702	92	50	.	.	PUNCT
cblr-1702	93	1	”23	”23	ADV
cblr-1702	93	2	the	the	DET
cblr-1702	93	3	sec	sec	PROPN
cblr-1702	93	4	has	have	AUX
cblr-1702	93	5	taken	take	VERB
cblr-1702	93	6	the	the	DET
cblr-1702	93	7	position	position	NOUN
cblr-1702	93	8	,	,	PUNCT
cblr-1702	93	9	with	with	ADP
cblr-1702	93	10	judicial	judicial	ADJ
cblr-1702	93	11	affirmation	affirmation	NOUN
cblr-1702	93	12	,	,	PUNCT
cblr-1702	93	13	that	that	SCONJ
cblr-1702	93	14	“	"	PUNCT
cblr-1702	93	15	money	money	NOUN
cblr-1702	93	16	”	"	PUNCT
cblr-1702	93	17	in	in	ADP
cblr-1702	93	18	this	this	DET
cblr-1702	93	19	context	context	NOUN
cblr-1702	93	20	is	be	AUX
cblr-1702	93	21	a	a	DET
cblr-1702	93	22	fluid	fluid	ADJ
cblr-1702	93	23	concept	concept	NOUN
cblr-1702	93	24	that	that	PRON
cblr-1702	93	25	can	can	AUX
cblr-1702	93	26	include	include	VERB
cblr-1702	93	27	goods	good	NOUN
cblr-1702	93	28	and	and	CCONJ
cblr-1702	93	29	services	service	NOUN
cblr-1702	93	30	like	like	ADP
cblr-1702	93	31	virtual	virtual	ADJ
cblr-1702	93	32	currencies.24	currencies.24	NOUN
cblr-1702	93	33	the	the	DET
cblr-1702	93	34	second	second	ADJ
cblr-1702	93	35	factor	factor	NOUN
cblr-1702	93	36	of	of	ADP
cblr-1702	93	37	the	the	DET
cblr-1702	93	38	howey	howey	PROPN
cblr-1702	93	39	test	test	NOUN
cblr-1702	93	40	asks	ask	VERB
cblr-1702	93	41	whether	whether	SCONJ
cblr-1702	93	42	the	the	DET
cblr-1702	93	43	investment	investment	NOUN
cblr-1702	93	44	is	be	AUX
cblr-1702	93	45	in	in	ADP
cblr-1702	93	46	a	a	DET
cblr-1702	93	47	“	"	PUNCT
cblr-1702	93	48	common	common	ADJ
cblr-1702	93	49	enterprise	enterprise	NOUN
cblr-1702	93	50	.	.	PUNCT
cblr-1702	94	1	”25	”25	ADJ
cblr-1702	94	2	circuit	circuit	NOUN
cblr-1702	94	3	courts	court	NOUN
cblr-1702	94	4	differ	differ	VERB
cblr-1702	94	5	on	on	ADP
cblr-1702	94	6	the	the	DET
cblr-1702	94	7	proper	proper	ADJ
cblr-1702	94	8	approach	approach	NOUN
cblr-1702	94	9	for	for	ADP
cblr-1702	94	10	determining	determine	VERB
cblr-1702	94	11	the	the	DET
cblr-1702	94	12	existence	existence	NOUN
cblr-1702	94	13	of	of	ADP
cblr-1702	94	14	a	a	DET
cblr-1702	94	15	common	common	ADJ
cblr-1702	94	16	enterprise.26	enterprise.26	ADJ
cblr-1702	94	17	some	some	DET
cblr-1702	94	18	circuits	circuit	NOUN
cblr-1702	94	19	look	look	VERB
cblr-1702	94	20	to	to	ADP
cblr-1702	94	21	“	"	PUNCT
cblr-1702	94	22	horizontal	horizontal	ADJ
cblr-1702	94	23	commonality	commonality	NOUN
cblr-1702	94	24	,	,	PUNCT
cblr-1702	94	25	”	"	PUNCT
cblr-1702	94	26	which	which	PRON
cblr-1702	94	27	requires	require	VERB
cblr-1702	94	28	shared	share	VERB
cblr-1702	94	29	interest	interest	NOUN
cblr-1702	94	30	of	of	ADP
cblr-1702	94	31	investors	investor	NOUN
cblr-1702	94	32	seeking	seek	VERB
cblr-1702	94	33	to	to	PART
cblr-1702	94	34	pool	pool	VERB
cblr-1702	94	35	their	their	PRON
cblr-1702	94	36	capital	capital	NOUN
cblr-1702	94	37	to	to	PART
cblr-1702	94	38	share	share	VERB
cblr-1702	94	39	profits	profit	NOUN
cblr-1702	94	40	and	and	CCONJ
cblr-1702	94	41	losses.27	losses.27	ADJ
cblr-1702	94	42	other	other	ADJ
cblr-1702	94	43	courts	court	NOUN
cblr-1702	94	44	examine	examine	VERB
cblr-1702	94	45	any	any	DET
cblr-1702	94	46	“	"	PUNCT
cblr-1702	94	47	vertical	vertical	ADJ
cblr-1702	94	48	commonality	commonality	NOUN
cblr-1702	94	49	,	,	PUNCT
cblr-1702	94	50	”	"	PUNCT
cblr-1702	94	51	whether	whether	SCONJ
cblr-1702	94	52	the	the	DET
cblr-1702	94	53	returns	return	NOUN
cblr-1702	94	54	on	on	ADP
cblr-1702	94	55	the	the	DET
cblr-1702	94	56	investment	investment	NOUN
cblr-1702	94	57	are	be	AUX
cblr-1702	94	58	woven	weave	VERB
cblr-1702	94	59	between	between	ADP
cblr-1702	94	60	the	the	DET
cblr-1702	94	61	investor	investor	NOUN
cblr-1702	94	62	and	and	CCONJ
cblr-1702	94	63	the	the	DET
cblr-1702	94	64	manager	manager	NOUN
cblr-1702	94	65	of	of	ADP
cblr-1702	94	66	the	the	DET
cblr-1702	94	67	investment.28	investment.28	NOUN
cblr-1702	94	68	the	the	DET
cblr-1702	94	69	third	third	ADJ
cblr-1702	94	70	factor	factor	NOUN
cblr-1702	94	71	of	of	ADP
cblr-1702	94	72	the	the	DET
cblr-1702	94	73	howey	howey	PROPN
cblr-1702	94	74	test	test	NOUN
cblr-1702	94	75	looks	look	VERB
cblr-1702	94	76	into	into	ADP
cblr-1702	94	77	the	the	DET
cblr-1702	94	78	“	"	PUNCT
cblr-1702	94	79	reasonable	reasonable	ADJ
cblr-1702	94	80	expectation	expectation	NOUN
cblr-1702	94	81	of	of	ADP
cblr-1702	94	82	profits	profit	NOUN
cblr-1702	94	83	.	.	PUNCT
cblr-1702	95	1	”29	”29	VERB
cblr-1702	95	2	“	"	PUNCT
cblr-1702	95	3	profits	profit	NOUN
cblr-1702	95	4	”	"	PUNCT
cblr-1702	95	5	here	here	ADV
cblr-1702	95	6	refers	refer	VERB
cblr-1702	95	7	to	to	ADP
cblr-1702	95	8	the	the	DET
cblr-1702	95	9	“	"	PUNCT
cblr-1702	95	10	profits	profit	NOUN
cblr-1702	95	11	that	that	PRON
cblr-1702	95	12	investors	investor	NOUN
cblr-1702	95	13	seek	seek	VERB
cblr-1702	95	14	on	on	ADP
cblr-1702	95	15	their	their	PRON
cblr-1702	95	16	investment	investment	NOUN
cblr-1702	95	17	,	,	PUNCT
cblr-1702	95	18	not	not	PART
cblr-1702	95	19	the	the	DET
cblr-1702	95	20	profits	profit	NOUN
cblr-1702	95	21	of	of	ADP
cblr-1702	95	22	the	the	DET
cblr-1702	95	23	scheme	scheme	NOUN
cblr-1702	95	24	in	in	ADP
cblr-1702	95	25	which	which	PRON
cblr-1702	95	26	they	they	PRON
cblr-1702	95	27	invest	invest	VERB
cblr-1702	95	28	.	.	PUNCT
cblr-1702	96	1	”30	”30	VERB
cblr-1702	96	2	these	these	DET
cblr-1702	96	3	profits	profit	NOUN
cblr-1702	96	4	can	can	AUX
cblr-1702	96	5	be	be	AUX
cblr-1702	96	6	variable	variable	ADJ
cblr-1702	96	7	or	or	CCONJ
cblr-1702	96	8	fixed	fix	VERB
cblr-1702	96	9	,	,	PUNCT
cblr-1702	96	10	and	and	CCONJ
cblr-1702	96	11	do	do	AUX
cblr-1702	96	12	not	not	PART
cblr-1702	96	13	require	require	VERB
cblr-1702	96	14	cash	cash	NOUN
cblr-1702	96	15	returns	return	NOUN
cblr-1702	96	16	such	such	ADJ
cblr-1702	96	17	as	as	ADP
cblr-1702	96	18	dividends.31	dividends.31	NOUN
cblr-1702	96	19	similar	similar	ADJ
cblr-1702	96	20	to	to	ADP
cblr-1702	96	21	the	the	DET
cblr-1702	96	22	first	first	ADJ
cblr-1702	96	23	factor	factor	NOUN
cblr-1702	96	24	,	,	PUNCT
cblr-1702	96	25	courts	court	NOUN
cblr-1702	96	26	examine	examine	VERB
cblr-1702	96	27	whether	whether	SCONJ
cblr-1702	96	28	the	the	DET
cblr-1702	96	29	investors	investor	NOUN
cblr-1702	96	30	were	be	AUX
cblr-1702	96	31	“	"	PUNCT
cblr-1702	96	32	attracted	attract	VERB
cblr-1702	96	33	”	"	PUNCT
cblr-1702	96	34	to	to	ADP
cblr-1702	96	35	the	the	DET
cblr-1702	96	36	contract	contract	NOUN
cblr-1702	96	37	22	22	NUM
cblr-1702	96	38	sec	sec	PROPN
cblr-1702	96	39	v.	v.	PROPN
cblr-1702	96	40	w.j	w.j	PROPN
cblr-1702	96	41	.	.	PROPN
cblr-1702	96	42	howey	howey	PROPN
cblr-1702	96	43	co.	co.	PROPN
cblr-1702	96	44	,	,	PUNCT
cblr-1702	96	45	328	328	NUM
cblr-1702	96	46	u.s	u.s	PROPN
cblr-1702	96	47	.	.	PROPN
cblr-1702	96	48	293	293	NUM
cblr-1702	96	49	,	,	PUNCT
cblr-1702	96	50	299	299	NUM
cblr-1702	96	51	(	(	PUNCT
cblr-1702	96	52	1946	1946	NUM
cblr-1702	96	53	)	)	PUNCT
cblr-1702	96	54	.	.	PUNCT
cblr-1702	97	1	23	23	NUM
cblr-1702	98	1	i	i	PRON
cblr-1702	98	2	d.	d.	PROPN
cblr-1702	98	3	24	24	NUM
cblr-1702	98	4	the	the	DET
cblr-1702	98	5	dao	dao	PROPN
cblr-1702	98	6	report	report	NOUN
cblr-1702	98	7	,	,	PUNCT
cblr-1702	98	8	supra	supra	PROPN
cblr-1702	98	9	note	note	NOUN
cblr-1702	98	10	5	5	NUM
cblr-1702	98	11	,	,	PUNCT
cblr-1702	98	12	at	at	ADP
cblr-1702	98	13	11	11	NUM
cblr-1702	98	14	.	.	PUNCT
cblr-1702	99	1	25	25	NUM
cblr-1702	99	2	sec	sec	PROPN
cblr-1702	99	3	v.	v.	PROPN
cblr-1702	99	4	sg	sg	PROPN
cblr-1702	99	5	ltd	ltd	PROPN
cblr-1702	99	6	.	.	PROPN
cblr-1702	99	7	,	,	PUNCT
cblr-1702	99	8	265	265	NUM
cblr-1702	99	9	f.3d	f.3d	NUM
cblr-1702	99	10	42	42	NUM
cblr-1702	99	11	,	,	PUNCT
cblr-1702	99	12	49–52	49–52	NUM
cblr-1702	99	13	(	(	PUNCT
cblr-1702	99	14	1st	1st	ADJ
cblr-1702	99	15	cir	cir	NOUN
cblr-1702	99	16	.	.	PUNCT
cblr-1702	99	17	2001	2001	NUM
cblr-1702	99	18	)	)	PUNCT
cblr-1702	99	19	.	.	PUNCT
cblr-1702	100	1	26	26	NUM
cblr-1702	101	1	i	i	PRON
cblr-1702	101	2	d.	d.	PROPN
cblr-1702	101	3	at	at	ADP
cblr-1702	101	4	49–50	49–50	NUM
cblr-1702	101	5	.	.	PUNCT
cblr-1702	102	1	27	27	NUM
cblr-1702	102	2	see	see	VERB
cblr-1702	102	3	,	,	PUNCT
cblr-1702	102	4	e.g.	e.g.	ADV
cblr-1702	102	5	,	,	PUNCT
cblr-1702	102	6	revak	revak	ADJ
cblr-1702	102	7	v.	v.	ADP
cblr-1702	102	8	sec	sec	PROPN
cblr-1702	102	9	realty	realty	PROPN
cblr-1702	102	10	corp	corp	PROPN
cblr-1702	102	11	.	.	PROPN
cblr-1702	102	12	,	,	PUNCT
cblr-1702	102	13	18	18	NUM
cblr-1702	102	14	f.3d	f.3d	NUM
cblr-1702	102	15	81	81	NUM
cblr-1702	102	16	,	,	PUNCT
cblr-1702	102	17	87	87	NUM
cblr-1702	102	18	(	(	PUNCT
cblr-1702	102	19	2d	2d	NUM
cblr-1702	102	20	cir	cir	NOUN
cblr-1702	102	21	.	.	PROPN
cblr-1702	102	22	1994	1994	NUM
cblr-1702	102	23	)	)	PUNCT
cblr-1702	102	24	(	(	PUNCT
cblr-1702	102	25	“	"	PUNCT
cblr-1702	102	26	a	a	DET
cblr-1702	102	27	common	common	ADJ
cblr-1702	102	28	enterprise	enterprise	NOUN
cblr-1702	102	29	within	within	ADP
cblr-1702	102	30	the	the	DET
cblr-1702	102	31	meaning	meaning	NOUN
cblr-1702	102	32	of	of	ADP
cblr-1702	102	33	howey	howey	PROPN
cblr-1702	102	34	can	can	AUX
cblr-1702	102	35	be	be	AUX
cblr-1702	102	36	established	establish	VERB
cblr-1702	102	37	by	by	ADP
cblr-1702	102	38	a	a	DET
cblr-1702	102	39	showing	showing	NOUN
cblr-1702	102	40	of	of	ADP
cblr-1702	102	41	‘	'	PUNCT
cblr-1702	102	42	horizontal	horizontal	ADJ
cblr-1702	102	43	commonality	commonality	NOUN
cblr-1702	102	44	’	'	PUNCT
cblr-1702	102	45	:	:	PUNCT
cblr-1702	102	46	the	the	DET
cblr-1702	102	47	tying	tying	NOUN
cblr-1702	102	48	of	of	ADP
cblr-1702	102	49	each	each	DET
cblr-1702	102	50	individual	individual	ADJ
cblr-1702	102	51	investor	investor	NOUN
cblr-1702	102	52	’s	’s	PART
cblr-1702	102	53	fortunes	fortune	NOUN
cblr-1702	102	54	to	to	ADP
cblr-1702	102	55	the	the	DET
cblr-1702	102	56	fortunes	fortune	NOUN
cblr-1702	102	57	of	of	ADP
cblr-1702	102	58	the	the	DET
cblr-1702	102	59	other	other	ADJ
cblr-1702	102	60	investors	investor	NOUN
cblr-1702	102	61	by	by	ADP
cblr-1702	102	62	the	the	DET
cblr-1702	102	63	pooling	pooling	NOUN
cblr-1702	102	64	of	of	ADP
cblr-1702	102	65	assets	asset	NOUN
cblr-1702	102	66	,	,	PUNCT
cblr-1702	102	67	usually	usually	ADV
cblr-1702	102	68	combined	combine	VERB
cblr-1702	102	69	with	with	ADP
cblr-1702	102	70	the	the	DET
cblr-1702	102	71	pro	pro	ADJ
cblr-1702	102	72	-	-	ADJ
cblr-1702	102	73	rata	rata	ADJ
cblr-1702	102	74	distribution	distribution	NOUN
cblr-1702	102	75	of	of	ADP
cblr-1702	102	76	profits	profit	NOUN
cblr-1702	102	77	.	.	PUNCT
cblr-1702	102	78	”	"	PUNCT
cblr-1702	102	79	)	)	PUNCT
cblr-1702	102	80	.	.	PUNCT
cblr-1702	103	1	28	28	NUM
cblr-1702	103	2	sg	sg	PROPN
cblr-1702	103	3	ltd	ltd	PROPN
cblr-1702	103	4	.	.	PROPN
cblr-1702	103	5	,	,	PUNCT
cblr-1702	103	6	265	265	NUM
cblr-1702	103	7	f.3d	f.3d	NUM
cblr-1702	103	8	at	at	ADP
cblr-1702	103	9	49	49	NUM
cblr-1702	103	10	.	.	PUNCT
cblr-1702	104	1	29	29	NUM
cblr-1702	104	2	the	the	DET
cblr-1702	104	3	dao	dao	PROPN
cblr-1702	104	4	report	report	NOUN
cblr-1702	104	5	,	,	PUNCT
cblr-1702	104	6	supra	supra	PROPN
cblr-1702	104	7	note	note	NOUN
cblr-1702	104	8	5	5	NUM
cblr-1702	104	9	,	,	PUNCT
cblr-1702	104	10	at	at	ADP
cblr-1702	104	11	11	11	NUM
cblr-1702	104	12	.	.	PUNCT
cblr-1702	104	13	30	30	NUM
cblr-1702	104	14	sec	sec	PROPN
cblr-1702	104	15	v.	v.	ADP
cblr-1702	104	16	edwards	edwards	PROPN
cblr-1702	104	17	,	,	PUNCT
cblr-1702	104	18	540	540	NUM
cblr-1702	104	19	u.s	u.s	PROPN
cblr-1702	104	20	.	.	PROPN
cblr-1702	104	21	389	389	NUM
cblr-1702	104	22	,	,	PUNCT
cblr-1702	104	23	394	394	NUM
cblr-1702	104	24	(	(	PUNCT
cblr-1702	104	25	2004	2004	NUM
cblr-1702	104	26	)	)	PUNCT
cblr-1702	104	27	.	.	PUNCT
cblr-1702	105	1	31	31	NUM
cblr-1702	106	1	i	i	PRON
cblr-1702	106	2	d.	d.	PROPN
cblr-1702	106	3	at	at	ADP
cblr-1702	106	4	394–95	394–95	PROPN
cblr-1702	106	5	(	(	PUNCT
cblr-1702	106	6	“	"	PUNCT
cblr-1702	106	7	‘	'	PUNCT
cblr-1702	106	8	profits	profit	NOUN
cblr-1702	106	9	’	'	PUNCT
cblr-1702	106	10	in	in	ADP
cblr-1702	106	11	the	the	DET
cblr-1702	106	12	sense	sense	NOUN
cblr-1702	106	13	of	of	ADP
cblr-1702	106	14	income	income	NOUN
cblr-1702	106	15	or	or	CCONJ
cblr-1702	106	16	return	return	NOUN
cblr-1702	106	17	,	,	PUNCT
cblr-1702	106	18	to	to	PART
cblr-1702	106	19	include	include	VERB
cblr-1702	106	20	,	,	PUNCT
cblr-1702	106	21	for	for	ADP
cblr-1702	106	22	example	example	NOUN
cblr-1702	106	23	,	,	PUNCT
cblr-1702	106	24	dividends	dividend	NOUN
cblr-1702	106	25	,	,	PUNCT
cblr-1702	106	26	other	other	ADJ
cblr-1702	106	27	periodic	periodic	ADJ
cblr-1702	106	28	payments	payment	NOUN
cblr-1702	106	29	,	,	PUNCT
cblr-1702	106	30	or	or	CCONJ
cblr-1702	106	31	the	the	DET
cblr-1702	106	32	increased	increase	VERB
cblr-1702	106	33	value	value	NOUN
cblr-1702	106	34	of	of	ADP
cblr-1702	106	35	the	the	DET
cblr-1702	106	36	investment	investment	NOUN
cblr-1702	106	37	”	"	PUNCT
cblr-1702	106	38	)	)	PUNCT
cblr-1702	106	39	.	.	PUNCT
cblr-1702	107	1	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	107	2	624	624	NUM
cblr-1702	107	3	columbia	columbia	PROPN
cblr-1702	107	4	business	business	NOUN
cblr-1702	107	5	law	law	NOUN
cblr-1702	107	6	review	review	NOUN
cblr-1702	107	7	[	[	X
cblr-1702	107	8	vol	vol	NOUN
cblr-1702	107	9	.	.	NOUN
cblr-1702	107	10	2018	2018	NUM
cblr-1702	107	11	primarily	primarily	ADV
cblr-1702	107	12	by	by	ADP
cblr-1702	107	13	the	the	DET
cblr-1702	107	14	promise	promise	NOUN
cblr-1702	107	15	of	of	ADP
cblr-1702	107	16	returns	return	NOUN
cblr-1702	107	17	,	,	PUNCT
cblr-1702	107	18	regardless	regardless	ADV
cblr-1702	107	19	of	of	ADP
cblr-1702	107	20	the	the	DET
cblr-1702	107	21	form	form	NOUN
cblr-1702	107	22	of	of	ADP
cblr-1702	107	23	those	those	DET
cblr-1702	107	24	potential	potential	ADJ
cblr-1702	107	25	returns.32	returns.32	VERB
cblr-1702	107	26	the	the	DET
cblr-1702	107	27	fourth	fourth	ADJ
cblr-1702	107	28	and	and	CCONJ
cblr-1702	107	29	final	final	ADJ
cblr-1702	107	30	factor	factor	NOUN
cblr-1702	107	31	of	of	ADP
cblr-1702	107	32	the	the	DET
cblr-1702	107	33	howey	howey	PROPN
cblr-1702	107	34	test	test	NOUN
cblr-1702	107	35	has	have	AUX
cblr-1702	107	36	broadened	broaden	VERB
cblr-1702	107	37	since	since	SCONJ
cblr-1702	107	38	howey	howey	PRON
cblr-1702	107	39	.	.	PUNCT
cblr-1702	108	1	originally	originally	ADV
cblr-1702	108	2	,	,	PUNCT
cblr-1702	108	3	howey	howey	PROPN
cblr-1702	108	4	asked	ask	VERB
cblr-1702	108	5	whether	whether	SCONJ
cblr-1702	108	6	the	the	DET
cblr-1702	108	7	profits	profit	NOUN
cblr-1702	108	8	were	be	AUX
cblr-1702	108	9	derived	derive	VERB
cblr-1702	108	10	“	"	PUNCT
cblr-1702	108	11	solely	solely	ADV
cblr-1702	108	12	from	from	ADP
cblr-1702	108	13	the	the	DET
cblr-1702	108	14	efforts	effort	NOUN
cblr-1702	108	15	of	of	ADP
cblr-1702	108	16	the	the	DET
cblr-1702	108	17	promoter	promoter	NOUN
cblr-1702	108	18	or	or	CCONJ
cblr-1702	108	19	a	a	DET
cblr-1702	108	20	third	third	ADJ
cblr-1702	108	21	party	party	NOUN
cblr-1702	108	22	.	.	PUNCT
cblr-1702	109	1	”33	”33	VERB
cblr-1702	109	2	the	the	DET
cblr-1702	109	3	word	word	NOUN
cblr-1702	109	4	“	"	PUNCT
cblr-1702	109	5	solely	solely	ADV
cblr-1702	109	6	”	"	PUNCT
cblr-1702	109	7	has	have	AUX
cblr-1702	109	8	been	be	AUX
cblr-1702	109	9	replaced	replace	VERB
cblr-1702	109	10	by	by	ADP
cblr-1702	109	11	circuit	circuit	NOUN
cblr-1702	109	12	courts	court	NOUN
cblr-1702	109	13	with	with	ADP
cblr-1702	109	14	a	a	DET
cblr-1702	109	15	more	more	ADV
cblr-1702	109	16	flexible	flexible	ADJ
cblr-1702	109	17	standard	standard	NOUN
cblr-1702	109	18	,	,	PUNCT
cblr-1702	109	19	“	"	PUNCT
cblr-1702	109	20	predominately	predominately	ADV
cblr-1702	109	21	.	.	PUNCT
cblr-1702	110	1	”34	”34	NOUN
cblr-1702	110	2	courts	court	NOUN
cblr-1702	110	3	have	have	AUX
cblr-1702	110	4	broadened	broaden	VERB
cblr-1702	110	5	this	this	DET
cblr-1702	110	6	standard	standard	NOUN
cblr-1702	110	7	to	to	PART
cblr-1702	110	8	prevent	prevent	VERB
cblr-1702	110	9	promoters	promoter	NOUN
cblr-1702	110	10	from	from	ADP
cblr-1702	110	11	avoiding	avoid	VERB
cblr-1702	110	12	securities	security	NOUN
cblr-1702	110	13	regulation	regulation	NOUN
cblr-1702	110	14	by	by	ADP
cblr-1702	110	15	offering	offer	VERB
cblr-1702	110	16	investor	investor	NOUN
cblr-1702	110	17	’s	’s	PART
cblr-1702	110	18	trivial	trivial	ADJ
cblr-1702	110	19	participation	participation	NOUN
cblr-1702	110	20	rights	right	NOUN
cblr-1702	110	21	in	in	ADP
cblr-1702	110	22	investment	investment	NOUN
cblr-1702	110	23	contracts.35	contracts.35	NOUN
cblr-1702	110	24	circuit	circuit	NOUN
cblr-1702	110	25	courts	court	NOUN
cblr-1702	110	26	adopting	adopt	VERB
cblr-1702	110	27	this	this	DET
cblr-1702	110	28	flexible	flexible	ADJ
cblr-1702	110	29	interpretation	interpretation	NOUN
cblr-1702	110	30	of	of	ADP
cblr-1702	110	31	the	the	DET
cblr-1702	110	32	howey	howey	PROPN
cblr-1702	110	33	test	test	PROPN
cblr-1702	110	34	’s	’s	PART
cblr-1702	110	35	fourth	fourth	ADJ
cblr-1702	110	36	prong	prong	NOUN
cblr-1702	110	37	have	have	AUX
cblr-1702	110	38	allowed	allow	VERB
cblr-1702	110	39	the	the	DET
cblr-1702	110	40	sec	sec	PROPN
cblr-1702	110	41	to	to	PART
cblr-1702	110	42	take	take	VERB
cblr-1702	110	43	jurisdiction	jurisdiction	NOUN
cblr-1702	110	44	over	over	ADP
cblr-1702	110	45	investment	investment	NOUN
cblr-1702	110	46	contracts	contract	NOUN
cblr-1702	110	47	that	that	PRON
cblr-1702	110	48	offer	offer	VERB
cblr-1702	110	49	participation	participation	NOUN
cblr-1702	110	50	rights	right	NOUN
cblr-1702	110	51	,	,	PUNCT
cblr-1702	110	52	and	and	CCONJ
cblr-1702	110	53	even	even	ADV
cblr-1702	110	54	impose	impose	VERB
cblr-1702	110	55	obligations	obligation	NOUN
cblr-1702	110	56	such	such	ADJ
cblr-1702	110	57	as	as	ADP
cblr-1702	110	58	voting	voting	NOUN
cblr-1702	110	59	,	,	PUNCT
cblr-1702	110	60	active	active	ADJ
cblr-1702	110	61	marketing	marketing	NOUN
cblr-1702	110	62	and	and	CCONJ
cblr-1702	110	63	sales	sale	NOUN
cblr-1702	110	64	,	,	PUNCT
cblr-1702	110	65	and	and	CCONJ
cblr-1702	110	66	other	other	ADJ
cblr-1702	110	67	methods	method	NOUN
cblr-1702	110	68	of	of	ADP
cblr-1702	110	69	participation	participation	NOUN
cblr-1702	110	70	in	in	ADP
cblr-1702	110	71	the	the	DET
cblr-1702	110	72	venture.36	venture.36	PROPN
cblr-1702	110	73	2	2	NUM
cblr-1702	110	74	.	.	PUNCT
cblr-1702	110	75	partnership	partnership	NOUN
cblr-1702	110	76	stakes	stake	NOUN
cblr-1702	110	77	as	as	ADP
cblr-1702	110	78	securities	security	NOUN
cblr-1702	110	79	as	as	ADP
cblr-1702	110	80	a	a	DET
cblr-1702	110	81	result	result	NOUN
cblr-1702	110	82	of	of	ADP
cblr-1702	110	83	the	the	DET
cblr-1702	110	84	expansion	expansion	NOUN
cblr-1702	110	85	of	of	ADP
cblr-1702	110	86	the	the	DET
cblr-1702	110	87	term	term	NOUN
cblr-1702	110	88	“	"	PUNCT
cblr-1702	110	89	solely	solely	ADV
cblr-1702	110	90	,	,	PUNCT
cblr-1702	110	91	”	"	PUNCT
cblr-1702	110	92	soliciting	solicit	VERB
cblr-1702	110	93	investors	investor	NOUN
cblr-1702	110	94	to	to	PART
cblr-1702	110	95	join	join	VERB
cblr-1702	110	96	investment	investment	NOUN
cblr-1702	110	97	contracts	contract	NOUN
cblr-1702	110	98	as	as	ADP
cblr-1702	110	99	partners	partner	NOUN
cblr-1702	110	100	,	,	PUNCT
cblr-1702	110	101	either	either	CCONJ
cblr-1702	110	102	general	general	ADJ
cblr-1702	110	103	or	or	CCONJ
cblr-1702	110	104	limited	limited	ADJ
cblr-1702	110	105	,	,	PUNCT
cblr-1702	110	106	can	can	AUX
cblr-1702	110	107	be	be	AUX
cblr-1702	110	108	treated	treat	VERB
cblr-1702	110	109	as	as	ADP
cblr-1702	110	110	issuing	issue	VERB
cblr-1702	110	111	securities.37	securities.37	VERB
cblr-1702	110	112	32	32	NUM
cblr-1702	111	1	i	i	PRON
cblr-1702	111	2	d.	d.	PROPN
cblr-1702	111	3	at	at	ADP
cblr-1702	111	4	395–96	395–96	PROPN
cblr-1702	111	5	.	.	PUNCT
cblr-1702	112	1	33	33	NUM
cblr-1702	112	2	sec	sec	PROPN
cblr-1702	112	3	v.	v.	PROPN
cblr-1702	112	4	w.j	w.j	PROPN
cblr-1702	112	5	.	.	PROPN
cblr-1702	112	6	howey	howey	PROPN
cblr-1702	112	7	co.	co.	PROPN
cblr-1702	112	8	,	,	PUNCT
cblr-1702	112	9	328	328	NUM
cblr-1702	112	10	u.s	u.s	PROPN
cblr-1702	112	11	.	.	PROPN
cblr-1702	112	12	293	293	NUM
cblr-1702	112	13	,	,	PUNCT
cblr-1702	112	14	299	299	NUM
cblr-1702	112	15	(	(	PUNCT
cblr-1702	112	16	1946	1946	NUM
cblr-1702	112	17	)	)	PUNCT
cblr-1702	112	18	(	(	PUNCT
cblr-1702	112	19	emphasis	emphasis	NOUN
cblr-1702	112	20	added	add	VERB
cblr-1702	112	21	)	)	PUNCT
cblr-1702	112	22	.	.	PUNCT
cblr-1702	113	1	34	34	NUM
cblr-1702	113	2	sec	sec	PROPN
cblr-1702	113	3	v.	v.	ADP
cblr-1702	113	4	int’l	int’l	NUM
cblr-1702	113	5	loan	loan	NOUN
cblr-1702	113	6	network	network	NOUN
cblr-1702	113	7	,	,	PUNCT
cblr-1702	113	8	inc	inc	PROPN
cblr-1702	113	9	.	.	PROPN
cblr-1702	113	10	,	,	PUNCT
cblr-1702	113	11	968	968	NUM
cblr-1702	113	12	f.2d	f.2d	NOUN
cblr-1702	113	13	1304	1304	NUM
cblr-1702	113	14	,	,	PUNCT
cblr-1702	113	15	1308	1308	NUM
cblr-1702	113	16	(	(	PUNCT
cblr-1702	113	17	d.c	d.c	PROPN
cblr-1702	113	18	.	.	PROPN
cblr-1702	113	19	cir	cir	PROPN
cblr-1702	113	20	.	.	PROPN
cblr-1702	113	21	1992	1992	NUM
cblr-1702	113	22	)	)	PUNCT
cblr-1702	113	23	.	.	PUNCT
cblr-1702	114	1	other	other	ADJ
cblr-1702	114	2	circuit	circuit	NOUN
cblr-1702	114	3	courts	court	NOUN
cblr-1702	114	4	have	have	AUX
cblr-1702	114	5	used	use	VERB
cblr-1702	114	6	different	different	ADJ
cblr-1702	114	7	words	word	NOUN
cblr-1702	114	8	to	to	PART
cblr-1702	114	9	convey	convey	VERB
cblr-1702	114	10	essentially	essentially	ADV
cblr-1702	114	11	the	the	DET
cblr-1702	114	12	same	same	ADJ
cblr-1702	114	13	sentiment	sentiment	NOUN
cblr-1702	114	14	:	:	PUNCT
cblr-1702	114	15	that	that	SCONJ
cblr-1702	114	16	the	the	DET
cblr-1702	114	17	profits	profit	NOUN
cblr-1702	114	18	need	need	AUX
cblr-1702	114	19	not	not	PART
cblr-1702	114	20	be	be	AUX
cblr-1702	114	21	derived	derive	VERB
cblr-1702	114	22	“	"	PUNCT
cblr-1702	114	23	solely	solely	ADV
cblr-1702	114	24	”	"	PUNCT
cblr-1702	114	25	from	from	ADP
cblr-1702	114	26	the	the	DET
cblr-1702	114	27	efforts	effort	NOUN
cblr-1702	114	28	of	of	ADP
cblr-1702	114	29	the	the	DET
cblr-1702	114	30	promoter	promoter	NOUN
cblr-1702	114	31	or	or	CCONJ
cblr-1702	114	32	a	a	DET
cblr-1702	114	33	third	third	ADJ
cblr-1702	114	34	party	party	NOUN
cblr-1702	114	35	,	,	PUNCT
cblr-1702	114	36	and	and	CCONJ
cblr-1702	114	37	that	that	SCONJ
cblr-1702	114	38	some	some	DET
cblr-1702	114	39	involvement	involvement	NOUN
cblr-1702	114	40	by	by	ADP
cblr-1702	114	41	the	the	DET
cblr-1702	114	42	investors	investor	NOUN
cblr-1702	114	43	in	in	ADP
cblr-1702	114	44	the	the	DET
cblr-1702	114	45	profit	profit	NOUN
cblr-1702	114	46	-	-	PUNCT
cblr-1702	114	47	generating	generate	VERB
cblr-1702	114	48	activity	activity	NOUN
cblr-1702	114	49	does	do	AUX
cblr-1702	114	50	not	not	PART
cblr-1702	114	51	foreclose	foreclose	VERB
cblr-1702	114	52	the	the	DET
cblr-1702	114	53	finding	finding	NOUN
cblr-1702	114	54	of	of	ADP
cblr-1702	114	55	an	an	DET
cblr-1702	114	56	“	"	PUNCT
cblr-1702	114	57	investment	investment	NOUN
cblr-1702	114	58	contract	contract	NOUN
cblr-1702	114	59	”	"	PUNCT
cblr-1702	114	60	under	under	ADP
cblr-1702	114	61	howey	howey	PRON
cblr-1702	114	62	.	.	PUNCT
cblr-1702	115	1	see	see	VERB
cblr-1702	115	2	,	,	PUNCT
cblr-1702	115	3	e.g.	e.g.	ADV
cblr-1702	115	4	sec	sec	PROPN
cblr-1702	115	5	v.	v.	CCONJ
cblr-1702	115	6	koscot	koscot	PROPN
cblr-1702	115	7	interplanetary	interplanetary	PROPN
cblr-1702	115	8	,	,	PUNCT
cblr-1702	115	9	inc	inc	PROPN
cblr-1702	115	10	.	.	PROPN
cblr-1702	115	11	,	,	PUNCT
cblr-1702	115	12	497	497	NUM
cblr-1702	115	13	f.2d	f.2d	NOUN
cblr-1702	115	14	473	473	NUM
cblr-1702	115	15	,	,	PUNCT
cblr-1702	115	16	479–83	479–83	NUM
cblr-1702	115	17	(	(	PUNCT
cblr-1702	115	18	5th	5th	ADJ
cblr-1702	115	19	cir	cir	NOUN
cblr-1702	115	20	.	.	PROPN
cblr-1702	115	21	1974	1974	NUM
cblr-1702	115	22	)	)	PUNCT
cblr-1702	115	23	;	;	PUNCT
cblr-1702	115	24	sec	sec	PROPN
cblr-1702	115	25	v.	v.	PROPN
cblr-1702	115	26	glenn	glenn	PROPN
cblr-1702	115	27	w.	w.	PROPN
cblr-1702	115	28	turner	turner	PROPN
cblr-1702	115	29	enters	enter	VERB
cblr-1702	115	30	.	.	PUNCT
cblr-1702	115	31	,	,	PUNCT
cblr-1702	115	32	inc	inc	PROPN
cblr-1702	115	33	.	.	PROPN
cblr-1702	115	34	,	,	PUNCT
cblr-1702	115	35	474	474	NUM
cblr-1702	115	36	f.2d	f.2d	ADP
cblr-1702	115	37	476	476	NUM
cblr-1702	115	38	,	,	PUNCT
cblr-1702	115	39	481–82	481–82	PROPN
cblr-1702	115	40	(	(	PUNCT
cblr-1702	115	41	9th	9th	ADJ
cblr-1702	115	42	cir	cir	NOUN
cblr-1702	115	43	.	.	PROPN
cblr-1702	115	44	1973	1973	NUM
cblr-1702	115	45	)	)	PUNCT
cblr-1702	115	46	.	.	PUNCT
cblr-1702	116	1	the	the	DET
cblr-1702	116	2	supreme	supreme	PROPN
cblr-1702	116	3	court	court	PROPN
cblr-1702	116	4	has	have	AUX
cblr-1702	116	5	not	not	PART
cblr-1702	116	6	yet	yet	ADV
cblr-1702	116	7	commented	comment	VERB
cblr-1702	116	8	on	on	ADP
cblr-1702	116	9	how	how	SCONJ
cblr-1702	116	10	far	far	ADV
cblr-1702	116	11	the	the	DET
cblr-1702	116	12	howey	howey	PROPN
cblr-1702	116	13	test	test	NOUN
cblr-1702	116	14	may	may	AUX
cblr-1702	116	15	depart	depart	VERB
cblr-1702	116	16	from	from	ADP
cblr-1702	116	17	“	"	PUNCT
cblr-1702	116	18	solely	solely	ADV
cblr-1702	116	19	.	.	PUNCT
cblr-1702	116	20	”	"	PUNCT
cblr-1702	117	1	35	35	NUM
cblr-1702	117	2	sometimes	sometimes	ADV
cblr-1702	117	3	these	these	DET
cblr-1702	117	4	participation	participation	NOUN
cblr-1702	117	5	rights	right	NOUN
cblr-1702	117	6	may	may	AUX
cblr-1702	117	7	appear	appear	VERB
cblr-1702	117	8	substantial	substantial	ADJ
cblr-1702	117	9	.	.	PUNCT
cblr-1702	118	1	for	for	ADP
cblr-1702	118	2	example	example	NOUN
cblr-1702	118	3	,	,	PUNCT
cblr-1702	118	4	individuals	individual	NOUN
cblr-1702	118	5	who	who	PRON
cblr-1702	118	6	invested	invest	VERB
cblr-1702	118	7	in	in	ADP
cblr-1702	118	8	the	the	DET
cblr-1702	118	9	scheme	scheme	NOUN
cblr-1702	118	10	in	in	ADP
cblr-1702	118	11	glenn	glenn	PROPN
cblr-1702	118	12	w.	w.	PROPN
cblr-1702	118	13	turner	turner	PROPN
cblr-1702	118	14	enterprises	enterprises	PROPN
cblr-1702	118	15	,	,	PUNCT
cblr-1702	118	16	inc	inc	PROPN
cblr-1702	118	17	.	.	PROPN
cblr-1702	118	18	had	have	VERB
cblr-1702	118	19	the	the	DET
cblr-1702	118	20	responsibility	responsibility	NOUN
cblr-1702	118	21	and	and	CCONJ
cblr-1702	118	22	ability	ability	NOUN
cblr-1702	118	23	to	to	PART
cblr-1702	118	24	pitch	pitch	VERB
cblr-1702	118	25	new	new	ADJ
cblr-1702	118	26	investors	investor	NOUN
cblr-1702	118	27	and	and	CCONJ
cblr-1702	118	28	makes	make	VERB
cblr-1702	118	29	sales	sale	NOUN
cblr-1702	118	30	in	in	ADP
cblr-1702	118	31	furtherance	furtherance	NOUN
cblr-1702	118	32	of	of	ADP
cblr-1702	118	33	the	the	DET
cblr-1702	118	34	scheme	scheme	NOUN
cblr-1702	118	35	,	,	PUNCT
cblr-1702	118	36	but	but	CCONJ
cblr-1702	118	37	the	the	DET
cblr-1702	118	38	court	court	NOUN
cblr-1702	118	39	determined	determine	VERB
cblr-1702	118	40	that	that	SCONJ
cblr-1702	118	41	these	these	DET
cblr-1702	118	42	“	"	PUNCT
cblr-1702	118	43	rights	right	NOUN
cblr-1702	118	44	”	"	PUNCT
cblr-1702	118	45	were	be	AUX
cblr-1702	118	46	a	a	DET
cblr-1702	118	47	façade	façade	NOUN
cblr-1702	118	48	for	for	ADP
cblr-1702	118	49	fraud	fraud	NOUN
cblr-1702	118	50	.	.	PUNCT
cblr-1702	119	1	glenn	glenn	PROPN
cblr-1702	119	2	w.	w.	PROPN
cblr-1702	119	3	turner	turner	PROPN
cblr-1702	119	4	,	,	PUNCT
cblr-1702	119	5	474	474	NUM
cblr-1702	119	6	f.2d	f.2d	NOUN
cblr-1702	119	7	at	at	ADP
cblr-1702	119	8	478	478	NUM
cblr-1702	119	9	,	,	PUNCT
cblr-1702	119	10	482	482	NUM
cblr-1702	119	11	.	.	PROPN
cblr-1702	119	12	36	36	NUM
cblr-1702	119	13	see	see	VERB
cblr-1702	119	14	i	i	PRON
cblr-1702	119	15	d.	d.	PROPN
cblr-1702	119	16	at	at	ADP
cblr-1702	119	17	482	482	NUM
cblr-1702	119	18	;	;	PUNCT
cblr-1702	119	19	see	see	VERB
cblr-1702	119	20	also	also	ADV
cblr-1702	119	21	sec	sec	PROPN
cblr-1702	119	22	v.	v.	PROPN
cblr-1702	119	23	merchant	merchant	NOUN
cblr-1702	119	24	capital	capital	NOUN
cblr-1702	119	25	,	,	PUNCT
cblr-1702	119	26	l.l.c	l.l.c	NOUN
cblr-1702	119	27	.	.	PROPN
cblr-1702	119	28	,	,	PUNCT
cblr-1702	119	29	483	483	NUM
cblr-1702	119	30	f.3d	f.3d	NUM
cblr-1702	119	31	747	747	NUM
cblr-1702	119	32	(	(	PUNCT
cblr-1702	119	33	11th	11th	ADJ
cblr-1702	119	34	cir	cir	NOUN
cblr-1702	119	35	.	.	PUNCT
cblr-1702	119	36	2007	2007	NUM
cblr-1702	119	37	)	)	PUNCT
cblr-1702	119	38	.	.	PUNCT
cblr-1702	120	1	37	37	NUM
cblr-1702	120	2	see	see	VERB
cblr-1702	120	3	williamson	williamson	PROPN
cblr-1702	120	4	v.	v.	ADP
cblr-1702	120	5	tucker	tucker	PROPN
cblr-1702	120	6	,	,	PUNCT
cblr-1702	120	7	645	645	NUM
cblr-1702	120	8	f.2d	f.2d	ADP
cblr-1702	120	9	404	404	NUM
cblr-1702	120	10	,	,	PUNCT
cblr-1702	120	11	424	424	NUM
cblr-1702	120	12	(	(	PUNCT
cblr-1702	120	13	5th	5th	ADJ
cblr-1702	120	14	cir	cir	NOUN
cblr-1702	120	15	.	.	PUNCT
cblr-1702	120	16	1981	1981	NUM
cblr-1702	120	17	)	)	PUNCT
cblr-1702	120	18	.	.	PUNCT
cblr-1702	121	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	121	2	no	no	NOUN
cblr-1702	121	3	.	.	PUNCT
cblr-1702	122	1	2:617	2:617	NUM
cblr-1702	122	2	]	]	X
cblr-1702	122	3	ico	ico	PROPN
cblr-1702	122	4	’s	’s	PART
cblr-1702	122	5	,	,	PUNCT
cblr-1702	122	6	dao	dao	VERB
cblr-1702	122	7	’s	’s	ADV
cblr-1702	122	8	,	,	PUNCT
cblr-1702	122	9	and	and	CCONJ
cblr-1702	122	10	the	the	DET
cblr-1702	122	11	sec	sec	PROPN
cblr-1702	122	12	625	625	NUM
cblr-1702	122	13	courts	court	NOUN
cblr-1702	122	14	have	have	AUX
cblr-1702	122	15	often	often	ADV
cblr-1702	122	16	applied	apply	VERB
cblr-1702	122	17	the	the	DET
cblr-1702	122	18	howey	howey	PROPN
cblr-1702	122	19	test	test	NOUN
cblr-1702	122	20	to	to	AUX
cblr-1702	122	21	partnership	partnership	NOUN
cblr-1702	122	22	agreements	agreement	NOUN
cblr-1702	122	23	to	to	PART
cblr-1702	122	24	determine	determine	VERB
cblr-1702	122	25	if	if	SCONJ
cblr-1702	122	26	such	such	ADJ
cblr-1702	122	27	agreements	agreement	NOUN
cblr-1702	122	28	are	be	AUX
cblr-1702	122	29	securities	security	NOUN
cblr-1702	122	30	,	,	PUNCT
cblr-1702	122	31	with	with	ADP
cblr-1702	122	32	a	a	DET
cblr-1702	122	33	special	special	ADJ
cblr-1702	122	34	focus	focus	NOUN
cblr-1702	122	35	on	on	ADP
cblr-1702	122	36	whether	whether	SCONJ
cblr-1702	122	37	the	the	DET
cblr-1702	122	38	profits	profit	NOUN
cblr-1702	122	39	are	be	AUX
cblr-1702	122	40	derived	derive	VERB
cblr-1702	122	41	from	from	ADP
cblr-1702	122	42	the	the	DET
cblr-1702	122	43	efforts	effort	NOUN
cblr-1702	122	44	of	of	ADP
cblr-1702	122	45	others	other	NOUN
cblr-1702	122	46	,	,	PUNCT
cblr-1702	122	47	or	or	CCONJ
cblr-1702	122	48	if	if	SCONJ
cblr-1702	122	49	the	the	DET
cblr-1702	122	50	investor	investor	NOUN
cblr-1702	122	51	seeking	seek	VERB
cblr-1702	122	52	securities	security	NOUN
cblr-1702	122	53	protection	protection	NOUN
cblr-1702	122	54	lacks	lack	VERB
cblr-1702	122	55	“	"	PUNCT
cblr-1702	122	56	meaningful	meaningful	ADJ
cblr-1702	122	57	partnership	partnership	NOUN
cblr-1702	122	58	powers	power	NOUN
cblr-1702	122	59	.	.	PUNCT
cblr-1702	123	1	”38	”38	PROPN
cblr-1702	123	2	williamson	williamson	PROPN
cblr-1702	123	3	v.	v.	ADP
cblr-1702	123	4	tucker	tucker	PROPN
cblr-1702	123	5	,	,	PUNCT
cblr-1702	123	6	the	the	DET
cblr-1702	123	7	leading	lead	VERB
cblr-1702	123	8	precedent	precedent	NOUN
cblr-1702	123	9	on	on	ADP
cblr-1702	123	10	howey	howey	PRON
cblr-1702	123	11	’s	’s	PART
cblr-1702	123	12	application	application	NOUN
cblr-1702	123	13	to	to	ADP
cblr-1702	123	14	partnerships	partnership	NOUN
cblr-1702	123	15	,	,	PUNCT
cblr-1702	123	16	states	state	NOUN
cblr-1702	123	17	:	:	PUNCT
cblr-1702	124	1	[	[	X
cblr-1702	124	2	g]eneral	g]eneral	ADJ
cblr-1702	124	3	partnership	partnership	NOUN
cblr-1702	124	4	or	or	CCONJ
cblr-1702	124	5	joint	joint	ADJ
cblr-1702	124	6	venture	venture	NOUN
cblr-1702	124	7	interest	interest	NOUN
cblr-1702	124	8	can	can	AUX
cblr-1702	124	9	be	be	AUX
cblr-1702	124	10	designated	designate	VERB
cblr-1702	124	11	a	a	DET
cblr-1702	124	12	security	security	NOUN
cblr-1702	124	13	if	if	SCONJ
cblr-1702	124	14	the	the	DET
cblr-1702	124	15	investor	investor	NOUN
cblr-1702	124	16	can	can	AUX
cblr-1702	124	17	establish	establish	VERB
cblr-1702	124	18	,	,	PUNCT
cblr-1702	124	19	for	for	ADP
cblr-1702	124	20	example	example	NOUN
cblr-1702	124	21	,	,	PUNCT
cblr-1702	124	22	that	that	SCONJ
cblr-1702	124	23	(	(	PUNCT
cblr-1702	124	24	1	1	X
cblr-1702	124	25	)	)	PUNCT
cblr-1702	124	26	an	an	DET
cblr-1702	124	27	agreement	agreement	NOUN
cblr-1702	124	28	among	among	ADP
cblr-1702	124	29	the	the	DET
cblr-1702	124	30	parties	party	NOUN
cblr-1702	124	31	leaves	leave	VERB
cblr-1702	124	32	so	so	ADV
cblr-1702	124	33	little	little	ADJ
cblr-1702	124	34	power	power	NOUN
cblr-1702	124	35	in	in	ADP
cblr-1702	124	36	the	the	DET
cblr-1702	124	37	hands	hand	NOUN
cblr-1702	124	38	of	of	ADP
cblr-1702	124	39	the	the	DET
cblr-1702	124	40	partner	partner	NOUN
cblr-1702	124	41	or	or	CCONJ
cblr-1702	124	42	venturer	venturer	NOUN
cblr-1702	124	43	that	that	SCONJ
cblr-1702	124	44	the	the	DET
cblr-1702	124	45	arrangement	arrangement	NOUN
cblr-1702	124	46	in	in	ADP
cblr-1702	124	47	fact	fact	NOUN
cblr-1702	124	48	distributes	distribute	VERB
cblr-1702	124	49	power	power	NOUN
cblr-1702	124	50	as	as	SCONJ
cblr-1702	124	51	would	would	AUX
cblr-1702	124	52	a	a	DET
cblr-1702	124	53	limited	limited	ADJ
cblr-1702	124	54	partnership	partnership	NOUN
cblr-1702	124	55	;	;	PUNCT
cblr-1702	124	56	or	or	CCONJ
cblr-1702	124	57	(	(	PUNCT
cblr-1702	124	58	2	2	X
cblr-1702	124	59	)	)	PUNCT
cblr-1702	124	60	the	the	DET
cblr-1702	124	61	partner	partner	NOUN
cblr-1702	124	62	or	or	CCONJ
cblr-1702	124	63	venturer	venturer	NOUN
cblr-1702	124	64	is	be	AUX
cblr-1702	124	65	so	so	ADV
cblr-1702	124	66	inexperienced	inexperienced	ADJ
cblr-1702	124	67	and	and	CCONJ
cblr-1702	124	68	unknowledgeable	unknowledgeable	ADJ
cblr-1702	124	69	in	in	ADP
cblr-1702	124	70	business	business	NOUN
cblr-1702	124	71	affairs	affair	NOUN
cblr-1702	124	72	that	that	SCONJ
cblr-1702	124	73	he	he	PRON
cblr-1702	124	74	is	be	AUX
cblr-1702	124	75	incapable	incapable	ADJ
cblr-1702	124	76	of	of	ADP
cblr-1702	124	77	intelligently	intelligently	ADV
cblr-1702	124	78	exercising	exercise	VERB
cblr-1702	124	79	his	his	PRON
cblr-1702	124	80	partnership	partnership	NOUN
cblr-1702	124	81	or	or	CCONJ
cblr-1702	124	82	venture	venture	NOUN
cblr-1702	124	83	powers	power	NOUN
cblr-1702	124	84	;	;	PUNCT
cblr-1702	124	85	or	or	CCONJ
cblr-1702	124	86	(	(	PUNCT
cblr-1702	124	87	3	3	X
cblr-1702	124	88	)	)	PUNCT
cblr-1702	124	89	the	the	DET
cblr-1702	124	90	partner	partner	NOUN
cblr-1702	124	91	or	or	CCONJ
cblr-1702	124	92	venturer	venturer	NOUN
cblr-1702	124	93	is	be	AUX
cblr-1702	124	94	so	so	ADV
cblr-1702	124	95	dependent	dependent	ADJ
cblr-1702	124	96	on	on	ADP
cblr-1702	124	97	some	some	DET
cblr-1702	124	98	unique	unique	ADJ
cblr-1702	124	99	entrepreneurial	entrepreneurial	ADJ
cblr-1702	124	100	or	or	CCONJ
cblr-1702	124	101	managerial	managerial	ADJ
cblr-1702	124	102	ability	ability	NOUN
cblr-1702	124	103	of	of	ADP
cblr-1702	124	104	the	the	DET
cblr-1702	124	105	promoter	promoter	NOUN
cblr-1702	124	106	or	or	CCONJ
cblr-1702	124	107	manager	manager	NOUN
cblr-1702	124	108	that	that	SCONJ
cblr-1702	124	109	he	he	PRON
cblr-1702	124	110	can	can	AUX
cblr-1702	124	111	not	not	PART
cblr-1702	124	112	replace	replace	VERB
cblr-1702	124	113	the	the	DET
cblr-1702	124	114	manager	manager	NOUN
cblr-1702	124	115	of	of	ADP
cblr-1702	124	116	the	the	DET
cblr-1702	124	117	enterprise	enterprise	NOUN
cblr-1702	124	118	or	or	CCONJ
cblr-1702	124	119	otherwise	otherwise	ADV
cblr-1702	124	120	exercise	exercise	VERB
cblr-1702	124	121	meaningful	meaningful	ADJ
cblr-1702	124	122	partnership	partnership	NOUN
cblr-1702	124	123	or	or	CCONJ
cblr-1702	124	124	venture	venture	NOUN
cblr-1702	124	125	powers.39	powers.39	VERB
cblr-1702	124	126	the	the	DET
cblr-1702	124	127	tucker	tucker	PROPN
cblr-1702	124	128	panel	panel	PROPN
cblr-1702	124	129	deduced	deduce	VERB
cblr-1702	124	130	this	this	DET
cblr-1702	124	131	standard	standard	NOUN
cblr-1702	124	132	by	by	ADP
cblr-1702	124	133	surveying	survey	VERB
cblr-1702	124	134	past	past	PROPN
cblr-1702	124	135	courts	court	NOUN
cblr-1702	124	136	’	'	PUNCT
cblr-1702	124	137	determinations	determination	NOUN
cblr-1702	124	138	of	of	ADP
cblr-1702	124	139	when	when	SCONJ
cblr-1702	124	140	partnership	partnership	NOUN
cblr-1702	124	141	agreements	agreement	NOUN
cblr-1702	124	142	could	could	AUX
cblr-1702	124	143	be	be	AUX
cblr-1702	124	144	considered	consider	VERB
cblr-1702	124	145	investment	investment	NOUN
cblr-1702	124	146	contracts	contract	NOUN
cblr-1702	124	147	,	,	PUNCT
cblr-1702	124	148	with	with	ADP
cblr-1702	124	149	a	a	DET
cblr-1702	124	150	focus	focus	NOUN
cblr-1702	124	151	on	on	ADP
cblr-1702	124	152	the	the	DET
cblr-1702	124	153	impact	impact	NOUN
cblr-1702	124	154	of	of	ADP
cblr-1702	124	155	a	a	DET
cblr-1702	124	156	large	large	ADJ
cblr-1702	124	157	imbalance	imbalance	NOUN
cblr-1702	124	158	in	in	ADP
cblr-1702	124	159	“	"	PUNCT
cblr-1702	124	160	meaningful	meaningful	ADJ
cblr-1702	124	161	control	control	NOUN
cblr-1702	124	162	”	"	PUNCT
cblr-1702	124	163	between	between	ADP
cblr-1702	124	164	the	the	DET
cblr-1702	124	165	partners.40	partners.40	PROPN
cblr-1702	124	166	later	later	ADJ
cblr-1702	124	167	courts	court	NOUN
cblr-1702	124	168	have	have	AUX
cblr-1702	124	169	interpreted	interpret	VERB
cblr-1702	124	170	tucker	tucker	PROPN
cblr-1702	124	171	to	to	PART
cblr-1702	124	172	stand	stand	VERB
cblr-1702	124	173	for	for	ADP
cblr-1702	124	174	the	the	DET
cblr-1702	124	175	proposition	proposition	NOUN
cblr-1702	124	176	that	that	PRON
cblr-1702	124	177	control	control	NOUN
cblr-1702	124	178	issues	issue	NOUN
cblr-1702	124	179	may	may	AUX
cblr-1702	124	180	arise	arise	VERB
cblr-1702	124	181	when	when	SCONJ
cblr-1702	124	182	“	"	PUNCT
cblr-1702	124	183	investors	investor	NOUN
cblr-1702	124	184	may	may	AUX
cblr-1702	124	185	be	be	AUX
cblr-1702	124	186	so	so	ADV
cblr-1702	124	187	lacking	lacking	ADJ
cblr-1702	124	188	in	in	ADP
cblr-1702	124	189	requisite	requisite	ADJ
cblr-1702	124	190	expertise	expertise	NOUN
cblr-1702	124	191	,	,	PUNCT
cblr-1702	124	192	so	so	ADV
cblr-1702	124	193	numerous	numerous	ADJ
cblr-1702	124	194	,	,	PUNCT
cblr-1702	124	195	or	or	CCONJ
cblr-1702	124	196	so	so	ADV
cblr-1702	124	197	dispersed	disperse	VERB
cblr-1702	124	198	that	that	SCONJ
cblr-1702	124	199	they	they	PRON
cblr-1702	124	200	become	become	VERB
cblr-1702	124	201	utterly	utterly	ADV
cblr-1702	124	202	dependent	dependent	ADJ
cblr-1702	124	203	on	on	ADP
cblr-1702	124	204	centralized	centralized	ADJ
cblr-1702	124	205	management	management	NOUN
cblr-1702	124	206	,	,	PUNCT
cblr-1702	124	207	counteracting	counteract	VERB
cblr-1702	124	208	a	a	DET
cblr-1702	124	209	legal	legal	ADJ
cblr-1702	124	210	right	right	NOUN
cblr-1702	124	211	of	of	ADP
cblr-1702	124	212	control	control	NOUN
cblr-1702	124	213	.	.	PUNCT
cblr-1702	125	1	”41	”41	PROPN
cblr-1702	125	2	additionally	additionally	ADV
cblr-1702	125	3	,	,	PUNCT
cblr-1702	125	4	the	the	DET
cblr-1702	125	5	tucker	tucker	PROPN
cblr-1702	125	6	court	court	PROPN
cblr-1702	125	7	’s	’s	PART
cblr-1702	125	8	reasoning	reasoning	NOUN
cblr-1702	125	9	is	be	AUX
cblr-1702	125	10	not	not	PART
cblr-1702	125	11	limited	limit	VERB
cblr-1702	125	12	to	to	ADP
cblr-1702	125	13	joint	joint	ADJ
cblr-1702	125	14	ventures	venture	NOUN
cblr-1702	125	15	or	or	CCONJ
cblr-1702	125	16	partnership	partnership	NOUN
cblr-1702	125	17	forms	form	NOUN
cblr-1702	125	18	,	,	PUNCT
cblr-1702	125	19	and	and	CCONJ
cblr-1702	125	20	the	the	DET
cblr-1702	125	21	second	second	ADJ
cblr-1702	125	22	circuit	circuit	NOUN
cblr-1702	125	23	38	38	NUM
cblr-1702	126	1	i	i	PRON
cblr-1702	126	2	d.	d.	PROPN
cblr-1702	126	3	39	39	NUM
cblr-1702	127	1	i	i	PRON
cblr-1702	127	2	d.	d.	PROPN
cblr-1702	127	3	40	40	NUM
cblr-1702	128	1	i	i	PRON
cblr-1702	128	2	d.	d.	PROPN
cblr-1702	128	3	at	at	ADP
cblr-1702	128	4	419–24	419–24	PROPN
cblr-1702	128	5	.	.	PUNCT
cblr-1702	129	1	41	41	NUM
cblr-1702	129	2	united	united	PROPN
cblr-1702	129	3	states	states	PROPN
cblr-1702	129	4	v.	v.	ADP
cblr-1702	129	5	leonard	leonard	PROPN
cblr-1702	129	6	,	,	PUNCT
cblr-1702	129	7	529	529	NUM
cblr-1702	129	8	f.3d	f.3d	NUM
cblr-1702	129	9	83	83	NUM
cblr-1702	129	10	,	,	PUNCT
cblr-1702	129	11	90	90	NUM
cblr-1702	129	12	(	(	PUNCT
cblr-1702	129	13	2d	2d	NUM
cblr-1702	129	14	cir	cir	NOUN
cblr-1702	129	15	.	.	PROPN
cblr-1702	129	16	2008	2008	NUM
cblr-1702	129	17	)	)	PUNCT
cblr-1702	129	18	(	(	PUNCT
cblr-1702	129	19	citing	cite	VERB
cblr-1702	129	20	williamson	williamson	PROPN
cblr-1702	129	21	,	,	PUNCT
cblr-1702	129	22	645	645	NUM
cblr-1702	129	23	f.2d	f.2d	X
cblr-1702	129	24	at	at	ADP
cblr-1702	129	25	423–24	423–24	PROPN
cblr-1702	129	26	)	)	PUNCT
cblr-1702	129	27	.	.	PUNCT
cblr-1702	130	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	130	2	626	626	NUM
cblr-1702	130	3	columbia	columbia	PROPN
cblr-1702	130	4	business	business	NOUN
cblr-1702	130	5	law	law	NOUN
cblr-1702	130	6	review	review	NOUN
cblr-1702	131	1	[	[	X
cblr-1702	131	2	vol	vol	NOUN
cblr-1702	131	3	.	.	PUNCT
cblr-1702	131	4	2018	2018	NUM
cblr-1702	131	5	expanded	expand	VERB
cblr-1702	131	6	it	it	PRON
cblr-1702	131	7	in	in	ADP
cblr-1702	131	8	leonard	leonard	PROPN
cblr-1702	131	9	to	to	PART
cblr-1702	131	10	cover	cover	VERB
cblr-1702	131	11	innovative	innovative	ADJ
cblr-1702	131	12	,	,	PUNCT
cblr-1702	131	13	“	"	PUNCT
cblr-1702	131	14	relatively	relatively	ADV
cblr-1702	131	15	new	new	ADJ
cblr-1702	131	16	”	"	PUNCT
cblr-1702	131	17	organizational	organizational	ADJ
cblr-1702	131	18	forms	form	NOUN
cblr-1702	131	19	like	like	ADP
cblr-1702	131	20	the	the	DET
cblr-1702	131	21	llc.42	llc.42	NOUN
cblr-1702	131	22	the	the	DET
cblr-1702	131	23	howey	howey	PROPN
cblr-1702	131	24	test	test	NOUN
cblr-1702	131	25	,	,	PUNCT
cblr-1702	131	26	as	as	SCONJ
cblr-1702	131	27	applied	apply	VERB
cblr-1702	131	28	to	to	ADP
cblr-1702	131	29	partnerships	partnership	NOUN
cblr-1702	131	30	by	by	ADP
cblr-1702	131	31	tucker	tucker	PROPN
cblr-1702	131	32	,	,	PUNCT
cblr-1702	131	33	and	and	CCONJ
cblr-1702	131	34	with	with	ADP
cblr-1702	131	35	an	an	DET
cblr-1702	131	36	emphasis	emphasis	NOUN
cblr-1702	131	37	on	on	ADP
cblr-1702	131	38	relative	relative	ADJ
cblr-1702	131	39	control	control	NOUN
cblr-1702	131	40	as	as	SCONJ
cblr-1702	131	41	urged	urge	VERB
cblr-1702	131	42	by	by	ADP
cblr-1702	131	43	tucker	tucker	PROPN
cblr-1702	131	44	and	and	CCONJ
cblr-1702	131	45	leonard	leonard	PROPN
cblr-1702	131	46	,	,	PUNCT
cblr-1702	131	47	may	may	AUX
cblr-1702	131	48	thus	thus	ADV
cblr-1702	131	49	be	be	AUX
cblr-1702	131	50	a	a	DET
cblr-1702	131	51	helpful	helpful	ADJ
cblr-1702	131	52	lens	lens	NOUN
cblr-1702	131	53	to	to	PART
cblr-1702	131	54	consider	consider	VERB
cblr-1702	131	55	whether	whether	SCONJ
cblr-1702	131	56	certain	certain	ADJ
cblr-1702	131	57	icos	ico	NOUN
cblr-1702	131	58	(	(	PUNCT
cblr-1702	131	59	like	like	ADP
cblr-1702	131	60	the	the	DET
cblr-1702	131	61	dao	dao	NOUN
cblr-1702	131	62	)	)	PUNCT
cblr-1702	131	63	should	should	AUX
cblr-1702	131	64	be	be	AUX
cblr-1702	131	65	regulated	regulate	VERB
cblr-1702	131	66	as	as	ADP
cblr-1702	131	67	securities	security	NOUN
cblr-1702	131	68	.	.	PUNCT
cblr-1702	132	1	3	3	X
cblr-1702	132	2	.	.	X
cblr-1702	132	3	stock	stock	NOUN
cblr-1702	132	4	-	-	PUNCT
cblr-1702	132	5	like	like	ADJ
cblr-1702	132	6	investments	investment	NOUN
cblr-1702	132	7	distinguished	distinguish	VERB
cblr-1702	132	8	from	from	ADP
cblr-1702	132	9	investment	investment	NOUN
cblr-1702	132	10	contracts	contract	NOUN
cblr-1702	132	11	“	"	PUNCT
cblr-1702	132	12	[	[	X
cblr-1702	132	13	a]pplying	a]pplye	VERB
cblr-1702	132	14	the	the	DET
cblr-1702	132	15	howey	howey	PROPN
cblr-1702	132	16	test	test	NOUN
cblr-1702	132	17	to	to	ADP
cblr-1702	132	18	traditional	traditional	ADJ
cblr-1702	132	19	stock	stock	NOUN
cblr-1702	132	20	and	and	CCONJ
cblr-1702	132	21	all	all	DET
cblr-1702	132	22	other	other	ADJ
cblr-1702	132	23	types	type	NOUN
cblr-1702	132	24	of	of	ADP
cblr-1702	132	25	instruments	instrument	NOUN
cblr-1702	132	26	listed	list	VERB
cblr-1702	132	27	in	in	ADP
cblr-1702	132	28	the	the	DET
cblr-1702	132	29	statutory	statutory	ADJ
cblr-1702	132	30	definition	definition	NOUN
cblr-1702	132	31	would	would	AUX
cblr-1702	132	32	make	make	VERB
cblr-1702	132	33	the	the	DET
cblr-1702	132	34	acts	act	NOUN
cblr-1702	132	35	’	'	PUNCT
cblr-1702	132	36	enumeration	enumeration	NOUN
cblr-1702	132	37	of	of	ADP
cblr-1702	132	38	many	many	ADJ
cblr-1702	132	39	types	type	NOUN
cblr-1702	132	40	of	of	ADP
cblr-1702	132	41	instruments	instrument	NOUN
cblr-1702	132	42	superfluous	superfluous	ADJ
cblr-1702	132	43	.	.	PUNCT
cblr-1702	133	1	”43	”43	VERB
cblr-1702	133	2	the	the	DET
cblr-1702	133	3	decision	decision	NOUN
cblr-1702	133	4	in	in	ADP
cblr-1702	133	5	landreth	landreth	PROPN
cblr-1702	133	6	makes	make	VERB
cblr-1702	133	7	it	it	PRON
cblr-1702	133	8	clear	clear	ADJ
cblr-1702	133	9	that	that	SCONJ
cblr-1702	133	10	applying	apply	VERB
cblr-1702	133	11	the	the	DET
cblr-1702	133	12	howey	howey	PROPN
cblr-1702	133	13	test	test	NOUN
cblr-1702	133	14	is	be	AUX
cblr-1702	133	15	not	not	PART
cblr-1702	133	16	always	always	ADV
cblr-1702	133	17	appropriate,44	appropriate,44	ADJ
cblr-1702	133	18	which	which	PRON
cblr-1702	133	19	implies	imply	VERB
cblr-1702	133	20	that	that	SCONJ
cblr-1702	133	21	lower	low	ADJ
cblr-1702	133	22	courts	court	NOUN
cblr-1702	133	23	and	and	CCONJ
cblr-1702	133	24	the	the	DET
cblr-1702	133	25	sec	sec	PROPN
cblr-1702	133	26	,	,	PUNCT
cblr-1702	133	27	when	when	SCONJ
cblr-1702	133	28	evaluating	evaluate	VERB
cblr-1702	133	29	an	an	DET
cblr-1702	133	30	investment	investment	NOUN
cblr-1702	133	31	instrument	instrument	NOUN
cblr-1702	133	32	,	,	PUNCT
cblr-1702	133	33	should	should	AUX
cblr-1702	133	34	first	first	ADV
cblr-1702	133	35	ask	ask	VERB
cblr-1702	133	36	a	a	DET
cblr-1702	133	37	threshold	threshold	NOUN
cblr-1702	133	38	question	question	NOUN
cblr-1702	133	39	:	:	PUNCT
cblr-1702	133	40	to	to	PART
cblr-1702	133	41	which	which	DET
cblr-1702	133	42	instrument	instrument	NOUN
cblr-1702	133	43	in	in	ADP
cblr-1702	133	44	the	the	DET
cblr-1702	133	45	list	list	NOUN
cblr-1702	133	46	of	of	ADP
cblr-1702	133	47	securities	security	NOUN
cblr-1702	133	48	instruments	instrument	NOUN
cblr-1702	133	49	should	should	AUX
cblr-1702	133	50	the	the	DET
cblr-1702	133	51	one	one	NOUN
cblr-1702	133	52	in	in	ADP
cblr-1702	133	53	question	question	NOUN
cblr-1702	133	54	be	be	AUX
cblr-1702	133	55	compared	compare	VERB
cblr-1702	133	56	.	.	PUNCT
cblr-1702	134	1	in	in	ADP
cblr-1702	134	2	landreth	landreth	PROPN
cblr-1702	134	3	,	,	PUNCT
cblr-1702	134	4	the	the	DET
cblr-1702	134	5	instrument	instrument	NOUN
cblr-1702	134	6	was	be	AUX
cblr-1702	134	7	called	call	VERB
cblr-1702	134	8	a	a	DET
cblr-1702	134	9	stock	stock	NOUN
cblr-1702	134	10	,	,	PUNCT
cblr-1702	134	11	quite	quite	ADV
cblr-1702	134	12	clearly	clearly	ADV
cblr-1702	134	13	resembled	resemble	VERB
cblr-1702	134	14	a	a	DET
cblr-1702	134	15	stock	stock	NOUN
cblr-1702	134	16	,	,	PUNCT
cblr-1702	134	17	and	and	CCONJ
cblr-1702	134	18	so	so	ADV
cblr-1702	134	19	should	should	AUX
cblr-1702	134	20	have	have	AUX
cblr-1702	134	21	been	be	AUX
cblr-1702	134	22	treated	treat	VERB
cblr-1702	134	23	as	as	ADP
cblr-1702	134	24	a	a	DET
cblr-1702	134	25	stock	stock	NOUN
cblr-1702	134	26	rather	rather	ADV
cblr-1702	134	27	than	than	ADP
cblr-1702	134	28	an	an	DET
cblr-1702	134	29	investment	investment	NOUN
cblr-1702	134	30	contract	contract	NOUN
cblr-1702	134	31	under	under	ADP
cblr-1702	134	32	the	the	DET
cblr-1702	134	33	howey	howey	PROPN
cblr-1702	134	34	test.45	test.45	VERB
cblr-1702	134	35	the	the	DET
cblr-1702	134	36	court	court	NOUN
cblr-1702	134	37	in	in	ADP
cblr-1702	134	38	landreth	landreth	PROPN
cblr-1702	134	39	“	"	PUNCT
cblr-1702	134	40	identified	identify	VERB
cblr-1702	134	41	those	those	DET
cblr-1702	134	42	characteristics	characteristic	NOUN
cblr-1702	134	43	usually	usually	ADV
cblr-1702	134	44	associated	associate	VERB
cblr-1702	134	45	with	with	ADP
cblr-1702	134	46	common	common	ADJ
cblr-1702	134	47	stock	stock	NOUN
cblr-1702	134	48	as	as	ADP
cblr-1702	134	49	(	(	PUNCT
cblr-1702	134	50	i	i	NOUN
cblr-1702	134	51	)	)	PUNCT
cblr-1702	134	52	the	the	DET
cblr-1702	134	53	right	right	NOUN
cblr-1702	134	54	to	to	PART
cblr-1702	134	55	receive	receive	VERB
cblr-1702	134	56	dividends	dividend	NOUN
cblr-1702	134	57	contingent	contingent	ADJ
cblr-1702	134	58	upon	upon	SCONJ
cblr-1702	134	59	an	an	DET
cblr-1702	134	60	apportionment	apportionment	NOUN
cblr-1702	134	61	of	of	ADP
cblr-1702	134	62	profits	profit	NOUN
cblr-1702	134	63	;	;	PUNCT
cblr-1702	134	64	(	(	PUNCT
cblr-1702	134	65	ii	ii	NOUN
cblr-1702	134	66	)	)	PUNCT
cblr-1702	134	67	negotiability	negotiability	NOUN
cblr-1702	134	68	;	;	PUNCT
cblr-1702	134	69	(	(	PUNCT
cblr-1702	134	70	iii	iii	X
cblr-1702	134	71	)	)	PUNCT
cblr-1702	134	72	the	the	DET
cblr-1702	134	73	ability	ability	NOUN
cblr-1702	134	74	to	to	PART
cblr-1702	134	75	be	be	AUX
cblr-1702	134	76	pledged	pledge	VERB
cblr-1702	134	77	or	or	CCONJ
cblr-1702	134	78	hypothecated	hypothecate	VERB
cblr-1702	134	79	;	;	PUNCT
cblr-1702	134	80	(	(	PUNCT
cblr-1702	134	81	iv	iv	X
cblr-1702	134	82	)	)	PUNCT
cblr-1702	134	83	the	the	DET
cblr-1702	134	84	conferring	conferring	NOUN
cblr-1702	134	85	of	of	ADP
cblr-1702	134	86	voting	voting	NOUN
cblr-1702	134	87	rights	right	NOUN
cblr-1702	134	88	in	in	ADP
cblr-1702	134	89	proportion	proportion	NOUN
cblr-1702	134	90	to	to	ADP
cblr-1702	134	91	the	the	DET
cblr-1702	134	92	number	number	NOUN
cblr-1702	134	93	of	of	ADP
cblr-1702	134	94	shares	share	NOUN
cblr-1702	134	95	owned	own	VERB
cblr-1702	134	96	;	;	PUNCT
cblr-1702	134	97	and	and	CCONJ
cblr-1702	134	98	(	(	PUNCT
cblr-1702	134	99	v	v	NOUN
cblr-1702	134	100	)	)	PUNCT
cblr-1702	134	101	the	the	DET
cblr-1702	134	102	capacity	capacity	NOUN
cblr-1702	134	103	to	to	PART
cblr-1702	134	104	appreciate	appreciate	VERB
cblr-1702	134	105	in	in	ADP
cblr-1702	134	106	value	value	NOUN
cblr-1702	134	107	.	.	PUNCT
cblr-1702	135	1	”46	”46	VERB
cblr-1702	135	2	when	when	SCONJ
cblr-1702	135	3	an	an	DET
cblr-1702	135	4	investment	investment	NOUN
cblr-1702	135	5	instrument	instrument	NOUN
cblr-1702	135	6	bears	bear	VERB
cblr-1702	135	7	such	such	ADJ
cblr-1702	135	8	features	feature	NOUN
cblr-1702	135	9	and	and	CCONJ
cblr-1702	135	10	is	be	AUX
cblr-1702	135	11	marketed	market	VERB
cblr-1702	135	12	as	as	ADP
cblr-1702	135	13	a	a	DET
cblr-1702	135	14	“	"	PUNCT
cblr-1702	135	15	stock	stock	NOUN
cblr-1702	135	16	,	,	PUNCT
cblr-1702	135	17	”	"	PUNCT
cblr-1702	135	18	it	it	PRON
cblr-1702	135	19	would	would	AUX
cblr-1702	135	20	be	be	AUX
cblr-1702	135	21	expected	expect	VERB
cblr-1702	135	22	by	by	ADP
cblr-1702	135	23	the	the	DET
cblr-1702	135	24	investor	investor	NOUN
cblr-1702	135	25	that	that	PRON
cblr-1702	135	26	securities	security	NOUN
cblr-1702	135	27	laws	law	NOUN
cblr-1702	135	28	apply.47	apply.47	VERB
cblr-1702	135	29	42	42	NUM
cblr-1702	136	1	i	i	PRON
cblr-1702	136	2	d.	d.	PROPN
cblr-1702	136	3	at	at	ADP
cblr-1702	136	4	89	89	NUM
cblr-1702	136	5	.	.	PUNCT
cblr-1702	137	1	43	43	NUM
cblr-1702	137	2	landreth	landreth	PROPN
cblr-1702	137	3	timber	timber	PROPN
cblr-1702	137	4	co.	co.	PROPN
cblr-1702	137	5	v.	v.	ADP
cblr-1702	137	6	landreth	landreth	PROPN
cblr-1702	137	7	,	,	PUNCT
cblr-1702	137	8	471	471	NUM
cblr-1702	137	9	u.s	u.s	PROPN
cblr-1702	137	10	.	.	PROPN
cblr-1702	137	11	681	681	NUM
cblr-1702	137	12	,	,	PUNCT
cblr-1702	137	13	692	692	NUM
cblr-1702	137	14	(	(	PUNCT
cblr-1702	137	15	1985	1985	NUM
cblr-1702	137	16	)	)	PUNCT
cblr-1702	137	17	.	.	PUNCT
cblr-1702	138	1	44	44	NUM
cblr-1702	139	1	i	i	PRON
cblr-1702	139	2	d.	d.	PROPN
cblr-1702	139	3	at	at	ADP
cblr-1702	139	4	691–92	691–92	PROPN
cblr-1702	139	5	.	.	PUNCT
cblr-1702	140	1	45	45	NUM
cblr-1702	141	1	i	i	PROPN
cblr-1702	141	2	d.	d.	NOUN
cblr-1702	141	3	at	at	ADP
cblr-1702	141	4	693–94	693–94	NOUN
cblr-1702	141	5	.	.	PUNCT
cblr-1702	141	6	46	46	NUM
cblr-1702	142	1	i	i	PRON
cblr-1702	142	2	d.	d.	PROPN
cblr-1702	142	3	at	at	ADP
cblr-1702	142	4	686	686	NUM
cblr-1702	142	5	.	.	PUNCT
cblr-1702	143	1	47	47	NUM
cblr-1702	144	1	i	i	PRON
cblr-1702	144	2	d.	d.	PROPN
cblr-1702	144	3	at	at	ADP
cblr-1702	144	4	693	693	NUM
cblr-1702	144	5	.	.	PUNCT
cblr-1702	145	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	145	2	no	no	NOUN
cblr-1702	145	3	.	.	PUNCT
cblr-1702	146	1	2:617	2:617	NUM
cblr-1702	146	2	]	]	X
cblr-1702	146	3	ico	ico	PROPN
cblr-1702	146	4	’s	’s	PART
cblr-1702	146	5	,	,	PUNCT
cblr-1702	146	6	dao	dao	VERB
cblr-1702	146	7	’s	’s	ADV
cblr-1702	146	8	,	,	PUNCT
cblr-1702	146	9	and	and	CCONJ
cblr-1702	146	10	the	the	DET
cblr-1702	146	11	sec	sec	PROPN
cblr-1702	146	12	627	627	NUM
cblr-1702	146	13	as	as	ADP
cblr-1702	146	14	not	not	PART
cblr-1702	146	15	all	all	PRON
cblr-1702	146	16	icos	icos	PROPN
cblr-1702	146	17	function	function	NOUN
cblr-1702	146	18	in	in	ADP
cblr-1702	146	19	the	the	DET
cblr-1702	146	20	same	same	ADJ
cblr-1702	146	21	manner	manner	NOUN
cblr-1702	146	22	as	as	ADP
cblr-1702	146	23	the	the	DET
cblr-1702	146	24	dao	dao	PROPN
cblr-1702	146	25	’s	’s	PART
cblr-1702	146	26	ico	ico	PROPN
cblr-1702	146	27	,	,	PUNCT
cblr-1702	146	28	nor	nor	CCONJ
cblr-1702	146	29	offer	offer	VERB
cblr-1702	146	30	the	the	DET
cblr-1702	146	31	same	same	ADJ
cblr-1702	146	32	incentive	incentive	NOUN
cblr-1702	146	33	structure	structure	NOUN
cblr-1702	146	34	,	,	PUNCT
cblr-1702	146	35	deciding	decide	VERB
cblr-1702	146	36	bodies	body	NOUN
cblr-1702	146	37	should	should	AUX
cblr-1702	146	38	keep	keep	VERB
cblr-1702	146	39	in	in	ADP
cblr-1702	146	40	mind	mind	NOUN
cblr-1702	146	41	that	that	SCONJ
cblr-1702	146	42	there	there	PRON
cblr-1702	146	43	is	be	VERB
cblr-1702	146	44	not	not	PART
cblr-1702	146	45	necessarily	necessarily	ADV
cblr-1702	146	46	an	an	DET
cblr-1702	146	47	appropriate	appropriate	ADJ
cblr-1702	146	48	one	one	NUM
cblr-1702	146	49	-	-	PUNCT
cblr-1702	146	50	test	test	NOUN
cblr-1702	146	51	-	-	PUNCT
cblr-1702	146	52	fits	fit	VERB
cblr-1702	146	53	-	-	PUNCT
cblr-1702	146	54	all	all	PRON
cblr-1702	146	55	approach	approach	NOUN
cblr-1702	146	56	for	for	ADP
cblr-1702	146	57	evaluating	evaluate	VERB
cblr-1702	146	58	icos	ico	NOUN
cblr-1702	146	59	under	under	ADP
cblr-1702	146	60	securities	security	NOUN
cblr-1702	146	61	law	law	NOUN
cblr-1702	146	62	.	.	PUNCT
cblr-1702	147	1	as	as	SCONJ
cblr-1702	147	2	discussed	discuss	VERB
cblr-1702	147	3	below	below	ADV
cblr-1702	147	4	,	,	PUNCT
cblr-1702	147	5	some	some	DET
cblr-1702	147	6	ico	ico	PROPN
cblr-1702	147	7	tokens	token	NOUN
cblr-1702	147	8	are	be	AUX
cblr-1702	147	9	so	so	ADV
cblr-1702	147	10	closely	closely	ADV
cblr-1702	147	11	related	relate	VERB
cblr-1702	147	12	to	to	ADP
cblr-1702	147	13	the	the	DET
cblr-1702	147	14	traditional	traditional	ADJ
cblr-1702	147	15	stock	stock	NOUN
cblr-1702	147	16	features	feature	NOUN
cblr-1702	147	17	outlined	outline	VERB
cblr-1702	147	18	in	in	ADP
cblr-1702	147	19	landreth	landreth	PROPN
cblr-1702	147	20	that	that	SCONJ
cblr-1702	147	21	using	use	VERB
cblr-1702	147	22	a	a	DET
cblr-1702	147	23	landreth	landreth	PROPN
cblr-1702	147	24	stock	stock	NOUN
cblr-1702	147	25	test	test	NOUN
cblr-1702	147	26	rather	rather	ADV
cblr-1702	147	27	than	than	ADP
cblr-1702	147	28	howey	howey	PROPN
cblr-1702	147	29	’s	’s	PART
cblr-1702	147	30	investment	investment	NOUN
cblr-1702	147	31	contract	contract	NOUN
cblr-1702	147	32	test	test	NOUN
cblr-1702	147	33	may	may	AUX
cblr-1702	147	34	more	more	ADV
cblr-1702	147	35	appropriately	appropriately	ADV
cblr-1702	147	36	identify	identify	VERB
cblr-1702	147	37	these	these	DET
cblr-1702	147	38	tokens	token	NOUN
cblr-1702	147	39	’	'	PUNCT
cblr-1702	147	40	securities	security	NOUN
cblr-1702	147	41	designation.48	designation.48	PROPN
cblr-1702	147	42	b.	b.	PROPN
cblr-1702	147	43	what	what	PRON
cblr-1702	147	44	is	be	AUX
cblr-1702	147	45	an	an	DET
cblr-1702	147	46	ico	ico	NOUN
cblr-1702	147	47	?	?	PUNCT
cblr-1702	148	1	an	an	DET
cblr-1702	148	2	ico	ico	PROPN
cblr-1702	148	3	is	be	AUX
cblr-1702	148	4	a	a	DET
cblr-1702	148	5	method	method	NOUN
cblr-1702	148	6	of	of	ADP
cblr-1702	148	7	raising	raise	VERB
cblr-1702	148	8	venture	venture	NOUN
cblr-1702	148	9	funding	funding	NOUN
cblr-1702	148	10	from	from	ADP
cblr-1702	148	11	the	the	DET
cblr-1702	148	12	general	general	ADJ
cblr-1702	148	13	public	public	NOUN
cblr-1702	148	14	by	by	ADP
cblr-1702	148	15	issuing	issue	VERB
cblr-1702	148	16	a	a	DET
cblr-1702	148	17	unique	unique	ADJ
cblr-1702	148	18	digital	digital	NOUN
cblr-1702	148	19	token	token	VERB
cblr-1702	148	20	in	in	ADP
cblr-1702	148	21	exchange	exchange	NOUN
cblr-1702	148	22	for	for	ADP
cblr-1702	148	23	some	some	DET
cblr-1702	148	24	form	form	NOUN
cblr-1702	148	25	of	of	ADP
cblr-1702	148	26	currency	currency	NOUN
cblr-1702	148	27	,	,	PUNCT
cblr-1702	148	28	often	often	ADV
cblr-1702	148	29	ether	ether	ADJ
cblr-1702	148	30	or	or	CCONJ
cblr-1702	148	31	bitcoin.49	bitcoin.49	ADP
cblr-1702	148	32	the	the	DET
cblr-1702	148	33	token	token	ADJ
cblr-1702	148	34	confers	confer	NOUN
cblr-1702	148	35	some	some	DET
cblr-1702	148	36	assortment	assortment	NOUN
cblr-1702	148	37	of	of	ADP
cblr-1702	148	38	automated	automate	VERB
cblr-1702	148	39	rights50	rights50	NOUN
cblr-1702	148	40	on	on	ADP
cblr-1702	148	41	the	the	DET
cblr-1702	148	42	token	token	ADJ
cblr-1702	148	43	holder	holder	NOUN
cblr-1702	148	44	in	in	ADP
cblr-1702	148	45	relation	relation	NOUN
cblr-1702	148	46	to	to	ADP
cblr-1702	148	47	the	the	DET
cblr-1702	148	48	company	company	NOUN
cblr-1702	148	49	issuing	issue	VERB
cblr-1702	148	50	the	the	DET
cblr-1702	148	51	token	token	NOUN
cblr-1702	148	52	.	.	PUNCT
cblr-1702	149	1	a	a	DET
cblr-1702	149	2	company	company	NOUN
cblr-1702	149	3	will	will	AUX
cblr-1702	149	4	typically	typically	ADV
cblr-1702	149	5	offer	offer	VERB
cblr-1702	149	6	a	a	DET
cblr-1702	149	7	finite	finite	ADJ
cblr-1702	149	8	number	number	NOUN
cblr-1702	149	9	of	of	ADP
cblr-1702	149	10	such	such	ADJ
cblr-1702	149	11	tokens	token	NOUN
cblr-1702	149	12	,	,	PUNCT
cblr-1702	149	13	and	and	CCONJ
cblr-1702	149	14	then	then	ADV
cblr-1702	149	15	token	token	VERB
cblr-1702	149	16	-	-	PUNCT
cblr-1702	149	17	holders	holder	NOUN
cblr-1702	149	18	can	can	AUX
cblr-1702	149	19	resell	resell	VERB
cblr-1702	149	20	the	the	DET
cblr-1702	149	21	tokens	token	NOUN
cblr-1702	149	22	and	and	CCONJ
cblr-1702	149	23	transfer	transfer	VERB
cblr-1702	149	24	the	the	DET
cblr-1702	149	25	rights	right	NOUN
cblr-1702	149	26	to	to	ADP
cblr-1702	149	27	other	other	ADJ
cblr-1702	149	28	individuals	individual	NOUN
cblr-1702	149	29	.	.	PUNCT
cblr-1702	150	1	though	though	SCONJ
cblr-1702	150	2	not	not	PART
cblr-1702	150	3	legally	legally	ADV
cblr-1702	150	4	required	require	VERB
cblr-1702	150	5	,	,	PUNCT
cblr-1702	150	6	the	the	DET
cblr-1702	150	7	standard	standard	ADJ
cblr-1702	150	8	market	market	NOUN
cblr-1702	150	9	practice	practice	NOUN
cblr-1702	150	10	is	be	AUX
cblr-1702	150	11	to	to	PART
cblr-1702	150	12	issue	issue	VERB
cblr-1702	150	13	a	a	DET
cblr-1702	150	14	white	white	ADJ
cblr-1702	150	15	paper	paper	NOUN
cblr-1702	150	16	that	that	PRON
cblr-1702	150	17	explains	explain	VERB
cblr-1702	150	18	what	what	PRON
cblr-1702	150	19	the	the	DET
cblr-1702	150	20	company	company	NOUN
cblr-1702	150	21	does	do	VERB
cblr-1702	150	22	,	,	PUNCT
cblr-1702	150	23	what	what	PRON
cblr-1702	150	24	rights	right	VERB
cblr-1702	150	25	the	the	DET
cblr-1702	150	26	company	company	NOUN
cblr-1702	150	27	’s	’s	PART
cblr-1702	150	28	token	token	ADJ
cblr-1702	150	29	or	or	CCONJ
cblr-1702	150	30	virtual	virtual	ADJ
cblr-1702	150	31	currency	currency	NOUN
cblr-1702	150	32	provides	provide	VERB
cblr-1702	150	33	,	,	PUNCT
cblr-1702	150	34	and	and	CCONJ
cblr-1702	150	35	how	how	SCONJ
cblr-1702	150	36	purchasers	purchaser	NOUN
cblr-1702	150	37	may	may	AUX
cblr-1702	150	38	expect	expect	VERB
cblr-1702	150	39	to	to	PART
cblr-1702	150	40	receive	receive	VERB
cblr-1702	150	41	a	a	DET
cblr-1702	150	42	return	return	NOUN
cblr-1702	150	43	.	.	PUNCT
cblr-1702	151	1	the	the	DET
cblr-1702	151	2	standard	standard	ADJ
cblr-1702	151	3	white	white	PROPN
cblr-1702	151	4	paper	paper	NOUN
cblr-1702	151	5	also	also	ADV
cblr-1702	151	6	open	open	VERB
cblr-1702	151	7	-	-	PUNCT
cblr-1702	151	8	sources	source	NOUN
cblr-1702	151	9	the	the	DET
cblr-1702	151	10	code	code	NOUN
cblr-1702	151	11	of	of	ADP
cblr-1702	151	12	the	the	DET
cblr-1702	151	13	company	company	NOUN
cblr-1702	151	14	’s	’s	PART
cblr-1702	151	15	blockchain	blockchain	NOUN
cblr-1702	151	16	so	so	SCONJ
cblr-1702	151	17	that	that	SCONJ
cblr-1702	151	18	purchasers	purchaser	NOUN
cblr-1702	151	19	can	can	AUX
cblr-1702	151	20	examine	examine	VERB
cblr-1702	151	21	the	the	DET
cblr-1702	151	22	security	security	NOUN
cblr-1702	151	23	features	feature	NOUN
cblr-1702	151	24	and	and	CCONJ
cblr-1702	151	25	48	48	NUM
cblr-1702	151	26	i	i	PROPN
cblr-1702	151	27	d.	d.	PROPN
cblr-1702	151	28	at	at	ADP
cblr-1702	151	29	686	686	NUM
cblr-1702	151	30	;	;	PUNCT
cblr-1702	151	31	sec	sec	PROPN
cblr-1702	151	32	v.	v.	PROPN
cblr-1702	151	33	w.j	w.j	PROPN
cblr-1702	151	34	.	.	PROPN
cblr-1702	151	35	howey	howey	PROPN
cblr-1702	151	36	co.	co.	PROPN
cblr-1702	151	37	,	,	PUNCT
cblr-1702	151	38	328	328	NUM
cblr-1702	151	39	u.s	u.s	PROPN
cblr-1702	151	40	.	.	PROPN
cblr-1702	151	41	293	293	NUM
cblr-1702	151	42	(	(	PUNCT
cblr-1702	151	43	1946	1946	NUM
cblr-1702	151	44	)	)	PUNCT
cblr-1702	151	45	.	.	PUNCT
cblr-1702	152	1	49	49	NUM
cblr-1702	152	2	a	a	DET
cblr-1702	152	3	common	common	ADJ
cblr-1702	152	4	method	method	NOUN
cblr-1702	152	5	of	of	ADP
cblr-1702	152	6	issuing	issue	VERB
cblr-1702	152	7	a	a	DET
cblr-1702	152	8	token	token	NOUN
cblr-1702	152	9	through	through	ADP
cblr-1702	152	10	an	an	DET
cblr-1702	152	11	ico	ico	PROPN
cblr-1702	152	12	is	be	AUX
cblr-1702	152	13	by	by	ADP
cblr-1702	152	14	building	build	VERB
cblr-1702	152	15	the	the	DET
cblr-1702	152	16	token	token	NOUN
cblr-1702	152	17	on	on	ADP
cblr-1702	152	18	the	the	DET
cblr-1702	152	19	ethereum	ethereum	NOUN
cblr-1702	152	20	blockchain	blockchain	PROPN
cblr-1702	152	21	.	.	PUNCT
cblr-1702	153	1	the	the	DET
cblr-1702	153	2	company	company	NOUN
cblr-1702	153	3	issuing	issue	VERB
cblr-1702	153	4	the	the	DET
cblr-1702	153	5	ico	ico	PROPN
cblr-1702	153	6	can	can	AUX
cblr-1702	153	7	create	create	VERB
cblr-1702	153	8	the	the	DET
cblr-1702	153	9	token	token	NOUN
cblr-1702	153	10	with	with	ADP
cblr-1702	153	11	a	a	DET
cblr-1702	153	12	few	few	ADJ
cblr-1702	153	13	lines	line	NOUN
cblr-1702	153	14	of	of	ADP
cblr-1702	153	15	standard	standard	ADJ
cblr-1702	153	16	ethereum	ethereum	NOUN
cblr-1702	153	17	code	code	NOUN
cblr-1702	153	18	.	.	PUNCT
cblr-1702	154	1	then	then	ADV
cblr-1702	154	2	they	they	PRON
cblr-1702	154	3	issue	issue	VERB
cblr-1702	154	4	the	the	DET
cblr-1702	154	5	token	token	NOUN
cblr-1702	154	6	in	in	ADP
cblr-1702	154	7	exchange	exchange	NOUN
cblr-1702	154	8	for	for	ADP
cblr-1702	154	9	ether	ether	NOUN
cblr-1702	154	10	.	.	PUNCT
cblr-1702	155	1	the	the	DET
cblr-1702	155	2	benefit	benefit	NOUN
cblr-1702	155	3	of	of	ADP
cblr-1702	155	4	issuing	issue	VERB
cblr-1702	155	5	an	an	DET
cblr-1702	155	6	ico	ico	NOUN
cblr-1702	155	7	this	this	DET
cblr-1702	155	8	way	way	NOUN
cblr-1702	155	9	is	be	AUX
cblr-1702	155	10	that	that	SCONJ
cblr-1702	155	11	the	the	DET
cblr-1702	155	12	ether	ether	NOUN
cblr-1702	155	13	can	can	AUX
cblr-1702	155	14	then	then	ADV
cblr-1702	155	15	be	be	AUX
cblr-1702	155	16	used	use	VERB
cblr-1702	155	17	to	to	PART
cblr-1702	155	18	gain	gain	VERB
cblr-1702	155	19	use	use	NOUN
cblr-1702	155	20	of	of	ADP
cblr-1702	155	21	the	the	DET
cblr-1702	155	22	ethereum	ethereum	NOUN
cblr-1702	155	23	blockchain	blockchain	PROPN
cblr-1702	155	24	,	,	PUNCT
cblr-1702	155	25	which	which	PRON
cblr-1702	155	26	means	mean	VERB
cblr-1702	155	27	the	the	DET
cblr-1702	155	28	company	company	NOUN
cblr-1702	155	29	does	do	AUX
cblr-1702	155	30	not	not	PART
cblr-1702	155	31	need	need	VERB
cblr-1702	155	32	to	to	PART
cblr-1702	155	33	build	build	VERB
cblr-1702	155	34	its	its	PRON
cblr-1702	155	35	own	own	ADJ
cblr-1702	155	36	network	network	NOUN
cblr-1702	155	37	from	from	ADP
cblr-1702	155	38	scratch	scratch	NOUN
cblr-1702	155	39	in	in	ADP
cblr-1702	155	40	order	order	NOUN
cblr-1702	155	41	to	to	PART
cblr-1702	155	42	process	process	VERB
cblr-1702	155	43	and	and	CCONJ
cblr-1702	155	44	operate	operate	VERB
cblr-1702	155	45	the	the	DET
cblr-1702	155	46	tokens	token	NOUN
cblr-1702	155	47	.	.	PUNCT
cblr-1702	156	1	for	for	ADP
cblr-1702	156	2	more	more	ADJ
cblr-1702	156	3	information	information	NOUN
cblr-1702	156	4	on	on	ADP
cblr-1702	156	5	ethereum	ethereum	NOUN
cblr-1702	156	6	as	as	ADP
cblr-1702	156	7	a	a	DET
cblr-1702	156	8	platform	platform	NOUN
cblr-1702	156	9	for	for	ADP
cblr-1702	156	10	icos	ico	NOUN
cblr-1702	156	11	,	,	PUNCT
cblr-1702	156	12	visit	visit	VERB
cblr-1702	156	13	www.ethereum.org	www.ethereum.org	NOUN
cblr-1702	156	14	.	.	PUNCT
cblr-1702	157	1	50	50	NUM
cblr-1702	157	2	tokens	token	NOUN
cblr-1702	157	3	operate	operate	VERB
cblr-1702	157	4	as	as	ADP
cblr-1702	157	5	smart	smart	ADJ
cblr-1702	157	6	contracts	contract	NOUN
cblr-1702	157	7	—	—	PUNCT
cblr-1702	157	8	using	use	VERB
cblr-1702	157	9	the	the	DET
cblr-1702	157	10	token	token	ADJ
cblr-1702	157	11	unlocks	unlock	NOUN
cblr-1702	157	12	certain	certain	ADJ
cblr-1702	157	13	source	source	NOUN
cblr-1702	157	14	code	code	NOUN
cblr-1702	157	15	that	that	PRON
cblr-1702	157	16	makes	make	VERB
cblr-1702	157	17	some	some	DET
cblr-1702	157	18	action	action	NOUN
cblr-1702	157	19	executable	executable	ADJ
cblr-1702	157	20	“	"	PUNCT
cblr-1702	157	21	automatically	automatically	ADV
cblr-1702	157	22	,	,	PUNCT
cblr-1702	157	23	”	"	PUNCT
cblr-1702	157	24	without	without	ADP
cblr-1702	157	25	the	the	DET
cblr-1702	157	26	need	need	NOUN
cblr-1702	157	27	for	for	SCONJ
cblr-1702	157	28	an	an	DET
cblr-1702	157	29	intermediary	intermediary	NOUN
cblr-1702	157	30	to	to	PART
cblr-1702	157	31	execute	execute	VERB
cblr-1702	157	32	the	the	DET
cblr-1702	157	33	contract	contract	NOUN
cblr-1702	157	34	.	.	PUNCT
cblr-1702	158	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	158	2	628	628	NUM
cblr-1702	158	3	columbia	columbia	PROPN
cblr-1702	158	4	business	business	NOUN
cblr-1702	158	5	law	law	PROPN
cblr-1702	158	6	review	review	NOUN
cblr-1702	158	7	[	[	X
cblr-1702	158	8	vol	vol	NOUN
cblr-1702	158	9	.	.	NOUN
cblr-1702	158	10	2018	2018	NUM
cblr-1702	158	11	functionality	functionality	NOUN
cblr-1702	158	12	of	of	ADP
cblr-1702	158	13	the	the	DET
cblr-1702	158	14	company.51	company.51	PROPN
cblr-1702	158	15	companies	company	NOUN
cblr-1702	158	16	and	and	CCONJ
cblr-1702	158	17	funds	fund	NOUN
cblr-1702	158	18	can	can	AUX
cblr-1702	158	19	raise	raise	VERB
cblr-1702	158	20	millions	million	NOUN
cblr-1702	158	21	of	of	ADP
cblr-1702	158	22	dollars	dollar	NOUN
cblr-1702	158	23	and	and	CCONJ
cblr-1702	158	24	gain	gain	VERB
cblr-1702	158	25	thousands	thousand	NOUN
cblr-1702	158	26	of	of	ADP
cblr-1702	158	27	blockchain	blockchain	PROPN
cblr-1702	158	28	participants52	participants52	PROPN
cblr-1702	158	29	in	in	ADP
cblr-1702	158	30	a	a	DET
cblr-1702	158	31	short	short	ADJ
cblr-1702	158	32	amount	amount	NOUN
cblr-1702	158	33	of	of	ADP
cblr-1702	158	34	time	time	NOUN
cblr-1702	158	35	through	through	ADP
cblr-1702	158	36	the	the	DET
cblr-1702	158	37	ico	ico	PROPN
cblr-1702	158	38	market	market	NOUN
cblr-1702	158	39	.	.	PUNCT
cblr-1702	159	1	but	but	CCONJ
cblr-1702	159	2	while	while	SCONJ
cblr-1702	159	3	all	all	DET
cblr-1702	159	4	icos	ico	NOUN
cblr-1702	159	5	raise	raise	VERB
cblr-1702	159	6	money	money	NOUN
cblr-1702	159	7	to	to	PART
cblr-1702	159	8	fund	fund	VERB
cblr-1702	159	9	operations	operation	NOUN
cblr-1702	159	10	,	,	PUNCT
cblr-1702	159	11	not	not	PART
cblr-1702	159	12	all	all	DET
cblr-1702	159	13	icos	ico	NOUN
cblr-1702	159	14	do	do	VERB
cblr-1702	159	15	so	so	ADV
cblr-1702	159	16	in	in	ADP
cblr-1702	159	17	the	the	DET
cblr-1702	159	18	same	same	ADJ
cblr-1702	159	19	manner	manner	NOUN
cblr-1702	159	20	.	.	PUNCT
cblr-1702	160	1	the	the	DET
cblr-1702	160	2	market	market	NOUN
cblr-1702	160	3	consisted	consist	VERB
cblr-1702	160	4	of	of	ADP
cblr-1702	160	5	three	three	NUM
cblr-1702	160	6	distinct	distinct	ADJ
cblr-1702	160	7	classes	class	NOUN
cblr-1702	160	8	of	of	ADP
cblr-1702	160	9	icos	icos	PROPN
cblr-1702	160	10	in	in	ADP
cblr-1702	160	11	2017	2017	NUM
cblr-1702	160	12	.	.	PUNCT
cblr-1702	161	1	each	each	PRON
cblr-1702	161	2	of	of	ADP
cblr-1702	161	3	these	these	DET
cblr-1702	161	4	classes	class	NOUN
cblr-1702	161	5	offer	offer	VERB
cblr-1702	161	6	distinct	distinct	ADJ
cblr-1702	161	7	uses	use	NOUN
cblr-1702	161	8	and	and	CCONJ
cblr-1702	161	9	rights	right	NOUN
cblr-1702	161	10	in	in	ADP
cblr-1702	161	11	their	their	PRON
cblr-1702	161	12	icos	ico	NOUN
cblr-1702	161	13	,	,	PUNCT
cblr-1702	161	14	with	with	ADP
cblr-1702	161	15	varying	vary	VERB
cblr-1702	161	16	degrees	degree	NOUN
cblr-1702	161	17	of	of	ADP
cblr-1702	161	18	opportunity	opportunity	NOUN
cblr-1702	161	19	for	for	ADP
cblr-1702	161	20	direct	direct	ADJ
cblr-1702	161	21	profit	profit	NOUN
cblr-1702	161	22	.	.	PUNCT
cblr-1702	162	1	1	1	X
cblr-1702	162	2	.	.	X
cblr-1702	162	3	class	class	NOUN
cblr-1702	162	4	one	one	NUM
cblr-1702	162	5	:	:	PUNCT
cblr-1702	162	6	the	the	DET
cblr-1702	162	7	utility	utility	NOUN
cblr-1702	162	8	token	token	VERB
cblr-1702	162	9	the	the	DET
cblr-1702	162	10	first	first	ADJ
cblr-1702	162	11	class	class	NOUN
cblr-1702	162	12	can	can	AUX
cblr-1702	162	13	be	be	AUX
cblr-1702	162	14	called	call	VERB
cblr-1702	162	15	the	the	DET
cblr-1702	162	16	“	"	PUNCT
cblr-1702	162	17	utility	utility	NOUN
cblr-1702	162	18	token	token	VERB
cblr-1702	162	19	.	.	PUNCT
cblr-1702	162	20	”	"	PUNCT
cblr-1702	163	1	in	in	ADP
cblr-1702	163	2	this	this	DET
cblr-1702	163	3	class	class	NOUN
cblr-1702	163	4	of	of	ADP
cblr-1702	163	5	ico	ico	PROPN
cblr-1702	163	6	token	token	VERB
cblr-1702	163	7	,	,	PUNCT
cblr-1702	163	8	the	the	DET
cblr-1702	163	9	participants	participant	NOUN
cblr-1702	163	10	purchase	purchase	VERB
cblr-1702	163	11	tokens	token	NOUN
cblr-1702	163	12	in	in	ADP
cblr-1702	163	13	order	order	NOUN
cblr-1702	163	14	to	to	PART
cblr-1702	163	15	become	become	VERB
cblr-1702	163	16	a	a	DET
cblr-1702	163	17	customer	customer	NOUN
cblr-1702	163	18	of	of	ADP
cblr-1702	163	19	or	or	CCONJ
cblr-1702	163	20	contributor	contributor	NOUN
cblr-1702	163	21	to	to	ADP
cblr-1702	163	22	the	the	DET
cblr-1702	163	23	company	company	NOUN
cblr-1702	163	24	’s	’s	PART
cblr-1702	163	25	blockchain	blockchain	PROPN
cblr-1702	163	26	service	service	PROPN
cblr-1702	163	27	;	;	PUNCT
cblr-1702	163	28	any	any	DET
cblr-1702	163	29	financial	financial	ADJ
cblr-1702	163	30	returns	return	NOUN
cblr-1702	163	31	would	would	AUX
cblr-1702	163	32	come	come	VERB
cblr-1702	163	33	from	from	ADP
cblr-1702	163	34	the	the	DET
cblr-1702	163	35	actual	actual	ADJ
cblr-1702	163	36	participation	participation	NOUN
cblr-1702	163	37	of	of	ADP
cblr-1702	163	38	the	the	DET
cblr-1702	163	39	token	token	ADJ
cblr-1702	163	40	holder	holder	NOUN
cblr-1702	163	41	in	in	ADP
cblr-1702	163	42	the	the	DET
cblr-1702	163	43	service	service	NOUN
cblr-1702	163	44	or	or	CCONJ
cblr-1702	163	45	from	from	ADP
cblr-1702	163	46	trading	trade	VERB
cblr-1702	163	47	the	the	DET
cblr-1702	163	48	tokens	token	NOUN
cblr-1702	163	49	in	in	ADP
cblr-1702	163	50	a	a	DET
cblr-1702	163	51	secondary	secondary	ADJ
cblr-1702	163	52	market	market	NOUN
cblr-1702	163	53	to	to	ADP
cblr-1702	163	54	others	other	NOUN
cblr-1702	163	55	who	who	PRON
cblr-1702	163	56	may	may	AUX
cblr-1702	163	57	want	want	VERB
cblr-1702	163	58	to	to	PART
cblr-1702	163	59	use	use	VERB
cblr-1702	163	60	the	the	DET
cblr-1702	163	61	service	service	NOUN
cblr-1702	163	62	.	.	PUNCT
cblr-1702	164	1	there	there	PRON
cblr-1702	164	2	is	be	VERB
cblr-1702	164	3	no	no	DET
cblr-1702	164	4	right	right	NOUN
cblr-1702	164	5	to	to	ADP
cblr-1702	164	6	a	a	DET
cblr-1702	164	7	share	share	NOUN
cblr-1702	164	8	of	of	ADP
cblr-1702	164	9	the	the	DET
cblr-1702	164	10	company	company	NOUN
cblr-1702	164	11	’s	’s	PART
cblr-1702	164	12	profits.53	profits.53	NOUN
cblr-1702	164	13	whether	whether	SCONJ
cblr-1702	164	14	a	a	DET
cblr-1702	164	15	utility	utility	NOUN
cblr-1702	164	16	token	token	VERB
cblr-1702	164	17	is	be	AUX
cblr-1702	164	18	a	a	DET
cblr-1702	164	19	security	security	NOUN
cblr-1702	164	20	is	be	AUX
cblr-1702	164	21	51	51	NUM
cblr-1702	164	22	see	see	NOUN
cblr-1702	164	23	,	,	PUNCT
cblr-1702	164	24	e.g.	e.g.	ADV
cblr-1702	164	25	,	,	PUNCT
cblr-1702	164	26	christoph	christoph	PROPN
cblr-1702	164	27	jentzsch	jentzsch	PROPN
cblr-1702	164	28	,	,	PUNCT
cblr-1702	164	29	decentralized	decentralize	VERB
cblr-1702	164	30	autonomous	autonomous	ADJ
cblr-1702	164	31	organization	organization	NOUN
cblr-1702	164	32	to	to	PART
cblr-1702	164	33	automate	automate	VERB
cblr-1702	164	34	governance	governance	NOUN
cblr-1702	164	35	,	,	PUNCT
cblr-1702	164	36	https://download.slock.it/public/dao/whitepaper.pdf	https://download.slock.it/public/dao/whitepaper.pdf	X
cblr-1702	165	1	[	[	X
cblr-1702	165	2	perma.cc/nk6ayuhu	perma.cc/nk6ayuhu	X
cblr-1702	165	3	]	]	X
cblr-1702	165	4	;	;	PUNCT
cblr-1702	165	5	see	see	VERB
cblr-1702	165	6	also	also	ADV
cblr-1702	165	7	2017	2017	NUM
cblr-1702	165	8	blockchain	blockchain	PROPN
cblr-1702	165	9	technology	technology	NOUN
cblr-1702	165	10	and	and	CCONJ
cblr-1702	165	11	digital	digital	ADJ
cblr-1702	165	12	currency	currency	NOUN
cblr-1702	165	13	national	national	PROPN
cblr-1702	165	14	institute	institute	PROPN
cblr-1702	165	15	,	,	PUNCT
cblr-1702	165	16	at	at	ADP
cblr-1702	165	17	e-4	e-4	PROPN
cblr-1702	165	18	(	(	PUNCT
cblr-1702	165	19	american	american	PROPN
cblr-1702	165	20	bar	bar	PROPN
cblr-1702	165	21	ass’n	ass’n	NUM
cblr-1702	165	22	ed	ed	NOUN
cblr-1702	165	23	.	.	PROPN
cblr-1702	165	24	,	,	PUNCT
cblr-1702	165	25	2017	2017	NUM
cblr-1702	165	26	)	)	PUNCT
cblr-1702	165	27	,	,	PUNCT
cblr-1702	165	28	https://www.americanbar.org/content/dam/aba/events/cle/2017/spring/ce17	https://www.americanbar.org/content/dam/aba/events/cle/2017/spring/ce17	NOUN
cblr-1702	165	29	04btd.authcheckdam.pdf	04btd.authcheckdam.pdf	PROPN
cblr-1702	166	1	[	[	X
cblr-1702	166	2	perma.cc/jut9-8crb	perma.cc/jut9-8crb	X
cblr-1702	166	3	]	]	PUNCT
cblr-1702	166	4	.	.	PUNCT
cblr-1702	167	1	52	52	NUM
cblr-1702	167	2	the	the	DET
cblr-1702	167	3	typical	typical	ADJ
cblr-1702	167	4	ico	ico	PROPN
cblr-1702	167	5	is	be	AUX
cblr-1702	167	6	issued	issue	VERB
cblr-1702	167	7	by	by	ADP
cblr-1702	167	8	a	a	DET
cblr-1702	167	9	company	company	NOUN
cblr-1702	167	10	with	with	ADP
cblr-1702	167	11	a	a	DET
cblr-1702	167	12	product	product	NOUN
cblr-1702	167	13	or	or	CCONJ
cblr-1702	167	14	service	service	NOUN
cblr-1702	167	15	founded	found	VERB
cblr-1702	167	16	on	on	ADP
cblr-1702	167	17	an	an	DET
cblr-1702	167	18	application	application	NOUN
cblr-1702	167	19	of	of	ADP
cblr-1702	167	20	blockchain	blockchain	PROPN
cblr-1702	167	21	technology	technology	PROPN
cblr-1702	167	22	.	.	PUNCT
cblr-1702	168	1	such	such	ADJ
cblr-1702	168	2	technology	technology	NOUN
cblr-1702	168	3	requires	require	VERB
cblr-1702	168	4	a	a	DET
cblr-1702	168	5	large	large	ADJ
cblr-1702	168	6	network	network	NOUN
cblr-1702	168	7	of	of	ADP
cblr-1702	168	8	users	user	NOUN
cblr-1702	168	9	to	to	PART
cblr-1702	168	10	contribute	contribute	VERB
cblr-1702	168	11	bandwidth	bandwidth	NOUN
cblr-1702	168	12	and	and	CCONJ
cblr-1702	168	13	even	even	ADV
cblr-1702	168	14	participate	participate	VERB
cblr-1702	168	15	in	in	ADP
cblr-1702	168	16	the	the	DET
cblr-1702	168	17	activities	activity	NOUN
cblr-1702	168	18	of	of	ADP
cblr-1702	168	19	the	the	DET
cblr-1702	168	20	blockchain	blockchain	NOUN
cblr-1702	168	21	in	in	ADP
cblr-1702	168	22	order	order	NOUN
cblr-1702	168	23	to	to	PART
cblr-1702	168	24	be	be	AUX
cblr-1702	168	25	useful	useful	ADJ
cblr-1702	168	26	.	.	PUNCT
cblr-1702	169	1	for	for	ADP
cblr-1702	169	2	example	example	NOUN
cblr-1702	169	3	,	,	PUNCT
cblr-1702	169	4	the	the	DET
cblr-1702	169	5	bitcoin	bitcoin	PROPN
cblr-1702	169	6	blockchain	blockchain	PROPN
cblr-1702	169	7	requires	require	VERB
cblr-1702	169	8	thousands	thousand	NOUN
cblr-1702	169	9	of	of	ADP
cblr-1702	169	10	independent	independent	ADJ
cblr-1702	169	11	participants	participant	NOUN
cblr-1702	169	12	to	to	PART
cblr-1702	169	13	verify	verify	VERB
cblr-1702	169	14	transactions	transaction	NOUN
cblr-1702	169	15	and	and	CCONJ
cblr-1702	169	16	mine	mine	VERB
cblr-1702	169	17	new	new	ADJ
cblr-1702	169	18	bitcoin	bitcoin	NOUN
cblr-1702	169	19	.	.	PUNCT
cblr-1702	170	1	in	in	ADP
cblr-1702	170	2	many	many	ADJ
cblr-1702	170	3	icos	ico	NOUN
cblr-1702	170	4	,	,	PUNCT
cblr-1702	170	5	the	the	DET
cblr-1702	170	6	tokens	token	NOUN
cblr-1702	170	7	contain	contain	VERB
cblr-1702	170	8	code	code	NOUN
cblr-1702	170	9	that	that	PRON
cblr-1702	170	10	grants	grant	VERB
cblr-1702	170	11	the	the	DET
cblr-1702	170	12	token	token	ADJ
cblr-1702	170	13	holder	holder	NOUN
cblr-1702	170	14	access	access	NOUN
cblr-1702	170	15	to	to	ADP
cblr-1702	170	16	the	the	DET
cblr-1702	170	17	issuing	issue	VERB
cblr-1702	170	18	company	company	NOUN
cblr-1702	170	19	’s	’s	PART
cblr-1702	170	20	blockchain	blockchain	NOUN
cblr-1702	170	21	,	,	PUNCT
cblr-1702	170	22	allowing	allow	VERB
cblr-1702	170	23	participation	participation	NOUN
cblr-1702	170	24	in	in	ADP
cblr-1702	170	25	the	the	DET
cblr-1702	170	26	activities	activity	NOUN
cblr-1702	170	27	of	of	ADP
cblr-1702	170	28	the	the	DET
cblr-1702	170	29	company	company	NOUN
cblr-1702	170	30	.	.	PUNCT
cblr-1702	171	1	see	see	VERB
cblr-1702	171	2	generally	generally	ADV
cblr-1702	171	3	a	a	DET
cblr-1702	171	4	beginner	beginner	NOUN
cblr-1702	171	5	’s	’s	PART
cblr-1702	171	6	guide	guide	NOUN
cblr-1702	171	7	to	to	PART
cblr-1702	171	8	blockchain	blockchain	PROPN
cblr-1702	171	9	technology	technology	PROPN
cblr-1702	171	10	,	,	PUNCT
cblr-1702	171	11	coindesk	coindesk	NOUN
cblr-1702	171	12	,	,	PUNCT
cblr-1702	171	13	https://www.coindesk.com/information/	https://www.coindesk.com/information/	X
cblr-1702	172	1	[	[	X
cblr-1702	172	2	perma.cc/z43d-t5s9	perma.cc/z43d-t5s9	PROPN
cblr-1702	172	3	]	]	X
cblr-1702	172	4	;	;	PUNCT
cblr-1702	172	5	investor	investor	NOUN
cblr-1702	172	6	bulletin	bulletin	NOUN
cblr-1702	172	7	:	:	PUNCT
cblr-1702	172	8	initial	initial	ADJ
cblr-1702	172	9	coin	coin	NOUN
cblr-1702	172	10	offerings	offering	NOUN
cblr-1702	172	11	,	,	PUNCT
cblr-1702	172	12	sec	sec	PROPN
cblr-1702	172	13	,	,	PUNCT
cblr-1702	172	14	https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings	https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinoffering	VERB
cblr-1702	172	15	[	[	X
cblr-1702	172	16	perma.cc/wf7l-yrfj	perma.cc/wf7l-yrfj	NOUN
cblr-1702	172	17	]	]	PUNCT
cblr-1702	172	18	(	(	PUNCT
cblr-1702	172	19	last	last	ADJ
cblr-1702	172	20	modified	modify	VERB
cblr-1702	172	21	july	july	PROPN
cblr-1702	172	22	25	25	NUM
cblr-1702	172	23	,	,	PUNCT
cblr-1702	172	24	2017	2017	NUM
cblr-1702	172	25	)	)	PUNCT
cblr-1702	172	26	.	.	PUNCT
cblr-1702	173	1	53	53	NUM
cblr-1702	173	2	storj	storj	PROPN
cblr-1702	173	3	labs	labs	PROPN
cblr-1702	173	4	(	(	PUNCT
cblr-1702	173	5	bvi	bvi	PROPN
cblr-1702	173	6	)	)	PUNCT
cblr-1702	173	7	ltd	ltd	PROPN
cblr-1702	173	8	.	.	PUNCT
cblr-1702	173	9	terms	term	NOUN
cblr-1702	173	10	of	of	ADP
cblr-1702	173	11	token	token	ADJ
cblr-1702	173	12	sale	sale	NOUN
cblr-1702	173	13	1	1	NUM
cblr-1702	173	14	,	,	PUNCT
cblr-1702	173	15	https://storj.io/saleterms.pdf	https://storj.io/saleterms.pdf	PROPN
cblr-1702	173	16	[	[	X
cblr-1702	173	17	perma.cc/fgg3-bn44	perma.cc/fgg3-bn44	X
cblr-1702	173	18	]	]	X
cblr-1702	173	19	(	(	PUNCT
cblr-1702	173	20	“	"	PUNCT
cblr-1702	173	21	ownership	ownership	NOUN
cblr-1702	173	22	of	of	ADP
cblr-1702	173	23	tokens	token	NOUN
cblr-1702	173	24	carries	carry	VERB
cblr-1702	173	25	no	no	DET
cblr-1702	173	26	rights	right	NOUN
cblr-1702	173	27	,	,	PUNCT
cblr-1702	173	28	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	173	29	no	no	NOUN
cblr-1702	173	30	.	.	PUNCT
cblr-1702	174	1	2:617	2:617	NUM
cblr-1702	174	2	]	]	X
cblr-1702	174	3	ico	ico	PROPN
cblr-1702	174	4	’s	’s	PART
cblr-1702	174	5	,	,	PUNCT
cblr-1702	174	6	dao	dao	VERB
cblr-1702	174	7	’s	’s	ADV
cblr-1702	174	8	,	,	PUNCT
cblr-1702	174	9	and	and	CCONJ
cblr-1702	174	10	the	the	DET
cblr-1702	174	11	sec	sec	PROPN
cblr-1702	174	12	629	629	NUM
cblr-1702	174	13	difficult	difficult	ADJ
cblr-1702	174	14	to	to	PART
cblr-1702	174	15	predict	predict	VERB
cblr-1702	174	16	as	as	SCONJ
cblr-1702	174	17	decisions	decision	NOUN
cblr-1702	174	18	are	be	AUX
cblr-1702	174	19	limited	limit	VERB
cblr-1702	174	20	,	,	PUNCT
cblr-1702	174	21	but	but	CCONJ
cblr-1702	174	22	based	base	VERB
cblr-1702	174	23	on	on	ADP
cblr-1702	174	24	the	the	DET
cblr-1702	174	25	dao	dao	NOUN
cblr-1702	174	26	report	report	NOUN
cblr-1702	174	27	and	and	CCONJ
cblr-1702	174	28	a	a	DET
cblr-1702	174	29	recent	recent	ADJ
cblr-1702	174	30	sec	sec	PROPN
cblr-1702	174	31	decision	decision	NOUN
cblr-1702	174	32	regarding	regard	VERB
cblr-1702	174	33	the	the	DET
cblr-1702	174	34	munchee	munchee	PROPN
cblr-1702	174	35	ico	ico	PROPN
cblr-1702	174	36	,	,	PUNCT
cblr-1702	174	37	the	the	DET
cblr-1702	174	38	determining	determine	VERB
cblr-1702	174	39	factors	factor	NOUN
cblr-1702	174	40	may	may	AUX
cblr-1702	174	41	be	be	AUX
cblr-1702	174	42	the	the	DET
cblr-1702	174	43	functionality	functionality	NOUN
cblr-1702	174	44	of	of	ADP
cblr-1702	174	45	the	the	DET
cblr-1702	174	46	token	token	NOUN
cblr-1702	174	47	and	and	CCONJ
cblr-1702	174	48	the	the	DET
cblr-1702	174	49	manner	manner	NOUN
cblr-1702	174	50	in	in	ADP
cblr-1702	174	51	which	which	PRON
cblr-1702	174	52	the	the	DET
cblr-1702	174	53	company	company	NOUN
cblr-1702	174	54	promotes	promote	VERB
cblr-1702	174	55	the	the	DET
cblr-1702	174	56	token.54	token.54	NOUN
cblr-1702	174	57	the	the	DET
cblr-1702	174	58	utility	utility	NOUN
cblr-1702	174	59	token	token	VERB
cblr-1702	174	60	should	should	AUX
cblr-1702	174	61	not	not	PART
cblr-1702	174	62	be	be	AUX
cblr-1702	174	63	presumptively	presumptively	ADV
cblr-1702	174	64	considered	consider	VERB
cblr-1702	174	65	a	a	DET
cblr-1702	174	66	security	security	NOUN
cblr-1702	174	67	by	by	ADP
cblr-1702	174	68	the	the	DET
cblr-1702	174	69	sec	sec	PROPN
cblr-1702	174	70	.	.	PUNCT
cblr-1702	175	1	storj	storj	PROPN
cblr-1702	175	2	is	be	AUX
cblr-1702	175	3	a	a	DET
cblr-1702	175	4	file	file	NOUN
cblr-1702	175	5	storage	storage	NOUN
cblr-1702	175	6	company	company	NOUN
cblr-1702	175	7	,	,	PUNCT
cblr-1702	175	8	and	and	CCONJ
cblr-1702	175	9	its	its	PRON
cblr-1702	175	10	ico	ico	PROPN
cblr-1702	175	11	offers	offer	VERB
cblr-1702	175	12	an	an	DET
cblr-1702	175	13	example	example	NOUN
cblr-1702	175	14	of	of	ADP
cblr-1702	175	15	a	a	DET
cblr-1702	175	16	utility	utility	NOUN
cblr-1702	175	17	token	token	VERB
cblr-1702	175	18	.	.	PUNCT
cblr-1702	176	1	a	a	DET
cblr-1702	176	2	storj	storj	NOUN
cblr-1702	176	3	token	token	VERB
cblr-1702	176	4	holder	holder	NOUN
cblr-1702	176	5	can	can	AUX
cblr-1702	176	6	use	use	VERB
cblr-1702	176	7	storj	storj	NOUN
cblr-1702	176	8	to	to	PART
cblr-1702	176	9	buy	buy	VERB
cblr-1702	176	10	or	or	CCONJ
cblr-1702	176	11	sell	sell	VERB
cblr-1702	176	12	file	file	NOUN
cblr-1702	176	13	storage	storage	NOUN
cblr-1702	176	14	on	on	ADP
cblr-1702	176	15	personal	personal	ADJ
cblr-1702	176	16	computers.55	computers.55	NOUN
cblr-1702	176	17	the	the	DET
cblr-1702	176	18	storj	storj	NOUN
cblr-1702	176	19	token	token	NOUN
cblr-1702	176	20	might	might	AUX
cblr-1702	176	21	not	not	PART
cblr-1702	176	22	pass	pass	VERB
cblr-1702	176	23	the	the	DET
cblr-1702	176	24	first	first	ADJ
cblr-1702	176	25	factor	factor	NOUN
cblr-1702	176	26	of	of	ADP
cblr-1702	176	27	the	the	DET
cblr-1702	176	28	howey	howey	PROPN
cblr-1702	176	29	test	test	PROPN
cblr-1702	176	30	—	—	PUNCT
cblr-1702	176	31	storj	storj	PROPN
cblr-1702	176	32	token	token	VERB
cblr-1702	176	33	purchasers	purchaser	NOUN
cblr-1702	176	34	are	be	AUX
cblr-1702	176	35	not	not	PART
cblr-1702	176	36	investing	invest	VERB
cblr-1702	176	37	money	money	NOUN
cblr-1702	176	38	.	.	PUNCT
cblr-1702	177	1	purchasers	purchaser	NOUN
cblr-1702	177	2	are	be	AUX
cblr-1702	177	3	primarily	primarily	ADV
cblr-1702	177	4	motivated	motivate	VERB
cblr-1702	177	5	by	by	ADP
cblr-1702	177	6	the	the	DET
cblr-1702	177	7	opportunity	opportunity	NOUN
cblr-1702	177	8	to	to	PART
cblr-1702	177	9	participate	participate	VERB
cblr-1702	177	10	in	in	ADP
cblr-1702	177	11	the	the	DET
cblr-1702	177	12	storj	storj	PROPN
cblr-1702	177	13	blockchain	blockchain	PROPN
cblr-1702	177	14	.	.	PUNCT
cblr-1702	178	1	users	user	NOUN
cblr-1702	178	2	must	must	AUX
cblr-1702	178	3	have	have	VERB
cblr-1702	178	4	storj	storj	NOUN
cblr-1702	178	5	tokens	token	NOUN
cblr-1702	178	6	in	in	ADP
cblr-1702	178	7	order	order	NOUN
cblr-1702	178	8	to	to	PART
cblr-1702	178	9	buy	buy	VERB
cblr-1702	178	10	and	and	CCONJ
cblr-1702	178	11	sell	sell	VERB
cblr-1702	178	12	file	file	NOUN
cblr-1702	178	13	storage	storage	NOUN
cblr-1702	178	14	through	through	ADP
cblr-1702	178	15	the	the	DET
cblr-1702	178	16	storj	storj	PROPN
cblr-1702	178	17	platform	platform	NOUN
cblr-1702	178	18	.	.	PUNCT
cblr-1702	179	1	this	this	PRON
cblr-1702	179	2	is	be	AUX
cblr-1702	179	3	more	more	ADV
cblr-1702	179	4	similar	similar	ADJ
cblr-1702	179	5	to	to	ADP
cblr-1702	179	6	the	the	DET
cblr-1702	179	7	consumption	consumption	NOUN
cblr-1702	179	8	contract	contract	NOUN
cblr-1702	179	9	in	in	ADP
cblr-1702	179	10	forman	forman	NOUN
cblr-1702	179	11	than	than	ADP
cblr-1702	179	12	the	the	DET
cblr-1702	179	13	investment	investment	NOUN
cblr-1702	179	14	contract	contract	NOUN
cblr-1702	179	15	in	in	ADP
cblr-1702	179	16	howey.56	howey.56	NOUN
cblr-1702	179	17	however	however	ADV
cblr-1702	179	18	,	,	PUNCT
cblr-1702	179	19	there	there	PRON
cblr-1702	179	20	is	be	VERB
cblr-1702	179	21	potential	potential	ADJ
cblr-1702	179	22	for	for	SCONJ
cblr-1702	179	23	storj	storj	PROPN
cblr-1702	179	24	token	token	VERB
cblr-1702	179	25	purchasers	purchaser	NOUN
cblr-1702	179	26	to	to	PART
cblr-1702	179	27	be	be	AUX
cblr-1702	179	28	motivated	motivate	VERB
cblr-1702	179	29	by	by	ADP
cblr-1702	179	30	money	money	NOUN
cblr-1702	179	31	,	,	PUNCT
cblr-1702	179	32	so	so	ADV
cblr-1702	179	33	further	further	ADJ
cblr-1702	179	34	examination	examination	NOUN
cblr-1702	179	35	of	of	ADP
cblr-1702	179	36	this	this	DET
cblr-1702	179	37	token	token	NOUN
cblr-1702	179	38	is	be	AUX
cblr-1702	179	39	necessary	necessary	ADJ
cblr-1702	179	40	.	.	PUNCT
cblr-1702	180	1	the	the	DET
cblr-1702	180	2	storj	storj	PROPN
cblr-1702	180	3	token	token	PROPN
cblr-1702	180	4	is	be	AUX
cblr-1702	180	5	likely	likely	ADV
cblr-1702	180	6	considered	consider	VERB
cblr-1702	180	7	an	an	DET
cblr-1702	180	8	investment	investment	NOUN
cblr-1702	180	9	in	in	ADP
cblr-1702	180	10	a	a	DET
cblr-1702	180	11	common	common	ADJ
cblr-1702	180	12	enterprise	enterprise	NOUN
cblr-1702	180	13	,	,	PUNCT
cblr-1702	180	14	insofar	insofar	ADV
cblr-1702	180	15	as	as	ADP
cblr-1702	180	16	purchasing	purchase	VERB
cblr-1702	180	17	the	the	DET
cblr-1702	180	18	token	token	ADJ
cblr-1702	180	19	results	result	NOUN
cblr-1702	180	20	in	in	ADP
cblr-1702	180	21	horizontal	horizontal	ADJ
cblr-1702	180	22	commonality	commonality	NOUN
cblr-1702	180	23	—	—	PUNCT
cblr-1702	180	24	the	the	DET
cblr-1702	180	25	token	token	ADJ
cblr-1702	180	26	holders	holder	NOUN
cblr-1702	180	27	profit	profit	NOUN
cblr-1702	180	28	based	base	VERB
cblr-1702	180	29	on	on	ADP
cblr-1702	180	30	the	the	DET
cblr-1702	180	31	activities	activity	NOUN
cblr-1702	180	32	of	of	ADP
cblr-1702	180	33	the	the	DET
cblr-1702	180	34	network	network	NOUN
cblr-1702	180	35	of	of	ADP
cblr-1702	180	36	token	token	ADJ
cblr-1702	180	37	holders	holder	NOUN
cblr-1702	180	38	—	—	PUNCT
cblr-1702	180	39	thereby	thereby	ADV
cblr-1702	180	40	satisfying	satisfy	VERB
cblr-1702	180	41	the	the	DET
cblr-1702	180	42	second	second	ADJ
cblr-1702	180	43	factor	factor	NOUN
cblr-1702	180	44	of	of	ADP
cblr-1702	180	45	howey	howey	PRON
cblr-1702	180	46	.	.	PUNCT
cblr-1702	181	1	however	however	ADV
cblr-1702	181	2	,	,	PUNCT
cblr-1702	181	3	the	the	DET
cblr-1702	181	4	third	third	ADJ
cblr-1702	181	5	part	part	NOUN
cblr-1702	181	6	of	of	ADP
cblr-1702	181	7	the	the	DET
cblr-1702	181	8	howey	howey	PROPN
cblr-1702	181	9	test	test	NOUN
cblr-1702	181	10	,	,	PUNCT
cblr-1702	181	11	the	the	DET
cblr-1702	181	12	reasonable	reasonable	ADJ
cblr-1702	181	13	expectation	expectation	NOUN
cblr-1702	181	14	of	of	ADP
cblr-1702	181	15	profits	profit	NOUN
cblr-1702	181	16	,	,	PUNCT
cblr-1702	181	17	is	be	AUX
cblr-1702	181	18	difficult	difficult	ADJ
cblr-1702	181	19	to	to	PART
cblr-1702	181	20	meet	meet	VERB
cblr-1702	181	21	.	.	PUNCT
cblr-1702	182	1	the	the	DET
cblr-1702	182	2	storj	storj	PROPN
cblr-1702	182	3	white	white	PROPN
cblr-1702	182	4	paper	paper	PROPN
cblr-1702	182	5	makes	make	VERB
cblr-1702	182	6	clear	clear	ADJ
cblr-1702	182	7	that	that	SCONJ
cblr-1702	182	8	there	there	PRON
cblr-1702	182	9	is	be	VERB
cblr-1702	182	10	to	to	PART
cblr-1702	182	11	be	be	AUX
cblr-1702	182	12	no	no	DET
cblr-1702	182	13	expectation	expectation	NOUN
cblr-1702	182	14	of	of	ADP
cblr-1702	182	15	profiting	profit	VERB
cblr-1702	182	16	financially	financially	ADV
cblr-1702	182	17	from	from	ADP
cblr-1702	182	18	the	the	DET
cblr-1702	182	19	company	company	NOUN
cblr-1702	182	20	’s	’s	PART
cblr-1702	182	21	activities	activity	NOUN
cblr-1702	182	22	;	;	PUNCT
cblr-1702	182	23	storj	storj	NOUN
cblr-1702	182	24	express	express	VERB
cblr-1702	182	25	or	or	CCONJ
cblr-1702	182	26	implied	imply	VERB
cblr-1702	182	27	,	,	PUNCT
cblr-1702	182	28	other	other	ADJ
cblr-1702	182	29	than	than	ADP
cblr-1702	182	30	the	the	DET
cblr-1702	182	31	right	right	NOUN
cblr-1702	182	32	to	to	PART
cblr-1702	182	33	use	use	VERB
cblr-1702	182	34	tokens	token	NOUN
cblr-1702	182	35	as	as	ADP
cblr-1702	182	36	a	a	DET
cblr-1702	182	37	means	means	NOUN
cblr-1702	182	38	to	to	PART
cblr-1702	182	39	enable	enable	VERB
cblr-1702	182	40	usage	usage	NOUN
cblr-1702	182	41	of	of	ADP
cblr-1702	182	42	and	and	CCONJ
cblr-1702	182	43	interaction	interaction	NOUN
cblr-1702	182	44	with	with	ADP
cblr-1702	182	45	the	the	DET
cblr-1702	182	46	network	network	NOUN
cblr-1702	182	47	,	,	PUNCT
cblr-1702	182	48	if	if	SCONJ
cblr-1702	182	49	successfully	successfully	ADV
cblr-1702	182	50	completed	complete	VERB
cblr-1702	182	51	and	and	CCONJ
cblr-1702	182	52	deployed	deploy	VERB
cblr-1702	182	53	.	.	PUNCT
cblr-1702	183	1	in	in	ADP
cblr-1702	183	2	particular	particular	ADJ
cblr-1702	183	3	,	,	PUNCT
cblr-1702	183	4	you	you	PRON
cblr-1702	183	5	understand	understand	VERB
cblr-1702	183	6	and	and	CCONJ
cblr-1702	183	7	accept	accept	VERB
cblr-1702	183	8	that	that	SCONJ
cblr-1702	183	9	tokens	token	NOUN
cblr-1702	183	10	do	do	AUX
cblr-1702	183	11	not	not	PART
cblr-1702	183	12	represent	represent	VERB
cblr-1702	183	13	or	or	CCONJ
cblr-1702	183	14	confer	confer	VERB
cblr-1702	183	15	any	any	DET
cblr-1702	183	16	ownership	ownership	NOUN
cblr-1702	183	17	right	right	NOUN
cblr-1702	183	18	or	or	CCONJ
cblr-1702	183	19	stake	stake	NOUN
cblr-1702	183	20	,	,	PUNCT
cblr-1702	183	21	share	share	NOUN
cblr-1702	183	22	or	or	CCONJ
cblr-1702	183	23	security	security	NOUN
cblr-1702	183	24	or	or	CCONJ
cblr-1702	183	25	equivalent	equivalent	ADJ
cblr-1702	183	26	rights	right	NOUN
cblr-1702	183	27	,	,	PUNCT
cblr-1702	183	28	or	or	CCONJ
cblr-1702	183	29	any	any	DET
cblr-1702	183	30	right	right	NOUN
cblr-1702	183	31	to	to	PART
cblr-1702	183	32	receive	receive	VERB
cblr-1702	183	33	future	future	ADJ
cblr-1702	183	34	revenue	revenue	NOUN
cblr-1702	183	35	shares	share	NOUN
cblr-1702	183	36	,	,	PUNCT
cblr-1702	183	37	intellectual	intellectual	ADJ
cblr-1702	183	38	property	property	NOUN
cblr-1702	183	39	rights	right	NOUN
cblr-1702	183	40	or	or	CCONJ
cblr-1702	183	41	any	any	DET
cblr-1702	183	42	other	other	ADJ
cblr-1702	183	43	form	form	NOUN
cblr-1702	183	44	of	of	ADP
cblr-1702	183	45	participation	participation	NOUN
cblr-1702	183	46	in	in	ADP
cblr-1702	183	47	or	or	CCONJ
cblr-1702	183	48	relating	relate	VERB
cblr-1702	183	49	to	to	ADP
cblr-1702	183	50	the	the	DET
cblr-1702	183	51	network	network	NOUN
cblr-1702	183	52	and/or	and/or	CCONJ
cblr-1702	183	53	company	company	NOUN
cblr-1702	183	54	and	and	CCONJ
cblr-1702	183	55	its	its	PRON
cblr-1702	183	56	corporate	corporate	ADJ
cblr-1702	183	57	affiliates	affiliate	NOUN
cblr-1702	183	58	.	.	PUNCT
cblr-1702	183	59	.	.	PUNCT
cblr-1702	183	60	.	.	PUNCT
cblr-1702	183	61	.	.	PUNCT
cblr-1702	183	62	”	"	PUNCT
cblr-1702	183	63	)	)	PUNCT
cblr-1702	183	64	.	.	PUNCT
cblr-1702	184	1	54	54	NUM
cblr-1702	185	1	the	the	DET
cblr-1702	185	2	issuer	issuer	NOUN
cblr-1702	185	3	’s	’s	PART
cblr-1702	185	4	dogged	dog	VERB
cblr-1702	185	5	promotion	promotion	NOUN
cblr-1702	185	6	of	of	ADP
cblr-1702	185	7	their	their	PRON
cblr-1702	185	8	token	token	NOUN
cblr-1702	185	9	as	as	ADP
cblr-1702	185	10	a	a	DET
cblr-1702	185	11	for	for	ADP
cblr-1702	185	12	-	-	PUNCT
cblr-1702	185	13	profit	profit	NOUN
cblr-1702	185	14	investment	investment	NOUN
cblr-1702	185	15	and	and	CCONJ
cblr-1702	185	16	trading	trading	NOUN
cblr-1702	185	17	opportunity	opportunity	NOUN
cblr-1702	185	18	was	be	AUX
cblr-1702	185	19	a	a	DET
cblr-1702	185	20	critical	critical	ADJ
cblr-1702	185	21	factor	factor	NOUN
cblr-1702	185	22	repeated	repeat	VERB
cblr-1702	185	23	throughout	throughout	ADP
cblr-1702	185	24	the	the	DET
cblr-1702	185	25	sec	sec	PROPN
cblr-1702	185	26	’s	’s	PART
cblr-1702	185	27	report	report	NOUN
cblr-1702	185	28	.	.	PUNCT
cblr-1702	186	1	see	see	VERB
cblr-1702	186	2	generally	generally	ADV
cblr-1702	186	3	munchee	munchee	PROPN
cblr-1702	186	4	inc	inc	PROPN
cblr-1702	186	5	.	.	PROPN
cblr-1702	186	6	,	,	PUNCT
cblr-1702	186	7	supra	supra	PROPN
cblr-1702	186	8	note	note	NOUN
cblr-1702	186	9	9	9	NUM
cblr-1702	186	10	.	.	X
cblr-1702	186	11	55	55	NUM
cblr-1702	186	12	storj	storj	NOUN
cblr-1702	186	13	labs	labs	PROPN
cblr-1702	186	14	(	(	PUNCT
cblr-1702	186	15	bvi	bvi	PROPN
cblr-1702	186	16	)	)	PUNCT
cblr-1702	186	17	ltd	ltd	PROPN
cblr-1702	186	18	.	.	PUNCT
cblr-1702	186	19	terms	term	NOUN
cblr-1702	186	20	of	of	ADP
cblr-1702	186	21	token	token	ADJ
cblr-1702	186	22	sale	sale	NOUN
cblr-1702	186	23	,	,	PUNCT
cblr-1702	186	24	supra	supra	PROPN
cblr-1702	186	25	note	note	NOUN
cblr-1702	186	26	53	53	NUM
cblr-1702	186	27	,	,	PUNCT
cblr-1702	186	28	at	at	ADP
cblr-1702	186	29	1	1	NUM
cblr-1702	186	30	.	.	X
cblr-1702	186	31	56	56	NUM
cblr-1702	186	32	united	united	ADJ
cblr-1702	186	33	hous	hous	PROPN
cblr-1702	186	34	.	.	PUNCT
cblr-1702	187	1	found	find	VERB
cblr-1702	187	2	.	.	PROPN
cblr-1702	187	3	,	,	PUNCT
cblr-1702	187	4	inc	inc	PROPN
cblr-1702	187	5	.	.	PROPN
cblr-1702	187	6	v.	v.	PROPN
cblr-1702	187	7	forman	forman	PROPN
cblr-1702	187	8	,	,	PUNCT
cblr-1702	187	9	421	421	NUM
cblr-1702	187	10	u.s	u.s	PROPN
cblr-1702	187	11	.	.	PROPN
cblr-1702	187	12	837	837	NUM
cblr-1702	187	13	,	,	PUNCT
cblr-1702	187	14	858	858	NUM
cblr-1702	187	15	(	(	PUNCT
cblr-1702	187	16	1975	1975	NUM
cblr-1702	187	17	)	)	PUNCT
cblr-1702	187	18	;	;	PUNCT
cblr-1702	187	19	sec	sec	PROPN
cblr-1702	187	20	v.	v.	PROPN
cblr-1702	187	21	w.j	w.j	PROPN
cblr-1702	187	22	.	.	PROPN
cblr-1702	187	23	howey	howey	PROPN
cblr-1702	187	24	co.	co.	PROPN
cblr-1702	187	25	,	,	PUNCT
cblr-1702	187	26	328	328	NUM
cblr-1702	187	27	u.s	u.s	PROPN
cblr-1702	187	28	.	.	PROPN
cblr-1702	187	29	293	293	NUM
cblr-1702	187	30	(	(	PUNCT
cblr-1702	187	31	1946	1946	NUM
cblr-1702	187	32	)	)	PUNCT
cblr-1702	187	33	.	.	PUNCT
cblr-1702	188	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	188	2	630	630	NUM
cblr-1702	188	3	columbia	columbia	PROPN
cblr-1702	188	4	business	business	NOUN
cblr-1702	188	5	law	law	PROPN
cblr-1702	188	6	review	review	NOUN
cblr-1702	188	7	[	[	X
cblr-1702	188	8	vol	vol	NOUN
cblr-1702	188	9	.	.	NOUN
cblr-1702	188	10	2018	2018	NUM
cblr-1702	188	11	solicits	solicit	VERB
cblr-1702	188	12	the	the	DET
cblr-1702	188	13	storj	storj	NOUN
cblr-1702	188	14	token	token	VERB
cblr-1702	188	15	as	as	ADP
cblr-1702	188	16	a	a	DET
cblr-1702	188	17	means	means	NOUN
cblr-1702	188	18	of	of	ADP
cblr-1702	188	19	engaging	engage	VERB
cblr-1702	188	20	in	in	ADP
cblr-1702	188	21	the	the	DET
cblr-1702	188	22	storj	storj	NOUN
cblr-1702	188	23	blockchain.57	blockchain.57	NOUN
cblr-1702	188	24	there	there	PRON
cblr-1702	188	25	may	may	AUX
cblr-1702	188	26	be	be	AUX
cblr-1702	188	27	derivative	derivative	ADJ
cblr-1702	188	28	profits	profit	NOUN
cblr-1702	188	29	based	base	VERB
cblr-1702	188	30	on	on	ADP
cblr-1702	188	31	the	the	DET
cblr-1702	188	32	holder	holder	NOUN
cblr-1702	188	33	’s	’s	PART
cblr-1702	188	34	actual	actual	ADJ
cblr-1702	188	35	use	use	NOUN
cblr-1702	188	36	of	of	ADP
cblr-1702	188	37	the	the	DET
cblr-1702	188	38	storj	storj	NOUN
cblr-1702	188	39	token	token	VERB
cblr-1702	188	40	,	,	PUNCT
cblr-1702	188	41	but	but	CCONJ
cblr-1702	188	42	the	the	DET
cblr-1702	188	43	howey	howey	PROPN
cblr-1702	188	44	test	test	NOUN
cblr-1702	188	45	refers	refer	VERB
cblr-1702	188	46	to	to	ADP
cblr-1702	188	47	“	"	PUNCT
cblr-1702	188	48	profits	profit	NOUN
cblr-1702	188	49	that	that	PRON
cblr-1702	188	50	investors	investor	NOUN
cblr-1702	188	51	seek	seek	VERB
cblr-1702	188	52	on	on	ADP
cblr-1702	188	53	their	their	PRON
cblr-1702	188	54	investment	investment	NOUN
cblr-1702	188	55	,	,	PUNCT
cblr-1702	188	56	not	not	PART
cblr-1702	188	57	the	the	DET
cblr-1702	188	58	profits	profit	NOUN
cblr-1702	188	59	of	of	ADP
cblr-1702	188	60	the	the	DET
cblr-1702	188	61	scheme	scheme	NOUN
cblr-1702	188	62	in	in	ADP
cblr-1702	188	63	which	which	PRON
cblr-1702	188	64	they	they	PRON
cblr-1702	188	65	invest	invest	VERB
cblr-1702	188	66	.	.	PUNCT
cblr-1702	189	1	”58	”58	PROPN
cblr-1702	189	2	there	there	PRON
cblr-1702	189	3	are	be	VERB
cblr-1702	189	4	no	no	DET
cblr-1702	189	5	direct	direct	ADJ
cblr-1702	189	6	returns	return	NOUN
cblr-1702	189	7	from	from	ADP
cblr-1702	189	8	an	an	DET
cblr-1702	189	9	investment	investment	NOUN
cblr-1702	189	10	in	in	ADP
cblr-1702	189	11	the	the	DET
cblr-1702	189	12	performance	performance	NOUN
cblr-1702	189	13	of	of	ADP
cblr-1702	189	14	storj	storj	NOUN
cblr-1702	189	15	as	as	ADP
cblr-1702	189	16	a	a	DET
cblr-1702	189	17	company	company	NOUN
cblr-1702	189	18	,	,	PUNCT
cblr-1702	189	19	like	like	ADP
cblr-1702	189	20	a	a	DET
cblr-1702	189	21	dividend	dividend	NOUN
cblr-1702	189	22	or	or	CCONJ
cblr-1702	189	23	some	some	DET
cblr-1702	189	24	other	other	ADJ
cblr-1702	189	25	profit	profit	NOUN
cblr-1702	189	26	share	share	NOUN
cblr-1702	189	27	.	.	PUNCT
cblr-1702	190	1	a	a	DET
cblr-1702	190	2	token	token	ADJ
cblr-1702	190	3	holder	holder	NOUN
cblr-1702	190	4	must	must	AUX
cblr-1702	190	5	purchase	purchase	VERB
cblr-1702	190	6	storj	storj	NOUN
cblr-1702	190	7	tokens	token	NOUN
cblr-1702	190	8	,	,	PUNCT
cblr-1702	190	9	then	then	ADV
cblr-1702	190	10	create	create	VERB
cblr-1702	190	11	and	and	CCONJ
cblr-1702	190	12	provide	provide	VERB
cblr-1702	190	13	storage	storage	NOUN
cblr-1702	190	14	space	space	NOUN
cblr-1702	190	15	and	and	CCONJ
cblr-1702	190	16	a	a	DET
cblr-1702	190	17	consistent	consistent	ADJ
cblr-1702	190	18	internet	internet	NOUN
cblr-1702	190	19	connection	connection	NOUN
cblr-1702	190	20	in	in	ADP
cblr-1702	190	21	order	order	NOUN
cblr-1702	190	22	to	to	PART
cblr-1702	190	23	profit	profit	VERB
cblr-1702	190	24	;	;	PUNCT
cblr-1702	190	25	returns	return	NOUN
cblr-1702	190	26	come	come	VERB
cblr-1702	190	27	from	from	ADP
cblr-1702	190	28	the	the	DET
cblr-1702	190	29	amount	amount	NOUN
cblr-1702	190	30	of	of	ADP
cblr-1702	190	31	storage	storage	NOUN
cblr-1702	190	32	contributed	contribute	VERB
cblr-1702	190	33	by	by	ADP
cblr-1702	190	34	the	the	DET
cblr-1702	190	35	token	token	NOUN
cblr-1702	190	36	-	-	PUNCT
cblr-1702	190	37	holder	holder	NOUN
cblr-1702	190	38	,	,	PUNCT
cblr-1702	190	39	not	not	PART
cblr-1702	190	40	the	the	DET
cblr-1702	190	41	amount	amount	NOUN
cblr-1702	190	42	of	of	ADP
cblr-1702	190	43	storj	storj	NOUN
cblr-1702	190	44	tokens	token	NOUN
cblr-1702	190	45	owned.59	owned.59	VERB
cblr-1702	190	46	the	the	DET
cblr-1702	190	47	fourth	fourth	ADJ
cblr-1702	190	48	factor	factor	NOUN
cblr-1702	190	49	of	of	ADP
cblr-1702	190	50	the	the	DET
cblr-1702	190	51	howey	howey	PROPN
cblr-1702	190	52	test	test	PROPN
cblr-1702	190	53	also	also	ADV
cblr-1702	190	54	fails	fail	VERB
cblr-1702	190	55	to	to	PART
cblr-1702	190	56	paint	paint	VERB
cblr-1702	190	57	a	a	DET
cblr-1702	190	58	storj	storj	NOUN
cblr-1702	190	59	token	token	VERB
cblr-1702	190	60	as	as	ADP
cblr-1702	190	61	a	a	DET
cblr-1702	190	62	security	security	NOUN
cblr-1702	190	63	.	.	PUNCT
cblr-1702	191	1	any	any	DET
cblr-1702	191	2	profits	profit	NOUN
cblr-1702	191	3	derived	derive	VERB
cblr-1702	191	4	from	from	ADP
cblr-1702	191	5	the	the	DET
cblr-1702	191	6	storj	storj	NOUN
cblr-1702	191	7	token	token	PROPN
cblr-1702	191	8	is	be	AUX
cblr-1702	191	9	earned	earn	VERB
cblr-1702	191	10	by	by	ADP
cblr-1702	191	11	user	user	NOUN
cblr-1702	191	12	participation	participation	NOUN
cblr-1702	191	13	in	in	ADP
cblr-1702	191	14	the	the	DET
cblr-1702	191	15	blockchain	blockchain	NOUN
cblr-1702	191	16	,	,	PUNCT
cblr-1702	191	17	not	not	PART
cblr-1702	191	18	“	"	PUNCT
cblr-1702	191	19	predominately	predominately	ADV
cblr-1702	191	20	”	"	PUNCT
cblr-1702	191	21	from	from	ADP
cblr-1702	191	22	the	the	DET
cblr-1702	191	23	efforts	effort	NOUN
cblr-1702	191	24	of	of	ADP
cblr-1702	191	25	the	the	DET
cblr-1702	191	26	storj	storj	NOUN
cblr-1702	191	27	promoters	promoter	NOUN
cblr-1702	191	28	or	or	CCONJ
cblr-1702	191	29	third	third	ADJ
cblr-1702	191	30	parties.60	parties.60	PROPN
cblr-1702	191	31	if	if	SCONJ
cblr-1702	191	32	a	a	DET
cblr-1702	191	33	token	token	ADJ
cblr-1702	191	34	holder	holder	NOUN
cblr-1702	191	35	does	do	VERB
cblr-1702	191	36	nothing	nothing	PRON
cblr-1702	191	37	with	with	ADP
cblr-1702	191	38	his	his	PRON
cblr-1702	191	39	token	token	NOUN
cblr-1702	191	40	,	,	PUNCT
cblr-1702	191	41	there	there	PRON
cblr-1702	191	42	will	will	AUX
cblr-1702	191	43	never	never	ADV
cblr-1702	191	44	be	be	AUX
cblr-1702	191	45	an	an	DET
cblr-1702	191	46	expectation	expectation	NOUN
cblr-1702	191	47	to	to	PART
cblr-1702	191	48	profit	profit	VERB
cblr-1702	191	49	.	.	PUNCT
cblr-1702	192	1	in	in	ADP
cblr-1702	192	2	fact	fact	NOUN
cblr-1702	192	3	,	,	PUNCT
cblr-1702	192	4	the	the	DET
cblr-1702	192	5	holder	holder	NOUN
cblr-1702	192	6	may	may	AUX
cblr-1702	192	7	consume	consume	VERB
cblr-1702	192	8	all	all	DET
cblr-1702	192	9	tokens	token	NOUN
cblr-1702	192	10	by	by	ADP
cblr-1702	192	11	purchasing	purchase	VERB
cblr-1702	192	12	storage	storage	NOUN
cblr-1702	192	13	space	space	NOUN
cblr-1702	192	14	with	with	ADP
cblr-1702	192	15	them	they	PRON
cblr-1702	192	16	.	.	PUNCT
cblr-1702	193	1	the	the	DET
cblr-1702	193	2	storj	storj	NOUN
cblr-1702	193	3	developers	developer	NOUN
cblr-1702	193	4	have	have	AUX
cblr-1702	193	5	simply	simply	ADV
cblr-1702	193	6	created	create	VERB
cblr-1702	193	7	a	a	DET
cblr-1702	193	8	platform	platform	NOUN
cblr-1702	193	9	,	,	PUNCT
cblr-1702	193	10	and	and	CCONJ
cblr-1702	193	11	the	the	DET
cblr-1702	193	12	token	token	ADJ
cblr-1702	193	13	holders	holder	NOUN
cblr-1702	193	14	are	be	AUX
cblr-1702	193	15	members	member	NOUN
cblr-1702	193	16	of	of	ADP
cblr-1702	193	17	the	the	DET
cblr-1702	193	18	network	network	NOUN
cblr-1702	193	19	who	who	PRON
cblr-1702	193	20	are	be	AUX
cblr-1702	193	21	free	free	ADJ
cblr-1702	193	22	to	to	PART
cblr-1702	193	23	profit	profit	VERB
cblr-1702	193	24	or	or	CCONJ
cblr-1702	193	25	purchase	purchase	NOUN
cblr-1702	193	26	based	base	VERB
cblr-1702	193	27	on	on	ADP
cblr-1702	193	28	their	their	PRON
cblr-1702	193	29	own	own	ADJ
cblr-1702	193	30	agenda	agenda	NOUN
cblr-1702	193	31	.	.	PUNCT
cblr-1702	194	1	it	it	PRON
cblr-1702	194	2	is	be	AUX
cblr-1702	194	3	possible	possible	ADJ
cblr-1702	194	4	that	that	SCONJ
cblr-1702	194	5	a	a	DET
cblr-1702	194	6	secondary	secondary	ADJ
cblr-1702	194	7	market	market	NOUN
cblr-1702	194	8	develops	develop	VERB
cblr-1702	194	9	in	in	ADP
cblr-1702	194	10	which	which	PRON
cblr-1702	194	11	token	token	ADJ
cblr-1702	194	12	holders	holder	NOUN
cblr-1702	194	13	can	can	AUX
cblr-1702	194	14	sell	sell	VERB
cblr-1702	194	15	their	their	PRON
cblr-1702	194	16	storj	storj	NOUN
cblr-1702	194	17	for	for	ADP
cblr-1702	194	18	bitcoin	bitcoin	ADJ
cblr-1702	194	19	or	or	CCONJ
cblr-1702	194	20	other	other	ADJ
cblr-1702	194	21	currencies	currency	NOUN
cblr-1702	194	22	at	at	ADP
cblr-1702	194	23	a	a	DET
cblr-1702	194	24	profit	profit	NOUN
cblr-1702	194	25	,	,	PUNCT
cblr-1702	194	26	but	but	CCONJ
cblr-1702	194	27	these	these	DET
cblr-1702	194	28	transactions	transaction	NOUN
cblr-1702	194	29	would	would	AUX
cblr-1702	194	30	be	be	AUX
cblr-1702	194	31	independent	independent	ADJ
cblr-1702	194	32	of	of	ADP
cblr-1702	194	33	the	the	DET
cblr-1702	194	34	initial	initial	ADJ
cblr-1702	194	35	offering	offering	NOUN
cblr-1702	194	36	of	of	ADP
cblr-1702	194	37	the	the	DET
cblr-1702	194	38	token	token	NOUN
cblr-1702	194	39	and	and	CCONJ
cblr-1702	194	40	there	there	PRON
cblr-1702	194	41	is	be	VERB
cblr-1702	194	42	no	no	DET
cblr-1702	194	43	promotion	promotion	NOUN
cblr-1702	194	44	or	or	CCONJ
cblr-1702	194	45	57	57	NUM
cblr-1702	194	46	storj	storj	NOUN
cblr-1702	194	47	labs	lab	NOUN
cblr-1702	194	48	(	(	PUNCT
cblr-1702	194	49	bvi	bvi	PROPN
cblr-1702	194	50	)	)	PUNCT
cblr-1702	194	51	ltd	ltd	PROPN
cblr-1702	194	52	.	.	PUNCT
cblr-1702	195	1	terms	term	NOUN
cblr-1702	195	2	of	of	ADP
cblr-1702	195	3	token	token	ADJ
cblr-1702	195	4	sale	sale	NOUN
cblr-1702	195	5	,	,	PUNCT
cblr-1702	195	6	supra	supra	PROPN
cblr-1702	195	7	note	note	NOUN
cblr-1702	195	8	53	53	NUM
cblr-1702	195	9	,	,	PUNCT
cblr-1702	195	10	at	at	ADP
cblr-1702	195	11	1	1	NUM
cblr-1702	195	12	(	(	PUNCT
cblr-1702	195	13	“	"	PUNCT
cblr-1702	195	14	the	the	DET
cblr-1702	195	15	purpose	purpose	NOUN
cblr-1702	195	16	of	of	ADP
cblr-1702	195	17	the	the	DET
cblr-1702	195	18	tokens	token	NOUN
cblr-1702	195	19	is	be	AUX
cblr-1702	195	20	to	to	PART
cblr-1702	195	21	facilitate	facilitate	VERB
cblr-1702	195	22	the	the	DET
cblr-1702	195	23	provision	provision	NOUN
cblr-1702	195	24	and	and	CCONJ
cblr-1702	195	25	receipt	receipt	NOUN
cblr-1702	195	26	of	of	ADP
cblr-1702	195	27	data	datum	NOUN
cblr-1702	195	28	storage	storage	NOUN
cblr-1702	195	29	and	and	CCONJ
cblr-1702	195	30	related	related	ADJ
cblr-1702	195	31	services	service	NOUN
cblr-1702	195	32	.	.	PUNCT
cblr-1702	195	33	.	.	PUNCT
cblr-1702	195	34	.	.	PUNCT
cblr-1702	196	1	.	.	PUNCT
cblr-1702	197	1	you	you	PRON
cblr-1702	197	2	understand	understand	VERB
cblr-1702	197	3	and	and	CCONJ
cblr-1702	197	4	accept	accept	VERB
cblr-1702	197	5	that	that	SCONJ
cblr-1702	197	6	tokens	token	NOUN
cblr-1702	197	7	do	do	AUX
cblr-1702	197	8	not	not	PART
cblr-1702	197	9	represent	represent	VERB
cblr-1702	197	10	or	or	CCONJ
cblr-1702	197	11	confer	confer	VERB
cblr-1702	197	12	.	.	PUNCT
cblr-1702	197	13	.	.	PUNCT
cblr-1702	197	14	.	.	PUNCT
cblr-1702	198	1	any	any	DET
cblr-1702	198	2	right	right	NOUN
cblr-1702	198	3	to	to	PART
cblr-1702	198	4	receive	receive	VERB
cblr-1702	198	5	future	future	ADJ
cblr-1702	198	6	revenue	revenue	NOUN
cblr-1702	198	7	shares	share	NOUN
cblr-1702	198	8	.	.	PUNCT
cblr-1702	198	9	.	.	PUNCT
cblr-1702	198	10	.	.	PUNCT
cblr-1702	198	11	.	.	PUNCT
cblr-1702	199	1	the	the	DET
cblr-1702	199	2	tokens	token	NOUN
cblr-1702	199	3	are	be	AUX
cblr-1702	199	4	not	not	PART
cblr-1702	199	5	intended	intend	VERB
cblr-1702	199	6	to	to	PART
cblr-1702	199	7	be	be	AUX
cblr-1702	199	8	a	a	DET
cblr-1702	199	9	digital	digital	ADJ
cblr-1702	199	10	currency	currency	NOUN
cblr-1702	199	11	,	,	PUNCT
cblr-1702	199	12	security	security	NOUN
cblr-1702	199	13	,	,	PUNCT
cblr-1702	199	14	commodity	commodity	NOUN
cblr-1702	199	15	or	or	CCONJ
cblr-1702	199	16	any	any	DET
cblr-1702	199	17	other	other	ADJ
cblr-1702	199	18	kind	kind	NOUN
cblr-1702	199	19	of	of	ADP
cblr-1702	199	20	financial	financial	ADJ
cblr-1702	199	21	instrument	instrument	NOUN
cblr-1702	199	22	.	.	PUNCT
cblr-1702	199	23	”	"	PUNCT
cblr-1702	199	24	)	)	PUNCT
cblr-1702	199	25	.	.	PUNCT
cblr-1702	200	1	58	58	NUM
cblr-1702	200	2	sec	sec	PROPN
cblr-1702	200	3	v.	v.	ADP
cblr-1702	200	4	edwards	edwards	PROPN
cblr-1702	200	5	,	,	PUNCT
cblr-1702	200	6	540	540	NUM
cblr-1702	200	7	u.s	u.s	PROPN
cblr-1702	200	8	.	.	PROPN
cblr-1702	200	9	389	389	NUM
cblr-1702	200	10	,	,	PUNCT
cblr-1702	200	11	394	394	NUM
cblr-1702	200	12	(	(	PUNCT
cblr-1702	200	13	2004	2004	NUM
cblr-1702	200	14	)	)	PUNCT
cblr-1702	200	15	.	.	PUNCT
cblr-1702	201	1	59	59	NUM
cblr-1702	201	2	it	it	PRON
cblr-1702	201	3	may	may	AUX
cblr-1702	201	4	be	be	AUX
cblr-1702	201	5	possible	possible	ADJ
cblr-1702	201	6	that	that	SCONJ
cblr-1702	201	7	secondary	secondary	ADJ
cblr-1702	201	8	market	market	NOUN
cblr-1702	201	9	trading	trading	NOUN
cblr-1702	201	10	could	could	AUX
cblr-1702	201	11	develop	develop	VERB
cblr-1702	201	12	and	and	CCONJ
cblr-1702	201	13	become	become	VERB
cblr-1702	201	14	profitable	profitable	ADJ
cblr-1702	201	15	for	for	ADP
cblr-1702	201	16	storj	storj	NOUN
cblr-1702	201	17	investors	investor	NOUN
cblr-1702	201	18	,	,	PUNCT
cblr-1702	201	19	based	base	VERB
cblr-1702	201	20	on	on	ADP
cblr-1702	201	21	demand	demand	NOUN
cblr-1702	201	22	for	for	ADP
cblr-1702	201	23	the	the	DET
cblr-1702	201	24	service	service	NOUN
cblr-1702	201	25	.	.	PUNCT
cblr-1702	202	1	however	however	ADV
cblr-1702	202	2	,	,	PUNCT
cblr-1702	202	3	the	the	DET
cblr-1702	202	4	positioning	positioning	NOUN
cblr-1702	202	5	and	and	CCONJ
cblr-1702	202	6	marketing	marketing	NOUN
cblr-1702	202	7	for	for	ADP
cblr-1702	202	8	why	why	SCONJ
cblr-1702	202	9	investors	investor	NOUN
cblr-1702	202	10	should	should	AUX
cblr-1702	202	11	buy	buy	VERB
cblr-1702	202	12	storj	storj	NOUN
cblr-1702	202	13	tokens	token	NOUN
cblr-1702	202	14	is	be	AUX
cblr-1702	202	15	not	not	PART
cblr-1702	202	16	to	to	PART
cblr-1702	202	17	receive	receive	VERB
cblr-1702	202	18	profit	profit	NOUN
cblr-1702	202	19	from	from	ADP
cblr-1702	202	20	trading	trading	NOUN
cblr-1702	202	21	,	,	PUNCT
cblr-1702	202	22	but	but	CCONJ
cblr-1702	202	23	to	to	PART
cblr-1702	202	24	buy	buy	VERB
cblr-1702	202	25	more	more	ADJ
cblr-1702	202	26	storage	storage	NOUN
cblr-1702	202	27	space	space	NOUN
cblr-1702	202	28	on	on	ADP
cblr-1702	202	29	other	other	ADJ
cblr-1702	202	30	user	user	NOUN
cblr-1702	202	31	’s	’s	PART
cblr-1702	202	32	disks	disk	NOUN
cblr-1702	202	33	.	.	PUNCT
cblr-1702	203	1	storj	storj	PROPN
cblr-1702	203	2	labs	labs	PROPN
cblr-1702	203	3	(	(	PUNCT
cblr-1702	203	4	bvi	bvi	PROPN
cblr-1702	203	5	)	)	PUNCT
cblr-1702	203	6	ltd	ltd	PROPN
cblr-1702	203	7	.	.	PUNCT
cblr-1702	203	8	terms	term	NOUN
cblr-1702	203	9	of	of	ADP
cblr-1702	203	10	token	token	ADJ
cblr-1702	203	11	sale	sale	NOUN
cblr-1702	203	12	,	,	PUNCT
cblr-1702	203	13	supra	supra	PROPN
cblr-1702	203	14	note	note	NOUN
cblr-1702	203	15	53	53	NUM
cblr-1702	203	16	.	.	PUNCT
cblr-1702	204	1	60	60	NUM
cblr-1702	204	2	sec	sec	PROPN
cblr-1702	204	3	v.	v.	ADP
cblr-1702	204	4	int’l	int’l	NUM
cblr-1702	204	5	loan	loan	NOUN
cblr-1702	204	6	network	network	NOUN
cblr-1702	204	7	,	,	PUNCT
cblr-1702	204	8	inc	inc	PROPN
cblr-1702	204	9	.	.	PROPN
cblr-1702	204	10	,	,	PUNCT
cblr-1702	204	11	968	968	NUM
cblr-1702	204	12	f.2d	f.2d	NOUN
cblr-1702	204	13	1304	1304	NUM
cblr-1702	204	14	,	,	PUNCT
cblr-1702	204	15	1308	1308	NUM
cblr-1702	204	16	(	(	PUNCT
cblr-1702	204	17	d.c	d.c	PROPN
cblr-1702	204	18	.	.	PROPN
cblr-1702	204	19	cir	cir	PROPN
cblr-1702	204	20	.	.	PROPN
cblr-1702	204	21	1992	1992	NUM
cblr-1702	204	22	)	)	PUNCT
cblr-1702	204	23	.	.	PUNCT
cblr-1702	205	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	205	2	no	no	NOUN
cblr-1702	205	3	.	.	PUNCT
cblr-1702	206	1	2:617	2:617	NUM
cblr-1702	206	2	]	]	X
cblr-1702	206	3	ico	ico	PROPN
cblr-1702	206	4	’s	’s	PART
cblr-1702	206	5	,	,	PUNCT
cblr-1702	206	6	dao	dao	VERB
cblr-1702	206	7	’s	’s	ADV
cblr-1702	206	8	,	,	PUNCT
cblr-1702	206	9	and	and	CCONJ
cblr-1702	206	10	the	the	DET
cblr-1702	206	11	sec	sec	PROPN
cblr-1702	206	12	631	631	NUM
cblr-1702	206	13	marketing	marketing	NOUN
cblr-1702	206	14	by	by	ADP
cblr-1702	206	15	storj	storj	NOUN
cblr-1702	206	16	claiming	claim	VERB
cblr-1702	206	17	that	that	SCONJ
cblr-1702	206	18	this	this	DET
cblr-1702	206	19	practice	practice	NOUN
cblr-1702	206	20	would	would	AUX
cblr-1702	206	21	be	be	AUX
cblr-1702	206	22	profitable	profitable	ADJ
cblr-1702	206	23	.	.	PUNCT
cblr-1702	207	1	so	so	ADV
cblr-1702	207	2	,	,	PUNCT
cblr-1702	207	3	any	any	DET
cblr-1702	207	4	regulation	regulation	NOUN
cblr-1702	207	5	thereof	thereof	ADV
cblr-1702	207	6	would	would	AUX
cblr-1702	207	7	be	be	AUX
cblr-1702	207	8	derivative	derivative	ADJ
cblr-1702	207	9	(	(	PUNCT
cblr-1702	207	10	and	and	CCONJ
cblr-1702	207	11	outside	outside	ADP
cblr-1702	207	12	the	the	DET
cblr-1702	207	13	scope	scope	NOUN
cblr-1702	207	14	of	of	ADP
cblr-1702	207	15	this	this	DET
cblr-1702	207	16	note	note	NOUN
cblr-1702	207	17	)	)	PUNCT
cblr-1702	207	18	.	.	PUNCT
cblr-1702	208	1	the	the	DET
cblr-1702	208	2	utility	utility	NOUN
cblr-1702	208	3	token	token	VERB
cblr-1702	208	4	model	model	NOUN
cblr-1702	208	5	,	,	PUNCT
cblr-1702	208	6	as	as	SCONJ
cblr-1702	208	7	represented	represent	VERB
cblr-1702	208	8	by	by	ADP
cblr-1702	208	9	storj	storj	PROPN
cblr-1702	208	10	,	,	PUNCT
cblr-1702	208	11	is	be	AUX
cblr-1702	208	12	analogous	analogous	ADJ
cblr-1702	208	13	to	to	ADP
cblr-1702	208	14	the	the	DET
cblr-1702	208	15	franchise	franchise	NOUN
cblr-1702	208	16	business	business	NOUN
cblr-1702	208	17	model	model	NOUN
cblr-1702	208	18	.	.	PUNCT
cblr-1702	209	1	investors	investor	NOUN
cblr-1702	209	2	pay	pay	VERB
cblr-1702	209	3	storj	storj	NOUN
cblr-1702	209	4	for	for	ADP
cblr-1702	209	5	the	the	DET
cblr-1702	209	6	right	right	NOUN
cblr-1702	209	7	to	to	PART
cblr-1702	209	8	use	use	VERB
cblr-1702	209	9	the	the	DET
cblr-1702	209	10	storj	storj	NOUN
cblr-1702	209	11	platform	platform	NOUN
cblr-1702	209	12	to	to	PART
cblr-1702	209	13	buy	buy	VERB
cblr-1702	209	14	and	and	CCONJ
cblr-1702	209	15	sell	sell	VERB
cblr-1702	209	16	their	their	PRON
cblr-1702	209	17	own	own	ADJ
cblr-1702	209	18	file	file	NOUN
cblr-1702	209	19	storage	storage	NOUN
cblr-1702	209	20	space	space	NOUN
cblr-1702	209	21	.	.	PUNCT
cblr-1702	210	1	token	token	ADJ
cblr-1702	210	2	holders	holder	NOUN
cblr-1702	210	3	are	be	AUX
cblr-1702	210	4	responsible	responsible	ADJ
cblr-1702	210	5	for	for	ADP
cblr-1702	210	6	their	their	PRON
cblr-1702	210	7	own	own	ADJ
cblr-1702	210	8	internet	internet	NOUN
cblr-1702	210	9	connection	connection	NOUN
cblr-1702	210	10	,	,	PUNCT
cblr-1702	210	11	their	their	PRON
cblr-1702	210	12	own	own	ADJ
cblr-1702	210	13	hardware	hardware	NOUN
cblr-1702	210	14	,	,	PUNCT
cblr-1702	210	15	their	their	PRON
cblr-1702	210	16	own	own	ADJ
cblr-1702	210	17	taxes	taxis	NOUN
cblr-1702	210	18	,	,	PUNCT
cblr-1702	210	19	and	and	CCONJ
cblr-1702	210	20	ultimately	ultimately	ADV
cblr-1702	210	21	,	,	PUNCT
cblr-1702	210	22	how	how	SCONJ
cblr-1702	210	23	much	much	ADJ
cblr-1702	210	24	profit	profit	NOUN
cblr-1702	210	25	they	they	PRON
cblr-1702	210	26	can	can	AUX
cblr-1702	210	27	earn	earn	VERB
cblr-1702	210	28	.	.	PUNCT
cblr-1702	211	1	crowley	crowley	PROPN
cblr-1702	211	2	v.	v.	PROPN
cblr-1702	211	3	montgomery	montgomery	PROPN
cblr-1702	211	4	ward	ward	PROPN
cblr-1702	211	5	&	&	CCONJ
cblr-1702	211	6	co.61	co.61	PROPN
cblr-1702	211	7	and	and	CCONJ
cblr-1702	211	8	sec	sec	PROPN
cblr-1702	211	9	v.	v.	ADP
cblr-1702	211	10	aqua	aqua	NOUN
cblr-1702	211	11	-	-	PUNCT
cblr-1702	211	12	sonic	sonic	ADJ
cblr-1702	211	13	products	product	NOUN
cblr-1702	211	14	corp.62	corp.62	NOUN
cblr-1702	211	15	dealt	deal	VERB
cblr-1702	211	16	with	with	ADP
cblr-1702	211	17	how	how	SCONJ
cblr-1702	211	18	to	to	PART
cblr-1702	211	19	evaluate	evaluate	VERB
cblr-1702	211	20	franchise	franchise	NOUN
cblr-1702	211	21	agreements	agreement	NOUN
cblr-1702	211	22	as	as	ADP
cblr-1702	211	23	investment	investment	NOUN
cblr-1702	211	24	contracts	contract	NOUN
cblr-1702	211	25	.	.	PUNCT
cblr-1702	212	1	in	in	ADP
cblr-1702	212	2	the	the	DET
cblr-1702	212	3	first	first	ADJ
cblr-1702	212	4	case	case	NOUN
cblr-1702	212	5	,	,	PUNCT
cblr-1702	212	6	the	the	DET
cblr-1702	212	7	“	"	PUNCT
cblr-1702	212	8	contributions	contribution	NOUN
cblr-1702	212	9	of	of	ADP
cblr-1702	212	10	franchisees	franchisee	NOUN
cblr-1702	212	11	significantly	significantly	ADV
cblr-1702	212	12	and	and	CCONJ
cblr-1702	212	13	substantially	substantially	ADV
cblr-1702	212	14	affect[ed	affect[ed	VERB
cblr-1702	212	15	]	]	PUNCT
cblr-1702	212	16	the	the	DET
cblr-1702	212	17	profits	profit	NOUN
cblr-1702	212	18	expected	expect	VERB
cblr-1702	212	19	from	from	ADP
cblr-1702	212	20	the	the	DET
cblr-1702	212	21	enterprise	enterprise	NOUN
cblr-1702	212	22	,	,	PUNCT
cblr-1702	212	23	”	"	PUNCT
cblr-1702	212	24	and	and	CCONJ
cblr-1702	212	25	so	so	ADV
cblr-1702	212	26	the	the	DET
cblr-1702	212	27	franchise	franchise	NOUN
cblr-1702	212	28	agreement	agreement	NOUN
cblr-1702	212	29	was	be	AUX
cblr-1702	212	30	not	not	PART
cblr-1702	212	31	a	a	DET
cblr-1702	212	32	security.63	security.63	NOUN
cblr-1702	212	33	conversely	conversely	ADV
cblr-1702	212	34	,	,	PUNCT
cblr-1702	212	35	the	the	DET
cblr-1702	212	36	economic	economic	ADJ
cblr-1702	212	37	reality	reality	NOUN
cblr-1702	212	38	of	of	ADP
cblr-1702	212	39	aqua	aqua	NOUN
cblr-1702	212	40	-	-	PUNCT
cblr-1702	212	41	sonic	sonic	ADJ
cblr-1702	212	42	products	products	PROPN
cblr-1702	212	43	corp	corp	PROPN
cblr-1702	212	44	.	.	PROPN
cblr-1702	212	45	was	be	AUX
cblr-1702	212	46	that	that	SCONJ
cblr-1702	212	47	the	the	DET
cblr-1702	212	48	licensees	licensee	NOUN
cblr-1702	212	49	had	have	VERB
cblr-1702	212	50	no	no	DET
cblr-1702	212	51	sales	sale	NOUN
cblr-1702	212	52	experience	experience	NOUN
cblr-1702	212	53	and	and	CCONJ
cblr-1702	212	54	very	very	ADV
cblr-1702	212	55	little	little	ADJ
cblr-1702	212	56	,	,	PUNCT
cblr-1702	212	57	if	if	SCONJ
cblr-1702	212	58	any	any	PRON
cblr-1702	212	59	,	,	PUNCT
cblr-1702	212	60	actual	actual	ADJ
cblr-1702	212	61	ability	ability	NOUN
cblr-1702	212	62	to	to	PART
cblr-1702	212	63	control	control	VERB
cblr-1702	212	64	their	their	PRON
cblr-1702	212	65	sales.64	sales.64	NOUN
cblr-1702	212	66	the	the	DET
cblr-1702	212	67	utility	utility	NOUN
cblr-1702	212	68	token	token	VERB
cblr-1702	212	69	model	model	NOUN
cblr-1702	212	70	falls	fall	VERB
cblr-1702	212	71	closer	close	ADV
cblr-1702	212	72	to	to	ADP
cblr-1702	212	73	the	the	DET
cblr-1702	212	74	montgomery	montgomery	PROPN
cblr-1702	212	75	ward	ward	PROPN
cblr-1702	212	76	co.	co.	PROPN
cblr-1702	212	77	end	end	NOUN
cblr-1702	212	78	of	of	ADP
cblr-1702	212	79	the	the	DET
cblr-1702	212	80	franchise	franchise	NOUN
cblr-1702	212	81	spectrum	spectrum	NOUN
cblr-1702	212	82	,	,	PUNCT
cblr-1702	212	83	in	in	SCONJ
cblr-1702	212	84	that	that	SCONJ
cblr-1702	212	85	the	the	DET
cblr-1702	212	86	profits	profit	NOUN
cblr-1702	212	87	expected	expect	VERB
cblr-1702	212	88	by	by	ADP
cblr-1702	212	89	a	a	DET
cblr-1702	212	90	token	token	ADJ
cblr-1702	212	91	holders	holder	NOUN
cblr-1702	212	92	vary	vary	VERB
cblr-1702	212	93	in	in	ADP
cblr-1702	212	94	proportion	proportion	NOUN
cblr-1702	212	95	to	to	ADP
cblr-1702	212	96	their	their	PRON
cblr-1702	212	97	contribution	contribution	NOUN
cblr-1702	212	98	to	to	ADP
cblr-1702	212	99	the	the	DET
cblr-1702	212	100	network	network	NOUN
cblr-1702	212	101	,	,	PUNCT
cblr-1702	212	102	rather	rather	ADV
cblr-1702	212	103	than	than	ADP
cblr-1702	212	104	by	by	ADP
cblr-1702	212	105	the	the	DET
cblr-1702	212	106	number	number	NOUN
cblr-1702	212	107	of	of	ADP
cblr-1702	212	108	tokens	token	NOUN
cblr-1702	212	109	they	they	PRON
cblr-1702	212	110	hold	hold	VERB
cblr-1702	212	111	.	.	PUNCT
cblr-1702	213	1	i.	i.	PROPN
cblr-1702	213	2	differentiating	differentiate	VERB
cblr-1702	213	3	pre	pre	ADJ
cblr-1702	213	4	-	-	ADJ
cblr-1702	213	5	functional	functional	ADJ
cblr-1702	213	6	utility	utility	NOUN
cblr-1702	213	7	tokens	token	NOUN
cblr-1702	213	8	by	by	ADP
cblr-1702	213	9	marketing	market	VERB
cblr-1702	213	10	messages	message	NOUN
cblr-1702	213	11	in	in	ADP
cblr-1702	213	12	december	december	PROPN
cblr-1702	213	13	of	of	ADP
cblr-1702	213	14	2017	2017	NUM
cblr-1702	213	15	,	,	PUNCT
cblr-1702	213	16	in	in	ADP
cblr-1702	213	17	its	its	PRON
cblr-1702	213	18	biggest	big	ADJ
cblr-1702	213	19	ico	ico	NOUN
cblr-1702	213	20	action	action	NOUN
cblr-1702	213	21	since	since	SCONJ
cblr-1702	213	22	the	the	DET
cblr-1702	213	23	dao	dao	PROPN
cblr-1702	213	24	report	report	NOUN
cblr-1702	213	25	,	,	PUNCT
cblr-1702	213	26	the	the	DET
cblr-1702	213	27	sec	sec	PROPN
cblr-1702	213	28	ordered	order	VERB
cblr-1702	213	29	the	the	DET
cblr-1702	213	30	california	california	PROPN
cblr-1702	213	31	-	-	PUNCT
cblr-1702	213	32	based	base	VERB
cblr-1702	213	33	app	app	NOUN
cblr-1702	213	34	developer	developer	NOUN
cblr-1702	213	35	munchee	munchee	NOUN
cblr-1702	213	36	to	to	PART
cblr-1702	213	37	cease	cease	VERB
cblr-1702	213	38	its	its	PRON
cblr-1702	213	39	ico	ico	NOUN
cblr-1702	213	40	and	and	CCONJ
cblr-1702	213	41	return	return	VERB
cblr-1702	213	42	funds	fund	NOUN
cblr-1702	213	43	to	to	ADP
cblr-1702	213	44	investors.65	investors.65	NOUN
cblr-1702	213	45	the	the	DET
cblr-1702	213	46	munchee	munchee	NOUN
cblr-1702	213	47	token	token	VERB
cblr-1702	213	48	can	can	AUX
cblr-1702	213	49	be	be	AUX
cblr-1702	213	50	classified	classify	VERB
cblr-1702	213	51	as	as	ADP
cblr-1702	213	52	a	a	DET
cblr-1702	213	53	utility	utility	NOUN
cblr-1702	213	54	token	token	VERB
cblr-1702	213	55	,	,	PUNCT
cblr-1702	213	56	as	as	SCONJ
cblr-1702	213	57	its	its	PRON
cblr-1702	213	58	function	function	NOUN
cblr-1702	213	59	was	be	AUX
cblr-1702	213	60	to	to	PART
cblr-1702	213	61	facilitate	facilitate	VERB
cblr-1702	213	62	payments	payment	NOUN
cblr-1702	213	63	for	for	ADP
cblr-1702	213	64	advertising	advertising	NOUN
cblr-1702	213	65	and	and	CCONJ
cblr-1702	213	66	reward	reward	VERB
cblr-1702	213	67	users	user	NOUN
cblr-1702	213	68	for	for	ADP
cblr-1702	213	69	posting	post	VERB
cblr-1702	213	70	restaurant	restaurant	NOUN
cblr-1702	213	71	reviews	review	NOUN
cblr-1702	213	72	in	in	ADP
cblr-1702	213	73	the	the	DET
cblr-1702	213	74	munchee	munchee	NOUN
cblr-1702	213	75	restaurant	restaurant	NOUN
cblr-1702	213	76	-	-	PUNCT
cblr-1702	213	77	review	review	NOUN
cblr-1702	213	78	app.66	app.66	ADP
cblr-1702	213	79	the	the	DET
cblr-1702	213	80	sec	sec	PROPN
cblr-1702	213	81	found	find	VERB
cblr-1702	213	82	this	this	DET
cblr-1702	213	83	61	61	NUM
cblr-1702	213	84	crowley	crowley	NOUN
cblr-1702	213	85	v.	v.	ADP
cblr-1702	213	86	montgomery	montgomery	PROPN
cblr-1702	213	87	ward	ward	PROPN
cblr-1702	213	88	&	&	CCONJ
cblr-1702	213	89	co.	co.	PROPN
cblr-1702	213	90	,	,	PUNCT
cblr-1702	213	91	570	570	NUM
cblr-1702	213	92	f.2d	f.2d	NOUN
cblr-1702	213	93	875	875	NUM
cblr-1702	213	94	(	(	PUNCT
cblr-1702	213	95	10th	10th	ADJ
cblr-1702	213	96	cir	cir	NOUN
cblr-1702	213	97	.	.	PUNCT
cblr-1702	213	98	1975	1975	NUM
cblr-1702	213	99	)	)	PUNCT
cblr-1702	213	100	.	.	PUNCT
cblr-1702	214	1	62	62	NUM
cblr-1702	214	2	sec	sec	PROPN
cblr-1702	214	3	v.	v.	ADP
cblr-1702	214	4	aqua	aqua	NOUN
cblr-1702	214	5	-	-	PUNCT
cblr-1702	214	6	sonic	sonic	ADJ
cblr-1702	214	7	products	products	PROPN
cblr-1702	214	8	corp	corp	PROPN
cblr-1702	214	9	.	.	PROPN
cblr-1702	214	10	,	,	PUNCT
cblr-1702	214	11	687	687	NUM
cblr-1702	214	12	f.2d	f.2d	NUM
cblr-1702	214	13	577	577	NUM
cblr-1702	214	14	(	(	PUNCT
cblr-1702	214	15	2d	2d	NUM
cblr-1702	214	16	cir	cir	NOUN
cblr-1702	214	17	.	.	PROPN
cblr-1702	214	18	1982	1982	NUM
cblr-1702	214	19	)	)	PUNCT
cblr-1702	214	20	.	.	PUNCT
cblr-1702	215	1	63	63	NUM
cblr-1702	215	2	crowley	crowley	NOUN
cblr-1702	215	3	,	,	PUNCT
cblr-1702	215	4	570	570	NUM
cblr-1702	215	5	f.2d	f.2d	X
cblr-1702	215	6	at	at	ADP
cblr-1702	215	7	881	881	NUM
cblr-1702	215	8	.	.	PUNCT
cblr-1702	215	9	64	64	NUM
cblr-1702	215	10	see	see	VERB
cblr-1702	215	11	aqua	aqua	NOUN
cblr-1702	215	12	-	-	PUNCT
cblr-1702	215	13	sonic	sonic	ADJ
cblr-1702	215	14	products	products	PROPN
cblr-1702	215	15	corp	corp	PROPN
cblr-1702	215	16	.	.	PROPN
cblr-1702	215	17	687	687	NUM
cblr-1702	215	18	f.2d	f.2d	NOUN
cblr-1702	215	19	at	at	ADP
cblr-1702	215	20	585	585	NUM
cblr-1702	215	21	.	.	PUNCT
cblr-1702	215	22	65	65	NUM
cblr-1702	215	23	munchee	munchee	PROPN
cblr-1702	215	24	inc	inc	PROPN
cblr-1702	215	25	.	.	PROPN
cblr-1702	215	26	,	,	PUNCT
cblr-1702	215	27	supra	supra	PROPN
cblr-1702	215	28	note	note	NOUN
cblr-1702	215	29	9	9	NUM
cblr-1702	215	30	.	.	NUM
cblr-1702	215	31	66	66	NUM
cblr-1702	216	1	i	i	PRON
cblr-1702	216	2	d.	d.	PROPN
cblr-1702	216	3	at	at	ADP
cblr-1702	216	4	4	4	NUM
cblr-1702	216	5	.	.	X
cblr-1702	216	6	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	216	7	632	632	NUM
cblr-1702	216	8	columbia	columbia	PROPN
cblr-1702	216	9	business	business	NOUN
cblr-1702	216	10	law	law	PROPN
cblr-1702	216	11	review	review	NOUN
cblr-1702	216	12	[	[	X
cblr-1702	216	13	vol	vol	NOUN
cblr-1702	216	14	.	.	PUNCT
cblr-1702	216	15	2018	2018	NUM
cblr-1702	216	16	ico	ico	PROPN
cblr-1702	216	17	to	to	PART
cblr-1702	216	18	be	be	AUX
cblr-1702	216	19	a	a	DET
cblr-1702	216	20	violation	violation	NOUN
cblr-1702	216	21	of	of	ADP
cblr-1702	216	22	section	section	NOUN
cblr-1702	216	23	5(a	5(a	NUM
cblr-1702	216	24	)	)	PUNCT
cblr-1702	216	25	of	of	ADP
cblr-1702	216	26	the	the	DET
cblr-1702	216	27	securities	security	NOUN
cblr-1702	216	28	act	act	NOUN
cblr-1702	216	29	by	by	ADP
cblr-1702	216	30	promoting	promote	VERB
cblr-1702	216	31	and	and	CCONJ
cblr-1702	216	32	selling	sell	VERB
cblr-1702	216	33	an	an	DET
cblr-1702	216	34	unregistered	unregistered	ADJ
cblr-1702	216	35	security.67	security.67	NOUN
cblr-1702	216	36	this	this	DET
cblr-1702	216	37	decision	decision	NOUN
cblr-1702	216	38	should	should	AUX
cblr-1702	216	39	be	be	AUX
cblr-1702	216	40	narrowly	narrowly	ADV
cblr-1702	216	41	read	read	VERB
cblr-1702	216	42	in	in	ADP
cblr-1702	216	43	regards	regard	NOUN
cblr-1702	216	44	to	to	ADP
cblr-1702	216	45	utility	utility	NOUN
cblr-1702	216	46	token	token	VERB
cblr-1702	216	47	icos	icos	PROPN
cblr-1702	216	48	,	,	PUNCT
cblr-1702	216	49	however	however	ADV
cblr-1702	216	50	,	,	PUNCT
cblr-1702	216	51	because	because	SCONJ
cblr-1702	216	52	the	the	DET
cblr-1702	216	53	token	token	NOUN
cblr-1702	216	54	did	do	AUX
cblr-1702	216	55	not	not	PART
cblr-1702	216	56	actually	actually	ADV
cblr-1702	216	57	offer	offer	VERB
cblr-1702	216	58	any	any	DET
cblr-1702	216	59	functionality	functionality	NOUN
cblr-1702	216	60	at	at	ADP
cblr-1702	216	61	the	the	DET
cblr-1702	216	62	time	time	NOUN
cblr-1702	216	63	of	of	ADP
cblr-1702	216	64	issuance	issuance	NOUN
cblr-1702	216	65	,	,	PUNCT
cblr-1702	216	66	and	and	CCONJ
cblr-1702	216	67	the	the	DET
cblr-1702	216	68	overwhelming	overwhelming	ADJ
cblr-1702	216	69	promotion	promotion	NOUN
cblr-1702	216	70	of	of	ADP
cblr-1702	216	71	the	the	DET
cblr-1702	216	72	token	token	NOUN
cblr-1702	216	73	was	be	AUX
cblr-1702	216	74	as	as	ADP
cblr-1702	216	75	a	a	DET
cblr-1702	216	76	vehicle	vehicle	NOUN
cblr-1702	216	77	for	for	ADP
cblr-1702	216	78	secondary	secondary	ADJ
cblr-1702	216	79	market	market	NOUN
cblr-1702	216	80	trading	trading	NOUN
cblr-1702	216	81	profits	profit	NOUN
cblr-1702	216	82	.	.	PUNCT
cblr-1702	217	1	these	these	DET
cblr-1702	217	2	two	two	NUM
cblr-1702	217	3	factors	factor	NOUN
cblr-1702	217	4	separate	separate	VERB
cblr-1702	217	5	the	the	DET
cblr-1702	217	6	munchee	munchee	NOUN
cblr-1702	217	7	token	token	VERB
cblr-1702	217	8	from	from	ADP
cblr-1702	217	9	many	many	ADJ
cblr-1702	217	10	other	other	ADJ
cblr-1702	217	11	utility	utility	NOUN
cblr-1702	217	12	tokens	token	NOUN
cblr-1702	217	13	.	.	PUNCT
cblr-1702	218	1	these	these	DET
cblr-1702	218	2	issues	issue	NOUN
cblr-1702	218	3	with	with	ADP
cblr-1702	218	4	the	the	DET
cblr-1702	218	5	munchee	munchee	NOUN
cblr-1702	218	6	ico	ico	PROPN
cblr-1702	218	7	differentiate	differentiate	VERB
cblr-1702	218	8	it	it	PRON
cblr-1702	218	9	from	from	ADP
cblr-1702	218	10	other	other	ADJ
cblr-1702	218	11	icos	icos	PROPN
cblr-1702	218	12	like	like	ADP
cblr-1702	218	13	storj	storj	NOUN
cblr-1702	218	14	in	in	ADP
cblr-1702	218	15	a	a	DET
cblr-1702	218	16	way	way	NOUN
cblr-1702	218	17	that	that	PRON
cblr-1702	218	18	skews	skew	VERB
cblr-1702	218	19	the	the	DET
cblr-1702	218	20	howey	howey	PROPN
cblr-1702	218	21	test	test	PROPN
cblr-1702	218	22	’s	’s	NOUN
cblr-1702	218	23	third	third	ADJ
cblr-1702	218	24	and	and	CCONJ
cblr-1702	218	25	fourth	fourth	ADJ
cblr-1702	218	26	factors	factor	NOUN
cblr-1702	218	27	(	(	PUNCT
cblr-1702	218	28	(	(	PUNCT
cblr-1702	218	29	3)the	3)the	NUM
cblr-1702	218	30	expectation	expectation	NOUN
cblr-1702	218	31	of	of	ADP
cblr-1702	218	32	profits	profit	NOUN
cblr-1702	218	33	derived	derive	VERB
cblr-1702	218	34	(	(	PUNCT
cblr-1702	218	35	4	4	NUM
cblr-1702	218	36	)	)	PUNCT
cblr-1702	218	37	from	from	ADP
cblr-1702	218	38	the	the	DET
cblr-1702	218	39	managerial	managerial	ADJ
cblr-1702	218	40	efforts	effort	NOUN
cblr-1702	218	41	of	of	ADP
cblr-1702	218	42	others	other	NOUN
cblr-1702	218	43	)	)	PUNCT
cblr-1702	218	44	against	against	ADP
cblr-1702	218	45	munchee	munchee	NOUN
cblr-1702	218	46	.	.	PUNCT
cblr-1702	219	1	while	while	SCONJ
cblr-1702	219	2	storj	storj	PROPN
cblr-1702	219	3	white	white	PROPN
cblr-1702	219	4	papers	paper	NOUN
cblr-1702	219	5	promote	promote	VERB
cblr-1702	219	6	the	the	DET
cblr-1702	219	7	storj	storj	NOUN
cblr-1702	219	8	token	token	VERB
cblr-1702	219	9	as	as	ADP
cblr-1702	219	10	a	a	DET
cblr-1702	219	11	means	means	NOUN
cblr-1702	219	12	to	to	PART
cblr-1702	219	13	engage	engage	VERB
cblr-1702	219	14	with	with	ADP
cblr-1702	219	15	storj	storj	NOUN
cblr-1702	219	16	services,68	services,68	PROPN
cblr-1702	219	17	munchee	munchee	PROPN
cblr-1702	219	18	explicitly	explicitly	ADV
cblr-1702	219	19	advertised	advertise	VERB
cblr-1702	219	20	the	the	DET
cblr-1702	219	21	prospect	prospect	NOUN
cblr-1702	219	22	of	of	ADP
cblr-1702	219	23	token	token	VERB
cblr-1702	219	24	-	-	PUNCT
cblr-1702	219	25	value	value	NOUN
cblr-1702	219	26	appreciation	appreciation	NOUN
cblr-1702	219	27	profits	profit	NOUN
cblr-1702	219	28	on	on	ADP
cblr-1702	219	29	secondary	secondary	ADJ
cblr-1702	219	30	markets.69	markets.69	PROPN
cblr-1702	219	31	a	a	DET
cblr-1702	219	32	munchee	munchee	NOUN
cblr-1702	219	33	token	token	VERB
cblr-1702	219	34	purchaser	purchaser	NOUN
cblr-1702	219	35	could	could	AUX
cblr-1702	219	36	not	not	PART
cblr-1702	219	37	actually	actually	ADV
cblr-1702	219	38	participate	participate	VERB
cblr-1702	219	39	in	in	ADP
cblr-1702	219	40	the	the	DET
cblr-1702	219	41	service	service	NOUN
cblr-1702	219	42	,	,	PUNCT
cblr-1702	219	43	as	as	SCONJ
cblr-1702	219	44	the	the	DET
cblr-1702	219	45	token	token	NOUN
cblr-1702	219	46	was	be	AUX
cblr-1702	219	47	not	not	PART
cblr-1702	219	48	functional	functional	ADJ
cblr-1702	219	49	at	at	ADP
cblr-1702	219	50	the	the	DET
cblr-1702	219	51	time	time	NOUN
cblr-1702	219	52	of	of	ADP
cblr-1702	219	53	ico	ico	PROPN
cblr-1702	219	54	issuance.70	issuance.70	PROPN
cblr-1702	219	55	but	but	CCONJ
cblr-1702	219	56	munchee	munchee	NOUN
cblr-1702	219	57	still	still	ADV
cblr-1702	219	58	promised	promise	VERB
cblr-1702	219	59	to	to	PART
cblr-1702	219	60	create	create	VERB
cblr-1702	219	61	an	an	DET
cblr-1702	219	62	“	"	PUNCT
cblr-1702	219	63	eco	eco	NOUN
cblr-1702	219	64	-	-	PUNCT
cblr-1702	219	65	system	system	NOUN
cblr-1702	219	66	”	"	PUNCT
cblr-1702	219	67	that	that	PRON
cblr-1702	219	68	would	would	AUX
cblr-1702	219	69	enhance	enhance	VERB
cblr-1702	219	70	and	and	CCONJ
cblr-1702	219	71	protect	protect	VERB
cblr-1702	219	72	the	the	DET
cblr-1702	219	73	secondary	secondary	ADJ
cblr-1702	219	74	market	market	NOUN
cblr-1702	219	75	value	value	NOUN
cblr-1702	219	76	of	of	ADP
cblr-1702	219	77	the	the	DET
cblr-1702	219	78	token	token	ADJ
cblr-1702	219	79	,	,	PUNCT
cblr-1702	219	80	even	even	ADV
cblr-1702	219	81	before	before	SCONJ
cblr-1702	219	82	the	the	DET
cblr-1702	219	83	token	token	NOUN
cblr-1702	219	84	became	become	VERB
cblr-1702	219	85	functional.71	functional.71	NOUN
cblr-1702	219	86	in	in	ADP
cblr-1702	219	87	sum	sum	NOUN
cblr-1702	219	88	,	,	PUNCT
cblr-1702	219	89	the	the	DET
cblr-1702	219	90	sec	sec	PROPN
cblr-1702	219	91	found	find	VERB
cblr-1702	219	92	munchee	munchee	NOUN
cblr-1702	219	93	token	token	VERB
cblr-1702	219	94	purchasers	purchaser	NOUN
cblr-1702	219	95	were	be	AUX
cblr-1702	219	96	motivated	motivate	VERB
cblr-1702	219	97	by	by	ADP
cblr-1702	219	98	the	the	DET
cblr-1702	219	99	prospect	prospect	NOUN
cblr-1702	219	100	of	of	ADP
cblr-1702	219	101	the	the	DET
cblr-1702	219	102	token	token	PROPN
cblr-1702	219	103	’s	’s	PART
cblr-1702	219	104	appreciation	appreciation	NOUN
cblr-1702	219	105	,	,	PUNCT
cblr-1702	219	106	not	not	PART
cblr-1702	219	107	by	by	ADP
cblr-1702	219	108	a	a	DET
cblr-1702	219	109	desire	desire	NOUN
cblr-1702	219	110	to	to	PART
cblr-1702	219	111	use	use	VERB
cblr-1702	219	112	it	it	PRON
cblr-1702	219	113	in	in	ADP
cblr-1702	219	114	connection	connection	NOUN
cblr-1702	219	115	with	with	ADP
cblr-1702	219	116	munchee	munchee	NOUN
cblr-1702	219	117	’s	’s	PART
cblr-1702	219	118	products	product	NOUN
cblr-1702	219	119	.	.	PUNCT
cblr-1702	220	1	and	and	CCONJ
cblr-1702	220	2	since	since	SCONJ
cblr-1702	220	3	the	the	DET
cblr-1702	220	4	expectation	expectation	NOUN
cblr-1702	220	5	of	of	ADP
cblr-1702	220	6	profit	profit	NOUN
cblr-1702	220	7	could	could	AUX
cblr-1702	220	8	only	only	ADV
cblr-1702	220	9	have	have	AUX
cblr-1702	220	10	come	come	VERB
cblr-1702	220	11	from	from	ADP
cblr-1702	220	12	munchee	munchee	NOUN
cblr-1702	220	13	’s	’s	PART
cblr-1702	220	14	business	business	NOUN
cblr-1702	220	15	growth	growth	NOUN
cblr-1702	220	16	,	,	PUNCT
cblr-1702	220	17	their	their	PRON
cblr-1702	220	18	token	token	NOUN
cblr-1702	220	19	clearly	clearly	ADV
cblr-1702	220	20	was	be	AUX
cblr-1702	220	21	a	a	DET
cblr-1702	220	22	security	security	NOUN
cblr-1702	220	23	under	under	ADP
cblr-1702	220	24	the	the	DET
cblr-1702	220	25	third	third	ADJ
cblr-1702	220	26	and	and	CCONJ
cblr-1702	220	27	fourth	fourth	ADJ
cblr-1702	220	28	howey	howey	PROPN
cblr-1702	220	29	test	test	NOUN
cblr-1702	220	30	factors	factor	NOUN
cblr-1702	220	31	.	.	PUNCT
cblr-1702	221	1	munchee	munchee	NOUN
cblr-1702	221	2	’s	’s	PART
cblr-1702	221	3	precedential	precedential	ADJ
cblr-1702	221	4	value	value	NOUN
cblr-1702	221	5	,	,	PUNCT
cblr-1702	221	6	therefore	therefore	ADV
cblr-1702	221	7	,	,	PUNCT
cblr-1702	221	8	may	may	AUX
cblr-1702	221	9	be	be	AUX
cblr-1702	221	10	limited	limit	VERB
cblr-1702	221	11	to	to	ADP
cblr-1702	221	12	its	its	PRON
cblr-1702	221	13	facts	fact	NOUN
cblr-1702	221	14	.	.	PUNCT
cblr-1702	222	1	promotions	promotion	NOUN
cblr-1702	222	2	centered	center	VERB
cblr-1702	222	3	on	on	ADP
cblr-1702	222	4	the	the	DET
cblr-1702	222	5	prospect	prospect	NOUN
cblr-1702	222	6	of	of	ADP
cblr-1702	222	7	financial	financial	ADJ
cblr-1702	222	8	gain	gain	NOUN
cblr-1702	222	9	and	and	CCONJ
cblr-1702	222	10	limited	limit	VERB
cblr-1702	222	11	token	token	VERB
cblr-1702	222	12	functionality	functionality	NOUN
cblr-1702	222	13	were	be	AUX
cblr-1702	222	14	central	central	ADJ
cblr-1702	222	15	to	to	ADP
cblr-1702	222	16	the	the	DET
cblr-1702	222	17	munchee	munchee	NOUN
cblr-1702	222	18	case	case	NOUN
cblr-1702	222	19	and	and	CCONJ
cblr-1702	222	20	will	will	AUX
cblr-1702	222	21	not	not	PART
cblr-1702	222	22	necessarily	necessarily	ADV
cblr-1702	222	23	be	be	AUX
cblr-1702	222	24	present	present	ADJ
cblr-1702	222	25	in	in	ADP
cblr-1702	222	26	all	all	DET
cblr-1702	222	27	utility	utility	NOUN
cblr-1702	222	28	token	token	VERB
cblr-1702	222	29	icos	icos	PROPN
cblr-1702	222	30	.	.	PUNCT
cblr-1702	223	1	the	the	DET
cblr-1702	223	2	munchee	munchee	PROPN
cblr-1702	223	3	ico	ico	PROPN
cblr-1702	223	4	,	,	PUNCT
cblr-1702	223	5	therefore	therefore	ADV
cblr-1702	223	6	,	,	PUNCT
cblr-1702	223	7	serves	serve	VERB
cblr-1702	223	8	as	as	ADP
cblr-1702	223	9	an	an	DET
cblr-1702	223	10	example	example	NOUN
cblr-1702	223	11	of	of	ADP
cblr-1702	223	12	claims	claim	NOUN
cblr-1702	223	13	to	to	PART
cblr-1702	223	14	avoid	avoid	VERB
cblr-1702	223	15	if	if	SCONJ
cblr-1702	223	16	an	an	DET
cblr-1702	223	17	issuer	issuer	NOUN
cblr-1702	223	18	of	of	ADP
cblr-1702	223	19	utility	utility	NOUN
cblr-1702	223	20	tokens	token	NOUN
cblr-1702	223	21	wishes	wish	VERB
cblr-1702	223	22	to	to	PART
cblr-1702	223	23	avoid	avoid	VERB
cblr-1702	223	24	securities	security	NOUN
cblr-1702	223	25	regulations	regulation	NOUN
cblr-1702	223	26	.	.	PUNCT
cblr-1702	224	1	this	this	PRON
cblr-1702	224	2	is	be	AUX
cblr-1702	224	3	not	not	PART
cblr-1702	224	4	to	to	PART
cblr-1702	224	5	say	say	VERB
cblr-1702	224	6	that	that	SCONJ
cblr-1702	224	7	a	a	DET
cblr-1702	224	8	pre	pre	ADJ
cblr-1702	224	9	-	-	ADJ
cblr-1702	224	10	functional	functional	ADJ
cblr-1702	224	11	67	67	NUM
cblr-1702	224	12	i	i	PRON
cblr-1702	224	13	d.	d.	PROPN
cblr-1702	224	14	at	at	ADP
cblr-1702	224	15	2	2	NUM
cblr-1702	224	16	.	.	NUM
cblr-1702	224	17	68	68	NUM
cblr-1702	224	18	storj	storj	NOUN
cblr-1702	224	19	labs	labs	PROPN
cblr-1702	224	20	(	(	PUNCT
cblr-1702	224	21	bvi	bvi	PROPN
cblr-1702	224	22	)	)	PUNCT
cblr-1702	224	23	ltd	ltd	PROPN
cblr-1702	224	24	.	.	PUNCT
cblr-1702	224	25	terms	term	NOUN
cblr-1702	224	26	of	of	ADP
cblr-1702	224	27	token	token	ADJ
cblr-1702	224	28	sale	sale	NOUN
cblr-1702	224	29	,	,	PUNCT
cblr-1702	224	30	supra	supra	PROPN
cblr-1702	224	31	note	note	NOUN
cblr-1702	224	32	53	53	NUM
cblr-1702	224	33	at	at	ADP
cblr-1702	224	34	1	1	NUM
cblr-1702	224	35	.	.	NUM
cblr-1702	224	36	69	69	NUM
cblr-1702	224	37	munchee	munchee	PROPN
cblr-1702	224	38	inc	inc	PROPN
cblr-1702	224	39	.	.	PROPN
cblr-1702	224	40	,	,	PUNCT
cblr-1702	224	41	supra	supra	PROPN
cblr-1702	224	42	note	note	NOUN
cblr-1702	224	43	9	9	NUM
cblr-1702	224	44	,	,	PUNCT
cblr-1702	224	45	at	at	ADP
cblr-1702	224	46	4–6	4–6	PROPN
cblr-1702	224	47	.	.	PROPN
cblr-1702	224	48	70	70	NUM
cblr-1702	225	1	i	i	PRON
cblr-1702	225	2	d.	d.	PROPN
cblr-1702	225	3	at	at	ADP
cblr-1702	225	4	4	4	NUM
cblr-1702	225	5	.	.	NUM
cblr-1702	225	6	71	71	NUM
cblr-1702	226	1	i	i	PRON
cblr-1702	226	2	d.	d.	PROPN
cblr-1702	226	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	226	4	no	no	INTJ
cblr-1702	226	5	.	.	PUNCT
cblr-1702	227	1	2:617	2:617	NUM
cblr-1702	227	2	]	]	X
cblr-1702	227	3	ico	ico	PROPN
cblr-1702	227	4	’s	’s	PART
cblr-1702	227	5	,	,	PUNCT
cblr-1702	227	6	dao	dao	VERB
cblr-1702	227	7	’s	’s	ADV
cblr-1702	227	8	,	,	PUNCT
cblr-1702	227	9	and	and	CCONJ
cblr-1702	227	10	the	the	DET
cblr-1702	227	11	sec	sec	PROPN
cblr-1702	227	12	633	633	NUM
cblr-1702	227	13	utility	utility	NOUN
cblr-1702	227	14	token	token	VERB
cblr-1702	227	15	used	use	VERB
cblr-1702	227	16	to	to	PART
cblr-1702	227	17	raise	raise	VERB
cblr-1702	227	18	money	money	NOUN
cblr-1702	227	19	for	for	ADP
cblr-1702	227	20	development	development	NOUN
cblr-1702	227	21	of	of	ADP
cblr-1702	227	22	a	a	DET
cblr-1702	227	23	network	network	NOUN
cblr-1702	227	24	will	will	AUX
cblr-1702	227	25	always	always	ADV
cblr-1702	227	26	be	be	AUX
cblr-1702	227	27	a	a	DET
cblr-1702	227	28	security	security	NOUN
cblr-1702	227	29	under	under	ADP
cblr-1702	227	30	munchee	munchee	NOUN
cblr-1702	227	31	.	.	PUNCT
cblr-1702	228	1	the	the	DET
cblr-1702	228	2	token	token	ADJ
cblr-1702	228	3	promoter	promoter	NOUN
cblr-1702	228	4	could	could	AUX
cblr-1702	228	5	“	"	PUNCT
cblr-1702	228	6	lock	lock	VERB
cblr-1702	228	7	up	up	ADP
cblr-1702	228	8	”	"	PUNCT
cblr-1702	228	9	the	the	DET
cblr-1702	228	10	token	token	NOUN
cblr-1702	228	11	from	from	ADP
cblr-1702	228	12	being	be	AUX
cblr-1702	228	13	transferred	transfer	VERB
cblr-1702	228	14	or	or	CCONJ
cblr-1702	228	15	sold	sell	VERB
cblr-1702	228	16	on	on	ADP
cblr-1702	228	17	secondary	secondary	ADJ
cblr-1702	228	18	markets	market	NOUN
cblr-1702	228	19	until	until	SCONJ
cblr-1702	228	20	it	it	PRON
cblr-1702	228	21	becomes	become	VERB
cblr-1702	228	22	functional	functional	ADJ
cblr-1702	228	23	,	,	PUNCT
cblr-1702	228	24	for	for	ADP
cblr-1702	228	25	example.72	example.72	NOUN
cblr-1702	228	26	this	this	PRON
cblr-1702	228	27	might	might	AUX
cblr-1702	228	28	decrease	decrease	VERB
cblr-1702	228	29	any	any	DET
cblr-1702	228	30	expectation	expectation	NOUN
cblr-1702	228	31	of	of	ADP
cblr-1702	228	32	profits	profit	NOUN
cblr-1702	228	33	during	during	ADP
cblr-1702	228	34	the	the	DET
cblr-1702	228	35	non	non	ADJ
cblr-1702	228	36	-	-	ADJ
cblr-1702	228	37	functional	functional	ADJ
cblr-1702	228	38	period	period	NOUN
cblr-1702	228	39	,	,	PUNCT
cblr-1702	228	40	which	which	PRON
cblr-1702	228	41	in	in	ADP
cblr-1702	228	42	turn	turn	NOUN
cblr-1702	228	43	might	might	AUX
cblr-1702	228	44	help	help	VERB
cblr-1702	228	45	avoid	avoid	VERB
cblr-1702	228	46	designation	designation	NOUN
cblr-1702	228	47	as	as	ADP
cblr-1702	228	48	a	a	DET
cblr-1702	228	49	security	security	NOUN
cblr-1702	228	50	.	.	PUNCT
cblr-1702	229	1	either	either	PRON
cblr-1702	229	2	way	way	NOUN
cblr-1702	229	3	,	,	PUNCT
cblr-1702	229	4	functionality	functionality	NOUN
cblr-1702	229	5	and	and	CCONJ
cblr-1702	229	6	manner	manner	NOUN
cblr-1702	229	7	of	of	ADP
cblr-1702	229	8	promotion	promotion	NOUN
cblr-1702	229	9	may	may	AUX
cblr-1702	229	10	become	become	VERB
cblr-1702	229	11	essential	essential	ADJ
cblr-1702	229	12	determining	determine	VERB
cblr-1702	229	13	factors	factor	NOUN
cblr-1702	229	14	in	in	ADP
cblr-1702	229	15	sec	sec	PROPN
cblr-1702	229	16	regulation	regulation	NOUN
cblr-1702	229	17	of	of	ADP
cblr-1702	229	18	icos.73	icos.73	NOUN
cblr-1702	229	19	2	2	NUM
cblr-1702	229	20	.	.	PUNCT
cblr-1702	229	21	class	class	NOUN
cblr-1702	229	22	2	2	NUM
cblr-1702	229	23	:	:	PUNCT
cblr-1702	229	24	the	the	DET
cblr-1702	229	25	dividend	dividend	NOUN
cblr-1702	229	26	token	token	VERB
cblr-1702	229	27	polybius	polybius	PROPN
cblr-1702	229	28	bank	bank	PROPN
cblr-1702	229	29	held	hold	VERB
cblr-1702	229	30	an	an	DET
cblr-1702	229	31	ico	ico	NOUN
cblr-1702	229	32	to	to	PART
cblr-1702	229	33	raise	raise	VERB
cblr-1702	229	34	capital	capital	NOUN
cblr-1702	229	35	for	for	ADP
cblr-1702	229	36	its	its	PRON
cblr-1702	229	37	regulated	regulate	VERB
cblr-1702	229	38	,	,	PUNCT
cblr-1702	229	39	blockchain	blockchain	PROPN
cblr-1702	229	40	-	-	PUNCT
cblr-1702	229	41	technology	technology	NOUN
cblr-1702	229	42	driven	drive	VERB
cblr-1702	229	43	bank.74	bank.74	NOUN
cblr-1702	229	44	the	the	DET
cblr-1702	229	45	bank	bank	NOUN
cblr-1702	229	46	plans	plan	VERB
cblr-1702	229	47	to	to	PART
cblr-1702	229	48	offer	offer	VERB
cblr-1702	229	49	traditional	traditional	ADJ
cblr-1702	229	50	banking	banking	NOUN
cblr-1702	229	51	services	service	NOUN
cblr-1702	229	52	like	like	ADP
cblr-1702	229	53	commercial	commercial	ADJ
cblr-1702	229	54	banking	banking	NOUN
cblr-1702	229	55	as	as	ADV
cblr-1702	229	56	well	well	ADV
cblr-1702	229	57	as	as	ADP
cblr-1702	229	58	modern	modern	ADJ
cblr-1702	229	59	services	service	NOUN
cblr-1702	229	60	like	like	ADP
cblr-1702	229	61	peer	peer	NOUN
cblr-1702	229	62	-	-	PUNCT
cblr-1702	229	63	to	to	ADP
cblr-1702	229	64	-	-	PUNCT
cblr-1702	229	65	peer	peer	NOUN
cblr-1702	229	66	lending	lending	NOUN
cblr-1702	229	67	,	,	PUNCT
cblr-1702	229	68	all	all	PRON
cblr-1702	229	69	without	without	ADP
cblr-1702	229	70	any	any	DET
cblr-1702	229	71	physical	physical	ADJ
cblr-1702	229	72	location.75	location.75	PROPN
cblr-1702	229	73	the	the	DET
cblr-1702	229	74	polybius	polybius	NOUN
cblr-1702	229	75	token	token	VERB
cblr-1702	229	76	issued	issue	VERB
cblr-1702	229	77	in	in	ADP
cblr-1702	229	78	the	the	DET
cblr-1702	229	79	ico	ico	PROPN
cblr-1702	229	80	(	(	PUNCT
cblr-1702	229	81	“	"	PUNCT
cblr-1702	229	82	plbt	plbt	ADJ
cblr-1702	229	83	”	"	PUNCT
cblr-1702	229	84	)	)	PUNCT
cblr-1702	229	85	confers	confer	VERB
cblr-1702	229	86	a	a	DET
cblr-1702	229	87	“	"	PUNCT
cblr-1702	229	88	right	right	NOUN
cblr-1702	229	89	to	to	PART
cblr-1702	229	90	receive	receive	VERB
cblr-1702	229	91	a	a	DET
cblr-1702	229	92	part	part	NOUN
cblr-1702	229	93	of	of	ADP
cblr-1702	229	94	distributable	distributable	ADJ
cblr-1702	229	95	profits	profit	NOUN
cblr-1702	229	96	”	"	PUNCT
cblr-1702	229	97	of	of	ADP
cblr-1702	229	98	polybius	polybius	NOUN
cblr-1702	229	99	bank.76	bank.76	PROPN
cblr-1702	229	100	this	this	DET
cblr-1702	229	101	type	type	NOUN
cblr-1702	229	102	of	of	ADP
cblr-1702	229	103	token	token	NOUN
cblr-1702	229	104	,	,	PUNCT
cblr-1702	229	105	distributed	distribute	VERB
cblr-1702	229	106	as	as	ADP
cblr-1702	229	107	a	a	DET
cblr-1702	229	108	means	means	NOUN
cblr-1702	229	109	of	of	ADP
cblr-1702	229	110	raising	raise	VERB
cblr-1702	229	111	money	money	NOUN
cblr-1702	229	112	in	in	ADP
cblr-1702	229	113	exchange	exchange	NOUN
cblr-1702	229	114	for	for	ADP
cblr-1702	229	115	a	a	DET
cblr-1702	229	116	72	72	NUM
cblr-1702	229	117	for	for	ADP
cblr-1702	229	118	example	example	NOUN
cblr-1702	229	119	,	,	PUNCT
cblr-1702	229	120	storj	storj	PROPN
cblr-1702	229	121	used	use	VERB
cblr-1702	229	122	such	such	DET
cblr-1702	229	123	a	a	DET
cblr-1702	229	124	lockup	lockup	NOUN
cblr-1702	229	125	of	of	ADP
cblr-1702	229	126	reserved	reserved	ADJ
cblr-1702	229	127	storj	storj	NOUN
cblr-1702	229	128	tokens	token	NOUN
cblr-1702	229	129	in	in	ADP
cblr-1702	229	130	order	order	NOUN
cblr-1702	229	131	to	to	PART
cblr-1702	229	132	“	"	PUNCT
cblr-1702	229	133	rearchitect	rearchitect	VERB
cblr-1702	229	134	”	"	PUNCT
cblr-1702	229	135	their	their	PRON
cblr-1702	229	136	token	token	ADJ
cblr-1702	229	137	system	system	NOUN
cblr-1702	229	138	,	,	PUNCT
cblr-1702	229	139	improve	improve	VERB
cblr-1702	229	140	utility	utility	NOUN
cblr-1702	229	141	and	and	CCONJ
cblr-1702	229	142	stabilize	stabilize	VERB
cblr-1702	229	143	pricing	pricing	NOUN
cblr-1702	229	144	.	.	PUNCT
cblr-1702	230	1	storj.io	storj.io	PROPN
cblr-1702	230	2	,	,	PUNCT
cblr-1702	230	3	an	an	DET
cblr-1702	230	4	announcement	announcement	NOUN
cblr-1702	230	5	about	about	ADP
cblr-1702	230	6	storj	storj	PROPN
cblr-1702	230	7	token	token	VERB
cblr-1702	230	8	lock	lock	NOUN
cblr-1702	230	9	-	-	PUNCT
cblr-1702	230	10	ups	up	NOUN
cblr-1702	230	11	,	,	PUNCT
cblr-1702	230	12	storj	storj	PROPN
cblr-1702	230	13	blog	blog	NOUN
cblr-1702	230	14	(	(	PUNCT
cblr-1702	230	15	dec	dec	PROPN
cblr-1702	230	16	.	.	PROPN
cblr-1702	230	17	19	19	NUM
cblr-1702	230	18	,	,	PUNCT
cblr-1702	230	19	2017	2017	NUM
cblr-1702	230	20	)	)	PUNCT
cblr-1702	230	21	,	,	PUNCT
cblr-1702	230	22	https://blog.storj.io/post/168735310988/an-announcementabout-storj-token-lock-ups	https://blog.storj.io/post/168735310988/an-announcementabout-storj-token-lock-up	VERB
cblr-1702	231	1	[	[	X
cblr-1702	231	2	perma.cc/p4x6-jfw4	perma.cc/p4x6-jfw4	PROPN
cblr-1702	231	3	]	]	X
cblr-1702	231	4	.	.	PUNCT
cblr-1702	232	1	73	73	NUM
cblr-1702	232	2	for	for	ADP
cblr-1702	232	3	more	more	ADJ
cblr-1702	232	4	examples	example	NOUN
cblr-1702	232	5	of	of	ADP
cblr-1702	232	6	utility	utility	NOUN
cblr-1702	232	7	token	token	VERB
cblr-1702	232	8	icos	icos	PROPN
cblr-1702	232	9	,	,	PUNCT
cblr-1702	232	10	see	see	VERB
cblr-1702	232	11	the	the	DET
cblr-1702	232	12	white	white	ADJ
cblr-1702	232	13	papers	paper	NOUN
cblr-1702	232	14	of	of	ADP
cblr-1702	232	15	aventus	aventus	PROPN
cblr-1702	232	16	(	(	PUNCT
cblr-1702	232	17	an	an	DET
cblr-1702	232	18	event	event	NOUN
cblr-1702	232	19	ticketing	ticket	VERB
cblr-1702	232	20	blockchain	blockchain	NOUN
cblr-1702	232	21	)	)	PUNCT
cblr-1702	232	22	,	,	PUNCT
cblr-1702	232	23	civic	civic	PROPN
cblr-1702	232	24	(	(	PUNCT
cblr-1702	232	25	an	an	DET
cblr-1702	232	26	identity	identity	NOUN
cblr-1702	232	27	fraud	fraud	NOUN
cblr-1702	232	28	prevention	prevention	NOUN
cblr-1702	232	29	and	and	CCONJ
cblr-1702	232	30	know	know	NOUN
cblr-1702	232	31	-	-	PUNCT
cblr-1702	232	32	your	your	PRON
cblr-1702	232	33	-	-	PUNCT
cblr-1702	232	34	client	client	NOUN
cblr-1702	232	35	blockchain	blockchain	NOUN
cblr-1702	232	36	)	)	PUNCT
cblr-1702	232	37	,	,	PUNCT
cblr-1702	232	38	and	and	CCONJ
cblr-1702	232	39	unikrn	unikrn	PROPN
cblr-1702	232	40	(	(	PUNCT
cblr-1702	232	41	an	an	DET
cblr-1702	232	42	esports	esport	NOUN
cblr-1702	232	43	gambling	gambling	NOUN
cblr-1702	232	44	blockchain	blockchain	NOUN
cblr-1702	232	45	supported	support	VERB
cblr-1702	232	46	by	by	ADP
cblr-1702	232	47	mark	mark	PROPN
cblr-1702	232	48	cuban	cuban	PROPN
cblr-1702	232	49	)	)	PUNCT
cblr-1702	232	50	.	.	PUNCT
cblr-1702	233	1	see	see	VERB
cblr-1702	233	2	alan	alan	PROPN
cblr-1702	233	3	vey	vey	PROPN
cblr-1702	233	4	&	&	CCONJ
cblr-1702	233	5	annika	annika	PROPN
cblr-1702	233	6	monari	monari	PROPN
cblr-1702	233	7	,	,	PUNCT
cblr-1702	233	8	aventus	aventus	PROPN
cblr-1702	233	9	,	,	PUNCT
cblr-1702	233	10	a	a	DET
cblr-1702	233	11	blockchain	blockchain	NOUN
cblr-1702	233	12	-	-	PUNCT
cblr-1702	233	13	based	base	VERB
cblr-1702	233	14	event	event	NOUN
cblr-1702	233	15	ticketing	ticket	VERB
cblr-1702	233	16	protocol	protocol	NOUN
cblr-1702	233	17	(	(	PUNCT
cblr-1702	233	18	2017	2017	NUM
cblr-1702	233	19	)	)	PUNCT
cblr-1702	233	20	,	,	PUNCT
cblr-1702	233	21	https://aventus.io/doc/whitepaper.pdf	https://aventus.io/doc/whitepaper.pdf	PROPN
cblr-1702	234	1	[	[	X
cblr-1702	234	2	perma.cc/v9j3-9wrw	perma.cc/v9j3-9wrw	X
cblr-1702	234	3	]	]	X
cblr-1702	234	4	;	;	PUNCT
cblr-1702	234	5	civic	civic	ADJ
cblr-1702	234	6	technologies	technology	NOUN
cblr-1702	234	7	,	,	PUNCT
cblr-1702	234	8	inc	inc	PROPN
cblr-1702	234	9	.	.	PROPN
cblr-1702	234	10	,	,	PUNCT
cblr-1702	234	11	civic	civic	ADJ
cblr-1702	234	12	whitepaper	whitepaper	NOUN
cblr-1702	234	13	(	(	PUNCT
cblr-1702	234	14	2017	2017	NUM
cblr-1702	234	15	)	)	PUNCT
cblr-1702	234	16	,	,	PUNCT
cblr-1702	234	17	https://tokensale.civic.com/civictokensalewhitepaper.pdf	https://tokensale.civic.com/civictokensalewhitepaper.pdf	PROPN
cblr-1702	235	1	[	[	X
cblr-1702	235	2	perma.cc/nn9f-75nj	perma.cc/nn9f-75nj	PROPN
cblr-1702	235	3	]	]	X
cblr-1702	235	4	;	;	PUNCT
cblr-1702	235	5	unikrn	unikrn	PROPN
cblr-1702	235	6	,	,	PUNCT
cblr-1702	235	7	inc	inc	PROPN
cblr-1702	235	8	.	.	PROPN
cblr-1702	235	9	,	,	PUNCT
cblr-1702	235	10	unikoingold	unikoingold	ADV
cblr-1702	235	11	:	:	PUNCT
cblr-1702	235	12	a	a	DET
cblr-1702	235	13	decentralized	decentralize	VERB
cblr-1702	235	14	esports	esport	NOUN
cblr-1702	235	15	gaming	game	VERB
cblr-1702	235	16	token	token	VERB
cblr-1702	235	17	(	(	PUNCT
cblr-1702	235	18	2017	2017	NUM
cblr-1702	235	19	)	)	PUNCT
cblr-1702	235	20	,	,	PUNCT
cblr-1702	235	21	https://static.unikrn.com/	https://static.unikrn.com/	NOUN
cblr-1702	235	22	4242	4242	NUM
cblr-1702	235	23	/	/	SYM
cblr-1702	235	24	unikrn_bm	unikrn_bm	PROPN
cblr-1702	235	25	/	/	SYM
cblr-1702	235	26	doc	doc	PROPN
cblr-1702	235	27	/	/	SYM
cblr-1702	235	28	whitepaper_en.pdf	whitepaper_en.pdf	PROPN
cblr-1702	235	29	[	[	X
cblr-1702	235	30	perma.cc/9t9y-u3k6	perma.cc/9t9y-u3k6	PROPN
cblr-1702	235	31	]	]	PUNCT
cblr-1702	235	32	.	.	PUNCT
cblr-1702	236	1	74	74	NUM
cblr-1702	236	2	see	see	VERB
cblr-1702	236	3	polybius	polybius	NOUN
cblr-1702	236	4	,	,	PUNCT
cblr-1702	236	5	polybius	polybius	NOUN
cblr-1702	236	6	prospectus	prospectus	NOUN
cblr-1702	236	7	:	:	PUNCT
cblr-1702	236	8	a	a	DET
cblr-1702	236	9	project	project	NOUN
cblr-1702	236	10	of	of	ADP
cblr-1702	236	11	a	a	DET
cblr-1702	236	12	regulated	regulated	ADJ
cblr-1702	236	13	bank	bank	NOUN
cblr-1702	236	14	for	for	ADP
cblr-1702	236	15	the	the	DET
cblr-1702	236	16	digital	digital	ADJ
cblr-1702	236	17	generation	generation	NOUN
cblr-1702	236	18	(	(	PUNCT
cblr-1702	236	19	2017	2017	NUM
cblr-1702	236	20	)	)	PUNCT
cblr-1702	236	21	,	,	PUNCT
cblr-1702	236	22	https://polybius.io/media/prospectus.pdf	https://polybius.io/media/prospectus.pdf	NOUN
cblr-1702	236	23	[	[	X
cblr-1702	236	24	perma.cc/b3ju-6wl3	perma.cc/b3ju-6wl3	X
cblr-1702	236	25	]	]	X
cblr-1702	236	26	[	[	X
cblr-1702	236	27	hereinafter	hereinafter	NOUN
cblr-1702	236	28	polybius	polybius	NOUN
cblr-1702	236	29	prospectus	prospectus	NOUN
cblr-1702	236	30	]	]	X
cblr-1702	236	31	.	.	PUNCT
cblr-1702	237	1	75	75	NUM
cblr-1702	237	2	i	i	PRON
cblr-1702	237	3	d.	d.	NOUN
cblr-1702	237	4	at	at	ADP
cblr-1702	237	5	1	1	NUM
cblr-1702	237	6	.	.	NUM
cblr-1702	237	7	76	76	NUM
cblr-1702	238	1	i	i	PRON
cblr-1702	238	2	d.	d.	PROPN
cblr-1702	238	3	at	at	ADP
cblr-1702	238	4	3	3	NUM
cblr-1702	238	5	.	.	X
cblr-1702	238	6	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	238	7	634	634	NUM
cblr-1702	238	8	columbia	columbia	PROPN
cblr-1702	238	9	business	business	NOUN
cblr-1702	238	10	law	law	PROPN
cblr-1702	238	11	review	review	NOUN
cblr-1702	238	12	[	[	X
cblr-1702	238	13	vol	vol	NOUN
cblr-1702	238	14	.	.	NOUN
cblr-1702	238	15	2018	2018	NUM
cblr-1702	238	16	share	share	NOUN
cblr-1702	238	17	of	of	ADP
cblr-1702	238	18	profit	profit	NOUN
cblr-1702	238	19	,	,	PUNCT
cblr-1702	238	20	is	be	AUX
cblr-1702	238	21	a	a	DET
cblr-1702	238	22	“	"	PUNCT
cblr-1702	238	23	dividend	dividend	NOUN
cblr-1702	238	24	token	token	VERB
cblr-1702	238	25	”	"	PUNCT
cblr-1702	238	26	and	and	CCONJ
cblr-1702	238	27	is	be	AUX
cblr-1702	238	28	facially	facially	ADV
cblr-1702	238	29	the	the	DET
cblr-1702	238	30	kind	kind	NOUN
cblr-1702	238	31	of	of	ADP
cblr-1702	238	32	investment	investment	NOUN
cblr-1702	238	33	an	an	DET
cblr-1702	238	34	investor	investor	NOUN
cblr-1702	238	35	would	would	AUX
cblr-1702	238	36	refer	refer	VERB
cblr-1702	238	37	to	to	ADP
cblr-1702	238	38	as	as	ADP
cblr-1702	238	39	a	a	DET
cblr-1702	238	40	security	security	NOUN
cblr-1702	238	41	.	.	PUNCT
cblr-1702	239	1	for	for	ADP
cblr-1702	239	2	this	this	DET
cblr-1702	239	3	reason	reason	NOUN
cblr-1702	239	4	,	,	PUNCT
cblr-1702	239	5	a	a	DET
cblr-1702	239	6	token	token	VERB
cblr-1702	239	7	marketed	market	VERB
cblr-1702	239	8	with	with	ADP
cblr-1702	239	9	the	the	DET
cblr-1702	239	10	primary	primary	ADJ
cblr-1702	239	11	purpose	purpose	NOUN
cblr-1702	239	12	of	of	ADP
cblr-1702	239	13	distributing	distribute	VERB
cblr-1702	239	14	dividends	dividend	NOUN
cblr-1702	239	15	can	can	AUX
cblr-1702	239	16	be	be	AUX
cblr-1702	239	17	considered	consider	VERB
cblr-1702	239	18	a	a	DET
cblr-1702	239	19	security	security	NOUN
cblr-1702	239	20	under	under	ADP
cblr-1702	239	21	the	the	DET
cblr-1702	239	22	reasoning	reasoning	NOUN
cblr-1702	239	23	of	of	ADP
cblr-1702	239	24	landreth	landreth	PROPN
cblr-1702	239	25	,	,	PUNCT
cblr-1702	239	26	without	without	ADP
cblr-1702	239	27	necessarily	necessarily	ADV
cblr-1702	239	28	resorting	resort	VERB
cblr-1702	239	29	to	to	ADP
cblr-1702	239	30	the	the	DET
cblr-1702	239	31	howey	howey	PROPN
cblr-1702	239	32	test	test	NOUN
cblr-1702	239	33	.	.	PUNCT
cblr-1702	240	1	as	as	SCONJ
cblr-1702	240	2	discussed	discuss	VERB
cblr-1702	240	3	above	above	ADV
cblr-1702	240	4	,	,	PUNCT
cblr-1702	240	5	landreth	landreth	PROPN
cblr-1702	240	6	stands	stand	VERB
cblr-1702	240	7	for	for	ADP
cblr-1702	240	8	the	the	DET
cblr-1702	240	9	proposition	proposition	NOUN
cblr-1702	240	10	that	that	PRON
cblr-1702	240	11	,	,	PUNCT
cblr-1702	240	12	while	while	SCONJ
cblr-1702	240	13	not	not	PART
cblr-1702	240	14	all	all	DET
cblr-1702	240	15	“	"	PUNCT
cblr-1702	240	16	stocks	stock	NOUN
cblr-1702	240	17	”	"	PUNCT
cblr-1702	240	18	are	be	AUX
cblr-1702	240	19	necessarily	necessarily	ADV
cblr-1702	240	20	securities	security	NOUN
cblr-1702	240	21	,	,	PUNCT
cblr-1702	240	22	investments	investment	NOUN
cblr-1702	240	23	marketed	market	VERB
cblr-1702	240	24	as	as	ADP
cblr-1702	240	25	“	"	PUNCT
cblr-1702	240	26	stocks	stock	NOUN
cblr-1702	240	27	”	"	PUNCT
cblr-1702	240	28	and	and	CCONJ
cblr-1702	240	29	having	have	VERB
cblr-1702	240	30	features	feature	NOUN
cblr-1702	240	31	closely	closely	ADV
cblr-1702	240	32	resembling	resemble	VERB
cblr-1702	240	33	traditional	traditional	ADJ
cblr-1702	240	34	stocks	stock	NOUN
cblr-1702	240	35	are	be	AUX
cblr-1702	240	36	covered	cover	VERB
cblr-1702	240	37	under	under	ADP
cblr-1702	240	38	the	the	DET
cblr-1702	240	39	securities	security	NOUN
cblr-1702	240	40	acts.77	acts.77	ADJ
cblr-1702	240	41	though	though	SCONJ
cblr-1702	240	42	the	the	DET
cblr-1702	240	43	holding	holding	NOUN
cblr-1702	240	44	in	in	ADP
cblr-1702	240	45	landreth	landreth	PROPN
cblr-1702	240	46	is	be	AUX
cblr-1702	240	47	limited	limit	VERB
cblr-1702	240	48	to	to	ADP
cblr-1702	240	49	investments	investment	NOUN
cblr-1702	240	50	marketed	market	VERB
cblr-1702	240	51	as	as	ADP
cblr-1702	240	52	“	"	PUNCT
cblr-1702	240	53	stocks	stock	NOUN
cblr-1702	240	54	,	,	PUNCT
cblr-1702	240	55	”	"	PUNCT
cblr-1702	240	56	its	its	PRON
cblr-1702	240	57	reasoning	reasoning	NOUN
cblr-1702	240	58	regarding	regard	VERB
cblr-1702	240	59	investor	investor	NOUN
cblr-1702	240	60	expectation	expectation	NOUN
cblr-1702	240	61	and	and	CCONJ
cblr-1702	240	62	factual	factual	ADJ
cblr-1702	240	63	similarities	similarity	NOUN
cblr-1702	240	64	between	between	ADP
cblr-1702	240	65	a	a	DET
cblr-1702	240	66	dividend	dividend	NOUN
cblr-1702	240	67	token	token	VERB
cblr-1702	240	68	and	and	CCONJ
cblr-1702	240	69	a	a	DET
cblr-1702	240	70	traditional	traditional	ADJ
cblr-1702	240	71	stock	stock	NOUN
cblr-1702	240	72	should	should	AUX
cblr-1702	240	73	establish	establish	VERB
cblr-1702	240	74	a	a	DET
cblr-1702	240	75	prima	prima	NOUN
cblr-1702	240	76	facie	facie	NOUN
cblr-1702	240	77	case	case	NOUN
cblr-1702	240	78	that	that	PRON
cblr-1702	240	79	dividend	dividend	NOUN
cblr-1702	240	80	tokens	token	NOUN
cblr-1702	240	81	are	be	AUX
cblr-1702	240	82	securities	security	NOUN
cblr-1702	240	83	.	.	PUNCT
cblr-1702	241	1	this	this	PRON
cblr-1702	241	2	should	should	AUX
cblr-1702	241	3	shift	shift	VERB
cblr-1702	241	4	the	the	DET
cblr-1702	241	5	burden	burden	NOUN
cblr-1702	241	6	to	to	ADP
cblr-1702	241	7	the	the	DET
cblr-1702	241	8	token	token	ADJ
cblr-1702	241	9	issuer	issuer	NOUN
cblr-1702	241	10	to	to	PART
cblr-1702	241	11	show	show	VERB
cblr-1702	241	12	that	that	SCONJ
cblr-1702	241	13	the	the	DET
cblr-1702	241	14	token	token	NOUN
cblr-1702	241	15	is	be	AUX
cblr-1702	241	16	not	not	PART
cblr-1702	241	17	a	a	DET
cblr-1702	241	18	security	security	NOUN
cblr-1702	241	19	.	.	PUNCT
cblr-1702	242	1	after	after	ADV
cblr-1702	242	2	all	all	ADV
cblr-1702	242	3	,	,	PUNCT
cblr-1702	242	4	the	the	DET
cblr-1702	242	5	securities	security	NOUN
cblr-1702	242	6	test	test	NOUN
cblr-1702	242	7	focuses	focus	VERB
cblr-1702	242	8	on	on	ADP
cblr-1702	242	9	the	the	DET
cblr-1702	242	10	“	"	PUNCT
cblr-1702	242	11	substance	substance	NOUN
cblr-1702	242	12	”	"	PUNCT
cblr-1702	242	13	and	and	CCONJ
cblr-1702	242	14	“	"	PUNCT
cblr-1702	242	15	economic	economic	ADJ
cblr-1702	242	16	reality	reality	NOUN
cblr-1702	242	17	”	"	PUNCT
cblr-1702	242	18	of	of	ADP
cblr-1702	242	19	the	the	DET
cblr-1702	242	20	investment	investment	NOUN
cblr-1702	242	21	,	,	PUNCT
cblr-1702	242	22	rather	rather	ADV
cblr-1702	242	23	than	than	ADP
cblr-1702	242	24	the	the	DET
cblr-1702	242	25	“	"	PUNCT
cblr-1702	242	26	form	form	NOUN
cblr-1702	242	27	.	.	PUNCT
cblr-1702	243	1	”78	”78	ADP
cblr-1702	243	2	the	the	DET
cblr-1702	243	3	economic	economic	ADJ
cblr-1702	243	4	reality	reality	NOUN
cblr-1702	243	5	of	of	ADP
cblr-1702	243	6	a	a	DET
cblr-1702	243	7	dividend	dividend	NOUN
cblr-1702	243	8	token	token	VERB
cblr-1702	243	9	is	be	AUX
cblr-1702	243	10	that	that	SCONJ
cblr-1702	243	11	investors	investor	NOUN
cblr-1702	243	12	expect	expect	VERB
cblr-1702	243	13	few	few	ADJ
cblr-1702	243	14	participation	participation	NOUN
cblr-1702	243	15	rights	right	NOUN
cblr-1702	243	16	but	but	CCONJ
cblr-1702	243	17	proportional	proportional	ADJ
cblr-1702	243	18	profit	profit	NOUN
cblr-1702	243	19	-	-	PUNCT
cblr-1702	243	20	sharing	share	VERB
cblr-1702	243	21	rights	right	NOUN
cblr-1702	243	22	.	.	PUNCT
cblr-1702	244	1	a	a	DET
cblr-1702	244	2	dividend	dividend	NOUN
cblr-1702	244	3	token	token	VERB
cblr-1702	244	4	like	like	ADP
cblr-1702	244	5	that	that	PRON
cblr-1702	244	6	issued	issue	VERB
cblr-1702	244	7	by	by	ADP
cblr-1702	244	8	polybius	polybius	NOUN
cblr-1702	244	9	resembles	resemble	NOUN
cblr-1702	244	10	non	non	ADJ
cblr-1702	244	11	-	-	ADJ
cblr-1702	244	12	voting	voting	ADJ
cblr-1702	244	13	common	common	ADJ
cblr-1702	244	14	stock	stock	NOUN
cblr-1702	244	15	.	.	PUNCT
cblr-1702	245	1	the	the	DET
cblr-1702	245	2	polybius	polybius	NOUN
cblr-1702	245	3	token	token	VERB
cblr-1702	245	4	explicitly	explicitly	ADV
cblr-1702	245	5	confers	confer	VERB
cblr-1702	245	6	the	the	DET
cblr-1702	245	7	right	right	NOUN
cblr-1702	245	8	to	to	PART
cblr-1702	245	9	“	"	PUNCT
cblr-1702	245	10	receive	receive	VERB
cblr-1702	245	11	dividends	dividend	NOUN
cblr-1702	245	12	contingent	contingent	ADJ
cblr-1702	245	13	upon	upon	SCONJ
cblr-1702	245	14	an	an	DET
cblr-1702	245	15	apportionment	apportionment	NOUN
cblr-1702	245	16	of	of	ADP
cblr-1702	245	17	profits”—one	profits”—one	NOUN
cblr-1702	245	18	of	of	ADP
cblr-1702	245	19	the	the	DET
cblr-1702	245	20	functional	functional	ADJ
cblr-1702	245	21	characteristics	characteristic	NOUN
cblr-1702	245	22	of	of	ADP
cblr-1702	245	23	stocks	stock	NOUN
cblr-1702	245	24	noted	note	VERB
cblr-1702	245	25	in	in	ADP
cblr-1702	245	26	landreth.79	landreth.79	NOUN
cblr-1702	245	27	the	the	DET
cblr-1702	245	28	polybius	polybius	NOUN
cblr-1702	245	29	token	token	VERB
cblr-1702	245	30	does	do	AUX
cblr-1702	245	31	not	not	PART
cblr-1702	245	32	confer	confer	VERB
cblr-1702	245	33	voting	voting	NOUN
cblr-1702	245	34	rights	right	NOUN
cblr-1702	245	35	,	,	PUNCT
cblr-1702	245	36	although	although	SCONJ
cblr-1702	245	37	other	other	ADJ
cblr-1702	245	38	dividend	dividend	NOUN
cblr-1702	245	39	tokens	token	NOUN
cblr-1702	245	40	do.80	do.80	ADV
cblr-1702	245	41	though	though	SCONJ
cblr-1702	245	42	the	the	DET
cblr-1702	245	43	ico	ico	PROPN
cblr-1702	245	44	price	price	NOUN
cblr-1702	245	45	of	of	ADP
cblr-1702	245	46	the	the	DET
cblr-1702	245	47	polybius	polybius	NOUN
cblr-1702	245	48	token	token	VERB
cblr-1702	245	49	was	be	AUX
cblr-1702	245	50	77	77	NUM
cblr-1702	245	51	landreth	landreth	PROPN
cblr-1702	245	52	timber	timber	PROPN
cblr-1702	245	53	co.	co.	PROPN
cblr-1702	245	54	v.	v.	ADP
cblr-1702	245	55	landreth	landreth	PROPN
cblr-1702	245	56	,	,	PUNCT
cblr-1702	245	57	471	471	NUM
cblr-1702	245	58	u.s	u.s	PROPN
cblr-1702	245	59	.	.	PROPN
cblr-1702	245	60	681	681	NUM
cblr-1702	245	61	,	,	PUNCT
cblr-1702	245	62	686	686	NUM
cblr-1702	245	63	(	(	PUNCT
cblr-1702	245	64	1985	1985	NUM
cblr-1702	245	65	)	)	PUNCT
cblr-1702	245	66	(	(	PUNCT
cblr-1702	245	67	“	"	PUNCT
cblr-1702	245	68	as	as	SCONJ
cblr-1702	245	69	we	we	PRON
cblr-1702	245	70	have	have	AUX
cblr-1702	245	71	observed	observe	VERB
cblr-1702	245	72	in	in	ADP
cblr-1702	245	73	the	the	DET
cblr-1702	245	74	past	past	NOUN
cblr-1702	245	75	,	,	PUNCT
cblr-1702	245	76	this	this	DET
cblr-1702	245	77	definition	definition	NOUN
cblr-1702	245	78	is	be	AUX
cblr-1702	245	79	quite	quite	ADV
cblr-1702	245	80	broad	broad	ADJ
cblr-1702	245	81	.	.	PUNCT
cblr-1702	245	82	.	.	PUNCT
cblr-1702	245	83	.	.	PUNCT
cblr-1702	246	1	and	and	CCONJ
cblr-1702	246	2	includes	include	VERB
cblr-1702	246	3	both	both	DET
cblr-1702	246	4	instruments	instrument	NOUN
cblr-1702	246	5	whose	whose	DET
cblr-1702	246	6	names	name	NOUN
cblr-1702	246	7	alone	alone	ADV
cblr-1702	246	8	carry	carry	VERB
cblr-1702	246	9	well	well	ADV
cblr-1702	246	10	-	-	PUNCT
cblr-1702	246	11	settled	settle	VERB
cblr-1702	246	12	meaning	meaning	NOUN
cblr-1702	246	13	,	,	PUNCT
cblr-1702	246	14	as	as	ADV
cblr-1702	246	15	well	well	ADV
cblr-1702	246	16	as	as	ADP
cblr-1702	246	17	instruments	instrument	NOUN
cblr-1702	246	18	of	of	ADP
cblr-1702	246	19	‘	'	PUNCT
cblr-1702	246	20	more	more	ADJ
cblr-1702	246	21	variable	variable	ADJ
cblr-1702	246	22	character	character	NOUN
cblr-1702	247	1	[	[	X
cblr-1702	247	2	that	that	PRON
cblr-1702	247	3	]	]	PUNCT
cblr-1702	247	4	were	be	AUX
cblr-1702	247	5	necessarily	necessarily	ADV
cblr-1702	247	6	designated	designate	VERB
cblr-1702	247	7	by	by	ADP
cblr-1702	247	8	more	more	ADJ
cblr-1702	247	9	descriptive	descriptive	ADJ
cblr-1702	247	10	terms	term	NOUN
cblr-1702	247	11	,	,	PUNCT
cblr-1702	247	12	’	'	PUNCT
cblr-1702	247	13	such	such	ADJ
cblr-1702	247	14	as	as	ADP
cblr-1702	247	15	‘	'	PUNCT
cblr-1702	247	16	investment	investment	NOUN
cblr-1702	247	17	contract	contract	NOUN
cblr-1702	247	18	’	'	PUNCT
cblr-1702	247	19	and	and	CCONJ
cblr-1702	247	20	‘	'	PUNCT
cblr-1702	247	21	instrument	instrument	NOUN
cblr-1702	247	22	commonly	commonly	ADV
cblr-1702	247	23	known	know	VERB
cblr-1702	247	24	as	as	ADP
cblr-1702	247	25	a	a	DET
cblr-1702	247	26	‘	'	PUNCT
cblr-1702	247	27	security	security	NOUN
cblr-1702	247	28	.	.	PUNCT
cblr-1702	247	29	’’	’'	PUNCT
cblr-1702	247	30	”	"	PUNCT
cblr-1702	247	31	)	)	PUNCT
cblr-1702	247	32	.	.	PUNCT
cblr-1702	248	1	78	78	NUM
cblr-1702	248	2	tcherepnin	tcherepnin	NOUN
cblr-1702	248	3	v.	v.	ADP
cblr-1702	248	4	knight	knight	NOUN
cblr-1702	248	5	,	,	PUNCT
cblr-1702	248	6	389	389	NUM
cblr-1702	248	7	u.s	u.s	PROPN
cblr-1702	248	8	.	.	PROPN
cblr-1702	248	9	332	332	NUM
cblr-1702	248	10	,	,	PUNCT
cblr-1702	248	11	336	336	NUM
cblr-1702	248	12	(	(	PUNCT
cblr-1702	248	13	1967	1967	NUM
cblr-1702	248	14	)	)	PUNCT
cblr-1702	248	15	.	.	PUNCT
cblr-1702	249	1	79	79	NUM
cblr-1702	249	2	landreth	landreth	PROPN
cblr-1702	249	3	,	,	PUNCT
cblr-1702	249	4	471	471	NUM
cblr-1702	249	5	u.s	u.s	PROPN
cblr-1702	249	6	.	.	PROPN
cblr-1702	249	7	at	at	ADP
cblr-1702	249	8	686	686	NUM
cblr-1702	249	9	;	;	PUNCT
cblr-1702	249	10	polybius	polybius	NOUN
cblr-1702	249	11	,	,	PUNCT
cblr-1702	249	12	polybius	polybius	NOUN
cblr-1702	249	13	token	token	VERB
cblr-1702	249	14	whitepaper	whitepaper	NOUN
cblr-1702	249	15	(	(	PUNCT
cblr-1702	249	16	2017	2017	NUM
cblr-1702	249	17	)	)	PUNCT
cblr-1702	249	18	,	,	PUNCT
cblr-1702	249	19	https://polybius.io/media/tw_en.pdf	https://polybius.io/media/tw_en.pdf	NUM
cblr-1702	249	20	[	[	X
cblr-1702	249	21	perma.cc/ns9e-5jpx	perma.cc/ns9e-5jpx	NOUN
cblr-1702	249	22	]	]	X
cblr-1702	250	1	[	[	X
cblr-1702	250	2	hereinafter	hereinafter	NOUN
cblr-1702	250	3	polybius	polybius	NOUN
cblr-1702	250	4	whitepaper	whitepaper	NOUN
cblr-1702	250	5	]	]	PUNCT
cblr-1702	250	6	.	.	PUNCT
cblr-1702	250	7	80	80	NUM
cblr-1702	250	8	polybius	polybius	PROPN
cblr-1702	250	9	whitepaper	whitepaper	NOUN
cblr-1702	250	10	,	,	PUNCT
cblr-1702	250	11	supra	supra	PROPN
cblr-1702	250	12	note	note	NOUN
cblr-1702	250	13	79	79	NUM
cblr-1702	250	14	.	.	PUNCT
cblr-1702	251	1	for	for	ADP
cblr-1702	251	2	a	a	DET
cblr-1702	251	3	list	list	NOUN
cblr-1702	251	4	of	of	ADP
cblr-1702	251	5	more	more	ADJ
cblr-1702	251	6	dividend	dividend	NOUN
cblr-1702	251	7	tokens	token	NOUN
cblr-1702	251	8	and	and	CCONJ
cblr-1702	251	9	their	their	PRON
cblr-1702	251	10	features	feature	NOUN
cblr-1702	251	11	,	,	PUNCT
cblr-1702	251	12	see	see	VERB
cblr-1702	251	13	jim	jim	PROPN
cblr-1702	251	14	reynolds	reynolds	PROPN
cblr-1702	251	15	,	,	PUNCT
cblr-1702	251	16	which	which	DET
cblr-1702	251	17	cryptocurrencies	cryptocurrencie	NOUN
cblr-1702	251	18	pay	pay	VERB
cblr-1702	251	19	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	251	20	no	no	NOUN
cblr-1702	251	21	.	.	PUNCT
cblr-1702	252	1	2:617	2:617	NUM
cblr-1702	252	2	]	]	X
cblr-1702	252	3	ico	ico	PROPN
cblr-1702	252	4	’s	’s	PART
cblr-1702	252	5	,	,	PUNCT
cblr-1702	252	6	dao	dao	VERB
cblr-1702	252	7	’s	’s	ADV
cblr-1702	252	8	,	,	PUNCT
cblr-1702	252	9	and	and	CCONJ
cblr-1702	252	10	the	the	DET
cblr-1702	252	11	sec	sec	PROPN
cblr-1702	252	12	635	635	NUM
cblr-1702	252	13	set	set	VERB
cblr-1702	252	14	at	at	ADP
cblr-1702	252	15	ten	ten	NUM
cblr-1702	252	16	dollars	dollar	NOUN
cblr-1702	252	17	per	per	ADP
cblr-1702	252	18	token	token	NOUN
cblr-1702	252	19	,	,	PUNCT
cblr-1702	252	20	the	the	DET
cblr-1702	252	21	price	price	NOUN
cblr-1702	252	22	in	in	ADP
cblr-1702	252	23	secondary	secondary	ADJ
cblr-1702	252	24	trading	trading	NOUN
cblr-1702	252	25	is	be	AUX
cblr-1702	252	26	negotiable	negotiable	ADJ
cblr-1702	252	27	and	and	CCONJ
cblr-1702	252	28	the	the	DET
cblr-1702	252	29	tokens	token	NOUN
cblr-1702	252	30	have	have	VERB
cblr-1702	252	31	the	the	DET
cblr-1702	252	32	capacity	capacity	NOUN
cblr-1702	252	33	to	to	PART
cblr-1702	252	34	appreciate	appreciate	VERB
cblr-1702	252	35	in	in	ADP
cblr-1702	252	36	value	value	NOUN
cblr-1702	252	37	based	base	VERB
cblr-1702	252	38	on	on	ADP
cblr-1702	252	39	the	the	DET
cblr-1702	252	40	outlook	outlook	NOUN
cblr-1702	252	41	on	on	ADP
cblr-1702	252	42	dividend	dividend	NOUN
cblr-1702	253	1	value.81	value.81	CCONJ
cblr-1702	254	1	it	it	PRON
cblr-1702	254	2	is	be	AUX
cblr-1702	254	3	unclear	unclear	ADJ
cblr-1702	254	4	whether	whether	SCONJ
cblr-1702	254	5	,	,	PUNCT
cblr-1702	254	6	at	at	ADP
cblr-1702	254	7	this	this	DET
cblr-1702	254	8	time	time	NOUN
cblr-1702	254	9	,	,	PUNCT
cblr-1702	254	10	the	the	DET
cblr-1702	254	11	tokens	token	NOUN
cblr-1702	254	12	may	may	AUX
cblr-1702	254	13	be	be	AUX
cblr-1702	254	14	pledged	pledge	VERB
cblr-1702	254	15	or	or	CCONJ
cblr-1702	254	16	hypothecated	hypothecate	VERB
cblr-1702	254	17	.	.	PUNCT
cblr-1702	255	1	with	with	ADP
cblr-1702	255	2	such	such	DET
cblr-1702	255	3	a	a	DET
cblr-1702	255	4	close	close	ADJ
cblr-1702	255	5	comparison	comparison	NOUN
cblr-1702	255	6	to	to	ADP
cblr-1702	255	7	a	a	DET
cblr-1702	255	8	traditional	traditional	ADJ
cblr-1702	255	9	stock	stock	NOUN
cblr-1702	255	10	,	,	PUNCT
cblr-1702	255	11	and	and	CCONJ
cblr-1702	255	12	with	with	ADP
cblr-1702	255	13	the	the	DET
cblr-1702	255	14	primary	primary	ADJ
cblr-1702	255	15	investment	investment	NOUN
cblr-1702	255	16	purpose	purpose	NOUN
cblr-1702	255	17	of	of	ADP
cblr-1702	255	18	distributing	distribute	VERB
cblr-1702	255	19	profits	profit	NOUN
cblr-1702	255	20	,	,	PUNCT
cblr-1702	255	21	dividend	dividend	VERB
cblr-1702	255	22	token	token	VERB
cblr-1702	255	23	issuers	issuer	NOUN
cblr-1702	255	24	should	should	AUX
cblr-1702	255	25	be	be	AUX
cblr-1702	255	26	on	on	ADP
cblr-1702	255	27	notice	notice	NOUN
cblr-1702	255	28	that	that	SCONJ
cblr-1702	255	29	their	their	PRON
cblr-1702	255	30	tokens	token	NOUN
cblr-1702	255	31	are	be	AUX
cblr-1702	255	32	securities	security	NOUN
cblr-1702	255	33	.	.	PUNCT
cblr-1702	256	1	in	in	ADP
cblr-1702	256	2	fact	fact	NOUN
cblr-1702	256	3	,	,	PUNCT
cblr-1702	256	4	the	the	DET
cblr-1702	256	5	polybius	polybius	PROPN
cblr-1702	256	6	white	white	PROPN
cblr-1702	256	7	paper	paper	PROPN
cblr-1702	256	8	contains	contain	VERB
cblr-1702	256	9	a	a	DET
cblr-1702	256	10	disclaimer	disclaimer	NOUN
cblr-1702	256	11	that	that	PRON
cblr-1702	256	12	implies	imply	VERB
cblr-1702	256	13	that	that	SCONJ
cblr-1702	256	14	polybius	polybius	NOUN
cblr-1702	256	15	believes	believe	VERB
cblr-1702	256	16	its	its	PRON
cblr-1702	256	17	token	token	NOUN
cblr-1702	256	18	is	be	AUX
cblr-1702	256	19	a	a	DET
cblr-1702	256	20	security	security	NOUN
cblr-1702	256	21	under	under	ADP
cblr-1702	256	22	u.s	u.s	PROPN
cblr-1702	256	23	.	.	PROPN
cblr-1702	256	24	law	law	NOUN
cblr-1702	256	25	,	,	PUNCT
cblr-1702	256	26	and	and	CCONJ
cblr-1702	256	27	seems	seem	VERB
cblr-1702	256	28	to	to	PART
cblr-1702	256	29	be	be	AUX
cblr-1702	256	30	seeking	seek	VERB
cblr-1702	256	31	regulation	regulation	NOUN
cblr-1702	256	32	s	s	VERB
cblr-1702	256	33	safe	safe	ADJ
cblr-1702	256	34	harbor	harbor	NOUN
cblr-1702	256	35	by	by	ADP
cblr-1702	256	36	barring	bar	VERB
cblr-1702	256	37	u.s	u.s	PROPN
cblr-1702	256	38	.	.	PROPN
cblr-1702	256	39	persons	person	NOUN
cblr-1702	256	40	from	from	ADP
cblr-1702	256	41	purchase.82	purchase.82	PROPN
cblr-1702	256	42	since	since	SCONJ
cblr-1702	256	43	investors	investor	NOUN
cblr-1702	256	44	will	will	AUX
cblr-1702	256	45	look	look	VERB
cblr-1702	256	46	at	at	ADP
cblr-1702	256	47	these	these	DET
cblr-1702	256	48	icos	icos	PROPN
cblr-1702	256	49	and	and	CCONJ
cblr-1702	256	50	believe	believe	VERB
cblr-1702	256	51	that	that	SCONJ
cblr-1702	256	52	they	they	PRON
cblr-1702	256	53	look	look	VERB
cblr-1702	256	54	very	very	ADV
cblr-1702	256	55	much	much	ADV
cblr-1702	256	56	like	like	ADP
cblr-1702	256	57	common	common	ADJ
cblr-1702	256	58	stock	stock	NOUN
cblr-1702	256	59	,	,	PUNCT
cblr-1702	256	60	dividend	dividend	VERB
cblr-1702	256	61	token	token	VERB
cblr-1702	256	62	issuers	issuer	NOUN
cblr-1702	256	63	like	like	ADP
cblr-1702	256	64	polybius	polybius	NOUN
cblr-1702	256	65	have	have	AUX
cblr-1702	256	66	acknowledged	acknowledge	VERB
cblr-1702	256	67	that	that	SCONJ
cblr-1702	256	68	u.s	u.s	PROPN
cblr-1702	256	69	.	.	PROPN
cblr-1702	256	70	securities	security	NOUN
cblr-1702	256	71	laws	law	NOUN
cblr-1702	256	72	apply	apply	VERB
cblr-1702	256	73	and	and	CCONJ
cblr-1702	256	74	—	—	PUNCT
cblr-1702	256	75	unlike	unlike	ADP
cblr-1702	256	76	polybius	polybius	NOUN
cblr-1702	256	77	—	—	PUNCT
cblr-1702	256	78	have	have	AUX
cblr-1702	256	79	opted	opt	VERB
cblr-1702	256	80	to	to	PART
cblr-1702	256	81	register	register	VERB
cblr-1702	256	82	their	their	PRON
cblr-1702	256	83	icos.83	icos.83	ADJ
cblr-1702	256	84	3	3	NUM
cblr-1702	256	85	.	.	PUNCT
cblr-1702	256	86	class	class	NOUN
cblr-1702	256	87	3	3	NUM
cblr-1702	256	88	:	:	PUNCT
cblr-1702	256	89	the	the	DET
cblr-1702	256	90	decentralized	decentralize	VERB
cblr-1702	256	91	partnership	partnership	NOUN
cblr-1702	256	92	token	token	VERB
cblr-1702	256	93	imagine	imagine	VERB
cblr-1702	256	94	a	a	DET
cblr-1702	256	95	driverless	driverless	ADJ
cblr-1702	256	96	car	car	NOUN
cblr-1702	256	97	that	that	PRON
cblr-1702	256	98	picks	pick	VERB
cblr-1702	256	99	up	up	ADP
cblr-1702	256	100	and	and	CCONJ
cblr-1702	256	101	drops	drop	VERB
cblr-1702	256	102	off	off	ADP
cblr-1702	256	103	passengers	passenger	NOUN
cblr-1702	256	104	who	who	PRON
cblr-1702	256	105	hail	hail	VERB
cblr-1702	256	106	it	it	PRON
cblr-1702	256	107	through	through	ADP
cblr-1702	256	108	an	an	DET
cblr-1702	256	109	app	app	NOUN
cblr-1702	256	110	in	in	ADP
cblr-1702	256	111	exchange	exchange	NOUN
cblr-1702	256	112	for	for	ADP
cblr-1702	256	113	a	a	DET
cblr-1702	256	114	fee	fee	NOUN
cblr-1702	256	115	.	.	PUNCT
cblr-1702	257	1	now	now	ADV
cblr-1702	257	2	imagine	imagine	VERB
cblr-1702	257	3	there	there	PRON
cblr-1702	257	4	is	be	VERB
cblr-1702	257	5	no	no	DET
cblr-1702	257	6	central	central	ADJ
cblr-1702	257	7	owner	owner	NOUN
cblr-1702	257	8	or	or	CCONJ
cblr-1702	257	9	operator	operator	NOUN
cblr-1702	257	10	of	of	ADP
cblr-1702	257	11	the	the	DET
cblr-1702	257	12	car	car	NOUN
cblr-1702	257	13	,	,	PUNCT
cblr-1702	257	14	but	but	CCONJ
cblr-1702	257	15	instead	instead	ADV
cblr-1702	257	16	a	a	DET
cblr-1702	257	17	decentralized	decentralized	ADJ
cblr-1702	257	18	network	network	NOUN
cblr-1702	257	19	of	of	ADP
cblr-1702	257	20	investors	investor	NOUN
cblr-1702	257	21	who	who	PRON
cblr-1702	257	22	automatically	automatically	ADV
cblr-1702	257	23	receive	receive	VERB
cblr-1702	257	24	a	a	DET
cblr-1702	257	25	portion	portion	NOUN
cblr-1702	257	26	of	of	ADP
cblr-1702	257	27	the	the	DET
cblr-1702	257	28	profits	profit	NOUN
cblr-1702	257	29	earned	earn	VERB
cblr-1702	257	30	by	by	ADP
cblr-1702	257	31	the	the	DET
cblr-1702	257	32	car.84	car.84	NOUN
cblr-1702	257	33	the	the	DET
cblr-1702	257	34	business	business	NOUN
cblr-1702	257	35	is	be	AUX
cblr-1702	257	36	decentralized	decentralize	VERB
cblr-1702	257	37	,	,	PUNCT
cblr-1702	257	38	meaning	mean	VERB
cblr-1702	257	39	no	no	DET
cblr-1702	257	40	single	single	ADJ
cblr-1702	257	41	entity	entity	NOUN
cblr-1702	257	42	dividends	dividend	NOUN
cblr-1702	257	43	?	?	PUNCT
cblr-1702	257	44	,	,	PUNCT
cblr-1702	257	45	investitin.com	investitin.com	X
cblr-1702	257	46	(	(	PUNCT
cblr-1702	257	47	june	june	PROPN
cblr-1702	257	48	26	26	NUM
cblr-1702	257	49	,	,	PUNCT
cblr-1702	257	50	2017	2017	NUM
cblr-1702	257	51	)	)	PUNCT
cblr-1702	257	52	,	,	PUNCT
cblr-1702	257	53	https://www.investitin.com/cryptocurrency-dividends/	https://www.investitin.com/cryptocurrency-dividends/	X
cblr-1702	258	1	[	[	X
cblr-1702	258	2	perma.cc/e62938hz	perma.cc/e62938hz	X
cblr-1702	258	3	]	]	PUNCT
cblr-1702	258	4	.	.	PUNCT
cblr-1702	259	1	81	81	NUM
cblr-1702	259	2	polybius	polybius	NOUN
cblr-1702	259	3	prospectus	prospectus	NOUN
cblr-1702	259	4	,	,	PUNCT
cblr-1702	259	5	supra	supra	PROPN
cblr-1702	259	6	note	note	NOUN
cblr-1702	259	7	74	74	NUM
cblr-1702	259	8	,	,	PUNCT
cblr-1702	259	9	at	at	ADP
cblr-1702	259	10	3	3	NUM
cblr-1702	259	11	.	.	NUM
cblr-1702	259	12	82	82	NUM
cblr-1702	260	1	i	i	PRON
cblr-1702	260	2	d.	d.	PROPN
cblr-1702	260	3	at	at	ADP
cblr-1702	260	4	20	20	NUM
cblr-1702	260	5	.	.	PUNCT
cblr-1702	261	1	whether	whether	SCONJ
cblr-1702	261	2	in	in	ADP
cblr-1702	261	3	practice	practice	NOUN
cblr-1702	261	4	the	the	DET
cblr-1702	261	5	ico	ico	PROPN
cblr-1702	261	6	actually	actually	ADV
cblr-1702	261	7	complied	comply	VERB
cblr-1702	261	8	with	with	ADP
cblr-1702	261	9	regulation	regulation	NOUN
cblr-1702	261	10	s	s	VERB
cblr-1702	261	11	is	be	AUX
cblr-1702	261	12	outside	outside	ADP
cblr-1702	261	13	the	the	DET
cblr-1702	261	14	scope	scope	NOUN
cblr-1702	261	15	of	of	ADP
cblr-1702	261	16	this	this	DET
cblr-1702	261	17	note	note	NOUN
cblr-1702	261	18	,	,	PUNCT
cblr-1702	261	19	as	as	SCONJ
cblr-1702	261	20	it	it	PRON
cblr-1702	261	21	deals	deal	VERB
cblr-1702	261	22	with	with	ADP
cblr-1702	261	23	the	the	DET
cblr-1702	261	24	administrative	administrative	ADJ
cblr-1702	261	25	challenges	challenge	NOUN
cblr-1702	261	26	of	of	ADP
cblr-1702	261	27	pseudonymous	pseudonymous	ADJ
cblr-1702	261	28	blockchain	blockchain	NOUN
cblr-1702	261	29	transactions	transaction	NOUN
cblr-1702	261	30	.	.	PUNCT
cblr-1702	262	1	83	83	NUM
cblr-1702	262	2	jaron	jaron	PROPN
cblr-1702	262	3	lukasiewicz	lukasiewicz	PROPN
cblr-1702	262	4	,	,	PUNCT
cblr-1702	262	5	the	the	DET
cblr-1702	262	6	basics	basic	NOUN
cblr-1702	262	7	on	on	ADP
cblr-1702	262	8	facts	fact	NOUN
cblr-1702	262	9	:	:	PUNCT
cblr-1702	262	10	a	a	DET
cblr-1702	262	11	new	new	ADJ
cblr-1702	262	12	model	model	NOUN
cblr-1702	262	13	for	for	ADP
cblr-1702	262	14	compliant	compliant	PROPN
cblr-1702	262	15	icos	icos	PROPN
cblr-1702	262	16	,	,	PUNCT
cblr-1702	262	17	coindesk	coindesk	PROPN
cblr-1702	262	18	(	(	PUNCT
cblr-1702	262	19	oct	oct	PROPN
cblr-1702	262	20	.	.	PROPN
cblr-1702	262	21	29	29	NUM
cblr-1702	262	22	,	,	PUNCT
cblr-1702	262	23	2017	2017	NUM
cblr-1702	262	24	,	,	PUNCT
cblr-1702	262	25	3:04	3:04	NUM
cblr-1702	262	26	pm	pm	NOUN
cblr-1702	262	27	)	)	PUNCT
cblr-1702	262	28	,	,	PUNCT
cblr-1702	262	29	https://www.coindesk.com/basics-facts-new-model-compliant-icos/	https://www.coindesk.com/basics-facts-new-model-compliant-icos/	PROPN
cblr-1702	263	1	[	[	X
cblr-1702	263	2	perma.cc/ws25-nbjb	perma.cc/ws25-nbjb	X
cblr-1702	263	3	]	]	X
cblr-1702	263	4	.	.	PUNCT
cblr-1702	264	1	84	84	NUM
cblr-1702	264	2	this	this	DET
cblr-1702	264	3	thought	think	VERB
cblr-1702	264	4	experiment	experiment	NOUN
cblr-1702	264	5	is	be	AUX
cblr-1702	264	6	often	often	ADV
cblr-1702	264	7	used	use	VERB
cblr-1702	264	8	to	to	PART
cblr-1702	264	9	explain	explain	VERB
cblr-1702	264	10	the	the	DET
cblr-1702	264	11	concept	concept	NOUN
cblr-1702	264	12	of	of	ADP
cblr-1702	264	13	a	a	DET
cblr-1702	264	14	decentralized	decentralize	VERB
cblr-1702	264	15	autonomous	autonomous	ADJ
cblr-1702	264	16	organization	organization	NOUN
cblr-1702	264	17	.	.	PUNCT
cblr-1702	265	1	alyssa	alyssa	PROPN
cblr-1702	265	2	hertig	hertig	PROPN
cblr-1702	265	3	,	,	PUNCT
cblr-1702	265	4	what	what	PRON
cblr-1702	265	5	is	be	AUX
cblr-1702	265	6	a	a	DET
cblr-1702	265	7	dao	dao	NOUN
cblr-1702	265	8	?	?	NOUN
cblr-1702	265	9	,	,	PUNCT
cblr-1702	265	10	coindesk	coindesk	NOUN
cblr-1702	265	11	,	,	PUNCT
cblr-1702	265	12	https://www.coindesk.com/information/what-is-a-dao-ethereum/	https://www.coindesk.com/information/what-is-a-dao-ethereum/	PROPN
cblr-1702	266	1	[	[	X
cblr-1702	266	2	perma.cc/6txb-rms3	perma.cc/6txb-rms3	X
cblr-1702	266	3	]	]	X
cblr-1702	266	4	.	.	PUNCT
cblr-1702	267	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	267	2	636	636	NUM
cblr-1702	267	3	columbia	columbia	PROPN
cblr-1702	267	4	business	business	NOUN
cblr-1702	267	5	law	law	PROPN
cblr-1702	267	6	review	review	NOUN
cblr-1702	267	7	[	[	X
cblr-1702	267	8	vol	vol	NOUN
cblr-1702	267	9	.	.	NOUN
cblr-1702	267	10	2018	2018	NUM
cblr-1702	267	11	has	have	VERB
cblr-1702	267	12	control	control	NOUN
cblr-1702	267	13	.	.	PUNCT
cblr-1702	268	1	rather	rather	ADV
cblr-1702	268	2	,	,	PUNCT
cblr-1702	268	3	the	the	DET
cblr-1702	268	4	entire	entire	ADJ
cblr-1702	268	5	network	network	NOUN
cblr-1702	268	6	of	of	ADP
cblr-1702	268	7	participants	participant	NOUN
cblr-1702	268	8	owns	own	VERB
cblr-1702	268	9	control	control	NOUN
cblr-1702	268	10	.	.	PUNCT
cblr-1702	269	1	it	it	PRON
cblr-1702	269	2	is	be	AUX
cblr-1702	269	3	autonomous	autonomous	ADJ
cblr-1702	269	4	because	because	SCONJ
cblr-1702	269	5	there	there	PRON
cblr-1702	269	6	is	be	VERB
cblr-1702	269	7	no	no	DET
cblr-1702	269	8	human	human	ADJ
cblr-1702	269	9	operator	operator	NOUN
cblr-1702	269	10	,	,	PUNCT
cblr-1702	269	11	instead	instead	ADV
cblr-1702	269	12	the	the	DET
cblr-1702	269	13	business	business	NOUN
cblr-1702	269	14	is	be	AUX
cblr-1702	269	15	run	run	VERB
cblr-1702	269	16	by	by	ADP
cblr-1702	269	17	automatically	automatically	ADV
cblr-1702	269	18	executable	executable	ADJ
cblr-1702	269	19	code	code	NOUN
cblr-1702	269	20	.	.	PUNCT
cblr-1702	270	1	the	the	DET
cblr-1702	270	2	only	only	ADJ
cblr-1702	270	3	human	human	ADJ
cblr-1702	270	4	intervention	intervention	NOUN
cblr-1702	270	5	is	be	AUX
cblr-1702	270	6	in	in	ADP
cblr-1702	270	7	the	the	DET
cblr-1702	270	8	initial	initial	ADJ
cblr-1702	270	9	coding	coding	NOUN
cblr-1702	270	10	and	and	CCONJ
cblr-1702	270	11	promotion	promotion	NOUN
cblr-1702	270	12	.	.	PUNCT
cblr-1702	271	1	it	it	PRON
cblr-1702	271	2	is	be	AUX
cblr-1702	271	3	an	an	DET
cblr-1702	271	4	organization	organization	NOUN
cblr-1702	271	5	because	because	SCONJ
cblr-1702	271	6	of	of	ADP
cblr-1702	271	7	the	the	DET
cblr-1702	271	8	common	common	ADJ
cblr-1702	271	9	rights	right	NOUN
cblr-1702	271	10	and	and	CCONJ
cblr-1702	271	11	purposes	purpose	NOUN
cblr-1702	271	12	of	of	ADP
cblr-1702	271	13	the	the	DET
cblr-1702	271	14	investors	investor	NOUN
cblr-1702	271	15	.	.	PUNCT
cblr-1702	272	1	dao	dao	VERB
cblr-1702	272	2	business	business	NOUN
cblr-1702	272	3	models	model	NOUN
cblr-1702	272	4	are	be	AUX
cblr-1702	272	5	possible	possible	ADJ
cblr-1702	272	6	today	today	NOUN
cblr-1702	272	7	(	(	PUNCT
cblr-1702	272	8	although	although	SCONJ
cblr-1702	272	9	not	not	PART
cblr-1702	272	10	yet	yet	ADV
cblr-1702	272	11	in	in	ADP
cblr-1702	272	12	driverless	driverless	NOUN
cblr-1702	272	13	cars	car	NOUN
cblr-1702	272	14	)	)	PUNCT
cblr-1702	272	15	by	by	ADP
cblr-1702	272	16	using	use	VERB
cblr-1702	272	17	the	the	DET
cblr-1702	272	18	ethereum	ethereum	NOUN
cblr-1702	272	19	blockchain	blockchain	PROPN
cblr-1702	272	20	platform	platform	PROPN
cblr-1702	272	21	and	and	CCONJ
cblr-1702	272	22	icos	ico	NOUN
cblr-1702	272	23	,	,	PUNCT
cblr-1702	272	24	but	but	CCONJ
cblr-1702	272	25	they	they	PRON
cblr-1702	272	26	create	create	VERB
cblr-1702	272	27	a	a	DET
cblr-1702	272	28	unique	unique	ADJ
cblr-1702	272	29	regulatory	regulatory	ADJ
cblr-1702	272	30	challenge	challenge	NOUN
cblr-1702	272	31	.	.	PUNCT
cblr-1702	273	1	“	"	PUNCT
cblr-1702	273	2	the	the	DET
cblr-1702	273	3	dao	dao	NOUN
cblr-1702	273	4	”	"	PUNCT
cblr-1702	273	5	is	be	AUX
cblr-1702	273	6	the	the	DET
cblr-1702	273	7	most	most	ADV
cblr-1702	273	8	notorious	notorious	ADJ
cblr-1702	273	9	example	example	NOUN
cblr-1702	273	10	of	of	ADP
cblr-1702	273	11	such	such	DET
cblr-1702	273	12	a	a	DET
cblr-1702	273	13	business	business	NOUN
cblr-1702	273	14	model	model	NOUN
cblr-1702	273	15	.	.	PUNCT
cblr-1702	274	1	the	the	DET
cblr-1702	274	2	dao	dao	PROPN
cblr-1702	274	3	was	be	AUX
cblr-1702	274	4	set	set	VERB
cblr-1702	274	5	up	up	ADP
cblr-1702	274	6	to	to	PART
cblr-1702	274	7	function	function	VERB
cblr-1702	274	8	as	as	ADP
cblr-1702	274	9	an	an	DET
cblr-1702	274	10	opensource	opensource	NOUN
cblr-1702	274	11	,	,	PUNCT
cblr-1702	274	12	decentralized	decentralize	VERB
cblr-1702	274	13	venture	venture	NOUN
cblr-1702	274	14	capital	capital	NOUN
cblr-1702	274	15	fund	fund	NOUN
cblr-1702	274	16	(	(	PUNCT
cblr-1702	274	17	though	though	SCONJ
cblr-1702	274	18	not	not	PART
cblr-1702	274	19	limited	limit	VERB
cblr-1702	274	20	only	only	ADV
cblr-1702	274	21	to	to	PART
cblr-1702	274	22	venture	venture	VERB
cblr-1702	274	23	investments	investment	NOUN
cblr-1702	274	24	)	)	PUNCT
cblr-1702	274	25	.	.	PUNCT
cblr-1702	275	1	first	first	ADV
cblr-1702	275	2	,	,	PUNCT
cblr-1702	275	3	the	the	DET
cblr-1702	275	4	dao	dao	NOUN
cblr-1702	275	5	was	be	AUX
cblr-1702	275	6	created	create	VERB
cblr-1702	275	7	with	with	ADP
cblr-1702	275	8	simple	simple	ADJ
cblr-1702	275	9	,	,	PUNCT
cblr-1702	275	10	vague	vague	ADJ
cblr-1702	275	11	code	code	NOUN
cblr-1702	275	12	,	,	PUNCT
cblr-1702	275	13	just	just	ADV
cblr-1702	275	14	enough	enough	ADJ
cblr-1702	275	15	to	to	PART
cblr-1702	275	16	demonstrate	demonstrate	VERB
cblr-1702	275	17	the	the	DET
cblr-1702	275	18	concept	concept	NOUN
cblr-1702	275	19	and	and	CCONJ
cblr-1702	275	20	issue	issue	VERB
cblr-1702	275	21	an	an	DET
cblr-1702	275	22	ico	ico	NOUN
cblr-1702	275	23	.	.	PUNCT
cblr-1702	276	1	in	in	ADP
cblr-1702	276	2	the	the	DET
cblr-1702	276	3	ico	ico	PROPN
cblr-1702	276	4	,	,	PUNCT
cblr-1702	276	5	the	the	DET
cblr-1702	276	6	dao	dao	NOUN
cblr-1702	276	7	raised	raise	VERB
cblr-1702	276	8	millions	million	NOUN
cblr-1702	276	9	of	of	ADP
cblr-1702	276	10	dollars	dollar	NOUN
cblr-1702	276	11	from	from	ADP
cblr-1702	276	12	thousands	thousand	NOUN
cblr-1702	276	13	of	of	ADP
cblr-1702	276	14	investors	investor	NOUN
cblr-1702	276	15	,	,	PUNCT
cblr-1702	276	16	who	who	PRON
cblr-1702	276	17	became	become	VERB
cblr-1702	276	18	the	the	DET
cblr-1702	276	19	network	network	NOUN
cblr-1702	276	20	of	of	ADP
cblr-1702	276	21	decentralized	decentralize	VERB
cblr-1702	276	22	token	token	ADJ
cblr-1702	276	23	holders	holder	NOUN
cblr-1702	276	24	and	and	CCONJ
cblr-1702	276	25	de	de	X
cblr-1702	276	26	facto	facto	X
cblr-1702	276	27	operators	operator	NOUN
cblr-1702	276	28	of	of	ADP
cblr-1702	276	29	the	the	DET
cblr-1702	276	30	dao	dao	PROPN
cblr-1702	276	31	fund	fund	PROPN
cblr-1702	276	32	.	.	PUNCT
cblr-1702	277	1	after	after	ADP
cblr-1702	277	2	that	that	PRON
cblr-1702	277	3	,	,	PUNCT
cblr-1702	277	4	the	the	DET
cblr-1702	277	5	goal	goal	NOUN
cblr-1702	277	6	was	be	AUX
cblr-1702	277	7	to	to	PART
cblr-1702	277	8	have	have	VERB
cblr-1702	277	9	the	the	DET
cblr-1702	277	10	token	token	ADJ
cblr-1702	277	11	holders	holder	NOUN
cblr-1702	277	12	introduce	introduce	VERB
cblr-1702	277	13	code	code	NOUN
cblr-1702	277	14	to	to	PART
cblr-1702	277	15	finalize	finalize	VERB
cblr-1702	277	16	the	the	DET
cblr-1702	277	17	executory	executory	ADJ
cblr-1702	277	18	capabilities	capability	NOUN
cblr-1702	277	19	of	of	ADP
cblr-1702	277	20	the	the	DET
cblr-1702	277	21	fund	fund	NOUN
cblr-1702	277	22	.	.	PUNCT
cblr-1702	278	1	every	every	DET
cblr-1702	278	2	token	token	VERB
cblr-1702	278	3	holder	holder	NOUN
cblr-1702	278	4	had	have	VERB
cblr-1702	278	5	the	the	DET
cblr-1702	278	6	right	right	NOUN
cblr-1702	278	7	to	to	PART
cblr-1702	278	8	be	be	AUX
cblr-1702	278	9	a	a	DET
cblr-1702	278	10	“	"	PUNCT
cblr-1702	278	11	contractor	contractor	NOUN
cblr-1702	278	12	”	"	PUNCT
cblr-1702	278	13	and	and	CCONJ
cblr-1702	278	14	“	"	PUNCT
cblr-1702	278	15	pitch	pitch	NOUN
cblr-1702	278	16	”	"	PUNCT
cblr-1702	278	17	a	a	DET
cblr-1702	278	18	block	block	NOUN
cblr-1702	278	19	of	of	ADP
cblr-1702	278	20	code	code	NOUN
cblr-1702	278	21	that	that	PRON
cblr-1702	278	22	represents	represent	VERB
cblr-1702	278	23	a	a	DET
cblr-1702	278	24	smart	smart	ADJ
cblr-1702	278	25	contract	contract	NOUN
cblr-1702	278	26	investment	investment	NOUN
cblr-1702	278	27	(	(	PUNCT
cblr-1702	278	28	a	a	DET
cblr-1702	278	29	hypothetical	hypothetical	ADJ
cblr-1702	278	30	example	example	NOUN
cblr-1702	278	31	could	could	AUX
cblr-1702	278	32	be	be	AUX
cblr-1702	278	33	code	code	NOUN
cblr-1702	278	34	that	that	PRON
cblr-1702	278	35	automatically	automatically	ADV
cblr-1702	278	36	invests	invest	VERB
cblr-1702	278	37	$	$	SYM
cblr-1702	278	38	10	10	NUM
cblr-1702	278	39	million	million	NUM
cblr-1702	278	40	of	of	ADP
cblr-1702	278	41	dao	dao	NOUN
cblr-1702	278	42	funds	fund	NOUN
cblr-1702	278	43	into	into	ADP
cblr-1702	278	44	the	the	DET
cblr-1702	278	45	s&p	s&p	PROPN
cblr-1702	278	46	500	500	NUM
cblr-1702	278	47	and	and	CCONJ
cblr-1702	278	48	then	then	ADV
cblr-1702	278	49	winds	wind	VERB
cblr-1702	278	50	down	down	ADP
cblr-1702	278	51	the	the	DET
cblr-1702	278	52	investment	investment	NOUN
cblr-1702	278	53	automatically	automatically	ADV
cblr-1702	278	54	by	by	ADP
cblr-1702	278	55	$	$	SYM
cblr-1702	278	56	1	1	NUM
cblr-1702	278	57	million	million	NUM
cblr-1702	278	58	each	each	DET
cblr-1702	278	59	month	month	NOUN
cblr-1702	278	60	,	,	PUNCT
cblr-1702	278	61	distributing	distribute	VERB
cblr-1702	278	62	any	any	DET
cblr-1702	278	63	profits	profit	NOUN
cblr-1702	278	64	to	to	PART
cblr-1702	278	65	token	token	VERB
cblr-1702	278	66	holders).85	holders).85	PROPN
cblr-1702	278	67	the	the	DET
cblr-1702	278	68	dao	dao	NOUN
cblr-1702	278	69	used	use	VERB
cblr-1702	278	70	“	"	PUNCT
cblr-1702	278	71	curators	curator	NOUN
cblr-1702	278	72	”	"	PUNCT
cblr-1702	278	73	to	to	PART
cblr-1702	278	74	ensure	ensure	VERB
cblr-1702	278	75	the	the	DET
cblr-1702	278	76	code	code	NOUN
cblr-1702	278	77	does	do	VERB
cblr-1702	278	78	what	what	PRON
cblr-1702	278	79	it	it	PRON
cblr-1702	278	80	intends	intend	VERB
cblr-1702	278	81	to	to	PART
cblr-1702	278	82	do	do	VERB
cblr-1702	278	83	and	and	CCONJ
cblr-1702	278	84	control	control	VERB
cblr-1702	278	85	the	the	DET
cblr-1702	278	86	pace	pace	NOUN
cblr-1702	278	87	of	of	ADP
cblr-1702	278	88	pitches	pitch	NOUN
cblr-1702	278	89	.	.	PUNCT
cblr-1702	279	1	then	then	ADV
cblr-1702	279	2	,	,	PUNCT
cblr-1702	279	3	token	token	ADJ
cblr-1702	279	4	holders	holder	NOUN
cblr-1702	279	5	voted	vote	VERB
cblr-1702	279	6	on	on	ADP
cblr-1702	279	7	each	each	DET
cblr-1702	279	8	smart	smart	ADJ
cblr-1702	279	9	contract	contract	NOUN
cblr-1702	279	10	pitch	pitch	NOUN
cblr-1702	279	11	.	.	PUNCT
cblr-1702	280	1	if	if	SCONJ
cblr-1702	280	2	a	a	DET
cblr-1702	280	3	pitch	pitch	NOUN
cblr-1702	280	4	reached	reach	VERB
cblr-1702	280	5	quorum	quorum	NOUN
cblr-1702	280	6	,	,	PUNCT
cblr-1702	280	7	the	the	DET
cblr-1702	280	8	code	code	NOUN
cblr-1702	280	9	would	would	AUX
cblr-1702	280	10	automatically	automatically	ADV
cblr-1702	280	11	execute	execute	VERB
cblr-1702	280	12	the	the	DET
cblr-1702	280	13	smart	smart	ADJ
cblr-1702	280	14	contract.86	contract.86	PROPN
cblr-1702	280	15	there	there	PRON
cblr-1702	280	16	was	be	VERB
cblr-1702	280	17	to	to	PART
cblr-1702	280	18	be	be	AUX
cblr-1702	280	19	no	no	DET
cblr-1702	280	20	management	management	NOUN
cblr-1702	280	21	,	,	PUNCT
cblr-1702	280	22	only	only	ADV
cblr-1702	280	23	the	the	DET
cblr-1702	280	24	maintenance	maintenance	NOUN
cblr-1702	280	25	“	"	PUNCT
cblr-1702	280	26	curators	curator	NOUN
cblr-1702	280	27	.	.	PUNCT
cblr-1702	280	28	”	"	PUNCT
cblr-1702	281	1	there	there	PRON
cblr-1702	281	2	were	be	VERB
cblr-1702	281	3	no	no	DET
cblr-1702	281	4	management	management	NOUN
cblr-1702	281	5	fees	fee	NOUN
cblr-1702	281	6	or	or	CCONJ
cblr-1702	281	7	profit	profit	NOUN
cblr-1702	281	8	participation	participation	NOUN
cblr-1702	281	9	fees	fee	NOUN
cblr-1702	281	10	.	.	PUNCT
cblr-1702	282	1	there	there	PRON
cblr-1702	282	2	was	be	VERB
cblr-1702	282	3	no	no	DET
cblr-1702	282	4	planned	planned	ADJ
cblr-1702	282	5	gap	gap	NOUN
cblr-1702	282	6	between	between	ADP
cblr-1702	282	7	owning	own	VERB
cblr-1702	282	8	the	the	DET
cblr-1702	282	9	fund	fund	NOUN
cblr-1702	282	10	token	token	VERB
cblr-1702	282	11	and	and	CCONJ
cblr-1702	282	12	controlling	control	VERB
cblr-1702	282	13	the	the	DET
cblr-1702	282	14	fund	fund	NOUN
cblr-1702	282	15	activities	activity	NOUN
cblr-1702	282	16	.	.	PUNCT
cblr-1702	283	1	when	when	SCONJ
cblr-1702	283	2	investors	investor	NOUN
cblr-1702	283	3	purchased	purchase	VERB
cblr-1702	283	4	a	a	DET
cblr-1702	283	5	dao	dao	NOUN
cblr-1702	283	6	token	token	VERB
cblr-1702	283	7	,	,	PUNCT
cblr-1702	283	8	they	they	PRON
cblr-1702	283	9	did	do	VERB
cblr-1702	283	10	so	so	ADV
cblr-1702	283	11	for	for	ADP
cblr-1702	283	12	three	three	NUM
cblr-1702	283	13	reasons	reason	NOUN
cblr-1702	283	14	:	:	PUNCT
cblr-1702	283	15	(	(	PUNCT
cblr-1702	283	16	1	1	X
cblr-1702	283	17	)	)	PUNCT
cblr-1702	283	18	to	to	PART
cblr-1702	283	19	profit	profit	VERB
cblr-1702	283	20	from	from	ADP
cblr-1702	283	21	the	the	DET
cblr-1702	283	22	fund	fund	NOUN
cblr-1702	283	23	’s	’s	PART
cblr-1702	283	24	investments	investment	NOUN
cblr-1702	283	25	;	;	PUNCT
cblr-1702	283	26	(	(	PUNCT
cblr-1702	283	27	2	2	X
cblr-1702	283	28	)	)	PUNCT
cblr-1702	283	29	to	to	PART
cblr-1702	283	30	control	control	VERB
cblr-1702	283	31	85	85	NUM
cblr-1702	283	32	see	see	NOUN
cblr-1702	283	33	jentzsch	jentzsch	NOUN
cblr-1702	283	34	,	,	PUNCT
cblr-1702	283	35	supra	supra	PROPN
cblr-1702	283	36	note	note	NOUN
cblr-1702	283	37	51	51	NUM
cblr-1702	283	38	,	,	PUNCT
cblr-1702	283	39	at	at	ADP
cblr-1702	283	40	2	2	NUM
cblr-1702	283	41	.	.	NUM
cblr-1702	283	42	86	86	NUM
cblr-1702	284	1	i	i	PROPN
cblr-1702	284	2	d.	d.	PROPN
cblr-1702	284	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	284	4	no	no	INTJ
cblr-1702	284	5	.	.	PUNCT
cblr-1702	285	1	2:617	2:617	NUM
cblr-1702	285	2	]	]	X
cblr-1702	285	3	ico	ico	PROPN
cblr-1702	285	4	’s	’s	PART
cblr-1702	285	5	,	,	PUNCT
cblr-1702	285	6	dao	dao	VERB
cblr-1702	285	7	’s	’s	ADV
cblr-1702	285	8	,	,	PUNCT
cblr-1702	285	9	and	and	CCONJ
cblr-1702	285	10	the	the	DET
cblr-1702	285	11	sec	sec	PROPN
cblr-1702	285	12	637	637	NUM
cblr-1702	285	13	the	the	DET
cblr-1702	285	14	fund	fund	NOUN
cblr-1702	285	15	’s	’s	PART
cblr-1702	285	16	investments	investment	NOUN
cblr-1702	285	17	;	;	PUNCT
cblr-1702	285	18	and	and	CCONJ
cblr-1702	285	19	(	(	PUNCT
cblr-1702	285	20	3	3	X
cblr-1702	285	21	)	)	PUNCT
cblr-1702	285	22	to	to	PART
cblr-1702	285	23	participate	participate	VERB
cblr-1702	285	24	in	in	ADP
cblr-1702	285	25	an	an	DET
cblr-1702	285	26	experimental	experimental	ADJ
cblr-1702	285	27	business	business	NOUN
cblr-1702	285	28	model	model	NOUN
cblr-1702	285	29	that	that	PRON
cblr-1702	285	30	can	can	AUX
cblr-1702	285	31	set	set	VERB
cblr-1702	285	32	an	an	DET
cblr-1702	285	33	example	example	NOUN
cblr-1702	285	34	for	for	ADP
cblr-1702	285	35	innovation	innovation	NOUN
cblr-1702	285	36	in	in	ADP
cblr-1702	285	37	other	other	ADJ
cblr-1702	285	38	markets	market	NOUN
cblr-1702	285	39	.	.	PUNCT
cblr-1702	286	1	after	after	SCONJ
cblr-1702	286	2	a	a	DET
cblr-1702	286	3	hacker	hacker	NOUN
cblr-1702	286	4	exposed	expose	VERB
cblr-1702	286	5	a	a	DET
cblr-1702	286	6	flaw	flaw	NOUN
cblr-1702	286	7	in	in	ADP
cblr-1702	286	8	the	the	DET
cblr-1702	286	9	dao	dao	NOUN
cblr-1702	286	10	’s	’s	PART
cblr-1702	286	11	underlying	underlie	VERB
cblr-1702	286	12	code	code	NOUN
cblr-1702	286	13	to	to	PART
cblr-1702	286	14	trap	trap	VERB
cblr-1702	286	15	$	$	SYM
cblr-1702	286	16	50	50	NUM
cblr-1702	286	17	million	million	NUM
cblr-1702	286	18	(	(	PUNCT
cblr-1702	286	19	all	all	PRON
cblr-1702	286	20	of	of	ADP
cblr-1702	286	21	which	which	PRON
cblr-1702	286	22	was	be	AUX
cblr-1702	286	23	later	later	ADV
cblr-1702	286	24	returned	return	VERB
cblr-1702	286	25	to	to	ADP
cblr-1702	286	26	investors	investor	NOUN
cblr-1702	286	27	using	use	VERB
cblr-1702	286	28	the	the	DET
cblr-1702	286	29	advantageous	advantageous	ADJ
cblr-1702	286	30	features	feature	NOUN
cblr-1702	286	31	of	of	ADP
cblr-1702	286	32	the	the	DET
cblr-1702	286	33	blockchain	blockchain	NOUN
cblr-1702	286	34	)	)	PUNCT
cblr-1702	286	35	,	,	PUNCT
cblr-1702	286	36	the	the	DET
cblr-1702	286	37	sec	sec	PROPN
cblr-1702	286	38	determined	determine	VERB
cblr-1702	286	39	that	that	SCONJ
cblr-1702	286	40	the	the	DET
cblr-1702	286	41	dao	dao	PROPN
cblr-1702	286	42	ico	ico	PROPN
cblr-1702	286	43	was	be	AUX
cblr-1702	286	44	an	an	DET
cblr-1702	286	45	illegal	illegal	ADJ
cblr-1702	286	46	sale	sale	NOUN
cblr-1702	286	47	of	of	ADP
cblr-1702	286	48	unregistered	unregistered	ADJ
cblr-1702	286	49	securities.87	securities.87	PROPN
cblr-1702	286	50	the	the	DET
cblr-1702	286	51	sec	sec	PROPN
cblr-1702	286	52	further	far	ADV
cblr-1702	286	53	advised	advise	VERB
cblr-1702	286	54	that	that	SCONJ
cblr-1702	286	55	many	many	ADJ
cblr-1702	286	56	other	other	ADJ
cblr-1702	286	57	icos	ico	NOUN
cblr-1702	286	58	might	might	AUX
cblr-1702	286	59	be	be	AUX
cblr-1702	286	60	treated	treat	VERB
cblr-1702	286	61	as	as	ADP
cblr-1702	286	62	securities	security	NOUN
cblr-1702	286	63	,	,	PUNCT
cblr-1702	286	64	and	and	CCONJ
cblr-1702	286	65	that	that	SCONJ
cblr-1702	286	66	issuers	issuer	NOUN
cblr-1702	286	67	should	should	AUX
cblr-1702	286	68	seek	seek	VERB
cblr-1702	286	69	counsel	counsel	NOUN
cblr-1702	286	70	in	in	ADP
cblr-1702	286	71	registering	register	VERB
cblr-1702	286	72	their	their	PRON
cblr-1702	286	73	tokens	token	NOUN
cblr-1702	286	74	as	as	ADP
cblr-1702	286	75	such.88	such.88	PROPN
cblr-1702	286	76	iii	iii	PROPN
cblr-1702	286	77	.	.	PUNCT
cblr-1702	287	1	the	the	DET
cblr-1702	287	2	sec	sec	PROPN
cblr-1702	287	3	misunderstands	misunderstand	VERB
cblr-1702	287	4	the	the	DET
cblr-1702	287	5	dao	dao	NOUN
cblr-1702	287	6	after	after	SCONJ
cblr-1702	287	7	the	the	DET
cblr-1702	287	8	dao	dao	NOUN
cblr-1702	287	9	was	be	AUX
cblr-1702	287	10	hacked	hack	VERB
cblr-1702	287	11	,	,	PUNCT
cblr-1702	287	12	the	the	DET
cblr-1702	287	13	sec	sec	PROPN
cblr-1702	287	14	issued	issue	VERB
cblr-1702	287	15	an	an	DET
cblr-1702	287	16	investigative	investigative	ADJ
cblr-1702	287	17	report	report	NOUN
cblr-1702	287	18	stating	state	VERB
cblr-1702	287	19	that	that	SCONJ
cblr-1702	287	20	the	the	DET
cblr-1702	287	21	dao	dao	PROPN
cblr-1702	287	22	ico	ico	PROPN
cblr-1702	287	23	constituted	constitute	VERB
cblr-1702	287	24	a	a	DET
cblr-1702	287	25	security	security	NOUN
cblr-1702	287	26	issuing	issue	VERB
cblr-1702	287	27	,	,	PUNCT
cblr-1702	287	28	and	and	CCONJ
cblr-1702	287	29	therefore	therefore	ADV
cblr-1702	287	30	should	should	AUX
cblr-1702	287	31	have	have	AUX
cblr-1702	287	32	complied	comply	VERB
cblr-1702	287	33	with	with	ADP
cblr-1702	287	34	federal	federal	ADJ
cblr-1702	287	35	securities	security	NOUN
cblr-1702	287	36	laws.89	laws.89	NOUN
cblr-1702	287	37	they	they	PRON
cblr-1702	287	38	argued	argue	VERB
cblr-1702	287	39	that	that	SCONJ
cblr-1702	287	40	under	under	ADP
cblr-1702	287	41	the	the	DET
cblr-1702	287	42	framework	framework	NOUN
cblr-1702	287	43	of	of	ADP
cblr-1702	287	44	the	the	DET
cblr-1702	287	45	howey	howey	PROPN
cblr-1702	287	46	test	test	NOUN
cblr-1702	287	47	,	,	PUNCT
cblr-1702	287	48	the	the	DET
cblr-1702	287	49	dao	dao	NOUN
cblr-1702	287	50	investors	investor	NOUN
cblr-1702	287	51	invested	invest	VERB
cblr-1702	287	52	money	money	NOUN
cblr-1702	287	53	in	in	ADP
cblr-1702	287	54	the	the	DET
cblr-1702	287	55	common	common	ADJ
cblr-1702	287	56	enterprise	enterprise	NOUN
cblr-1702	287	57	with	with	ADP
cblr-1702	287	58	the	the	DET
cblr-1702	287	59	expectation	expectation	NOUN
cblr-1702	287	60	of	of	ADP
cblr-1702	287	61	profiting	profit	VERB
cblr-1702	287	62	on	on	ADP
cblr-1702	287	63	the	the	DET
cblr-1702	287	64	managerial	managerial	ADJ
cblr-1702	287	65	efforts	effort	NOUN
cblr-1702	287	66	of	of	ADP
cblr-1702	287	67	others	other	NOUN
cblr-1702	287	68	,	,	PUNCT
cblr-1702	287	69	and	and	CCONJ
cblr-1702	287	70	did	do	AUX
cblr-1702	287	71	not	not	PART
cblr-1702	287	72	themselves	themselves	PRON
cblr-1702	287	73	have	have	VERB
cblr-1702	287	74	meaningful	meaningful	ADJ
cblr-1702	287	75	control	control	NOUN
cblr-1702	287	76	over	over	ADP
cblr-1702	287	77	the	the	DET
cblr-1702	287	78	enterprise.90	enterprise.90	NOUN
cblr-1702	287	79	in	in	ADP
cblr-1702	287	80	focusing	focus	VERB
cblr-1702	287	81	on	on	ADP
cblr-1702	287	82	the	the	DET
cblr-1702	287	83	efforts	effort	NOUN
cblr-1702	287	84	of	of	ADP
cblr-1702	287	85	the	the	DET
cblr-1702	287	86	curators	curator	NOUN
cblr-1702	287	87	,	,	PUNCT
cblr-1702	287	88	the	the	DET
cblr-1702	287	89	sec	sec	PROPN
cblr-1702	287	90	erred	err	VERB
cblr-1702	287	91	in	in	ADP
cblr-1702	287	92	their	their	PRON
cblr-1702	287	93	fact	fact	NOUN
cblr-1702	287	94	-	-	PUNCT
cblr-1702	287	95	finding	finding	NOUN
cblr-1702	287	96	,	,	PUNCT
cblr-1702	287	97	resulting	result	VERB
cblr-1702	287	98	in	in	ADP
cblr-1702	287	99	a	a	DET
cblr-1702	287	100	misguided	misguided	ADJ
cblr-1702	287	101	application	application	NOUN
cblr-1702	287	102	of	of	ADP
cblr-1702	287	103	the	the	DET
cblr-1702	287	104	“	"	PUNCT
cblr-1702	287	105	managerial	managerial	ADJ
cblr-1702	287	106	efforts	effort	NOUN
cblr-1702	287	107	”	"	PUNCT
cblr-1702	287	108	factor	factor	NOUN
cblr-1702	287	109	of	of	ADP
cblr-1702	287	110	the	the	DET
cblr-1702	287	111	howey	howey	PROPN
cblr-1702	287	112	test	test	NOUN
cblr-1702	287	113	.	.	PUNCT
cblr-1702	288	1	a.	a.	NOUN
cblr-1702	288	2	the	the	DET
cblr-1702	288	3	first	first	ADJ
cblr-1702	288	4	factor	factor	NOUN
cblr-1702	288	5	:	:	PUNCT
cblr-1702	288	6	investment	investment	NOUN
cblr-1702	288	7	of	of	ADP
cblr-1702	288	8	money	money	NOUN
cblr-1702	288	9	under	under	ADP
cblr-1702	288	10	the	the	DET
cblr-1702	288	11	first	first	ADJ
cblr-1702	288	12	factor	factor	NOUN
cblr-1702	288	13	of	of	ADP
cblr-1702	288	14	the	the	DET
cblr-1702	288	15	howey	howey	PROPN
cblr-1702	288	16	test	test	NOUN
cblr-1702	288	17	,	,	PUNCT
cblr-1702	288	18	the	the	DET
cblr-1702	288	19	sec	sec	PROPN
cblr-1702	288	20	determined	determine	VERB
cblr-1702	288	21	that	that	SCONJ
cblr-1702	288	22	there	there	PRON
cblr-1702	288	23	had	have	AUX
cblr-1702	288	24	been	be	AUX
cblr-1702	288	25	an	an	DET
cblr-1702	288	26	“	"	PUNCT
cblr-1702	288	27	investment	investment	NOUN
cblr-1702	288	28	of	of	ADP
cblr-1702	288	29	money	money	NOUN
cblr-1702	288	30	.	.	PUNCT
cblr-1702	289	1	”91	”91	NOUN
cblr-1702	289	2	the	the	DET
cblr-1702	289	3	“	"	PUNCT
cblr-1702	289	4	investment	investment	NOUN
cblr-1702	289	5	”	"	PUNCT
cblr-1702	289	6	aspect	aspect	NOUN
cblr-1702	289	7	of	of	ADP
cblr-1702	289	8	participation	participation	NOUN
cblr-1702	289	9	in	in	ADP
cblr-1702	289	10	the	the	DET
cblr-1702	289	11	ico	ico	PROPN
cblr-1702	289	12	is	be	AUX
cblr-1702	289	13	obvious	obvious	ADJ
cblr-1702	289	14	—	—	PUNCT
cblr-1702	289	15	purchasers	purchaser	NOUN
cblr-1702	289	16	sought	seek	VERB
cblr-1702	289	17	a	a	DET
cblr-1702	289	18	return	return	NOUN
cblr-1702	289	19	on	on	ADP
cblr-1702	289	20	their	their	PRON
cblr-1702	289	21	contribution	contribution	NOUN
cblr-1702	289	22	.	.	PUNCT
cblr-1702	290	1	the	the	DET
cblr-1702	290	2	novel	novel	ADJ
cblr-1702	290	3	issue	issue	NOUN
cblr-1702	290	4	was	be	AUX
cblr-1702	290	5	whether	whether	SCONJ
cblr-1702	290	6	crypto	crypto	NOUN
cblr-1702	290	7	-	-	NOUN
cblr-1702	290	8	currencies	currency	NOUN
cblr-1702	290	9	like	like	ADP
cblr-1702	290	10	bitcoin	bitcoin	NOUN
cblr-1702	290	11	and	and	CCONJ
cblr-1702	290	12	ether	ether	NOUN
cblr-1702	290	13	are	be	AUX
cblr-1702	290	14	“	"	PUNCT
cblr-1702	290	15	money	money	NOUN
cblr-1702	290	16	.	.	PUNCT
cblr-1702	290	17	”	"	PUNCT
cblr-1702	291	1	the	the	DET
cblr-1702	291	2	sec	sec	PROPN
cblr-1702	291	3	resolved	resolve	VERB
cblr-1702	291	4	this	this	DET
cblr-1702	291	5	issue	issue	NOUN
cblr-1702	291	6	by	by	ADP
cblr-1702	291	7	relying	rely	VERB
cblr-1702	291	8	on	on	ADP
cblr-1702	291	9	two	two	NUM
cblr-1702	291	10	precedents	precedent	NOUN
cblr-1702	291	11	,	,	PUNCT
cblr-1702	291	12	uselton	uselton	PROPN
cblr-1702	291	13	v.	v.	ADP
cblr-1702	291	14	commercial	commercial	PROPN
cblr-1702	291	15	lovelace	lovelace	PROPN
cblr-1702	291	16	motor	motor	PROPN
cblr-1702	291	17	87	87	NUM
cblr-1702	291	18	the	the	DET
cblr-1702	291	19	dao	dao	PROPN
cblr-1702	291	20	report	report	NOUN
cblr-1702	291	21	,	,	PUNCT
cblr-1702	291	22	supra	supra	PROPN
cblr-1702	291	23	note	note	NOUN
cblr-1702	291	24	5	5	NUM
cblr-1702	291	25	.	.	SYM
cblr-1702	291	26	88	88	NUM
cblr-1702	292	1	i	i	PRON
cblr-1702	292	2	d.	d.	NOUN
cblr-1702	292	3	at	at	ADP
cblr-1702	292	4	2	2	NUM
cblr-1702	292	5	.	.	NUM
cblr-1702	292	6	89	89	NUM
cblr-1702	293	1	i	i	PRON
cblr-1702	293	2	d.	d.	PROPN
cblr-1702	293	3	at	at	ADP
cblr-1702	293	4	1	1	NUM
cblr-1702	293	5	90	90	NUM
cblr-1702	293	6	i	i	PRON
cblr-1702	293	7	d.	d.	NOUN
cblr-1702	293	8	at	at	ADP
cblr-1702	293	9	11–13	11–13	NUM
cblr-1702	293	10	.	.	PUNCT
cblr-1702	293	11	91	91	NUM
cblr-1702	294	1	i	i	PRON
cblr-1702	294	2	d.	d.	PROPN
cblr-1702	294	3	at	at	ADP
cblr-1702	294	4	11	11	NUM
cblr-1702	294	5	.	.	PUNCT
cblr-1702	295	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	295	2	638	638	NUM
cblr-1702	295	3	columbia	columbia	PROPN
cblr-1702	295	4	business	business	NOUN
cblr-1702	295	5	law	law	PROPN
cblr-1702	295	6	review	review	NOUN
cblr-1702	295	7	[	[	X
cblr-1702	295	8	vol	vol	NOUN
cblr-1702	295	9	.	.	NOUN
cblr-1702	295	10	2018	2018	NUM
cblr-1702	295	11	freight	freight	NOUN
cblr-1702	295	12	,	,	PUNCT
cblr-1702	295	13	inc	inc	PROPN
cblr-1702	295	14	.	.	PROPN
cblr-1702	295	15	and	and	CCONJ
cblr-1702	295	16	sec	sec	PROPN
cblr-1702	295	17	v.	v.	PROPN
cblr-1702	295	18	shavers	shaver	NOUN
cblr-1702	295	19	,	,	PUNCT
cblr-1702	295	20	to	to	PART
cblr-1702	295	21	argue	argue	VERB
cblr-1702	295	22	that	that	SCONJ
cblr-1702	295	23	virtual	virtual	ADJ
cblr-1702	295	24	currencies	currency	NOUN
cblr-1702	295	25	are	be	AUX
cblr-1702	295	26	money.92	money.92	NOUN
cblr-1702	295	27	supporters	supporter	NOUN
cblr-1702	295	28	of	of	ADP
cblr-1702	295	29	bitcoin	bitcoin	NOUN
cblr-1702	295	30	and	and	CCONJ
cblr-1702	295	31	ether	ether	NOUN
cblr-1702	295	32	will	will	AUX
cblr-1702	295	33	not	not	PART
cblr-1702	295	34	likely	likely	ADV
cblr-1702	295	35	argue	argue	VERB
cblr-1702	295	36	with	with	ADP
cblr-1702	295	37	this	this	DET
cblr-1702	295	38	position	position	NOUN
cblr-1702	295	39	,	,	PUNCT
cblr-1702	295	40	because	because	SCONJ
cblr-1702	295	41	it	it	PRON
cblr-1702	295	42	further	far	ADV
cblr-1702	295	43	legitimates	legitimate	VERB
cblr-1702	295	44	the	the	DET
cblr-1702	295	45	virtual	virtual	ADJ
cblr-1702	295	46	currency	currency	NOUN
cblr-1702	295	47	market	market	NOUN
cblr-1702	295	48	.	.	PUNCT
cblr-1702	296	1	at	at	ADP
cblr-1702	296	2	some	some	DET
cblr-1702	296	3	point	point	NOUN
cblr-1702	296	4	in	in	ADP
cblr-1702	296	5	the	the	DET
cblr-1702	296	6	transaction	transaction	NOUN
cblr-1702	296	7	,	,	PUNCT
cblr-1702	296	8	fiat	fiat	ADJ
cblr-1702	296	9	currency	currency	NOUN
cblr-1702	296	10	must	must	AUX
cblr-1702	296	11	have	have	AUX
cblr-1702	296	12	been	be	AUX
cblr-1702	296	13	exchanged	exchange	VERB
cblr-1702	296	14	to	to	PART
cblr-1702	296	15	procure	procure	VERB
cblr-1702	296	16	the	the	DET
cblr-1702	296	17	ether	ether	NOUN
cblr-1702	296	18	(	(	PUNCT
cblr-1702	296	19	which	which	PRON
cblr-1702	296	20	has	have	VERB
cblr-1702	296	21	a	a	DET
cblr-1702	296	22	fiat	fiat	ADJ
cblr-1702	296	23	currency	currency	NOUN
cblr-1702	296	24	value	value	NOUN
cblr-1702	296	25	)	)	PUNCT
cblr-1702	296	26	and	and	CCONJ
cblr-1702	296	27	invest	invest	VERB
cblr-1702	296	28	in	in	ADP
cblr-1702	296	29	the	the	DET
cblr-1702	296	30	dao	dao	NOUN
cblr-1702	296	31	token	token	VERB
cblr-1702	296	32	.	.	PUNCT
cblr-1702	297	1	dao	dao	AUX
cblr-1702	297	2	token	token	VERB
cblr-1702	297	3	purchasers	purchaser	NOUN
cblr-1702	297	4	indisputably	indisputably	ADV
cblr-1702	297	5	invested	invest	VERB
cblr-1702	297	6	money	money	NOUN
cblr-1702	297	7	in	in	ADP
cblr-1702	297	8	the	the	DET
cblr-1702	297	9	dao	dao	NOUN
cblr-1702	297	10	token	token	PROPN
cblr-1702	297	11	.	.	PUNCT
cblr-1702	298	1	b.	b.	PROPN
cblr-1702	299	1	the	the	DET
cblr-1702	299	2	second	second	ADJ
cblr-1702	299	3	factor	factor	NOUN
cblr-1702	299	4	:	:	PUNCT
cblr-1702	299	5	a	a	DET
cblr-1702	299	6	common	common	ADJ
cblr-1702	299	7	enterprise	enterprise	NOUN
cblr-1702	299	8	while	while	SCONJ
cblr-1702	299	9	the	the	DET
cblr-1702	299	10	sec	sec	PROPN
cblr-1702	299	11	acknowledges	acknowledge	VERB
cblr-1702	299	12	“	"	PUNCT
cblr-1702	299	13	common	common	ADJ
cblr-1702	299	14	enterprise	enterprise	NOUN
cblr-1702	299	15	”	"	PUNCT
cblr-1702	299	16	as	as	ADP
cblr-1702	299	17	part	part	NOUN
cblr-1702	299	18	of	of	ADP
cblr-1702	299	19	the	the	DET
cblr-1702	299	20	definition	definition	NOUN
cblr-1702	299	21	of	of	ADP
cblr-1702	299	22	an	an	DET
cblr-1702	299	23	investment	investment	NOUN
cblr-1702	299	24	contract	contract	NOUN
cblr-1702	299	25	security	security	NOUN
cblr-1702	299	26	,	,	PUNCT
cblr-1702	299	27	it	it	PRON
cblr-1702	299	28	does	do	AUX
cblr-1702	299	29	not	not	PART
cblr-1702	299	30	discuss	discuss	VERB
cblr-1702	299	31	whether	whether	SCONJ
cblr-1702	299	32	the	the	DET
cblr-1702	299	33	dao	dao	PROPN
cblr-1702	299	34	ico	ico	PROPN
cblr-1702	299	35	is	be	AUX
cblr-1702	299	36	a	a	DET
cblr-1702	299	37	common	common	ADJ
cblr-1702	299	38	enterprise	enterprise	NOUN
cblr-1702	299	39	,	,	PUNCT
cblr-1702	299	40	instead	instead	ADV
cblr-1702	299	41	skipping	skip	VERB
cblr-1702	299	42	to	to	ADP
cblr-1702	299	43	a	a	DET
cblr-1702	299	44	discussion	discussion	NOUN
cblr-1702	299	45	of	of	ADP
cblr-1702	299	46	the	the	DET
cblr-1702	299	47	“	"	PUNCT
cblr-1702	299	48	managerial	managerial	ADJ
cblr-1702	299	49	effort	effort	NOUN
cblr-1702	299	50	of	of	ADP
cblr-1702	299	51	others	other	NOUN
cblr-1702	299	52	”	"	PUNCT
cblr-1702	299	53	factor.93	factor.93	NOUN
cblr-1702	299	54	this	this	PRON
cblr-1702	299	55	may	may	AUX
cblr-1702	299	56	be	be	AUX
cblr-1702	299	57	because	because	SCONJ
cblr-1702	299	58	horizontal	horizontal	ADJ
cblr-1702	299	59	commonality	commonality	NOUN
cblr-1702	299	60	seems	seem	VERB
cblr-1702	299	61	self	self	NOUN
cblr-1702	299	62	-	-	PUNCT
cblr-1702	299	63	evident	evident	ADJ
cblr-1702	299	64	—	—	PUNCT
cblr-1702	299	65	each	each	DET
cblr-1702	299	66	dao	dao	NOUN
cblr-1702	299	67	investor	investor	NOUN
cblr-1702	299	68	’s	’s	PART
cblr-1702	299	69	success	success	NOUN
cblr-1702	299	70	is	be	AUX
cblr-1702	299	71	tied	tie	VERB
cblr-1702	299	72	to	to	ADP
cblr-1702	299	73	the	the	DET
cblr-1702	299	74	success	success	NOUN
cblr-1702	299	75	of	of	ADP
cblr-1702	299	76	the	the	DET
cblr-1702	299	77	other	other	ADJ
cblr-1702	299	78	investors	investor	NOUN
cblr-1702	299	79	.	.	PUNCT
cblr-1702	300	1	but	but	CCONJ
cblr-1702	300	2	vertical	vertical	ADJ
cblr-1702	300	3	commonality	commonality	NOUN
cblr-1702	300	4	here	here	ADV
cblr-1702	300	5	is	be	AUX
cblr-1702	300	6	more	more	ADV
cblr-1702	300	7	debatable	debatable	ADJ
cblr-1702	300	8	,	,	PUNCT
cblr-1702	300	9	and	and	CCONJ
cblr-1702	300	10	some	some	DET
cblr-1702	300	11	courts	court	NOUN
cblr-1702	300	12	rely	rely	VERB
cblr-1702	300	13	primarily	primarily	ADV
cblr-1702	300	14	on	on	ADP
cblr-1702	300	15	vertical	vertical	ADJ
cblr-1702	300	16	commonality.94	commonality.94	PROPN
cblr-1702	300	17	“	"	PUNCT
cblr-1702	300	18	a	a	DET
cblr-1702	300	19	common	common	ADJ
cblr-1702	300	20	enterprise	enterprise	NOUN
cblr-1702	300	21	within	within	ADP
cblr-1702	300	22	the	the	DET
cblr-1702	300	23	meaning	meaning	NOUN
cblr-1702	300	24	of	of	ADP
cblr-1702	300	25	howey	howey	PROPN
cblr-1702	300	26	can	can	AUX
cblr-1702	300	27	be	be	AUX
cblr-1702	300	28	established	establish	VERB
cblr-1702	300	29	by	by	ADP
cblr-1702	300	30	a	a	DET
cblr-1702	300	31	showing	showing	NOUN
cblr-1702	300	32	of	of	ADP
cblr-1702	300	33	‘	'	PUNCT
cblr-1702	300	34	horizontal	horizontal	ADJ
cblr-1702	300	35	commonality	commonality	NOUN
cblr-1702	300	36	’	'	PUNCT
cblr-1702	300	37	:	:	PUNCT
cblr-1702	300	38	the	the	DET
cblr-1702	300	39	tying	tying	NOUN
cblr-1702	300	40	of	of	ADP
cblr-1702	300	41	each	each	DET
cblr-1702	300	42	individual	individual	ADJ
cblr-1702	300	43	investor	investor	NOUN
cblr-1702	300	44	’s	’s	PART
cblr-1702	300	45	fortunes	fortune	NOUN
cblr-1702	300	46	to	to	ADP
cblr-1702	300	47	the	the	DET
cblr-1702	300	48	fortunes	fortune	NOUN
cblr-1702	300	49	of	of	ADP
cblr-1702	300	50	the	the	DET
cblr-1702	300	51	other	other	ADJ
cblr-1702	300	52	investors	investor	NOUN
cblr-1702	300	53	by	by	ADP
cblr-1702	300	54	the	the	DET
cblr-1702	300	55	pooling	pooling	NOUN
cblr-1702	300	56	of	of	ADP
cblr-1702	300	57	assets	asset	NOUN
cblr-1702	300	58	,	,	PUNCT
cblr-1702	300	59	usually	usually	ADV
cblr-1702	300	60	combined	combine	VERB
cblr-1702	300	61	with	with	ADP
cblr-1702	300	62	the	the	DET
cblr-1702	300	63	pro	pro	ADJ
cblr-1702	300	64	-	-	ADJ
cblr-1702	300	65	rata	rata	ADJ
cblr-1702	300	66	distribution	distribution	NOUN
cblr-1702	300	67	of	of	ADP
cblr-1702	300	68	profits	profit	NOUN
cblr-1702	300	69	.	.	PUNCT
cblr-1702	301	1	”95	”95	NOUN
cblr-1702	301	2	the	the	DET
cblr-1702	301	3	dao	dao	NOUN
cblr-1702	301	4	concept	concept	NOUN
cblr-1702	301	5	fits	fit	VERB
cblr-1702	301	6	this	this	DET
cblr-1702	301	7	description	description	NOUN
cblr-1702	301	8	of	of	ADP
cblr-1702	301	9	a	a	DET
cblr-1702	301	10	common	common	ADJ
cblr-1702	301	11	enterprise	enterprise	NOUN
cblr-1702	301	12	.	.	PUNCT
cblr-1702	302	1	the	the	DET
cblr-1702	302	2	success	success	NOUN
cblr-1702	302	3	of	of	ADP
cblr-1702	302	4	an	an	DET
cblr-1702	302	5	investment	investment	NOUN
cblr-1702	302	6	in	in	ADP
cblr-1702	302	7	the	the	DET
cblr-1702	302	8	dao	dao	NOUN
cblr-1702	302	9	is	be	AUX
cblr-1702	302	10	made	make	VERB
cblr-1702	302	11	possible	possible	ADJ
cblr-1702	302	12	by	by	ADP
cblr-1702	302	13	the	the	DET
cblr-1702	302	14	investment	investment	NOUN
cblr-1702	302	15	of	of	ADP
cblr-1702	302	16	the	the	DET
cblr-1702	302	17	pool	pool	NOUN
cblr-1702	302	18	of	of	ADP
cblr-1702	302	19	ether	ether	NOUN
cblr-1702	302	20	contributed	contribute	VERB
cblr-1702	302	21	by	by	ADP
cblr-1702	302	22	all	all	DET
cblr-1702	302	23	investors	investor	NOUN
cblr-1702	302	24	.	.	PUNCT
cblr-1702	303	1	all	all	DET
cblr-1702	303	2	profits	profit	NOUN
cblr-1702	303	3	are	be	AUX
cblr-1702	303	4	distributed	distribute	VERB
cblr-1702	303	5	equally	equally	ADV
cblr-1702	303	6	across	across	ADP
cblr-1702	303	7	each	each	DET
cblr-1702	303	8	token	token	ADJ
cblr-1702	303	9	,	,	PUNCT
cblr-1702	303	10	and	and	CCONJ
cblr-1702	303	11	each	each	DET
cblr-1702	303	12	token	token	VERB
cblr-1702	303	13	holder	holder	NOUN
cblr-1702	303	14	receives	receive	VERB
cblr-1702	303	15	a	a	DET
cblr-1702	303	16	pro	pro	ADJ
cblr-1702	303	17	rata	rata	ADJ
cblr-1702	303	18	share	share	NOUN
cblr-1702	303	19	of	of	ADP
cblr-1702	303	20	profits	profit	NOUN
cblr-1702	303	21	depending	depend	VERB
cblr-1702	303	22	on	on	ADP
cblr-1702	303	23	the	the	DET
cblr-1702	303	24	number	number	NOUN
cblr-1702	303	25	92	92	NUM
cblr-1702	303	26	uselton	uselton	NOUN
cblr-1702	303	27	v.	v.	ADP
cblr-1702	303	28	commercial	commercial	PROPN
cblr-1702	303	29	lovelace	lovelace	PROPN
cblr-1702	303	30	motor	motor	NOUN
cblr-1702	303	31	freight	freight	NOUN
cblr-1702	303	32	,	,	PUNCT
cblr-1702	303	33	940	940	NUM
cblr-1702	303	34	f.2d	f.2d	X
cblr-1702	303	35	564	564	NUM
cblr-1702	303	36	,	,	PUNCT
cblr-1702	303	37	574	574	NUM
cblr-1702	303	38	(	(	PUNCT
cblr-1702	303	39	10th	10th	ADJ
cblr-1702	303	40	cir	cir	NOUN
cblr-1702	303	41	.	.	PROPN
cblr-1702	303	42	1991	1991	NUM
cblr-1702	303	43	)	)	PUNCT
cblr-1702	303	44	(	(	PUNCT
cblr-1702	303	45	holding	hold	VERB
cblr-1702	303	46	that	that	DET
cblr-1702	303	47	cash	cash	NOUN
cblr-1702	303	48	is	be	AUX
cblr-1702	303	49	not	not	PART
cblr-1702	303	50	the	the	DET
cblr-1702	303	51	only	only	ADJ
cblr-1702	303	52	form	form	NOUN
cblr-1702	303	53	of	of	ADP
cblr-1702	303	54	investment	investment	NOUN
cblr-1702	303	55	recognized	recognize	VERB
cblr-1702	303	56	under	under	ADP
cblr-1702	303	57	the	the	DET
cblr-1702	303	58	howey	howey	PROPN
cblr-1702	303	59	test	test	NOUN
cblr-1702	303	60	)	)	PUNCT
cblr-1702	303	61	;	;	PUNCT
cblr-1702	304	1	sec	sec	PROPN
cblr-1702	304	2	v.	v.	PROPN
cblr-1702	304	3	shavers	shaver	NOUN
cblr-1702	304	4	,	,	PUNCT
cblr-1702	304	5	no	no	INTJ
cblr-1702	304	6	.	.	PUNCT
cblr-1702	305	1	4:13	4:13	NUM
cblr-1702	305	2	-	-	PUNCT
cblr-1702	305	3	cv-416	cv-416	NOUN
cblr-1702	305	4	,	,	PUNCT
cblr-1702	305	5	2013	2013	NUM
cblr-1702	305	6	wl	wl	NOUN
cblr-1702	305	7	4028182	4028182	NUM
cblr-1702	305	8	,	,	PUNCT
cblr-1702	305	9	at	at	ADP
cblr-1702	305	10	*	*	NOUN
cblr-1702	305	11	2	2	NUM
cblr-1702	305	12	(	(	PUNCT
cblr-1702	305	13	e.d	e.d	PROPN
cblr-1702	305	14	.	.	PROPN
cblr-1702	305	15	tex	tex	PROPN
cblr-1702	305	16	.	.	PUNCT
cblr-1702	305	17	aug	aug	PROPN
cblr-1702	305	18	.	.	PROPN
cblr-1702	305	19	6	6	NUM
cblr-1702	305	20	,	,	PUNCT
cblr-1702	305	21	2013	2013	NUM
cblr-1702	305	22	)	)	PUNCT
cblr-1702	306	1	(	(	PUNCT
cblr-1702	306	2	holding	hold	VERB
cblr-1702	306	3	that	that	SCONJ
cblr-1702	306	4	an	an	DET
cblr-1702	306	5	investment	investment	NOUN
cblr-1702	306	6	of	of	ADP
cblr-1702	306	7	bitcoin	bitcoin	NOUN
cblr-1702	306	8	,	,	PUNCT
cblr-1702	306	9	a	a	DET
cblr-1702	306	10	virtual	virtual	ADJ
cblr-1702	306	11	currency	currency	NOUN
cblr-1702	306	12	,	,	PUNCT
cblr-1702	306	13	meets	meet	VERB
cblr-1702	306	14	the	the	DET
cblr-1702	306	15	first	first	ADJ
cblr-1702	306	16	prong	prong	NOUN
cblr-1702	306	17	of	of	ADP
cblr-1702	306	18	howey	howey	PROPN
cblr-1702	306	19	)	)	PUNCT
cblr-1702	306	20	.	.	PUNCT
cblr-1702	307	1	93	93	NUM
cblr-1702	307	2	the	the	DET
cblr-1702	307	3	dao	dao	PROPN
cblr-1702	307	4	report	report	NOUN
cblr-1702	307	5	,	,	PUNCT
cblr-1702	307	6	supra	supra	PROPN
cblr-1702	307	7	note	note	NOUN
cblr-1702	307	8	5	5	NUM
cblr-1702	307	9	,	,	PUNCT
cblr-1702	307	10	at	at	ADP
cblr-1702	307	11	11	11	NUM
cblr-1702	307	12	.	.	PUNCT
cblr-1702	308	1	94	94	NUM
cblr-1702	308	2	see	see	VERB
cblr-1702	308	3	sec	sec	PROPN
cblr-1702	308	4	v.	v.	PROPN
cblr-1702	308	5	sg	sg	PROPN
cblr-1702	308	6	ltd	ltd	PROPN
cblr-1702	308	7	.	.	PROPN
cblr-1702	308	8	,	,	PUNCT
cblr-1702	308	9	265	265	NUM
cblr-1702	308	10	f.3d	f.3d	NUM
cblr-1702	308	11	42	42	NUM
cblr-1702	308	12	,	,	PUNCT
cblr-1702	308	13	49	49	NUM
cblr-1702	308	14	(	(	PUNCT
cblr-1702	308	15	1st	1st	ADJ
cblr-1702	308	16	cir	cir	NOUN
cblr-1702	308	17	.	.	PROPN
cblr-1702	308	18	2001	2001	NUM
cblr-1702	308	19	)	)	PUNCT
cblr-1702	309	1	(	(	PUNCT
cblr-1702	309	2	discussing	discuss	VERB
cblr-1702	309	3	the	the	DET
cblr-1702	309	4	use	use	NOUN
cblr-1702	309	5	of	of	ADP
cblr-1702	309	6	horizontal	horizontal	ADJ
cblr-1702	309	7	and	and	CCONJ
cblr-1702	309	8	vertical	vertical	ADJ
cblr-1702	309	9	commonality	commonality	NOUN
cblr-1702	309	10	standards	standard	NOUN
cblr-1702	309	11	by	by	ADP
cblr-1702	309	12	different	different	ADJ
cblr-1702	309	13	courts	court	NOUN
cblr-1702	309	14	)	)	PUNCT
cblr-1702	309	15	.	.	PUNCT
cblr-1702	310	1	95	95	NUM
cblr-1702	310	2	revak	revak	NOUN
cblr-1702	310	3	v.	v.	ADP
cblr-1702	310	4	sec	sec	PROPN
cblr-1702	310	5	realty	realty	PROPN
cblr-1702	310	6	corp	corp	PROPN
cblr-1702	310	7	.	.	PROPN
cblr-1702	310	8	,	,	PUNCT
cblr-1702	310	9	18	18	NUM
cblr-1702	310	10	f.3d	f.3d	NUM
cblr-1702	310	11	81	81	NUM
cblr-1702	310	12	,	,	PUNCT
cblr-1702	310	13	87	87	NUM
cblr-1702	310	14	(	(	PUNCT
cblr-1702	310	15	2d	2d	NUM
cblr-1702	310	16	cir	cir	NOUN
cblr-1702	310	17	.	.	PROPN
cblr-1702	310	18	1994	1994	NUM
cblr-1702	310	19	)	)	PUNCT
cblr-1702	310	20	.	.	PUNCT
cblr-1702	311	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	311	2	no	no	NOUN
cblr-1702	311	3	.	.	PUNCT
cblr-1702	312	1	2:617	2:617	NUM
cblr-1702	312	2	]	]	X
cblr-1702	312	3	ico	ico	PROPN
cblr-1702	312	4	’s	’s	PART
cblr-1702	312	5	,	,	PUNCT
cblr-1702	312	6	dao	dao	VERB
cblr-1702	312	7	’s	’s	ADV
cblr-1702	312	8	,	,	PUNCT
cblr-1702	312	9	and	and	CCONJ
cblr-1702	312	10	the	the	DET
cblr-1702	312	11	sec	sec	PROPN
cblr-1702	312	12	639	639	NUM
cblr-1702	312	13	of	of	ADP
cblr-1702	312	14	tokens	token	NOUN
cblr-1702	312	15	held	hold	VERB
cblr-1702	312	16	.	.	PUNCT
cblr-1702	313	1	in	in	ADP
cblr-1702	313	2	some	some	DET
cblr-1702	313	3	courts	court	NOUN
cblr-1702	313	4	,	,	PUNCT
cblr-1702	313	5	this	this	PRON
cblr-1702	313	6	will	will	AUX
cblr-1702	313	7	be	be	AUX
cblr-1702	313	8	sufficient	sufficient	ADJ
cblr-1702	313	9	to	to	PART
cblr-1702	313	10	satisfy	satisfy	VERB
cblr-1702	313	11	the	the	DET
cblr-1702	313	12	common	common	ADJ
cblr-1702	313	13	enterprise	enterprise	NOUN
cblr-1702	313	14	portion	portion	NOUN
cblr-1702	313	15	of	of	ADP
cblr-1702	313	16	howey	howey	PRON
cblr-1702	313	17	.	.	PUNCT
cblr-1702	314	1	other	other	ADJ
cblr-1702	314	2	courts	court	NOUN
cblr-1702	314	3	will	will	AUX
cblr-1702	314	4	accept	accept	VERB
cblr-1702	314	5	vertical	vertical	ADJ
cblr-1702	314	6	commonality	commonality	NOUN
cblr-1702	314	7	to	to	PART
cblr-1702	314	8	show	show	VERB
cblr-1702	314	9	a	a	DET
cblr-1702	314	10	common	common	ADJ
cblr-1702	314	11	enterprise	enterprise	NOUN
cblr-1702	314	12	.	.	PUNCT
cblr-1702	315	1	in	in	ADP
cblr-1702	315	2	vertical	vertical	ADJ
cblr-1702	315	3	commonality	commonality	NOUN
cblr-1702	315	4	schemes	scheme	NOUN
cblr-1702	315	5	,	,	PUNCT
cblr-1702	315	6	“	"	PUNCT
cblr-1702	315	7	an	an	DET
cblr-1702	315	8	investor	investor	NOUN
cblr-1702	315	9	’s	’s	PART
cblr-1702	315	10	fortunes	fortune	NOUN
cblr-1702	315	11	are	be	AUX
cblr-1702	315	12	tied	tie	VERB
cblr-1702	315	13	to	to	ADP
cblr-1702	315	14	the	the	DET
cblr-1702	315	15	promoter	promoter	NOUN
cblr-1702	315	16	’s	’s	PART
cblr-1702	315	17	success	success	NOUN
cblr-1702	315	18	rather	rather	ADV
cblr-1702	315	19	than	than	ADP
cblr-1702	315	20	to	to	ADP
cblr-1702	315	21	the	the	DET
cblr-1702	315	22	fortunes	fortune	NOUN
cblr-1702	315	23	of	of	ADP
cblr-1702	315	24	his	his	PRON
cblr-1702	315	25	or	or	CCONJ
cblr-1702	315	26	her	her	PRON
cblr-1702	315	27	fellow	fellow	ADJ
cblr-1702	315	28	investors	investor	NOUN
cblr-1702	315	29	.	.	PUNCT
cblr-1702	316	1	”96	”96	VERB
cblr-1702	316	2	the	the	DET
cblr-1702	316	3	eleventh	eleventh	ADJ
cblr-1702	316	4	and	and	CCONJ
cblr-1702	316	5	fifth	fifth	ADJ
cblr-1702	316	6	circuits	circuit	NOUN
cblr-1702	316	7	recognize	recognize	VERB
cblr-1702	316	8	broad	broad	ADJ
cblr-1702	316	9	vertical	vertical	ADJ
cblr-1702	316	10	commonality	commonality	NOUN
cblr-1702	316	11	,	,	PUNCT
cblr-1702	316	12	which	which	PRON
cblr-1702	316	13	requires	require	VERB
cblr-1702	316	14	a	a	DET
cblr-1702	316	15	showing	showing	NOUN
cblr-1702	316	16	that	that	SCONJ
cblr-1702	316	17	the	the	DET
cblr-1702	316	18	investor	investor	NOUN
cblr-1702	316	19	’s	’s	PART
cblr-1702	316	20	returns	return	NOUN
cblr-1702	316	21	are	be	AUX
cblr-1702	316	22	“	"	PUNCT
cblr-1702	316	23	tied	tie	VERB
cblr-1702	316	24	to	to	ADP
cblr-1702	316	25	the	the	DET
cblr-1702	316	26	efficacy	efficacy	NOUN
cblr-1702	316	27	of	of	ADP
cblr-1702	316	28	the	the	DET
cblr-1702	316	29	promoter	promoter	NOUN
cblr-1702	316	30	.	.	PUNCT
cblr-1702	317	1	”97	”97	NOUN
cblr-1702	317	2	the	the	DET
cblr-1702	317	3	court	court	NOUN
cblr-1702	317	4	in	in	ADP
cblr-1702	317	5	villeneuve	villeneuve	PROPN
cblr-1702	317	6	found	find	VERB
cblr-1702	317	7	vertical	vertical	ADJ
cblr-1702	317	8	commonality	commonality	NOUN
cblr-1702	317	9	because	because	SCONJ
cblr-1702	317	10	the	the	DET
cblr-1702	317	11	investors	investor	NOUN
cblr-1702	317	12	could	could	AUX
cblr-1702	317	13	not	not	PART
cblr-1702	317	14	succeed	succeed	VERB
cblr-1702	317	15	without	without	ADP
cblr-1702	317	16	advertising	advertising	NOUN
cblr-1702	317	17	services	service	NOUN
cblr-1702	317	18	provided	provide	VERB
cblr-1702	317	19	by	by	ADP
cblr-1702	317	20	the	the	DET
cblr-1702	317	21	promoters	promoter	NOUN
cblr-1702	317	22	of	of	ADP
cblr-1702	317	23	the	the	DET
cblr-1702	317	24	scheme.98	scheme.98	NOUN
cblr-1702	317	25	the	the	DET
cblr-1702	317	26	ninth	ninth	ADJ
cblr-1702	317	27	circuit	circuit	NOUN
cblr-1702	317	28	,	,	PUNCT
cblr-1702	317	29	in	in	ADP
cblr-1702	317	30	cases	case	NOUN
cblr-1702	317	31	where	where	SCONJ
cblr-1702	317	32	there	there	PRON
cblr-1702	317	33	is	be	VERB
cblr-1702	317	34	no	no	DET
cblr-1702	317	35	horizontal	horizontal	ADJ
cblr-1702	317	36	commonality	commonality	NOUN
cblr-1702	317	37	,	,	PUNCT
cblr-1702	317	38	will	will	AUX
cblr-1702	317	39	look	look	VERB
cblr-1702	317	40	to	to	ADP
cblr-1702	317	41	“	"	PUNCT
cblr-1702	317	42	a	a	DET
cblr-1702	317	43	strict	strict	ADJ
cblr-1702	317	44	version	version	NOUN
cblr-1702	317	45	of	of	ADP
cblr-1702	317	46	vertical	vertical	ADJ
cblr-1702	317	47	commonality,”99	commonality,”99	NOUN
cblr-1702	317	48	which	which	PRON
cblr-1702	317	49	requires	require	VERB
cblr-1702	317	50	that	that	SCONJ
cblr-1702	317	51	investors	investor	NOUN
cblr-1702	317	52	'	'	PART
cblr-1702	317	53	fortunes	fortune	NOUN
cblr-1702	317	54	be	be	AUX
cblr-1702	317	55	"	"	PUNCT
cblr-1702	317	56	interwoven	interweave	VERB
cblr-1702	317	57	with	with	ADP
cblr-1702	317	58	and	and	CCONJ
cblr-1702	317	59	dependent	dependent	ADJ
cblr-1702	317	60	upon	upon	SCONJ
cblr-1702	317	61	the	the	DET
cblr-1702	317	62	efforts	effort	NOUN
cblr-1702	317	63	and	and	CCONJ
cblr-1702	317	64	success	success	NOUN
cblr-1702	317	65	of	of	ADP
cblr-1702	317	66	those	those	PRON
cblr-1702	317	67	seeking	seek	VERB
cblr-1702	317	68	the	the	DET
cblr-1702	317	69	investment	investment	NOUN
cblr-1702	317	70	or	or	CCONJ
cblr-1702	317	71	of	of	ADP
cblr-1702	317	72	third	third	ADJ
cblr-1702	317	73	parties	party	NOUN
cblr-1702	317	74	.	.	PUNCT
cblr-1702	318	1	"100	"100	NOUN
cblr-1702	318	2	in	in	ADP
cblr-1702	318	3	such	such	DET
cblr-1702	318	4	an	an	DET
cblr-1702	318	5	evaluation	evaluation	NOUN
cblr-1702	318	6	,	,	PUNCT
cblr-1702	318	7	the	the	DET
cblr-1702	318	8	court	court	NOUN
cblr-1702	318	9	looks	look	VERB
cblr-1702	318	10	deeper	deep	ADJ
cblr-1702	318	11	than	than	ADP
cblr-1702	318	12	the	the	DET
cblr-1702	318	13	contributions	contribution	NOUN
cblr-1702	318	14	of	of	ADP
cblr-1702	318	15	the	the	DET
cblr-1702	318	16	promoter	promoter	NOUN
cblr-1702	318	17	to	to	ADP
cblr-1702	318	18	the	the	DET
cblr-1702	318	19	scheme	scheme	NOUN
cblr-1702	318	20	,	,	PUNCT
cblr-1702	318	21	instead	instead	ADV
cblr-1702	318	22	focusing	focus	VERB
cblr-1702	318	23	on	on	ADP
cblr-1702	318	24	whether	whether	SCONJ
cblr-1702	318	25	the	the	DET
cblr-1702	318	26	results	result	NOUN
cblr-1702	318	27	of	of	ADP
cblr-1702	318	28	the	the	DET
cblr-1702	318	29	promoters	promoter	NOUN
cblr-1702	318	30	’	'	PUNCT
cblr-1702	318	31	efforts	effort	NOUN
cblr-1702	318	32	generate	generate	VERB
cblr-1702	318	33	the	the	DET
cblr-1702	318	34	results	result	NOUN
cblr-1702	318	35	of	of	ADP
cblr-1702	318	36	the	the	DET
cblr-1702	318	37	investment	investment	NOUN
cblr-1702	318	38	.	.	PUNCT
cblr-1702	319	1	the	the	DET
cblr-1702	319	2	dao	dao	PROPN
cblr-1702	319	3	ico	ico	PROPN
cblr-1702	319	4	might	might	AUX
cblr-1702	319	5	satisfy	satisfy	VERB
cblr-1702	319	6	broad	broad	ADJ
cblr-1702	319	7	vertical	vertical	ADJ
cblr-1702	319	8	commonality	commonality	NOUN
cblr-1702	319	9	.	.	PUNCT
cblr-1702	320	1	the	the	DET
cblr-1702	320	2	villeneuve	villeneuve	PROPN
cblr-1702	320	3	court	court	PROPN
cblr-1702	320	4	found	find	VERB
cblr-1702	320	5	vertical	vertical	ADJ
cblr-1702	320	6	commonality	commonality	NOUN
cblr-1702	320	7	in	in	ADP
cblr-1702	320	8	a	a	DET
cblr-1702	320	9	scheme	scheme	NOUN
cblr-1702	320	10	where	where	SCONJ
cblr-1702	320	11	the	the	DET
cblr-1702	320	12	promoters	promoter	NOUN
cblr-1702	320	13	“	"	PUNCT
cblr-1702	320	14	provide[d	provide[d	PROPN
cblr-1702	320	15	]	]	PUNCT
cblr-1702	320	16	advertisements	advertisement	NOUN
cblr-1702	320	17	,	,	PUNCT
cblr-1702	320	18	training	training	NOUN
cblr-1702	320	19	,	,	PUNCT
cblr-1702	320	20	products	product	NOUN
cblr-1702	320	21	,	,	PUNCT
cblr-1702	320	22	and	and	CCONJ
cblr-1702	320	23	[	[	X
cblr-1702	320	24	selected	select	VERB
cblr-1702	320	25	]	]	PUNCT
cblr-1702	320	26	the	the	DET
cblr-1702	320	27	areas	area	NOUN
cblr-1702	320	28	where	where	SCONJ
cblr-1702	320	29	products	product	NOUN
cblr-1702	320	30	are	be	AUX
cblr-1702	320	31	sold	sell	VERB
cblr-1702	320	32	,	,	PUNCT
cblr-1702	320	33	”	"	PUNCT
cblr-1702	320	34	adding	add	VERB
cblr-1702	320	35	that	that	SCONJ
cblr-1702	320	36	“	"	PUNCT
cblr-1702	320	37	[	[	X
cblr-1702	320	38	t]he	t]he	X
cblr-1702	320	39	failure	failure	NOUN
cblr-1702	320	40	to	to	PART
cblr-1702	320	41	provide	provide	VERB
cblr-1702	320	42	any	any	PRON
cblr-1702	320	43	of	of	ADP
cblr-1702	320	44	these	these	DET
cblr-1702	320	45	services	service	NOUN
cblr-1702	320	46	would	would	AUX
cblr-1702	320	47	definitely	definitely	ADV
cblr-1702	320	48	determine	determine	VERB
cblr-1702	320	49	the	the	DET
cblr-1702	320	50	success	success	NOUN
cblr-1702	320	51	or	or	CCONJ
cblr-1702	320	52	failure	failure	NOUN
cblr-1702	320	53	of	of	ADP
cblr-1702	320	54	the	the	DET
cblr-1702	320	55	96	96	NUM
cblr-1702	320	56	sg	sg	PROPN
cblr-1702	320	57	ltd	ltd	PROPN
cblr-1702	320	58	.	.	PROPN
cblr-1702	320	59	,	,	PUNCT
cblr-1702	320	60	265	265	NUM
cblr-1702	320	61	f.3d	f.3d	NUM
cblr-1702	320	62	at	at	ADP
cblr-1702	320	63	49	49	NUM
cblr-1702	320	64	.	.	PUNCT
cblr-1702	321	1	97	97	NUM
cblr-1702	321	2	villeneuve	villeneuve	PROPN
cblr-1702	321	3	v.	v.	ADP
cblr-1702	321	4	advanced	advanced	ADJ
cblr-1702	321	5	business	business	PROPN
cblr-1702	321	6	concepts	concepts	PROPN
cblr-1702	321	7	corp	corp	PROPN
cblr-1702	321	8	.	.	PROPN
cblr-1702	321	9	,	,	PUNCT
cblr-1702	321	10	698	698	NUM
cblr-1702	321	11	f.2d	f.2d	NOUN
cblr-1702	321	12	1121	1121	NUM
cblr-1702	321	13	,	,	PUNCT
cblr-1702	321	14	1124	1124	NUM
cblr-1702	321	15	(	(	PUNCT
cblr-1702	321	16	11th	11th	ADJ
cblr-1702	321	17	cir	cir	NOUN
cblr-1702	321	18	.	.	PROPN
cblr-1702	321	19	1983	1983	NUM
cblr-1702	321	20	)	)	PUNCT
cblr-1702	321	21	,	,	PUNCT
cblr-1702	321	22	vacated	vacate	VERB
cblr-1702	321	23	by	by	ADP
cblr-1702	321	24	reh'g	reh'g	NOUN
cblr-1702	321	25	en	en	ADP
cblr-1702	321	26	banc	banc	NOUN
cblr-1702	321	27	,	,	PUNCT
cblr-1702	321	28	730	730	NUM
cblr-1702	321	29	f.2d	f.2d	NOUN
cblr-1702	321	30	1403	1403	NUM
cblr-1702	321	31	(	(	PUNCT
cblr-1702	321	32	1984	1984	NUM
cblr-1702	321	33	)	)	PUNCT
cblr-1702	321	34	(	(	PUNCT
cblr-1702	321	35	quoting	quote	VERB
cblr-1702	321	36	sec	sec	PROPN
cblr-1702	321	37	v.	v.	ADP
cblr-1702	321	38	koscot	koscot	PROPN
cblr-1702	321	39	int’l	int’l	NUM
cblr-1702	321	40	,	,	PUNCT
cblr-1702	321	41	inc	inc	PROPN
cblr-1702	321	42	.	.	PROPN
cblr-1702	321	43	,	,	PUNCT
cblr-1702	321	44	497	497	NUM
cblr-1702	321	45	f.2d	f.2d	NOUN
cblr-1702	321	46	473	473	NUM
cblr-1702	321	47	,	,	PUNCT
cblr-1702	321	48	479	479	NUM
cblr-1702	321	49	(	(	PUNCT
cblr-1702	321	50	5th	5th	ADJ
cblr-1702	321	51	cir	cir	NOUN
cblr-1702	321	52	.	.	PROPN
cblr-1702	321	53	1974	1974	NUM
cblr-1702	321	54	)	)	PUNCT
cblr-1702	321	55	)	)	PUNCT
cblr-1702	321	56	.	.	PUNCT
cblr-1702	322	1	although	although	SCONJ
cblr-1702	322	2	the	the	DET
cblr-1702	322	3	eleventh	eleventh	ADJ
cblr-1702	322	4	circuit	circuit	NOUN
cblr-1702	322	5	's	's	PART
cblr-1702	322	6	en	en	PROPN
cblr-1702	322	7	banc	banc	PROPN
cblr-1702	322	8	rehearing	rehear	VERB
cblr-1702	322	9	technically	technically	ADV
cblr-1702	322	10	vacated	vacate	VERB
cblr-1702	322	11	its	its	PRON
cblr-1702	322	12	original	original	ADJ
cblr-1702	322	13	villeneuve	villeneuve	NOUN
cblr-1702	322	14	opinion	opinion	NOUN
cblr-1702	322	15	,	,	PUNCT
cblr-1702	322	16	the	the	DET
cblr-1702	322	17	full	full	ADJ
cblr-1702	322	18	court	court	NOUN
cblr-1702	322	19	reached	reach	VERB
cblr-1702	322	20	the	the	DET
cblr-1702	322	21	same	same	ADJ
cblr-1702	322	22	result	result	NOUN
cblr-1702	322	23	and	and	CCONJ
cblr-1702	322	24	issued	issue	VERB
cblr-1702	322	25	a	a	DET
cblr-1702	322	26	cursory	cursory	NOUN
cblr-1702	322	27	per	per	ADP
cblr-1702	322	28	curiam	curiam	NOUN
cblr-1702	322	29	opinion	opinion	NOUN
cblr-1702	322	30	that	that	PRON
cblr-1702	322	31	implicitly	implicitly	ADV
cblr-1702	322	32	accepts	accept	VERB
cblr-1702	322	33	the	the	DET
cblr-1702	322	34	original	original	ADJ
cblr-1702	322	35	panel	panel	NOUN
cblr-1702	322	36	's	's	PART
cblr-1702	322	37	more	more	ADV
cblr-1702	322	38	fully	fully	ADV
cblr-1702	322	39	explicated	explicate	VERB
cblr-1702	322	40	reasoning	reasoning	NOUN
cblr-1702	322	41	.	.	PUNCT
cblr-1702	323	1	see	see	VERB
cblr-1702	323	2	villeneuve	villeneuve	PROPN
cblr-1702	323	3	v.	v.	ADP
cblr-1702	323	4	advanced	advanced	ADJ
cblr-1702	323	5	business	business	PROPN
cblr-1702	323	6	concepts	concepts	PROPN
cblr-1702	323	7	corp	corp	PROPN
cblr-1702	323	8	.	.	PROPN
cblr-1702	323	9	,	,	PUNCT
cblr-1702	323	10	730	730	NUM
cblr-1702	323	11	f.2d	f.2d	NOUN
cblr-1702	323	12	1403	1403	NUM
cblr-1702	323	13	,	,	PUNCT
cblr-1702	323	14	1404	1404	NUM
cblr-1702	323	15	n.1	n.1	SYM
cblr-1702	323	16	(	(	PUNCT
cblr-1702	323	17	11th	11th	ADJ
cblr-1702	323	18	cir	cir	NOUN
cblr-1702	323	19	.	.	PUNCT
cblr-1702	323	20	1984	1984	NUM
cblr-1702	323	21	)	)	PUNCT
cblr-1702	323	22	(	(	PUNCT
cblr-1702	323	23	en	en	X
cblr-1702	323	24	banc	banc	PROPN
cblr-1702	323	25	)	)	PUNCT
cblr-1702	323	26	.	.	PUNCT
cblr-1702	324	1	98	98	NUM
cblr-1702	325	1	i	i	PRON
cblr-1702	325	2	d.	d.	PROPN
cblr-1702	325	3	99	99	NUM
cblr-1702	326	1	hocking	hocking	PROPN
cblr-1702	326	2	v.	v.	ADP
cblr-1702	326	3	dubois	dubois	PROPN
cblr-1702	326	4	,	,	PUNCT
cblr-1702	326	5	885	885	NUM
cblr-1702	326	6	f.2d	f.2d	NOUN
cblr-1702	326	7	1449	1449	NUM
cblr-1702	326	8	,	,	PUNCT
cblr-1702	326	9	1459	1459	NUM
cblr-1702	326	10	(	(	PUNCT
cblr-1702	326	11	9th	9th	ADJ
cblr-1702	326	12	cir	cir	NOUN
cblr-1702	326	13	.	.	PROPN
cblr-1702	326	14	1989	1989	NUM
cblr-1702	326	15	)	)	PUNCT
cblr-1702	326	16	(	(	PUNCT
cblr-1702	326	17	en	en	X
cblr-1702	326	18	banc	banc	PROPN
cblr-1702	326	19	)	)	PUNCT
cblr-1702	326	20	.	.	PUNCT
cblr-1702	327	1	100	100	NUM
cblr-1702	327	2	sec	sec	PROPN
cblr-1702	327	3	v.	v.	PROPN
cblr-1702	327	4	glenn	glenn	PROPN
cblr-1702	327	5	w.	w.	PROPN
cblr-1702	327	6	turner	turner	PROPN
cblr-1702	327	7	enters	enter	VERB
cblr-1702	327	8	.	.	PUNCT
cblr-1702	327	9	,	,	PUNCT
cblr-1702	327	10	474	474	NUM
cblr-1702	327	11	f.2d	f.2d	ADP
cblr-1702	327	12	476	476	NUM
cblr-1702	327	13	,	,	PUNCT
cblr-1702	327	14	482	482	NUM
cblr-1702	327	15	n.7	n.7	SYM
cblr-1702	327	16	(	(	PUNCT
cblr-1702	327	17	9th	9th	ADJ
cblr-1702	327	18	cir	cir	NOUN
cblr-1702	327	19	.	.	PROPN
cblr-1702	327	20	1973	1973	NUM
cblr-1702	327	21	)	)	PUNCT
cblr-1702	327	22	.	.	PUNCT
cblr-1702	328	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	328	2	640	640	NUM
cblr-1702	328	3	columbia	columbia	PROPN
cblr-1702	328	4	business	business	NOUN
cblr-1702	328	5	law	law	NOUN
cblr-1702	328	6	review	review	NOUN
cblr-1702	328	7	[	[	X
cblr-1702	328	8	vol	vol	NOUN
cblr-1702	328	9	.	.	NOUN
cblr-1702	328	10	2018	2018	NUM
cblr-1702	328	11	scheme	scheme	NOUN
cblr-1702	328	12	.	.	PUNCT
cblr-1702	329	1	”101	”101	PROPN
cblr-1702	330	1	the	the	DET
cblr-1702	330	2	causal	causal	PROPN
cblr-1702	330	3	link	link	NOUN
cblr-1702	330	4	between	between	ADP
cblr-1702	330	5	the	the	DET
cblr-1702	330	6	contribution	contribution	NOUN
cblr-1702	330	7	of	of	ADP
cblr-1702	330	8	the	the	DET
cblr-1702	330	9	promoters	promoter	NOUN
cblr-1702	330	10	and	and	CCONJ
cblr-1702	330	11	the	the	DET
cblr-1702	330	12	sales	sale	NOUN
cblr-1702	330	13	efforts	effort	NOUN
cblr-1702	330	14	of	of	ADP
cblr-1702	330	15	investors	investor	NOUN
cblr-1702	330	16	(	(	PUNCT
cblr-1702	330	17	who	who	PRON
cblr-1702	330	18	were	be	AUX
cblr-1702	330	19	like	like	ADP
cblr-1702	330	20	franchisees	franchisee	NOUN
cblr-1702	330	21	in	in	ADP
cblr-1702	330	22	the	the	DET
cblr-1702	330	23	villeneuve	villeneuve	PROPN
cblr-1702	330	24	scheme	scheme	NOUN
cblr-1702	330	25	)	)	PUNCT
cblr-1702	330	26	seems	seem	VERB
cblr-1702	330	27	tenuous	tenuous	ADJ
cblr-1702	330	28	,	,	PUNCT
cblr-1702	330	29	yet	yet	CCONJ
cblr-1702	330	30	the	the	DET
cblr-1702	330	31	court	court	NOUN
cblr-1702	330	32	deemed	deem	VERB
cblr-1702	330	33	the	the	DET
cblr-1702	330	34	villeneuve	villeneuve	PROPN
cblr-1702	330	35	scheme	scheme	NOUN
cblr-1702	330	36	to	to	PART
cblr-1702	330	37	be	be	AUX
cblr-1702	330	38	a	a	DET
cblr-1702	330	39	common	common	ADJ
cblr-1702	330	40	enterprise.102	enterprise.102	ADP
cblr-1702	330	41	the	the	DET
cblr-1702	330	42	dao	dao	PROPN
cblr-1702	330	43	curators	curator	NOUN
cblr-1702	330	44	offer	offer	VERB
cblr-1702	330	45	similar	similar	ADJ
cblr-1702	330	46	threshold	threshold	NOUN
cblr-1702	330	47	services	service	NOUN
cblr-1702	330	48	,	,	PUNCT
cblr-1702	330	49	like	like	ADP
cblr-1702	330	50	approving	approve	VERB
cblr-1702	330	51	pitches	pitch	NOUN
cblr-1702	330	52	for	for	ADP
cblr-1702	330	53	voting.103	voting.103	PROPN
cblr-1702	330	54	without	without	ADP
cblr-1702	330	55	curator	curator	NOUN
cblr-1702	330	56	approval	approval	NOUN
cblr-1702	330	57	,	,	PUNCT
cblr-1702	330	58	token	token	VERB
cblr-1702	330	59	holders	holder	NOUN
cblr-1702	330	60	can	can	AUX
cblr-1702	330	61	not	not	PART
cblr-1702	330	62	vote	vote	VERB
cblr-1702	330	63	on	on	ADP
cblr-1702	330	64	a	a	DET
cblr-1702	330	65	smart	smart	ADJ
cblr-1702	330	66	contract	contract	NOUN
cblr-1702	330	67	pitch	pitch	NOUN
cblr-1702	330	68	.	.	PUNCT
cblr-1702	331	1	neglecting	neglect	VERB
cblr-1702	331	2	curation	curation	NOUN
cblr-1702	331	3	would	would	AUX
cblr-1702	331	4	undoubtedly	undoubtedly	ADV
cblr-1702	331	5	cause	cause	VERB
cblr-1702	331	6	the	the	DET
cblr-1702	331	7	failure	failure	NOUN
cblr-1702	331	8	(	(	PUNCT
cblr-1702	331	9	or	or	CCONJ
cblr-1702	331	10	at	at	ADP
cblr-1702	331	11	least	least	ADJ
cblr-1702	331	12	stagnation	stagnation	NOUN
cblr-1702	331	13	)	)	PUNCT
cblr-1702	331	14	of	of	ADP
cblr-1702	331	15	the	the	DET
cblr-1702	331	16	scheme	scheme	NOUN
cblr-1702	331	17	,	,	PUNCT
cblr-1702	331	18	so	so	ADV
cblr-1702	331	19	broad	broad	ADJ
cblr-1702	331	20	vertical	vertical	ADJ
cblr-1702	331	21	commonality	commonality	NOUN
cblr-1702	331	22	is	be	AUX
cblr-1702	331	23	satisfied	satisfied	ADJ
cblr-1702	331	24	here	here	ADV
cblr-1702	331	25	.	.	PUNCT
cblr-1702	332	1	however	however	ADV
cblr-1702	332	2	,	,	PUNCT
cblr-1702	332	3	strict	strict	ADJ
cblr-1702	332	4	or	or	CCONJ
cblr-1702	332	5	narrow	narrow	ADJ
cblr-1702	332	6	vertical	vertical	ADJ
cblr-1702	332	7	commonality	commonality	NOUN
cblr-1702	332	8	is	be	AUX
cblr-1702	332	9	not	not	PART
cblr-1702	332	10	easy	easy	ADJ
cblr-1702	332	11	to	to	PART
cblr-1702	332	12	apply	apply	VERB
cblr-1702	332	13	in	in	ADP
cblr-1702	332	14	this	this	DET
cblr-1702	332	15	case	case	NOUN
cblr-1702	332	16	.	.	PUNCT
cblr-1702	333	1	in	in	ADP
cblr-1702	333	2	a	a	DET
cblr-1702	333	3	case	case	NOUN
cblr-1702	333	4	in	in	ADP
cblr-1702	333	5	which	which	PRON
cblr-1702	333	6	an	an	DET
cblr-1702	333	7	investor	investor	NOUN
cblr-1702	333	8	’s	’s	PART
cblr-1702	333	9	funds	fund	NOUN
cblr-1702	333	10	would	would	AUX
cblr-1702	333	11	not	not	PART
cblr-1702	333	12	be	be	AUX
cblr-1702	333	13	pooled	pool	VERB
cblr-1702	333	14	—	—	PUNCT
cblr-1702	333	15	i.e.	i.e.	X
cblr-1702	333	16	no	no	DET
cblr-1702	333	17	horizontal	horizontal	ADJ
cblr-1702	333	18	commonality	commonality	NOUN
cblr-1702	333	19	—	—	PUNCT
cblr-1702	333	20	the	the	DET
cblr-1702	333	21	ninth	ninth	ADJ
cblr-1702	333	22	circuit	circuit	NOUN
cblr-1702	333	23	found	find	VERB
cblr-1702	333	24	a	a	DET
cblr-1702	333	25	common	common	ADJ
cblr-1702	333	26	enterprise	enterprise	NOUN
cblr-1702	333	27	where	where	SCONJ
cblr-1702	333	28	the	the	DET
cblr-1702	333	29	success	success	NOUN
cblr-1702	333	30	of	of	ADP
cblr-1702	333	31	the	the	DET
cblr-1702	333	32	investor	investor	NOUN
cblr-1702	333	33	’s	’s	PART
cblr-1702	333	34	investment	investment	NOUN
cblr-1702	333	35	depended	depend	VERB
cblr-1702	333	36	upon	upon	SCONJ
cblr-1702	333	37	the	the	DET
cblr-1702	333	38	success	success	NOUN
cblr-1702	333	39	of	of	ADP
cblr-1702	333	40	the	the	DET
cblr-1702	333	41	promoter	promoter	NOUN
cblr-1702	333	42	’s	’s	PART
cblr-1702	333	43	“	"	PUNCT
cblr-1702	333	44	business	business	NOUN
cblr-1702	333	45	operations	operation	NOUN
cblr-1702	333	46	.	.	PUNCT
cblr-1702	333	47	”104	”104	PUNCT
cblr-1702	334	1	arguably	arguably	ADV
cblr-1702	334	2	,	,	PUNCT
cblr-1702	334	3	this	this	PRON
cblr-1702	334	4	is	be	AUX
cblr-1702	334	5	not	not	PART
cblr-1702	334	6	the	the	DET
cblr-1702	334	7	case	case	NOUN
cblr-1702	334	8	in	in	ADP
cblr-1702	334	9	the	the	DET
cblr-1702	334	10	dao	dao	NOUN
cblr-1702	334	11	.	.	PUNCT
cblr-1702	335	1	first	first	ADV
cblr-1702	335	2	,	,	PUNCT
cblr-1702	335	3	the	the	DET
cblr-1702	335	4	founders	founder	NOUN
cblr-1702	335	5	of	of	ADP
cblr-1702	335	6	the	the	DET
cblr-1702	335	7	dao	dao	NOUN
cblr-1702	335	8	provided	provide	VERB
cblr-1702	335	9	the	the	DET
cblr-1702	335	10	minimum	minimum	ADJ
cblr-1702	335	11	code	code	NOUN
cblr-1702	335	12	necessary	necessary	ADJ
cblr-1702	335	13	for	for	SCONJ
cblr-1702	335	14	token	token	VERB
cblr-1702	335	15	purchasers	purchaser	NOUN
cblr-1702	335	16	to	to	PART
cblr-1702	335	17	be	be	AUX
cblr-1702	335	18	able	able	ADJ
cblr-1702	335	19	to	to	PART
cblr-1702	335	20	work	work	VERB
cblr-1702	335	21	together	together	ADV
cblr-1702	335	22	to	to	PART
cblr-1702	335	23	build	build	VERB
cblr-1702	335	24	their	their	PRON
cblr-1702	335	25	funds	fund	NOUN
cblr-1702	335	26	.	.	PUNCT
cblr-1702	336	1	afterwards	afterwards	ADV
cblr-1702	336	2	,	,	PUNCT
cblr-1702	336	3	there	there	PRON
cblr-1702	336	4	is	be	VERB
cblr-1702	336	5	no	no	DET
cblr-1702	336	6	more	more	ADJ
cblr-1702	336	7	relationship	relationship	NOUN
cblr-1702	336	8	between	between	ADP
cblr-1702	336	9	the	the	DET
cblr-1702	336	10	investors	investor	NOUN
cblr-1702	336	11	and	and	CCONJ
cblr-1702	336	12	the	the	DET
cblr-1702	336	13	founders	founder	NOUN
cblr-1702	336	14	,	,	PUNCT
cblr-1702	336	15	so	so	SCONJ
cblr-1702	336	16	investors	investor	NOUN
cblr-1702	336	17	’	'	PUNCT
cblr-1702	336	18	success	success	NOUN
cblr-1702	336	19	depends	depend	VERB
cblr-1702	336	20	on	on	ADP
cblr-1702	336	21	the	the	DET
cblr-1702	336	22	new	new	ADJ
cblr-1702	336	23	execution	execution	NOUN
cblr-1702	336	24	code	code	NOUN
cblr-1702	336	25	they	they	PRON
cblr-1702	336	26	approve	approve	VERB
cblr-1702	336	27	and	and	CCONJ
cblr-1702	336	28	the	the	DET
cblr-1702	336	29	investments	investment	NOUN
cblr-1702	336	30	they	they	PRON
cblr-1702	336	31	choose	choose	VERB
cblr-1702	336	32	,	,	PUNCT
cblr-1702	336	33	independent	independent	ADJ
cblr-1702	336	34	of	of	ADP
cblr-1702	336	35	the	the	DET
cblr-1702	336	36	founders	founder	NOUN
cblr-1702	336	37	.	.	PUNCT
cblr-1702	337	1	the	the	DET
cblr-1702	337	2	curators	curator	NOUN
cblr-1702	337	3	were	be	AUX
cblr-1702	337	4	closer	close	ADJ
cblr-1702	337	5	to	to	ADP
cblr-1702	337	6	the	the	DET
cblr-1702	337	7	success	success	NOUN
cblr-1702	337	8	of	of	ADP
cblr-1702	337	9	the	the	DET
cblr-1702	337	10	investors	investor	NOUN
cblr-1702	337	11	,	,	PUNCT
cblr-1702	337	12	because	because	SCONJ
cblr-1702	337	13	they	they	PRON
cblr-1702	337	14	were	be	AUX
cblr-1702	337	15	tasked	task	VERB
cblr-1702	337	16	with	with	ADP
cblr-1702	337	17	ensuring	ensure	VERB
cblr-1702	337	18	that	that	SCONJ
cblr-1702	337	19	pitches	pitch	NOUN
cblr-1702	337	20	were	be	AUX
cblr-1702	337	21	suitable	suitable	ADJ
cblr-1702	337	22	for	for	ADP
cblr-1702	337	23	implementation	implementation	NOUN
cblr-1702	337	24	.	.	PUNCT
cblr-1702	338	1	investor	investor	NOUN
cblr-1702	338	2	success	success	NOUN
cblr-1702	338	3	required	require	VERB
cblr-1702	338	4	curators	curator	NOUN
cblr-1702	338	5	’	’	PART
cblr-1702	338	6	services	service	NOUN
cblr-1702	338	7	,	,	PUNCT
cblr-1702	338	8	but	but	CCONJ
cblr-1702	338	9	was	be	AUX
cblr-1702	338	10	not	not	PART
cblr-1702	338	11	dependent	dependent	ADJ
cblr-1702	338	12	on	on	ADP
cblr-1702	338	13	those	those	DET
cblr-1702	338	14	services	service	NOUN
cblr-1702	338	15	.	.	PUNCT
cblr-1702	339	1	an	an	DET
cblr-1702	339	2	investment	investment	NOUN
cblr-1702	339	3	could	could	AUX
cblr-1702	339	4	have	have	AUX
cblr-1702	339	5	been	be	AUX
cblr-1702	339	6	approved	approve	VERB
cblr-1702	339	7	by	by	ADP
cblr-1702	339	8	curators	curator	NOUN
cblr-1702	339	9	and	and	CCONJ
cblr-1702	339	10	then	then	ADV
cblr-1702	339	11	denied	deny	VERB
cblr-1702	339	12	by	by	ADP
cblr-1702	339	13	voters	voter	NOUN
cblr-1702	339	14	,	,	PUNCT
cblr-1702	339	15	or	or	CCONJ
cblr-1702	339	16	approved	approve	VERB
cblr-1702	339	17	by	by	ADP
cblr-1702	339	18	voters	voter	NOUN
cblr-1702	339	19	and	and	CCONJ
cblr-1702	339	20	be	be	AUX
cblr-1702	339	21	a	a	DET
cblr-1702	339	22	failure	failure	NOUN
cblr-1702	339	23	,	,	PUNCT
cblr-1702	339	24	in	in	ADP
cblr-1702	339	25	each	each	DET
cblr-1702	339	26	case	case	NOUN
cblr-1702	339	27	regardless	regardless	ADV
cblr-1702	339	28	of	of	ADP
cblr-1702	339	29	the	the	DET
cblr-1702	339	30	curators	curator	NOUN
cblr-1702	339	31	’	’	PART
cblr-1702	339	32	operation	operation	NOUN
cblr-1702	339	33	.	.	PUNCT
cblr-1702	340	1	further	far	ADV
cblr-1702	340	2	,	,	PUNCT
cblr-1702	340	3	the	the	DET
cblr-1702	340	4	curators	curator	NOUN
cblr-1702	340	5	were	be	AUX
cblr-1702	340	6	replaceable	replaceable	ADJ
cblr-1702	340	7	by	by	ADP
cblr-1702	340	8	token	token	VERB
cblr-1702	340	9	-	-	PUNCT
cblr-1702	340	10	holding	hold	VERB
cblr-1702	340	11	voters	voter	NOUN
cblr-1702	340	12	,	,	PUNCT
cblr-1702	340	13	which	which	PRON
cblr-1702	340	14	further	far	ADV
cblr-1702	340	15	separated	separate	VERB
cblr-1702	340	16	curator	curator	NOUN
cblr-1702	340	17	performance	performance	NOUN
cblr-1702	340	18	and	and	CCONJ
cblr-1702	340	19	investor	investor	NOUN
cblr-1702	340	20	success	success	NOUN
cblr-1702	340	21	.	.	PUNCT
cblr-1702	341	1	a	a	DET
cblr-1702	341	2	final	final	ADJ
cblr-1702	341	3	argument	argument	NOUN
cblr-1702	341	4	against	against	ADP
cblr-1702	341	5	both	both	DET
cblr-1702	341	6	modes	mode	NOUN
cblr-1702	341	7	of	of	ADP
cblr-1702	341	8	vertical	vertical	ADJ
cblr-1702	341	9	commonality	commonality	NOUN
cblr-1702	341	10	is	be	AUX
cblr-1702	341	11	that	that	SCONJ
cblr-1702	341	12	the	the	DET
cblr-1702	341	13	curators	curator	NOUN
cblr-1702	341	14	do	do	AUX
cblr-1702	341	15	not	not	PART
cblr-1702	341	16	create	create	VERB
cblr-1702	341	17	verticality	verticality	NOUN
cblr-1702	341	18	at	at	ADP
cblr-1702	341	19	101	101	NUM
cblr-1702	341	20	villaneuve	villaneuve	NOUN
cblr-1702	341	21	,	,	PUNCT
cblr-1702	341	22	698	698	NUM
cblr-1702	341	23	f.2d	f.2d	X
cblr-1702	341	24	at	at	ADP
cblr-1702	341	25	1124	1124	NUM
cblr-1702	341	26	.	.	PUNCT
cblr-1702	342	1	102	102	NUM
cblr-1702	343	1	i	i	PROPN
cblr-1702	343	2	d.	d.	PROPN
cblr-1702	343	3	103	103	NUM
cblr-1702	343	4	jentzsch	jentzsch	NOUN
cblr-1702	343	5	,	,	PUNCT
cblr-1702	343	6	supra	supra	PROPN
cblr-1702	343	7	note	note	NOUN
cblr-1702	343	8	51	51	NUM
cblr-1702	343	9	,	,	PUNCT
cblr-1702	343	10	at	at	ADP
cblr-1702	343	11	2–3	2–3	NUM
cblr-1702	343	12	.	.	PROPN
cblr-1702	343	13	104	104	NUM
cblr-1702	344	1	el	el	PROPN
cblr-1702	344	2	khadem	khadem	PROPN
cblr-1702	344	3	v.	v.	PROPN
cblr-1702	344	4	equity	equity	PROPN
cblr-1702	344	5	sec	sec	PROPN
cblr-1702	344	6	.	.	PROPN
cblr-1702	344	7	corp	corp	PROPN
cblr-1702	344	8	.	.	PROPN
cblr-1702	344	9	,	,	PUNCT
cblr-1702	344	10	494	494	NUM
cblr-1702	344	11	f.2d	f.2d	NOUN
cblr-1702	344	12	1224	1224	NUM
cblr-1702	344	13	,	,	PUNCT
cblr-1702	344	14	1229	1229	NUM
cblr-1702	344	15	(	(	PUNCT
cblr-1702	344	16	9th	9th	ADJ
cblr-1702	344	17	cir	cir	NOUN
cblr-1702	344	18	.	.	PROPN
cblr-1702	344	19	1974	1974	NUM
cblr-1702	344	20	)	)	PUNCT
cblr-1702	344	21	.	.	PUNCT
cblr-1702	345	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	345	2	no	no	NOUN
cblr-1702	345	3	.	.	PUNCT
cblr-1702	346	1	2:617	2:617	NUM
cblr-1702	346	2	]	]	X
cblr-1702	346	3	ico	ico	PROPN
cblr-1702	346	4	’s	’s	PART
cblr-1702	346	5	,	,	PUNCT
cblr-1702	346	6	dao	dao	VERB
cblr-1702	346	7	’s	’s	ADV
cblr-1702	346	8	,	,	PUNCT
cblr-1702	346	9	and	and	CCONJ
cblr-1702	346	10	the	the	DET
cblr-1702	346	11	sec	sec	PROPN
cblr-1702	346	12	641	641	NUM
cblr-1702	346	13	all	all	PRON
cblr-1702	346	14	,	,	PUNCT
cblr-1702	346	15	but	but	CCONJ
cblr-1702	346	16	rather	rather	ADV
cblr-1702	346	17	are	be	AUX
cblr-1702	346	18	within	within	ADP
cblr-1702	346	19	the	the	DET
cblr-1702	346	20	same	same	ADJ
cblr-1702	346	21	horizontal	horizontal	ADJ
cblr-1702	346	22	,	,	PUNCT
cblr-1702	346	23	decentralized	decentralized	ADJ
cblr-1702	346	24	structure	structure	NOUN
cblr-1702	346	25	of	of	ADP
cblr-1702	346	26	the	the	DET
cblr-1702	346	27	dao	dao	PROPN
cblr-1702	346	28	.	.	PUNCT
cblr-1702	347	1	decentralization	decentralization	NOUN
cblr-1702	347	2	is	be	AUX
cblr-1702	347	3	the	the	DET
cblr-1702	347	4	essential	essential	ADJ
cblr-1702	347	5	concept	concept	NOUN
cblr-1702	347	6	of	of	ADP
cblr-1702	347	7	the	the	DET
cblr-1702	347	8	business	business	NOUN
cblr-1702	347	9	model	model	NOUN
cblr-1702	347	10	.	.	PUNCT
cblr-1702	348	1	further	far	ADV
cblr-1702	348	2	,	,	PUNCT
cblr-1702	348	3	the	the	DET
cblr-1702	348	4	curators	curator	NOUN
cblr-1702	348	5	are	be	AUX
cblr-1702	348	6	facilitators	facilitator	NOUN
cblr-1702	348	7	chosen	choose	VERB
cblr-1702	348	8	by	by	ADP
cblr-1702	348	9	the	the	DET
cblr-1702	348	10	token	token	ADJ
cblr-1702	348	11	holders	holder	NOUN
cblr-1702	348	12	,	,	PUNCT
cblr-1702	348	13	but	but	CCONJ
cblr-1702	348	14	do	do	AUX
cblr-1702	348	15	not	not	PART
cblr-1702	348	16	have	have	VERB
cblr-1702	348	17	power	power	NOUN
cblr-1702	348	18	to	to	PART
cblr-1702	348	19	control	control	VERB
cblr-1702	348	20	the	the	DET
cblr-1702	348	21	token	token	ADJ
cblr-1702	348	22	holders	holder	NOUN
cblr-1702	348	23	.	.	PUNCT
cblr-1702	349	1	the	the	DET
cblr-1702	349	2	curators	curator	NOUN
cblr-1702	349	3	’	’	PART
cblr-1702	349	4	primary	primary	ADJ
cblr-1702	349	5	purpose	purpose	NOUN
cblr-1702	349	6	is	be	AUX
cblr-1702	349	7	to	to	PART
cblr-1702	349	8	protect	protect	VERB
cblr-1702	349	9	minority	minority	NOUN
cblr-1702	349	10	token	token	VERB
cblr-1702	349	11	holders	holder	NOUN
cblr-1702	349	12	from	from	ADP
cblr-1702	349	13	attack	attack	NOUN
cblr-1702	349	14	by	by	ADP
cblr-1702	349	15	a	a	DET
cblr-1702	349	16	majority	majority	NOUN
cblr-1702	349	17	token	token	VERB
cblr-1702	349	18	holder	holder	NOUN
cblr-1702	349	19	(	(	PUNCT
cblr-1702	349	20	like	like	ADP
cblr-1702	349	21	voting	vote	VERB
cblr-1702	349	22	to	to	PART
cblr-1702	349	23	take	take	VERB
cblr-1702	349	24	all	all	PRON
cblr-1702	349	25	of	of	ADP
cblr-1702	349	26	the	the	DET
cblr-1702	349	27	funds	fund	NOUN
cblr-1702	349	28	,	,	PUNCT
cblr-1702	349	29	which	which	PRON
cblr-1702	349	30	,	,	PUNCT
cblr-1702	349	31	in	in	ADP
cblr-1702	349	32	fact	fact	NOUN
cblr-1702	349	33	,	,	PUNCT
cblr-1702	349	34	almost	almost	ADV
cblr-1702	349	35	occurred	occur	VERB
cblr-1702	349	36	before	before	SCONJ
cblr-1702	349	37	it	it	PRON
cblr-1702	349	38	was	be	AUX
cblr-1702	349	39	stopped	stop	VERB
cblr-1702	349	40	by	by	ADP
cblr-1702	349	41	the	the	DET
cblr-1702	349	42	curators).105	curators).105	ADJ
cblr-1702	349	43	one	one	NUM
cblr-1702	349	44	dao	dao	NOUN
cblr-1702	349	45	curator	curator	NOUN
cblr-1702	349	46	describes	describe	VERB
cblr-1702	349	47	his	his	PRON
cblr-1702	349	48	role	role	NOUN
cblr-1702	349	49	as	as	ADP
cblr-1702	349	50	“	"	PUNCT
cblr-1702	349	51	human	human	ADJ
cblr-1702	349	52	-	-	PUNCT
cblr-1702	349	53	training	training	NOUN
cblr-1702	349	54	wheels	wheel	NOUN
cblr-1702	349	55	”	"	PUNCT
cblr-1702	349	56	and	and	CCONJ
cblr-1702	349	57	envisions	envision	VERB
cblr-1702	349	58	a	a	DET
cblr-1702	349	59	future	future	NOUN
cblr-1702	349	60	where	where	SCONJ
cblr-1702	349	61	curators	curator	NOUN
cblr-1702	349	62	are	be	AUX
cblr-1702	349	63	no	no	ADV
cblr-1702	349	64	longer	long	ADV
cblr-1702	349	65	necessary	necessary	ADJ
cblr-1702	349	66	at	at	ADP
cblr-1702	349	67	all.106	all.106	ADP
cblr-1702	349	68	another	another	DET
cblr-1702	349	69	curator	curator	NOUN
cblr-1702	349	70	saw	see	VERB
cblr-1702	349	71	an	an	DET
cblr-1702	349	72	even	even	ADV
cblr-1702	349	73	smaller	small	ADJ
cblr-1702	349	74	role	role	NOUN
cblr-1702	349	75	in	in	ADP
cblr-1702	349	76	protecting	protect	VERB
cblr-1702	349	77	from	from	ADP
cblr-1702	349	78	majority	majority	NOUN
cblr-1702	349	79	attacks	attack	NOUN
cblr-1702	349	80	,	,	PUNCT
cblr-1702	349	81	which	which	PRON
cblr-1702	349	82	is	be	AUX
cblr-1702	349	83	just	just	ADV
cblr-1702	349	84	to	to	PART
cblr-1702	349	85	certify	certify	VERB
cblr-1702	349	86	“	"	PUNCT
cblr-1702	349	87	whether	whether	SCONJ
cblr-1702	349	88	payment	payment	NOUN
cblr-1702	349	89	addresses	address	NOUN
cblr-1702	349	90	are	be	AUX
cblr-1702	349	91	truly	truly	ADV
cblr-1702	349	92	associated	associate	VERB
cblr-1702	349	93	with	with	ADP
cblr-1702	349	94	proposals	proposal	NOUN
cblr-1702	349	95	”	"	PUNCT
cblr-1702	349	96	and	and	CCONJ
cblr-1702	349	97	whether	whether	SCONJ
cblr-1702	349	98	code	code	NOUN
cblr-1702	349	99	meets	meet	VERB
cblr-1702	349	100	security	security	NOUN
cblr-1702	349	101	standards	standard	NOUN
cblr-1702	349	102	—	—	PUNCT
cblr-1702	349	103	curators	curator	NOUN
cblr-1702	349	104	are	be	AUX
cblr-1702	349	105	not	not	PART
cblr-1702	349	106	to	to	PART
cblr-1702	349	107	make	make	VERB
cblr-1702	349	108	a	a	DET
cblr-1702	349	109	decision	decision	NOUN
cblr-1702	349	110	based	base	VERB
cblr-1702	349	111	on	on	ADP
cblr-1702	349	112	the	the	DET
cblr-1702	349	113	profitability	profitability	NOUN
cblr-1702	349	114	of	of	ADP
cblr-1702	349	115	a	a	DET
cblr-1702	349	116	proposed	propose	VERB
cblr-1702	349	117	contract.107	contract.107	PRON
cblr-1702	349	118	hence	hence	ADV
cblr-1702	349	119	,	,	PUNCT
cblr-1702	349	120	curator	curator	NOUN
cblr-1702	349	121	control	control	NOUN
cblr-1702	349	122	is	be	AUX
cblr-1702	349	123	merely	merely	ADV
cblr-1702	349	124	procedural	procedural	ADJ
cblr-1702	349	125	,	,	PUNCT
cblr-1702	349	126	not	not	PART
cblr-1702	349	127	substantial	substantial	ADJ
cblr-1702	349	128	.	.	PUNCT
cblr-1702	350	1	in	in	ADP
cblr-1702	350	2	most	most	ADJ
cblr-1702	350	3	courts	court	NOUN
cblr-1702	350	4	,	,	PUNCT
cblr-1702	350	5	a	a	DET
cblr-1702	350	6	lack	lack	NOUN
cblr-1702	350	7	of	of	ADP
cblr-1702	350	8	strict	strict	ADJ
cblr-1702	350	9	vertical	vertical	ADJ
cblr-1702	350	10	commonality	commonality	NOUN
cblr-1702	350	11	would	would	AUX
cblr-1702	350	12	not	not	PART
cblr-1702	350	13	defeat	defeat	VERB
cblr-1702	350	14	the	the	DET
cblr-1702	350	15	common	common	ADJ
cblr-1702	350	16	enterprise	enterprise	NOUN
cblr-1702	350	17	factor	factor	NOUN
cblr-1702	350	18	,	,	PUNCT
cblr-1702	350	19	since	since	SCONJ
cblr-1702	350	20	horizontal	horizontal	ADJ
cblr-1702	350	21	commonality	commonality	NOUN
cblr-1702	350	22	exists	exist	VERB
cblr-1702	350	23	.	.	PUNCT
cblr-1702	351	1	this	this	PRON
cblr-1702	351	2	may	may	AUX
cblr-1702	351	3	be	be	AUX
cblr-1702	351	4	why	why	SCONJ
cblr-1702	351	5	the	the	DET
cblr-1702	351	6	sec	sec	PROPN
cblr-1702	351	7	left	leave	VERB
cblr-1702	351	8	the	the	DET
cblr-1702	351	9	common	common	ADJ
cblr-1702	351	10	enterprise	enterprise	NOUN
cblr-1702	351	11	factor	factor	NOUN
cblr-1702	351	12	out	out	ADP
cblr-1702	351	13	of	of	ADP
cblr-1702	351	14	the	the	DET
cblr-1702	351	15	dao	dao	NOUN
cblr-1702	351	16	report	report	NOUN
cblr-1702	351	17	.	.	PUNCT
cblr-1702	352	1	however	however	ADV
cblr-1702	352	2	,	,	PUNCT
cblr-1702	352	3	the	the	DET
cblr-1702	352	4	discussion	discussion	NOUN
cblr-1702	352	5	of	of	ADP
cblr-1702	352	6	vertical	vertical	ADJ
cblr-1702	352	7	commonality	commonality	NOUN
cblr-1702	352	8	raises	raise	VERB
cblr-1702	352	9	important	important	ADJ
cblr-1702	352	10	challenges	challenge	NOUN
cblr-1702	352	11	to	to	ADP
cblr-1702	352	12	the	the	DET
cblr-1702	352	13	sec	sec	PROPN
cblr-1702	352	14	’s	’s	PART
cblr-1702	352	15	application	application	NOUN
cblr-1702	352	16	of	of	ADP
cblr-1702	352	17	the	the	DET
cblr-1702	352	18	final	final	ADJ
cblr-1702	352	19	howey	howey	PROPN
cblr-1702	352	20	factor	factor	NOUN
cblr-1702	352	21	,	,	PUNCT
cblr-1702	352	22	the	the	DET
cblr-1702	352	23	managerial	managerial	ADJ
cblr-1702	352	24	effort	effort	NOUN
cblr-1702	352	25	of	of	ADP
cblr-1702	352	26	others	other	NOUN
cblr-1702	352	27	.	.	PUNCT
cblr-1702	353	1	c.	c.	NOUN
cblr-1702	353	2	the	the	DET
cblr-1702	353	3	third	third	ADJ
cblr-1702	353	4	factor	factor	NOUN
cblr-1702	353	5	:	:	PUNCT
cblr-1702	353	6	the	the	DET
cblr-1702	353	7	reasonable	reasonable	ADJ
cblr-1702	353	8	expectation	expectation	NOUN
cblr-1702	353	9	of	of	ADP
cblr-1702	353	10	profits	profit	NOUN
cblr-1702	353	11	the	the	DET
cblr-1702	353	12	third	third	ADJ
cblr-1702	353	13	factor	factor	NOUN
cblr-1702	353	14	’s	’s	PART
cblr-1702	353	15	application	application	NOUN
cblr-1702	353	16	to	to	ADP
cblr-1702	353	17	the	the	DET
cblr-1702	353	18	dao	dao	NOUN
cblr-1702	353	19	is	be	AUX
cblr-1702	353	20	relatively	relatively	ADV
cblr-1702	353	21	straightforward	straightforward	ADJ
cblr-1702	353	22	,	,	PUNCT
cblr-1702	353	23	and	and	CCONJ
cblr-1702	353	24	therefore	therefore	ADV
cblr-1702	353	25	only	only	ADV
cblr-1702	353	26	received	receive	VERB
cblr-1702	353	27	a	a	DET
cblr-1702	353	28	short	short	ADJ
cblr-1702	353	29	paragraph	paragraph	NOUN
cblr-1702	353	30	of	of	ADP
cblr-1702	353	31	discussion	discussion	NOUN
cblr-1702	353	32	in	in	ADP
cblr-1702	353	33	the	the	DET
cblr-1702	353	34	sec	sec	PROPN
cblr-1702	353	35	report.108	report.108	ADP
cblr-1702	353	36	dao	dao	PROPN
cblr-1702	353	37	investors	investor	NOUN
cblr-1702	353	38	were	be	AUX
cblr-1702	353	39	driven	drive	VERB
cblr-1702	353	40	to	to	ADP
cblr-1702	353	41	the	the	DET
cblr-1702	353	42	novel	novel	ADJ
cblr-1702	353	43	investment	investment	NOUN
cblr-1702	353	44	model	model	NOUN
cblr-1702	353	45	by	by	ADP
cblr-1702	353	46	the	the	DET
cblr-1702	353	47	potential	potential	ADJ
cblr-1702	353	48	financial	financial	ADJ
cblr-1702	353	49	returns	return	NOUN
cblr-1702	353	50	.	.	PUNCT
cblr-1702	354	1	“	"	PUNCT
cblr-1702	354	2	profits	profit	NOUN
cblr-1702	354	3	”	"	PUNCT
cblr-1702	354	4	means	mean	VERB
cblr-1702	354	5	“	"	PUNCT
cblr-1702	354	6	[	[	X
cblr-1702	354	7	p]rofits	p]rofit	NOUN
cblr-1702	354	8	in	in	ADP
cblr-1702	354	9	the	the	DET
cblr-1702	354	10	sense	sense	NOUN
cblr-1702	354	11	of	of	ADP
cblr-1702	354	12	105	105	NUM
cblr-1702	354	13	jentzsch	jentzsch	NOUN
cblr-1702	354	14	,	,	PUNCT
cblr-1702	354	15	supra	supra	PROPN
cblr-1702	354	16	note	note	NOUN
cblr-1702	354	17	51	51	NUM
cblr-1702	354	18	,	,	PUNCT
cblr-1702	354	19	at	at	ADP
cblr-1702	354	20	2–3	2–3	NUM
cblr-1702	354	21	.	.	NOUN
cblr-1702	354	22	106	106	NUM
cblr-1702	354	23	andrew	andrew	PROPN
cblr-1702	354	24	quentson	quentson	PROPN
cblr-1702	354	25	,	,	PUNCT
cblr-1702	354	26	are	be	AUX
cblr-1702	354	27	the	the	DET
cblr-1702	354	28	dao	dao	NOUN
cblr-1702	354	29	curators	curator	NOUN
cblr-1702	354	30	masters	master	NOUN
cblr-1702	354	31	or	or	CCONJ
cblr-1702	354	32	janitors	janitor	NOUN
cblr-1702	354	33	?	?	PUNCT
cblr-1702	354	34	,	,	PUNCT
cblr-1702	354	35	cointelegraph	cointelegraph	NOUN
cblr-1702	354	36	(	(	PUNCT
cblr-1702	354	37	june	june	PROPN
cblr-1702	354	38	12	12	NUM
cblr-1702	354	39	,	,	PUNCT
cblr-1702	354	40	2016	2016	NUM
cblr-1702	354	41	)	)	PUNCT
cblr-1702	354	42	,	,	PUNCT
cblr-1702	354	43	https://cointelegraph.com/news/are-thedao-curators-masters-or-janitors	https://cointelegraph.com/news/are-thedao-curators-masters-or-janitor	VERB
cblr-1702	354	44	[	[	PUNCT
cblr-1702	354	45	perma.cc/alw2-kz2a	perma.cc/alw2-kz2a	NOUN
cblr-1702	354	46	]	]	PUNCT
cblr-1702	354	47	.	.	PUNCT
cblr-1702	355	1	107	107	NUM
cblr-1702	356	1	i	i	PRON
cblr-1702	356	2	d.	d.	PROPN
cblr-1702	356	3	108	108	NUM
cblr-1702	356	4	the	the	DET
cblr-1702	356	5	dao	dao	PROPN
cblr-1702	356	6	report	report	NOUN
cblr-1702	356	7	,	,	PUNCT
cblr-1702	356	8	supra	supra	PROPN
cblr-1702	356	9	note	note	NOUN
cblr-1702	356	10	5	5	NUM
cblr-1702	356	11	,	,	PUNCT
cblr-1702	356	12	at	at	ADP
cblr-1702	356	13	11–12	11–12	NUM
cblr-1702	356	14	.	.	PUNCT
cblr-1702	357	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	357	2	642	642	NUM
cblr-1702	357	3	columbia	columbia	PROPN
cblr-1702	357	4	business	business	NOUN
cblr-1702	357	5	law	law	PROPN
cblr-1702	357	6	review	review	NOUN
cblr-1702	357	7	[	[	X
cblr-1702	357	8	vol	vol	NOUN
cblr-1702	357	9	.	.	NOUN
cblr-1702	357	10	2018	2018	NUM
cblr-1702	357	11	income	income	NOUN
cblr-1702	357	12	or	or	CCONJ
cblr-1702	357	13	return	return	NOUN
cblr-1702	357	14	,	,	PUNCT
cblr-1702	357	15	to	to	PART
cblr-1702	357	16	include	include	VERB
cblr-1702	357	17	,	,	PUNCT
cblr-1702	357	18	for	for	ADP
cblr-1702	357	19	example	example	NOUN
cblr-1702	357	20	,	,	PUNCT
cblr-1702	357	21	dividends	dividend	NOUN
cblr-1702	357	22	,	,	PUNCT
cblr-1702	357	23	other	other	ADJ
cblr-1702	357	24	periodic	periodic	ADJ
cblr-1702	357	25	payments	payment	NOUN
cblr-1702	357	26	,	,	PUNCT
cblr-1702	357	27	or	or	CCONJ
cblr-1702	357	28	the	the	DET
cblr-1702	357	29	increased	increase	VERB
cblr-1702	357	30	value	value	NOUN
cblr-1702	357	31	of	of	ADP
cblr-1702	357	32	the	the	DET
cblr-1702	357	33	investment	investment	NOUN
cblr-1702	357	34	.	.	PUNCT
cblr-1702	357	35	”109	”109	VERB
cblr-1702	357	36	the	the	DET
cblr-1702	357	37	value	value	NOUN
cblr-1702	357	38	of	of	ADP
cblr-1702	357	39	a	a	DET
cblr-1702	357	40	dao	dao	NOUN
cblr-1702	357	41	token	token	NOUN
cblr-1702	357	42	could	could	AUX
cblr-1702	357	43	increase	increase	VERB
cblr-1702	357	44	and	and	CCONJ
cblr-1702	357	45	the	the	DET
cblr-1702	357	46	token	token	NOUN
cblr-1702	357	47	may	may	AUX
cblr-1702	357	48	be	be	AUX
cblr-1702	357	49	traded	trade	VERB
cblr-1702	357	50	on	on	ADP
cblr-1702	357	51	another	another	DET
cblr-1702	357	52	virtual	virtual	ADJ
cblr-1702	357	53	exchange	exchange	NOUN
cblr-1702	357	54	for	for	ADP
cblr-1702	357	55	bitcoin	bitcoin	NOUN
cblr-1702	357	56	or	or	CCONJ
cblr-1702	357	57	possibly	possibly	ADV
cblr-1702	357	58	even	even	ADV
cblr-1702	357	59	u.s	u.s	PROPN
cblr-1702	357	60	.	.	PROPN
cblr-1702	357	61	dollars	dollar	NOUN
cblr-1702	357	62	.	.	PUNCT
cblr-1702	358	1	at	at	ADP
cblr-1702	358	2	some	some	DET
cblr-1702	358	3	point	point	NOUN
cblr-1702	358	4	in	in	ADP
cblr-1702	358	5	the	the	DET
cblr-1702	358	6	transactional	transactional	ADJ
cblr-1702	358	7	chain	chain	NOUN
cblr-1702	358	8	,	,	PUNCT
cblr-1702	358	9	the	the	DET
cblr-1702	358	10	return	return	NOUN
cblr-1702	358	11	on	on	ADP
cblr-1702	358	12	a	a	DET
cblr-1702	358	13	dao	dao	NOUN
cblr-1702	358	14	investment	investment	NOUN
cblr-1702	358	15	has	have	VERB
cblr-1702	358	16	real	real	ADJ
cblr-1702	358	17	liquidity	liquidity	NOUN
cblr-1702	358	18	.	.	PUNCT
cblr-1702	359	1	there	there	PRON
cblr-1702	359	2	is	be	VERB
cblr-1702	359	3	no	no	DET
cblr-1702	359	4	doubt	doubt	NOUN
cblr-1702	359	5	that	that	PRON
cblr-1702	359	6	dao	dao	AUX
cblr-1702	359	7	token	token	VERB
cblr-1702	359	8	purchasers	purchaser	NOUN
cblr-1702	359	9	invested	invest	VERB
cblr-1702	359	10	money	money	NOUN
cblr-1702	359	11	with	with	ADP
cblr-1702	359	12	the	the	DET
cblr-1702	359	13	reasonable	reasonable	ADJ
cblr-1702	359	14	expectation	expectation	NOUN
cblr-1702	359	15	of	of	ADP
cblr-1702	359	16	profits	profit	NOUN
cblr-1702	359	17	.	.	PUNCT
cblr-1702	360	1	a	a	DET
cblr-1702	360	2	counterpoint	counterpoint	NOUN
cblr-1702	360	3	to	to	PART
cblr-1702	360	4	note	note	VERB
cblr-1702	360	5	,	,	PUNCT
cblr-1702	360	6	however	however	ADV
cblr-1702	360	7	,	,	PUNCT
cblr-1702	360	8	is	be	AUX
cblr-1702	360	9	that	that	DET
cblr-1702	360	10	profit	profit	NOUN
cblr-1702	360	11	is	be	AUX
cblr-1702	360	12	not	not	PART
cblr-1702	360	13	the	the	DET
cblr-1702	360	14	exclusive	exclusive	ADJ
cblr-1702	360	15	purpose	purpose	NOUN
cblr-1702	360	16	for	for	ADP
cblr-1702	360	17	investing	invest	VERB
cblr-1702	360	18	in	in	ADP
cblr-1702	360	19	the	the	DET
cblr-1702	360	20	dao	dao	NOUN
cblr-1702	360	21	.	.	PUNCT
cblr-1702	361	1	there	there	PRON
cblr-1702	361	2	are	be	VERB
cblr-1702	361	3	other	other	ADJ
cblr-1702	361	4	virtual	virtual	ADJ
cblr-1702	361	5	currency	currency	NOUN
cblr-1702	361	6	funds	fund	NOUN
cblr-1702	361	7	that	that	PRON
cblr-1702	361	8	invest	invest	VERB
cblr-1702	361	9	in	in	ADP
cblr-1702	361	10	blockchain	blockchain	PROPN
cblr-1702	361	11	technologies	technology	NOUN
cblr-1702	361	12	,	,	PUNCT
cblr-1702	361	13	but	but	CCONJ
cblr-1702	361	14	operate	operate	VERB
cblr-1702	361	15	more	more	ADV
cblr-1702	361	16	like	like	ADP
cblr-1702	361	17	traditional	traditional	ADJ
cblr-1702	361	18	hedge	hedge	NOUN
cblr-1702	361	19	funds.110	funds.110	ADP
cblr-1702	361	20	the	the	DET
cblr-1702	361	21	difference	difference	NOUN
cblr-1702	361	22	with	with	ADP
cblr-1702	361	23	the	the	DET
cblr-1702	361	24	dao	dao	NOUN
cblr-1702	361	25	arise	arise	VERB
cblr-1702	361	26	in	in	ADP
cblr-1702	361	27	the	the	DET
cblr-1702	361	28	ownership	ownership	NOUN
cblr-1702	361	29	of	of	ADP
cblr-1702	361	30	control	control	NOUN
cblr-1702	361	31	and	and	CCONJ
cblr-1702	361	32	in	in	ADP
cblr-1702	361	33	the	the	DET
cblr-1702	361	34	potential	potential	NOUN
cblr-1702	361	35	to	to	PART
cblr-1702	361	36	explore	explore	VERB
cblr-1702	361	37	the	the	DET
cblr-1702	361	38	most	most	ADV
cblr-1702	361	39	ambitious	ambitious	ADJ
cblr-1702	361	40	possibilities	possibility	NOUN
cblr-1702	361	41	of	of	ADP
cblr-1702	361	42	smart	smart	ADJ
cblr-1702	361	43	contracts	contract	NOUN
cblr-1702	361	44	and	and	CCONJ
cblr-1702	361	45	blockchain	blockchain	PROPN
cblr-1702	361	46	technology	technology	PROPN
cblr-1702	361	47	—	—	PUNCT
cblr-1702	361	48	like	like	ADP
cblr-1702	361	49	automating	automate	VERB
cblr-1702	361	50	investments	investment	NOUN
cblr-1702	361	51	to	to	PART
cblr-1702	361	52	execute	execute	VERB
cblr-1702	361	53	with	with	ADP
cblr-1702	361	54	no	no	DET
cblr-1702	361	55	human	human	ADJ
cblr-1702	361	56	staff	staff	NOUN
cblr-1702	361	57	.	.	PUNCT
cblr-1702	362	1	while	while	SCONJ
cblr-1702	362	2	this	this	PRON
cblr-1702	362	3	does	do	AUX
cblr-1702	362	4	not	not	PART
cblr-1702	362	5	overcome	overcome	VERB
cblr-1702	362	6	the	the	DET
cblr-1702	362	7	expectation	expectation	NOUN
cblr-1702	362	8	of	of	ADP
cblr-1702	362	9	profits	profit	NOUN
cblr-1702	362	10	,	,	PUNCT
cblr-1702	362	11	the	the	DET
cblr-1702	362	12	numerous	numerous	ADJ
cblr-1702	362	13	,	,	PUNCT
cblr-1702	362	14	experimental	experimental	ADJ
cblr-1702	362	15	motivations	motivation	NOUN
cblr-1702	362	16	behind	behind	ADP
cblr-1702	362	17	the	the	DET
cblr-1702	362	18	dao	dao	NOUN
cblr-1702	362	19	should	should	AUX
cblr-1702	362	20	help	help	VERB
cblr-1702	362	21	guide	guide	VERB
cblr-1702	362	22	the	the	DET
cblr-1702	362	23	sec	sec	PROPN
cblr-1702	362	24	in	in	ADP
cblr-1702	362	25	their	their	PRON
cblr-1702	362	26	evaluation	evaluation	NOUN
cblr-1702	362	27	of	of	ADP
cblr-1702	362	28	a	a	DET
cblr-1702	362	29	dao	dao	PROPN
cblr-1702	362	30	ico	ico	PROPN
cblr-1702	362	31	.	.	PUNCT
cblr-1702	363	1	after	after	ADV
cblr-1702	363	2	all	all	ADV
cblr-1702	363	3	,	,	PUNCT
cblr-1702	363	4	landreth	landreth	PROPN
cblr-1702	363	5	lends	lend	VERB
cblr-1702	363	6	precedent	precedent	NOUN
cblr-1702	363	7	to	to	ADP
cblr-1702	363	8	the	the	DET
cblr-1702	363	9	idea	idea	NOUN
cblr-1702	363	10	that	that	SCONJ
cblr-1702	363	11	whether	whether	SCONJ
cblr-1702	363	12	investors	investor	NOUN
cblr-1702	363	13	expect	expect	VERB
cblr-1702	363	14	the	the	DET
cblr-1702	363	15	protection	protection	NOUN
cblr-1702	363	16	of	of	ADP
cblr-1702	363	17	securities	security	NOUN
cblr-1702	363	18	regulations	regulation	NOUN
cblr-1702	363	19	are	be	AUX
cblr-1702	363	20	relevant	relevant	ADJ
cblr-1702	363	21	to	to	ADP
cblr-1702	363	22	the	the	DET
cblr-1702	363	23	application	application	NOUN
cblr-1702	363	24	of	of	ADP
cblr-1702	363	25	the	the	DET
cblr-1702	363	26	securities	security	NOUN
cblr-1702	363	27	acts.111	acts.111	PROPN
cblr-1702	363	28	d.	d.	PROPN
cblr-1702	363	29	the	the	DET
cblr-1702	363	30	fourth	fourth	ADJ
cblr-1702	363	31	factor	factor	NOUN
cblr-1702	363	32	:	:	PUNCT
cblr-1702	363	33	the	the	DET
cblr-1702	363	34	managerial	managerial	ADJ
cblr-1702	363	35	efforts	effort	NOUN
cblr-1702	363	36	of	of	ADP
cblr-1702	363	37	others	other	NOUN
cblr-1702	363	38	the	the	DET
cblr-1702	363	39	most	most	ADV
cblr-1702	363	40	controversial	controversial	ADJ
cblr-1702	363	41	factor	factor	NOUN
cblr-1702	363	42	in	in	ADP
cblr-1702	363	43	the	the	DET
cblr-1702	363	44	sec	sec	PROPN
cblr-1702	363	45	’s	’s	PART
cblr-1702	363	46	application	application	NOUN
cblr-1702	363	47	of	of	ADP
cblr-1702	363	48	the	the	DET
cblr-1702	363	49	howey	howey	PROPN
cblr-1702	363	50	test	test	PROPN
cblr-1702	363	51	to	to	ADP
cblr-1702	363	52	the	the	DET
cblr-1702	363	53	dao	dao	NOUN
cblr-1702	363	54	is	be	AUX
cblr-1702	363	55	the	the	DET
cblr-1702	363	56	fourth	fourth	ADJ
cblr-1702	363	57	factor	factor	NOUN
cblr-1702	363	58	.	.	PUNCT
cblr-1702	364	1	the	the	DET
cblr-1702	364	2	sec	sec	PROPN
cblr-1702	364	3	argued	argue	VERB
cblr-1702	364	4	that	that	SCONJ
cblr-1702	364	5	“	"	PUNCT
cblr-1702	364	6	the	the	DET
cblr-1702	364	7	efforts	effort	NOUN
cblr-1702	364	8	of	of	ADP
cblr-1702	364	9	slock.it	slock.it	NUM
cblr-1702	364	10	,	,	PUNCT
cblr-1702	364	11	slock.it	slock.it	PRON
cblr-1702	364	12	’s	’s	PART
cblr-1702	364	13	co	co	NOUN
cblr-1702	364	14	-	-	NOUN
cblr-1702	364	15	founders	founder	NOUN
cblr-1702	364	16	,	,	PUNCT
cblr-1702	364	17	and	and	CCONJ
cblr-1702	364	18	the	the	DET
cblr-1702	364	19	dao	dao	NOUN
cblr-1702	364	20	’s	’s	PART
cblr-1702	364	21	curators	curator	NOUN
cblr-1702	364	22	were	be	AUX
cblr-1702	364	23	essential	essential	ADJ
cblr-1702	364	24	to	to	ADP
cblr-1702	364	25	the	the	DET
cblr-1702	364	26	enterprise	enterprise	NOUN
cblr-1702	364	27	,	,	PUNCT
cblr-1702	364	28	”	"	PUNCT
cblr-1702	364	29	thereby	thereby	ADV
cblr-1702	364	30	109	109	NUM
cblr-1702	364	31	sec	sec	PROPN
cblr-1702	364	32	v.	v.	ADP
cblr-1702	364	33	edwards	edwards	PROPN
cblr-1702	364	34	,	,	PUNCT
cblr-1702	364	35	540	540	NUM
cblr-1702	364	36	u.s	u.s	PROPN
cblr-1702	364	37	.	.	PROPN
cblr-1702	364	38	389	389	NUM
cblr-1702	364	39	,	,	PUNCT
cblr-1702	364	40	394	394	NUM
cblr-1702	364	41	(	(	PUNCT
cblr-1702	364	42	2004	2004	NUM
cblr-1702	364	43	)	)	PUNCT
cblr-1702	364	44	.	.	PUNCT
cblr-1702	365	1	110	110	NUM
cblr-1702	365	2	taas	taas	NOUN
cblr-1702	365	3	is	be	AUX
cblr-1702	365	4	a	a	DET
cblr-1702	365	5	crypto	crypto	ADJ
cblr-1702	365	6	-	-	ADJ
cblr-1702	365	7	hedge	hedge	ADJ
cblr-1702	365	8	fund	fund	NOUN
cblr-1702	365	9	that	that	PRON
cblr-1702	365	10	distributes	distribute	VERB
cblr-1702	365	11	twenty	twenty	NUM
cblr-1702	365	12	-	-	PUNCT
cblr-1702	365	13	five	five	NUM
cblr-1702	365	14	percent	percent	NOUN
cblr-1702	365	15	of	of	ADP
cblr-1702	365	16	its	its	PRON
cblr-1702	365	17	profits	profit	NOUN
cblr-1702	365	18	from	from	ADP
cblr-1702	365	19	investing	invest	VERB
cblr-1702	365	20	in	in	ADP
cblr-1702	365	21	blockchain	blockchain	NOUN
cblr-1702	365	22	assets	asset	NOUN
cblr-1702	365	23	.	.	PUNCT
cblr-1702	366	1	there	there	PRON
cblr-1702	366	2	are	be	VERB
cblr-1702	366	3	more	more	ADV
cblr-1702	366	4	recent	recent	ADJ
cblr-1702	366	5	cryptoinvestment	cryptoinvestment	ADJ
cblr-1702	366	6	funds	fund	NOUN
cblr-1702	366	7	as	as	ADV
cblr-1702	366	8	well	well	ADV
cblr-1702	366	9	that	that	PRON
cblr-1702	366	10	charge	charge	VERB
cblr-1702	366	11	traditional	traditional	ADJ
cblr-1702	366	12	management	management	NOUN
cblr-1702	366	13	and	and	CCONJ
cblr-1702	366	14	profit	profit	NOUN
cblr-1702	366	15	participation	participation	NOUN
cblr-1702	366	16	fees	fee	NOUN
cblr-1702	366	17	.	.	PUNCT
cblr-1702	367	1	see	see	VERB
cblr-1702	367	2	reynolds	reynolds	PROPN
cblr-1702	367	3	,	,	PUNCT
cblr-1702	367	4	supra	supra	PROPN
cblr-1702	367	5	note	note	PROPN
cblr-1702	367	6	80	80	NUM
cblr-1702	367	7	;	;	PUNCT
cblr-1702	367	8	ash	ash	NOUN
cblr-1702	367	9	bennington	bennington	PROPN
cblr-1702	367	10	,	,	PUNCT
cblr-1702	367	11	crypto	crypto	PROPN
cblr-1702	367	12	hedge	hedge	PROPN
cblr-1702	367	13	fund	fund	NOUN
cblr-1702	367	14	costs	cost	NOUN
cblr-1702	367	15	?	?	PUNCT
cblr-1702	368	1	invest	invest	VERB
cblr-1702	368	2	$	$	SYM
cblr-1702	368	3	100k	100k	NUM
cblr-1702	368	4	and	and	CCONJ
cblr-1702	368	5	here	here	ADV
cblr-1702	368	6	’s	’	VERB
cblr-1702	368	7	how	how	SCONJ
cblr-1702	368	8	much	much	ADJ
cblr-1702	368	9	you	you	PRON
cblr-1702	368	10	’d	’d	ADV
cblr-1702	368	11	pay	pay	VERB
cblr-1702	368	12	,	,	PUNCT
cblr-1702	368	13	coindesk	coindesk	NOUN
cblr-1702	368	14	(	(	PUNCT
cblr-1702	368	15	sept	sept	PROPN
cblr-1702	368	16	.	.	PROPN
cblr-1702	368	17	28	28	NUM
cblr-1702	368	18	,	,	PUNCT
cblr-1702	368	19	2017	2017	NUM
cblr-1702	368	20	,	,	PUNCT
cblr-1702	368	21	11:00	11:00	NUM
cblr-1702	368	22	am	am	NOUN
cblr-1702	368	23	)	)	PUNCT
cblr-1702	368	24	,	,	PUNCT
cblr-1702	368	25	https://www.coindesk.com/cryptohedge-fund-costs-invest-100k-and-heres-how-much-youd-pay/	https://www.coindesk.com/cryptohedge-fund-costs-invest-100k-and-heres-how-much-youd-pay/	NOUN
cblr-1702	369	1	[	[	X
cblr-1702	369	2	perma.cc/tyx4-u4d8	perma.cc/tyx4-u4d8	X
cblr-1702	369	3	]	]	X
cblr-1702	369	4	.	.	PUNCT
cblr-1702	369	5	111	111	NUM
cblr-1702	369	6	landreth	landreth	PROPN
cblr-1702	369	7	timber	timber	PROPN
cblr-1702	369	8	co.	co.	PROPN
cblr-1702	369	9	v.	v.	ADP
cblr-1702	369	10	landreth	landreth	PROPN
cblr-1702	369	11	,	,	PUNCT
cblr-1702	369	12	471	471	NUM
cblr-1702	369	13	u.s	u.s	PROPN
cblr-1702	369	14	.	.	PROPN
cblr-1702	369	15	681	681	NUM
cblr-1702	369	16	(	(	PUNCT
cblr-1702	369	17	1985	1985	NUM
cblr-1702	369	18	)	)	PUNCT
cblr-1702	369	19	.	.	PUNCT
cblr-1702	370	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	370	2	no	no	NOUN
cblr-1702	370	3	.	.	PUNCT
cblr-1702	371	1	2:617	2:617	NUM
cblr-1702	371	2	]	]	X
cblr-1702	371	3	ico	ico	PROPN
cblr-1702	371	4	’s	’s	PART
cblr-1702	371	5	,	,	PUNCT
cblr-1702	371	6	dao	dao	VERB
cblr-1702	371	7	’s	’s	ADV
cblr-1702	371	8	,	,	PUNCT
cblr-1702	371	9	and	and	CCONJ
cblr-1702	371	10	the	the	DET
cblr-1702	371	11	sec	sec	PROPN
cblr-1702	371	12	643	643	NUM
cblr-1702	371	13	satisfying	satisfy	VERB
cblr-1702	371	14	the	the	DET
cblr-1702	371	15	managerial	managerial	ADJ
cblr-1702	371	16	-	-	PUNCT
cblr-1702	371	17	efforts	effort	NOUN
cblr-1702	371	18	-	-	PUNCT
cblr-1702	371	19	of	of	ADP
cblr-1702	371	20	-	-	PUNCT
cblr-1702	371	21	others	other	NOUN
cblr-1702	371	22	factor.112	factor.112	VERB
cblr-1702	371	23	further	far	ADV
cblr-1702	371	24	,	,	PUNCT
cblr-1702	371	25	the	the	DET
cblr-1702	371	26	sec	sec	PROPN
cblr-1702	371	27	found	find	VERB
cblr-1702	371	28	that	that	SCONJ
cblr-1702	371	29	the	the	DET
cblr-1702	371	30	“	"	PUNCT
cblr-1702	371	31	token	token	ADJ
cblr-1702	371	32	holders	holder	NOUN
cblr-1702	371	33	’	'	PUNCT
cblr-1702	371	34	voting	voting	NOUN
cblr-1702	371	35	rights	right	NOUN
cblr-1702	371	36	were	be	AUX
cblr-1702	371	37	limited	limit	VERB
cblr-1702	371	38	,	,	PUNCT
cblr-1702	371	39	”	"	PUNCT
cblr-1702	371	40	while	while	SCONJ
cblr-1702	371	41	drastically	drastically	ADV
cblr-1702	371	42	downplaying	downplay	VERB
cblr-1702	371	43	the	the	DET
cblr-1702	371	44	importance	importance	NOUN
cblr-1702	371	45	of	of	ADP
cblr-1702	371	46	the	the	DET
cblr-1702	371	47	token	token	ADJ
cblr-1702	371	48	holders	holder	NOUN
cblr-1702	371	49	’	'	PUNCT
cblr-1702	371	50	“	"	PUNCT
cblr-1702	371	51	contractor	contractor	NOUN
cblr-1702	371	52	”	"	PUNCT
cblr-1702	371	53	power.113	power.113	NOUN
cblr-1702	371	54	this	this	PRON
cblr-1702	371	55	is	be	AUX
cblr-1702	371	56	where	where	SCONJ
cblr-1702	371	57	the	the	DET
cblr-1702	371	58	sec	sec	PROPN
cblr-1702	371	59	erred	err	VERB
cblr-1702	371	60	.	.	PUNCT
cblr-1702	372	1	the	the	DET
cblr-1702	372	2	sec	sec	PROPN
cblr-1702	372	3	’s	’s	PART
cblr-1702	372	4	interpretation	interpretation	NOUN
cblr-1702	372	5	of	of	ADP
cblr-1702	372	6	dao	dao	NOUN
cblr-1702	372	7	procedure	procedure	NOUN
cblr-1702	372	8	is	be	AUX
cblr-1702	372	9	antithetical	antithetical	ADJ
cblr-1702	372	10	to	to	ADP
cblr-1702	372	11	the	the	DET
cblr-1702	372	12	concept	concept	NOUN
cblr-1702	372	13	of	of	ADP
cblr-1702	372	14	the	the	DET
cblr-1702	372	15	dao	dao	NOUN
cblr-1702	372	16	and	and	CCONJ
cblr-1702	372	17	distorts	distort	VERB
cblr-1702	372	18	the	the	DET
cblr-1702	372	19	economic	economic	ADJ
cblr-1702	372	20	realities	reality	NOUN
cblr-1702	372	21	of	of	ADP
cblr-1702	372	22	the	the	DET
cblr-1702	372	23	investment	investment	NOUN
cblr-1702	372	24	.	.	PUNCT
cblr-1702	373	1	this	this	DET
cblr-1702	373	2	misinterpretation	misinterpretation	NOUN
cblr-1702	373	3	of	of	ADP
cblr-1702	373	4	facts	fact	NOUN
cblr-1702	373	5	has	have	AUX
cblr-1702	373	6	led	lead	VERB
cblr-1702	373	7	to	to	ADP
cblr-1702	373	8	a	a	DET
cblr-1702	373	9	misapplication	misapplication	NOUN
cblr-1702	373	10	of	of	ADP
cblr-1702	373	11	the	the	DET
cblr-1702	373	12	law	law	NOUN
cblr-1702	373	13	.	.	PUNCT
cblr-1702	374	1	1	1	X
cblr-1702	374	2	.	.	X
cblr-1702	374	3	the	the	DET
cblr-1702	374	4	efforts	effort	NOUN
cblr-1702	374	5	of	of	ADP
cblr-1702	374	6	slock.it	slock.it	NUM
cblr-1702	374	7	,	,	PUNCT
cblr-1702	374	8	slock.it	slock.it	PRON
cblr-1702	374	9	’s	’s	PART
cblr-1702	374	10	co	co	NOUN
cblr-1702	374	11	-	-	NOUN
cblr-1702	374	12	founders	founder	NOUN
cblr-1702	374	13	,	,	PUNCT
cblr-1702	374	14	and	and	CCONJ
cblr-1702	374	15	the	the	DET
cblr-1702	374	16	dao	dao	PROPN
cblr-1702	374	17	’s	’s	PART
cblr-1702	374	18	curators	curator	NOUN
cblr-1702	374	19	slock.it	slock.it	X
cblr-1702	374	20	is	be	AUX
cblr-1702	374	21	the	the	DET
cblr-1702	374	22	group	group	NOUN
cblr-1702	374	23	of	of	ADP
cblr-1702	374	24	coders	coder	NOUN
cblr-1702	374	25	responsible	responsible	ADJ
cblr-1702	374	26	for	for	ADP
cblr-1702	374	27	initiating	initiate	VERB
cblr-1702	374	28	the	the	DET
cblr-1702	374	29	dao	dao	NOUN
cblr-1702	374	30	.	.	PUNCT
cblr-1702	375	1	they	they	PRON
cblr-1702	375	2	wrote	write	VERB
cblr-1702	375	3	the	the	DET
cblr-1702	375	4	code	code	NOUN
cblr-1702	375	5	,	,	PUNCT
cblr-1702	375	6	issued	issue	VERB
cblr-1702	375	7	and	and	CCONJ
cblr-1702	375	8	promoted	promote	VERB
cblr-1702	375	9	the	the	DET
cblr-1702	375	10	ico	ico	PROPN
cblr-1702	375	11	,	,	PUNCT
cblr-1702	375	12	chose	choose	VERB
cblr-1702	375	13	the	the	DET
cblr-1702	375	14	initial	initial	ADJ
cblr-1702	375	15	curators	curator	NOUN
cblr-1702	375	16	and	and	CCONJ
cblr-1702	375	17	suggested	suggest	VERB
cblr-1702	375	18	the	the	DET
cblr-1702	375	19	first	first	ADJ
cblr-1702	375	20	pitch	pitch	NOUN
cblr-1702	375	21	,	,	PUNCT
cblr-1702	375	22	then	then	ADV
cblr-1702	375	23	stepped	step	VERB
cblr-1702	375	24	back	back	ADV
cblr-1702	375	25	to	to	ADP
cblr-1702	375	26	a	a	DET
cblr-1702	375	27	role	role	NOUN
cblr-1702	375	28	limited	limit	VERB
cblr-1702	375	29	to	to	ADP
cblr-1702	375	30	answering	answer	VERB
cblr-1702	375	31	technical	technical	ADJ
cblr-1702	375	32	questions	question	NOUN
cblr-1702	375	33	about	about	ADP
cblr-1702	375	34	how	how	SCONJ
cblr-1702	375	35	to	to	PART
cblr-1702	375	36	participate	participate	VERB
cblr-1702	375	37	in	in	ADP
cblr-1702	375	38	the	the	DET
cblr-1702	375	39	dao.114	dao.114	NOUN
cblr-1702	375	40	the	the	DET
cblr-1702	375	41	sec	sec	PROPN
cblr-1702	375	42	decided	decide	VERB
cblr-1702	375	43	that	that	SCONJ
cblr-1702	375	44	these	these	PRON
cblr-1702	375	45	were	be	AUX
cblr-1702	375	46	the	the	DET
cblr-1702	375	47	“	"	PUNCT
cblr-1702	375	48	undeniably	undeniably	ADV
cblr-1702	375	49	significant	significant	ADJ
cblr-1702	375	50	”	"	PUNCT
cblr-1702	375	51	efforts	effort	NOUN
cblr-1702	375	52	that	that	PRON
cblr-1702	375	53	were	be	AUX
cblr-1702	375	54	“	"	PUNCT
cblr-1702	375	55	essential	essential	ADJ
cblr-1702	375	56	”	"	PUNCT
cblr-1702	375	57	to	to	ADP
cblr-1702	375	58	the	the	DET
cblr-1702	375	59	“	"	PUNCT
cblr-1702	375	60	failure	failure	NOUN
cblr-1702	375	61	or	or	CCONJ
cblr-1702	375	62	success	success	NOUN
cblr-1702	375	63	of	of	ADP
cblr-1702	375	64	the	the	DET
cblr-1702	375	65	enterprise	enterprise	NOUN
cblr-1702	375	66	.	.	PUNCT
cblr-1702	375	67	”115	”115	PUNCT
cblr-1702	376	1	while	while	SCONJ
cblr-1702	376	2	it	it	PRON
cblr-1702	376	3	is	be	AUX
cblr-1702	376	4	undeniably	undeniably	ADV
cblr-1702	376	5	true	true	ADJ
cblr-1702	376	6	that	that	SCONJ
cblr-1702	376	7	the	the	DET
cblr-1702	376	8	dao	dao	NOUN
cblr-1702	376	9	could	could	AUX
cblr-1702	376	10	not	not	PART
cblr-1702	376	11	have	have	AUX
cblr-1702	376	12	formed	form	VERB
cblr-1702	376	13	without	without	ADP
cblr-1702	376	14	initial	initial	ADJ
cblr-1702	376	15	programming	programming	NOUN
cblr-1702	376	16	,	,	PUNCT
cblr-1702	376	17	the	the	DET
cblr-1702	376	18	sec	sec	PROPN
cblr-1702	376	19	overstated	overstate	VERB
cblr-1702	376	20	the	the	DET
cblr-1702	376	21	ongoing	ongoing	ADJ
cblr-1702	376	22	involvement	involvement	NOUN
cblr-1702	376	23	of	of	ADP
cblr-1702	376	24	slock.it	slock.it	NUM
cblr-1702	376	25	,	,	PUNCT
cblr-1702	376	26	but	but	CCONJ
cblr-1702	376	27	neglected	neglect	VERB
cblr-1702	376	28	to	to	PART
cblr-1702	376	29	consider	consider	VERB
cblr-1702	376	30	the	the	DET
cblr-1702	376	31	founders	founder	NOUN
cblr-1702	376	32	’	’	PART
cblr-1702	376	33	future	future	ADJ
cblr-1702	376	34	intent	intent	NOUN
cblr-1702	376	35	to	to	PART
cblr-1702	376	36	step	step	VERB
cblr-1702	376	37	aside	aside	ADV
cblr-1702	376	38	as	as	ADV
cblr-1702	376	39	soon	soon	ADV
cblr-1702	376	40	as	as	SCONJ
cblr-1702	376	41	the	the	DET
cblr-1702	376	42	code	code	NOUN
cblr-1702	376	43	was	be	AUX
cblr-1702	376	44	running	run	VERB
cblr-1702	376	45	,	,	PUNCT
cblr-1702	376	46	and	and	CCONJ
cblr-1702	376	47	even	even	ADV
cblr-1702	376	48	to	to	PART
cblr-1702	376	49	replace	replace	VERB
cblr-1702	376	50	curators	curator	NOUN
cblr-1702	376	51	with	with	ADP
cblr-1702	376	52	token	token	VERB
cblr-1702	376	53	-	-	PUNCT
cblr-1702	376	54	holder	holder	NOUN
cblr-1702	376	55	-	-	PUNCT
cblr-1702	376	56	generated	generate	VERB
cblr-1702	376	57	code	code	NOUN
cblr-1702	376	58	when	when	SCONJ
cblr-1702	376	59	possible.116	possible.116	ADP
cblr-1702	376	60	the	the	DET
cblr-1702	376	61	economic	economic	ADJ
cblr-1702	376	62	reality	reality	NOUN
cblr-1702	376	63	of	of	ADP
cblr-1702	376	64	the	the	DET
cblr-1702	376	65	scheme	scheme	NOUN
cblr-1702	376	66	was	be	AUX
cblr-1702	376	67	that	that	SCONJ
cblr-1702	376	68	slock.it	slock.it	NUM
cblr-1702	376	69	and	and	CCONJ
cblr-1702	376	70	the	the	DET
cblr-1702	376	71	curators	curator	NOUN
cblr-1702	376	72	only	only	ADV
cblr-1702	376	73	contributed	contribute	VERB
cblr-1702	376	74	to	to	ADP
cblr-1702	376	75	the	the	DET
cblr-1702	376	76	maintenance	maintenance	NOUN
cblr-1702	376	77	of	of	ADP
cblr-1702	376	78	the	the	DET
cblr-1702	376	79	system	system	NOUN
cblr-1702	376	80	,	,	PUNCT
cblr-1702	376	81	while	while	SCONJ
cblr-1702	376	82	the	the	DET
cblr-1702	376	83	“	"	PUNCT
cblr-1702	376	84	failure	failure	NOUN
cblr-1702	376	85	or	or	CCONJ
cblr-1702	376	86	success	success	NOUN
cblr-1702	376	87	of	of	ADP
cblr-1702	376	88	the	the	DET
cblr-1702	376	89	enterprise”—returns	enterprise”—return	NOUN
cblr-1702	376	90	on	on	ADP
cblr-1702	376	91	investments	investment	NOUN
cblr-1702	376	92	—	—	PUNCT
cblr-1702	376	93	depend	depend	VERB
cblr-1702	376	94	long	long	ADJ
cblr-1702	376	95	-	-	PUNCT
cblr-1702	376	96	term	term	NOUN
cblr-1702	376	97	upon	upon	SCONJ
cblr-1702	376	98	the	the	DET
cblr-1702	376	99	token	token	NOUN
cblr-1702	376	100	-	-	PUNCT
cblr-1702	376	101	holding	hold	VERB
cblr-1702	376	102	investors	investor	NOUN
cblr-1702	376	103	themselves	themselves	PRON
cblr-1702	376	104	.	.	PUNCT
cblr-1702	377	1	this	this	DET
cblr-1702	377	2	part	part	NOUN
cblr-1702	377	3	of	of	ADP
cblr-1702	377	4	the	the	DET
cblr-1702	377	5	howey	howey	PROPN
cblr-1702	377	6	test	test	NOUN
cblr-1702	377	7	no	no	ADV
cblr-1702	377	8	longer	long	ADV
cblr-1702	377	9	requires	require	VERB
cblr-1702	377	10	the	the	DET
cblr-1702	377	11	success	success	NOUN
cblr-1702	377	12	of	of	ADP
cblr-1702	377	13	the	the	DET
cblr-1702	377	14	investment	investment	NOUN
cblr-1702	377	15	to	to	PART
cblr-1702	377	16	be	be	AUX
cblr-1702	377	17	derived	derive	VERB
cblr-1702	377	18	“	"	PUNCT
cblr-1702	377	19	solely	solely	ADV
cblr-1702	377	20	”	"	PUNCT
cblr-1702	377	21	from	from	ADP
cblr-1702	377	22	the	the	DET
cblr-1702	377	23	managerial	managerial	ADJ
cblr-1702	377	24	112	112	NUM
cblr-1702	377	25	the	the	DET
cblr-1702	377	26	dao	dao	PROPN
cblr-1702	377	27	report	report	NOUN
cblr-1702	377	28	,	,	PUNCT
cblr-1702	377	29	supra	supra	PROPN
cblr-1702	377	30	note	note	NOUN
cblr-1702	377	31	5	5	NUM
cblr-1702	377	32	,	,	PUNCT
cblr-1702	377	33	at	at	ADP
cblr-1702	377	34	12	12	NUM
cblr-1702	377	35	.	.	PUNCT
cblr-1702	377	36	113	113	NUM
cblr-1702	378	1	i	i	PRON
cblr-1702	378	2	d.	d.	PROPN
cblr-1702	378	3	at	at	ADP
cblr-1702	378	4	13	13	NUM
cblr-1702	378	5	.	.	NUM
cblr-1702	378	6	114	114	NUM
cblr-1702	379	1	i	i	PRON
cblr-1702	379	2	d.	d.	PROPN
cblr-1702	379	3	at	at	ADP
cblr-1702	379	4	12	12	NUM
cblr-1702	379	5	.	.	PUNCT
cblr-1702	379	6	115	115	NUM
cblr-1702	380	1	i	i	PRON
cblr-1702	380	2	d.	d.	PROPN
cblr-1702	380	3	(	(	PUNCT
cblr-1702	380	4	citing	cite	VERB
cblr-1702	380	5	sec	sec	PROPN
cblr-1702	380	6	v.	v.	PROPN
cblr-1702	380	7	glenn	glenn	PROPN
cblr-1702	380	8	w.	w.	PROPN
cblr-1702	380	9	turner	turner	PROPN
cblr-1702	380	10	enters	enter	VERB
cblr-1702	380	11	.	.	PUNCT
cblr-1702	380	12	,	,	PUNCT
cblr-1702	380	13	inc	inc	PROPN
cblr-1702	380	14	.	.	PROPN
cblr-1702	380	15	,	,	PUNCT
cblr-1702	380	16	474	474	NUM
cblr-1702	380	17	f.2d	f.2d	ADP
cblr-1702	380	18	476	476	NUM
cblr-1702	380	19	,	,	PUNCT
cblr-1702	380	20	482	482	NUM
cblr-1702	380	21	(	(	PUNCT
cblr-1702	380	22	9th	9th	ADJ
cblr-1702	380	23	cir	cir	NOUN
cblr-1702	380	24	.	.	PROPN
cblr-1702	380	25	1973	1973	NUM
cblr-1702	380	26	)	)	PUNCT
cblr-1702	380	27	)	)	PUNCT
cblr-1702	380	28	.	.	PUNCT
cblr-1702	381	1	116	116	NUM
cblr-1702	381	2	quentson	quentson	NOUN
cblr-1702	381	3	,	,	PUNCT
cblr-1702	381	4	supra	supra	PROPN
cblr-1702	381	5	note	note	NOUN
cblr-1702	381	6	106	106	NUM
cblr-1702	381	7	.	.	PUNCT
cblr-1702	382	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	382	2	644	644	NUM
cblr-1702	382	3	columbia	columbia	PROPN
cblr-1702	382	4	business	business	NOUN
cblr-1702	382	5	law	law	PROPN
cblr-1702	382	6	review	review	NOUN
cblr-1702	382	7	[	[	X
cblr-1702	382	8	vol	vol	NOUN
cblr-1702	382	9	.	.	NOUN
cblr-1702	382	10	2018	2018	NUM
cblr-1702	382	11	efforts	effort	NOUN
cblr-1702	382	12	of	of	ADP
cblr-1702	382	13	the	the	DET
cblr-1702	382	14	promoter	promoter	NOUN
cblr-1702	382	15	or	or	CCONJ
cblr-1702	382	16	third	third	ADJ
cblr-1702	382	17	parties.117	parties.117	PROPN
cblr-1702	382	18	investors	investor	NOUN
cblr-1702	382	19	can	can	AUX
cblr-1702	382	20	participate	participate	VERB
cblr-1702	382	21	in	in	ADP
cblr-1702	382	22	the	the	DET
cblr-1702	382	23	scheme	scheme	NOUN
cblr-1702	382	24	by	by	ADP
cblr-1702	382	25	means	mean	NOUN
cblr-1702	382	26	of	of	ADP
cblr-1702	382	27	contributing	contribute	VERB
cblr-1702	382	28	sales	sale	NOUN
cblr-1702	382	29	activities	activity	NOUN
cblr-1702	382	30	or	or	CCONJ
cblr-1702	382	31	voting	vote	VERB
cblr-1702	382	32	on	on	ADP
cblr-1702	382	33	governance	governance	NOUN
cblr-1702	382	34	,	,	PUNCT
cblr-1702	382	35	and	and	CCONJ
cblr-1702	382	36	the	the	DET
cblr-1702	382	37	investment	investment	NOUN
cblr-1702	382	38	contract	contract	NOUN
cblr-1702	382	39	may	may	AUX
cblr-1702	382	40	still	still	ADV
cblr-1702	382	41	be	be	AUX
cblr-1702	382	42	deemed	deem	VERB
cblr-1702	382	43	a	a	DET
cblr-1702	382	44	security.118	security.118	NOUN
cblr-1702	382	45	however	however	ADV
cblr-1702	382	46	,	,	PUNCT
cblr-1702	382	47	the	the	DET
cblr-1702	382	48	limits	limit	NOUN
cblr-1702	382	49	of	of	ADP
cblr-1702	382	50	just	just	ADV
cblr-1702	382	51	how	how	SCONJ
cblr-1702	382	52	far	far	ADV
cblr-1702	382	53	the	the	DET
cblr-1702	382	54	law	law	NOUN
cblr-1702	382	55	has	have	AUX
cblr-1702	382	56	moved	move	VERB
cblr-1702	382	57	away	away	ADV
cblr-1702	382	58	from	from	ADP
cblr-1702	382	59	“	"	PUNCT
cblr-1702	382	60	solely	solely	ADV
cblr-1702	382	61	”	"	PUNCT
cblr-1702	382	62	are	be	AUX
cblr-1702	382	63	unclear	unclear	ADJ
cblr-1702	382	64	.	.	PUNCT
cblr-1702	383	1	the	the	DET
cblr-1702	383	2	d.c	d.c	PROPN
cblr-1702	383	3	.	.	PROPN
cblr-1702	383	4	circuit	circuit	PROPN
cblr-1702	383	5	suggests	suggest	VERB
cblr-1702	383	6	a	a	DET
cblr-1702	383	7	temporal	temporal	ADJ
cblr-1702	383	8	rule	rule	NOUN
cblr-1702	383	9	for	for	ADP
cblr-1702	383	10	when	when	SCONJ
cblr-1702	383	11	the	the	DET
cblr-1702	383	12	managerial	managerial	ADJ
cblr-1702	383	13	efforts	effort	NOUN
cblr-1702	383	14	of	of	ADP
cblr-1702	383	15	others	other	NOUN
cblr-1702	383	16	is	be	AUX
cblr-1702	383	17	insufficient.119	insufficient.119	ADJ
cblr-1702	383	18	in	in	ADP
cblr-1702	383	19	this	this	DET
cblr-1702	383	20	circuit	circuit	NOUN
cblr-1702	383	21	,	,	PUNCT
cblr-1702	383	22	an	an	DET
cblr-1702	383	23	“	"	PUNCT
cblr-1702	383	24	on	on	ADP
cblr-1702	383	25	-	-	PUNCT
cblr-1702	383	26	going	go	VERB
cblr-1702	383	27	”	"	PUNCT
cblr-1702	383	28	common	common	ADJ
cblr-1702	383	29	enterprise	enterprise	NOUN
cblr-1702	383	30	between	between	ADP
cblr-1702	383	31	the	the	DET
cblr-1702	383	32	investors	investor	NOUN
cblr-1702	383	33	and	and	CCONJ
cblr-1702	383	34	managers	manager	NOUN
cblr-1702	383	35	must	must	AUX
cblr-1702	383	36	be	be	AUX
cblr-1702	383	37	present	present	ADJ
cblr-1702	383	38	:	:	PUNCT
cblr-1702	383	39	“	"	PUNCT
cblr-1702	383	40	[	[	X
cblr-1702	383	41	1	1	NUM
cblr-1702	383	42	]	]	X
cblr-1702	383	43	pre	pre	ADJ
cblr-1702	383	44	-	-	ADJ
cblr-1702	383	45	purchase	purchase	ADJ
cblr-1702	383	46	services	service	NOUN
cblr-1702	383	47	can	can	AUX
cblr-1702	383	48	not	not	PART
cblr-1702	383	49	by	by	ADP
cblr-1702	383	50	themselves	themselves	PRON
cblr-1702	383	51	suffice	suffice	VERB
cblr-1702	383	52	to	to	PART
cblr-1702	383	53	make	make	VERB
cblr-1702	383	54	the	the	DET
cblr-1702	383	55	profits	profit	NOUN
cblr-1702	383	56	of	of	ADP
cblr-1702	383	57	an	an	DET
cblr-1702	383	58	investment	investment	NOUN
cblr-1702	383	59	arise	arise	VERB
cblr-1702	383	60	predominantly	predominantly	ADV
cblr-1702	383	61	from	from	ADP
cblr-1702	383	62	the	the	DET
cblr-1702	383	63	efforts	effort	NOUN
cblr-1702	383	64	of	of	ADP
cblr-1702	383	65	others	other	NOUN
cblr-1702	383	66	,	,	PUNCT
cblr-1702	383	67	and	and	CCONJ
cblr-1702	383	68	that	that	SCONJ
cblr-1702	383	69	[	[	X
cblr-1702	383	70	2	2	NUM
cblr-1702	383	71	]	]	X
cblr-1702	383	72	ministerial	ministerial	ADJ
cblr-1702	383	73	functions	function	NOUN
cblr-1702	383	74	should	should	AUX
cblr-1702	383	75	receive	receive	VERB
cblr-1702	383	76	a	a	DET
cblr-1702	383	77	good	good	ADJ
cblr-1702	383	78	deal	deal	NOUN
cblr-1702	383	79	less	less	ADJ
cblr-1702	383	80	weight	weight	NOUN
cblr-1702	383	81	than	than	ADP
cblr-1702	383	82	entrepreneurial	entrepreneurial	ADJ
cblr-1702	383	83	activities	activity	NOUN
cblr-1702	383	84	.	.	PUNCT
cblr-1702	384	1	”120	”120	PROPN
cblr-1702	384	2	the	the	DET
cblr-1702	384	3	sec	sec	PROPN
cblr-1702	384	4	found	find	VERB
cblr-1702	384	5	the	the	DET
cblr-1702	384	6	contributions	contribution	NOUN
cblr-1702	384	7	of	of	ADP
cblr-1702	384	8	slock.it	slock.it	NOUN
cblr-1702	384	9	essential	essential	ADJ
cblr-1702	384	10	and	and	CCONJ
cblr-1702	384	11	the	the	DET
cblr-1702	384	12	powers	power	NOUN
cblr-1702	384	13	of	of	ADP
cblr-1702	384	14	the	the	DET
cblr-1702	384	15	curators	curator	NOUN
cblr-1702	384	16	substantial.121	substantial.121	VERB
cblr-1702	384	17	they	they	PRON
cblr-1702	384	18	argued	argue	VERB
cblr-1702	384	19	that	that	SCONJ
cblr-1702	384	20	slock.it	slock.it	PROPN
cblr-1702	384	21	’s	’s	PART
cblr-1702	384	22	coding	coding	NOUN
cblr-1702	384	23	,	,	PUNCT
cblr-1702	384	24	marketing	marketing	NOUN
cblr-1702	384	25	,	,	PUNCT
cblr-1702	384	26	ongoing	ongoing	ADJ
cblr-1702	384	27	technical	technical	ADJ
cblr-1702	384	28	support	support	NOUN
cblr-1702	384	29	,	,	PUNCT
cblr-1702	384	30	and	and	CCONJ
cblr-1702	384	31	promise	promise	VERB
cblr-1702	384	32	to	to	PART
cblr-1702	384	33	put	put	VERB
cblr-1702	384	34	forth	forth	ADP
cblr-1702	384	35	the	the	DET
cblr-1702	384	36	first	first	ADJ
cblr-1702	384	37	investment	investment	NOUN
cblr-1702	384	38	project	project	NOUN
cblr-1702	384	39	created	create	VERB
cblr-1702	384	40	an	an	DET
cblr-1702	384	41	expectance	expectance	NOUN
cblr-1702	384	42	of	of	ADP
cblr-1702	384	43	token	token	VERB
cblr-1702	384	44	-	-	PUNCT
cblr-1702	384	45	holder	holder	NOUN
cblr-1702	384	46	reliance	reliance	NOUN
cblr-1702	384	47	upon	upon	SCONJ
cblr-1702	384	48	their	their	PRON
cblr-1702	384	49	managerial	managerial	ADJ
cblr-1702	384	50	efforts.122	efforts.122	NOUN
cblr-1702	384	51	additionally	additionally	ADV
cblr-1702	384	52	,	,	PUNCT
cblr-1702	384	53	they	they	PRON
cblr-1702	384	54	found	find	VERB
cblr-1702	384	55	that	that	SCONJ
cblr-1702	384	56	the	the	DET
cblr-1702	384	57	curators	curator	NOUN
cblr-1702	384	58	’	’	PART
cblr-1702	384	59	task	task	NOUN
cblr-1702	384	60	to	to	ADP
cblr-1702	384	61	white	white	ADJ
cblr-1702	384	62	-	-	PUNCT
cblr-1702	384	63	list	list	NOUN
cblr-1702	384	64	or	or	CCONJ
cblr-1702	384	65	block	block	NOUN
cblr-1702	384	66	contractor	contractor	NOUN
cblr-1702	384	67	pitches	pitch	NOUN
cblr-1702	384	68	overpowered	overpower	VERB
cblr-1702	384	69	any	any	DET
cblr-1702	384	70	realistic	realistic	ADJ
cblr-1702	384	71	ability	ability	NOUN
cblr-1702	384	72	for	for	SCONJ
cblr-1702	384	73	the	the	DET
cblr-1702	384	74	token	token	ADJ
cblr-1702	384	75	holders	holder	NOUN
cblr-1702	384	76	to	to	PART
cblr-1702	384	77	exercise	exercise	VERB
cblr-1702	384	78	control	control	NOUN
cblr-1702	384	79	,	,	PUNCT
cblr-1702	384	80	while	while	SCONJ
cblr-1702	384	81	downplaying	downplay	VERB
cblr-1702	384	82	the	the	DET
cblr-1702	384	83	ability	ability	NOUN
cblr-1702	384	84	for	for	ADP
cblr-1702	384	85	token	token	ADJ
cblr-1702	384	86	holders	holder	NOUN
cblr-1702	384	87	to	to	PART
cblr-1702	384	88	replace	replace	VERB
cblr-1702	384	89	curators.123	curators.123	NOUN
cblr-1702	384	90	the	the	DET
cblr-1702	384	91	coding	coding	NOUN
cblr-1702	384	92	of	of	ADP
cblr-1702	384	93	the	the	DET
cblr-1702	384	94	dao	dao	NOUN
cblr-1702	384	95	by	by	ADP
cblr-1702	384	96	slock.it	slock.it	PRON
cblr-1702	384	97	and	and	CCONJ
cblr-1702	384	98	the	the	DET
cblr-1702	384	99	appointment	appointment	NOUN
cblr-1702	384	100	of	of	ADP
cblr-1702	384	101	initial	initial	ADJ
cblr-1702	384	102	curators	curator	NOUN
cblr-1702	384	103	were	be	AUX
cblr-1702	384	104	merely	merely	ADV
cblr-1702	384	105	pre	pre	ADJ
cblr-1702	384	106	-	-	NOUN
cblr-1702	384	107	purchase	purchase	VERB
cblr-1702	384	108	efforts.124	efforts.124	NOUN
cblr-1702	384	109	after	after	ADP
cblr-1702	384	110	purchase	purchase	NOUN
cblr-1702	384	111	,	,	PUNCT
cblr-1702	384	112	additional	additional	ADJ
cblr-1702	384	113	code	code	NOUN
cblr-1702	384	114	was	be	AUX
cblr-1702	384	115	to	to	PART
cblr-1702	384	116	be	be	AUX
cblr-1702	384	117	offered	offer	VERB
cblr-1702	384	118	by	by	ADP
cblr-1702	384	119	token	token	ADJ
cblr-1702	384	120	holders	holder	NOUN
cblr-1702	384	121	(	(	PUNCT
cblr-1702	384	122	when	when	SCONJ
cblr-1702	384	123	a	a	DET
cblr-1702	384	124	token	token	ADJ
cblr-1702	384	125	holder	holder	NOUN
cblr-1702	384	126	pitches	pitch	VERB
cblr-1702	384	127	a	a	DET
cblr-1702	384	128	smart	smart	ADJ
cblr-1702	384	129	contract	contract	NOUN
cblr-1702	384	130	for	for	ADP
cblr-1702	384	131	code	code	NOUN
cblr-1702	384	132	to	to	PART
cblr-1702	384	133	be	be	AUX
cblr-1702	384	134	inserted	insert	VERB
cblr-1702	384	135	after	after	ADP
cblr-1702	384	136	a	a	DET
cblr-1702	384	137	vote	vote	NOUN
cblr-1702	384	138	,	,	PUNCT
cblr-1702	384	139	that	that	DET
cblr-1702	384	140	token	token	ADJ
cblr-1702	384	141	holder	holder	NOUN
cblr-1702	384	142	is	be	AUX
cblr-1702	384	143	referred	refer	VERB
cblr-1702	384	144	to	to	ADP
cblr-1702	384	145	as	as	ADP
cblr-1702	384	146	the	the	DET
cblr-1702	384	147	117	117	NUM
cblr-1702	384	148	glenn	glenn	PROPN
cblr-1702	384	149	w.	w.	PROPN
cblr-1702	384	150	turner	turner	PROPN
cblr-1702	384	151	,	,	PUNCT
cblr-1702	384	152	474	474	NUM
cblr-1702	384	153	f.2d	f.2d	NOUN
cblr-1702	384	154	at	at	ADP
cblr-1702	384	155	482	482	NUM
cblr-1702	384	156	.	.	PUNCT
cblr-1702	385	1	118	118	NUM
cblr-1702	385	2	see	see	VERB
cblr-1702	385	3	i	i	PRON
cblr-1702	385	4	d.	d.	PROPN
cblr-1702	385	5	at	at	ADP
cblr-1702	385	6	480	480	NUM
cblr-1702	385	7	(	(	PUNCT
cblr-1702	385	8	the	the	DET
cblr-1702	385	9	investor	investor	NOUN
cblr-1702	385	10	becomes	become	VERB
cblr-1702	385	11	the	the	DET
cblr-1702	385	12	salesman	salesman	NOUN
cblr-1702	385	13	in	in	ADP
cblr-1702	385	14	the	the	DET
cblr-1702	385	15	scheme	scheme	NOUN
cblr-1702	385	16	)	)	PUNCT
cblr-1702	385	17	;	;	PUNCT
cblr-1702	385	18	see	see	VERB
cblr-1702	385	19	also	also	ADV
cblr-1702	385	20	sec	sec	PROPN
cblr-1702	385	21	v.	v.	CCONJ
cblr-1702	385	22	merch	merch	PROPN
cblr-1702	385	23	.	.	PUNCT
cblr-1702	386	1	capital	capital	PROPN
cblr-1702	386	2	,	,	PUNCT
cblr-1702	386	3	llc	llc	PROPN
cblr-1702	386	4	,	,	PUNCT
cblr-1702	386	5	483	483	NUM
cblr-1702	386	6	f.3d	f.3d	NUM
cblr-1702	386	7	747	747	NUM
cblr-1702	386	8	(	(	PUNCT
cblr-1702	386	9	11th	11th	ADJ
cblr-1702	386	10	cir	cir	NOUN
cblr-1702	386	11	.	.	PUNCT
cblr-1702	386	12	2007	2007	NUM
cblr-1702	386	13	)	)	PUNCT
cblr-1702	386	14	.	.	PUNCT
cblr-1702	387	1	119	119	NUM
cblr-1702	387	2	sec	sec	PROPN
cblr-1702	387	3	v.	v.	ADP
cblr-1702	387	4	life	life	NOUN
cblr-1702	387	5	partners	partner	NOUN
cblr-1702	387	6	,	,	PUNCT
cblr-1702	387	7	inc	inc	PROPN
cblr-1702	387	8	.	.	PROPN
cblr-1702	387	9	,	,	PUNCT
cblr-1702	387	10	102	102	NUM
cblr-1702	387	11	f.3d	f.3d	NUM
cblr-1702	387	12	587	587	NUM
cblr-1702	387	13	(	(	PUNCT
cblr-1702	387	14	d.c	d.c	PROPN
cblr-1702	387	15	.	.	PROPN
cblr-1702	387	16	cir	cir	PROPN
cblr-1702	387	17	.	.	PUNCT
cblr-1702	387	18	1996	1996	NUM
cblr-1702	387	19	)	)	PUNCT
cblr-1702	387	20	.	.	PUNCT
cblr-1702	388	1	120	120	NUM
cblr-1702	389	1	i	i	PRON
cblr-1702	389	2	d.	d.	NOUN
cblr-1702	389	3	at	at	ADP
cblr-1702	389	4	588	588	NUM
cblr-1702	389	5	.	.	NUM
cblr-1702	389	6	121	121	NUM
cblr-1702	389	7	the	the	DET
cblr-1702	389	8	dao	dao	PROPN
cblr-1702	389	9	report	report	NOUN
cblr-1702	389	10	,	,	PUNCT
cblr-1702	389	11	supra	supra	PROPN
cblr-1702	389	12	note	note	NOUN
cblr-1702	389	13	5	5	NUM
cblr-1702	389	14	,	,	PUNCT
cblr-1702	389	15	at	at	ADP
cblr-1702	389	16	12	12	NUM
cblr-1702	389	17	.	.	PUNCT
cblr-1702	389	18	122	122	NUM
cblr-1702	390	1	i	i	PRON
cblr-1702	390	2	d.	d.	PROPN
cblr-1702	390	3	123	123	NUM
cblr-1702	391	1	i	i	PRON
cblr-1702	391	2	d.	d.	PROPN
cblr-1702	391	3	at	at	ADP
cblr-1702	391	4	13	13	NUM
cblr-1702	391	5	.	.	PUNCT
cblr-1702	391	6	124	124	NUM
cblr-1702	392	1	the	the	DET
cblr-1702	392	2	sec	sec	PROPN
cblr-1702	392	3	did	do	AUX
cblr-1702	392	4	not	not	PART
cblr-1702	392	5	discuss	discuss	VERB
cblr-1702	392	6	the	the	DET
cblr-1702	392	7	temporal	temporal	ADJ
cblr-1702	392	8	aspect	aspect	NOUN
cblr-1702	392	9	of	of	ADP
cblr-1702	392	10	the	the	DET
cblr-1702	392	11	initial	initial	ADJ
cblr-1702	392	12	setup	setup	NOUN
cblr-1702	392	13	contributions	contribution	NOUN
cblr-1702	392	14	of	of	ADP
cblr-1702	392	15	slock.it	slock.it	NUM
cblr-1702	392	16	.	.	PUNCT
cblr-1702	393	1	see	see	VERB
cblr-1702	393	2	the	the	DET
cblr-1702	393	3	dao	dao	PROPN
cblr-1702	393	4	report	report	NOUN
cblr-1702	393	5	,	,	PUNCT
cblr-1702	393	6	supra	supra	PROPN
cblr-1702	393	7	note	note	NOUN
cblr-1702	393	8	5	5	NUM
cblr-1702	393	9	,	,	PUNCT
cblr-1702	393	10	at	at	ADP
cblr-1702	393	11	12	12	NUM
cblr-1702	393	12	.	.	PUNCT
cblr-1702	394	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	394	2	no	no	NOUN
cblr-1702	394	3	.	.	PUNCT
cblr-1702	395	1	2:617	2:617	NUM
cblr-1702	395	2	]	]	X
cblr-1702	395	3	ico	ico	PROPN
cblr-1702	395	4	’s	’s	PART
cblr-1702	395	5	,	,	PUNCT
cblr-1702	395	6	dao	dao	VERB
cblr-1702	395	7	’s	’s	ADV
cblr-1702	395	8	,	,	PUNCT
cblr-1702	395	9	and	and	CCONJ
cblr-1702	395	10	the	the	DET
cblr-1702	395	11	sec	sec	PROPN
cblr-1702	395	12	645	645	NUM
cblr-1702	395	13	“	"	PUNCT
cblr-1702	395	14	contractor	contractor	NOUN
cblr-1702	395	15	”	"	PUNCT
cblr-1702	395	16	for	for	ADP
cblr-1702	395	17	that	that	DET
cblr-1702	395	18	pitch).125	pitch).125	NOUN
cblr-1702	395	19	any	any	DET
cblr-1702	395	20	on	on	ADP
cblr-1702	395	21	-	-	PUNCT
cblr-1702	395	22	going	go	VERB
cblr-1702	395	23	involvement	involvement	NOUN
cblr-1702	395	24	was	be	AUX
cblr-1702	395	25	intended	intend	VERB
cblr-1702	395	26	to	to	PART
cblr-1702	395	27	be	be	AUX
cblr-1702	395	28	—	—	PUNCT
cblr-1702	395	29	and	and	CCONJ
cblr-1702	395	30	in	in	ADP
cblr-1702	395	31	reality	reality	NOUN
cblr-1702	395	32	was	be	AUX
cblr-1702	395	33	—	—	PUNCT
cblr-1702	395	34	ministerial	ministerial	ADJ
cblr-1702	395	35	,	,	PUNCT
cblr-1702	395	36	not	not	PART
cblr-1702	395	37	entrepreneurial	entrepreneurial	ADJ
cblr-1702	395	38	.	.	PUNCT
cblr-1702	396	1	slock.it	slock.it	PRON
cblr-1702	396	2	provided	provide	VERB
cblr-1702	396	3	technical	technical	ADJ
cblr-1702	396	4	support	support	NOUN
cblr-1702	396	5	;	;	PUNCT
cblr-1702	396	6	curators	curator	NOUN
cblr-1702	396	7	,	,	PUNCT
cblr-1702	396	8	even	even	ADV
cblr-1702	396	9	in	in	ADP
cblr-1702	396	10	their	their	PRON
cblr-1702	396	11	screening	screening	NOUN
cblr-1702	396	12	of	of	ADP
cblr-1702	396	13	pitches	pitch	NOUN
cblr-1702	396	14	,	,	PUNCT
cblr-1702	396	15	offered	offer	VERB
cblr-1702	396	16	only	only	ADV
cblr-1702	396	17	security	security	NOUN
cblr-1702	396	18	clearance	clearance	NOUN
cblr-1702	396	19	and	and	CCONJ
cblr-1702	396	20	compliance	compliance	NOUN
cblr-1702	396	21	.	.	PUNCT
cblr-1702	397	1	only	only	ADV
cblr-1702	397	2	token	token	ADJ
cblr-1702	397	3	holders	holder	NOUN
cblr-1702	397	4	—	—	PUNCT
cblr-1702	397	5	the	the	DET
cblr-1702	397	6	investors	investor	NOUN
cblr-1702	397	7	—	—	PUNCT
cblr-1702	397	8	were	be	AUX
cblr-1702	397	9	entitled	entitle	VERB
cblr-1702	397	10	to	to	PART
cblr-1702	397	11	put	put	VERB
cblr-1702	397	12	forth	forth	ADP
cblr-1702	397	13	the	the	DET
cblr-1702	397	14	entrepreneurial	entrepreneurial	ADJ
cblr-1702	397	15	efforts	effort	NOUN
cblr-1702	397	16	and	and	CCONJ
cblr-1702	397	17	ideas	idea	NOUN
cblr-1702	397	18	necessary	necessary	ADJ
cblr-1702	397	19	for	for	ADP
cblr-1702	397	20	profit	profit	NOUN
cblr-1702	397	21	.	.	PUNCT
cblr-1702	398	1	in	in	ADP
cblr-1702	398	2	practice	practice	NOUN
cblr-1702	398	3	,	,	PUNCT
cblr-1702	398	4	slock.it	slock.it	X
cblr-1702	398	5	and	and	CCONJ
cblr-1702	398	6	the	the	DET
cblr-1702	398	7	curators	curator	NOUN
cblr-1702	398	8	(	(	PUNCT
cblr-1702	398	9	many	many	ADJ
cblr-1702	398	10	of	of	ADP
cblr-1702	398	11	whom	whom	PRON
cblr-1702	398	12	helped	helped	AUX
cblr-1702	398	13	create	create	VERB
cblr-1702	398	14	the	the	DET
cblr-1702	398	15	ethereum	ethereum	NOUN
cblr-1702	398	16	blockchain	blockchain	PROPN
cblr-1702	398	17	)	)	PUNCT
cblr-1702	399	1	functioned	function	VERB
cblr-1702	399	2	as	as	SCONJ
cblr-1702	399	3	they	they	PRON
cblr-1702	399	4	promised	promise	VERB
cblr-1702	399	5	in	in	ADP
cblr-1702	399	6	the	the	DET
cblr-1702	399	7	white	white	PROPN
cblr-1702	399	8	paper	paper	NOUN
cblr-1702	399	9	:	:	PUNCT
cblr-1702	399	10	they	they	PRON
cblr-1702	399	11	intervened	intervene	VERB
cblr-1702	399	12	in	in	ADP
cblr-1702	399	13	the	the	DET
cblr-1702	399	14	code	code	NOUN
cblr-1702	399	15	using	use	VERB
cblr-1702	399	16	a	a	DET
cblr-1702	399	17	hard	hard	ADJ
cblr-1702	399	18	fork	fork	NOUN
cblr-1702	399	19	to	to	PART
cblr-1702	399	20	stop	stop	VERB
cblr-1702	399	21	a	a	DET
cblr-1702	399	22	hack	hack	NOUN
cblr-1702	399	23	from	from	ADP
cblr-1702	399	24	exploiting	exploit	VERB
cblr-1702	399	25	minority	minority	NOUN
cblr-1702	399	26	token	token	VERB
cblr-1702	399	27	holders.126	holders.126	NOUN
cblr-1702	399	28	security	security	NOUN
cblr-1702	399	29	is	be	AUX
cblr-1702	399	30	not	not	PART
cblr-1702	399	31	an	an	DET
cblr-1702	399	32	entrepreneurial	entrepreneurial	ADJ
cblr-1702	399	33	effort	effort	NOUN
cblr-1702	399	34	;	;	PUNCT
cblr-1702	399	35	it	it	PRON
cblr-1702	399	36	is	be	AUX
cblr-1702	399	37	a	a	DET
cblr-1702	399	38	ministerial	ministerial	ADJ
cblr-1702	399	39	one	one	NUM
cblr-1702	399	40	.	.	PUNCT
cblr-1702	400	1	security	security	NOUN
cblr-1702	400	2	does	do	AUX
cblr-1702	400	3	not	not	PART
cblr-1702	400	4	continuously	continuously	ADV
cblr-1702	400	5	increase	increase	VERB
cblr-1702	400	6	the	the	DET
cblr-1702	400	7	value	value	NOUN
cblr-1702	400	8	of	of	ADP
cblr-1702	400	9	the	the	DET
cblr-1702	400	10	investment	investment	NOUN
cblr-1702	400	11	;	;	PUNCT
cblr-1702	400	12	it	it	PRON
cblr-1702	400	13	is	be	AUX
cblr-1702	400	14	already	already	ADV
cblr-1702	400	15	priced	price	VERB
cblr-1702	400	16	-	-	PUNCT
cblr-1702	400	17	in	in	ADP
cblr-1702	400	18	to	to	ADP
cblr-1702	400	19	the	the	DET
cblr-1702	400	20	purchase	purchase	NOUN
cblr-1702	400	21	price	price	NOUN
cblr-1702	400	22	of	of	ADP
cblr-1702	400	23	the	the	DET
cblr-1702	400	24	token	token	NOUN
cblr-1702	400	25	.	.	PUNCT
cblr-1702	401	1	even	even	ADV
cblr-1702	401	2	screening	screen	VERB
cblr-1702	401	3	pitches	pitch	NOUN
cblr-1702	401	4	for	for	ADP
cblr-1702	401	5	security	security	NOUN
cblr-1702	401	6	-	-	PUNCT
cblr-1702	401	7	proper	proper	ADJ
cblr-1702	401	8	integration	integration	NOUN
cblr-1702	401	9	with	with	ADP
cblr-1702	401	10	the	the	DET
cblr-1702	401	11	dao	dao	PROPN
cblr-1702	401	12	code	code	NOUN
cblr-1702	401	13	does	do	AUX
cblr-1702	401	14	not	not	PART
cblr-1702	401	15	overshadow	overshadow	VERB
cblr-1702	401	16	the	the	DET
cblr-1702	401	17	predominance	predominance	NOUN
cblr-1702	401	18	of	of	ADP
cblr-1702	401	19	the	the	DET
cblr-1702	401	20	investors	investor	NOUN
cblr-1702	401	21	’	’	PART
cblr-1702	401	22	efforts	effort	NOUN
cblr-1702	401	23	.	.	PUNCT
cblr-1702	402	1	the	the	DET
cblr-1702	402	2	fourth	fourth	ADJ
cblr-1702	402	3	circuit	circuit	NOUN
cblr-1702	402	4	provides	provide	VERB
cblr-1702	402	5	a	a	DET
cblr-1702	402	6	convenient	convenient	ADJ
cblr-1702	402	7	analogy	analogy	NOUN
cblr-1702	402	8	to	to	ADP
cblr-1702	402	9	the	the	DET
cblr-1702	402	10	managerial	managerial	ADJ
cblr-1702	402	11	efforts	effort	NOUN
cblr-1702	402	12	in	in	ADP
cblr-1702	402	13	the	the	DET
cblr-1702	402	14	dao	dao	NOUN
cblr-1702	402	15	:	:	PUNCT
cblr-1702	402	16	“	"	PUNCT
cblr-1702	402	17	[	[	X
cblr-1702	402	18	i]f	i]f	ADP
cblr-1702	402	19	the	the	DET
cblr-1702	402	20	investment	investment	NOUN
cblr-1702	402	21	scheme	scheme	NOUN
cblr-1702	402	22	[	[	X
cblr-1702	402	23	is	be	AUX
cblr-1702	402	24	]	]	PUNCT
cblr-1702	402	25	merely	merely	ADV
cblr-1702	402	26	to	to	PART
cblr-1702	402	27	raise	raise	VERB
cblr-1702	402	28	cattle	cattle	NOUN
cblr-1702	402	29	for	for	ADP
cblr-1702	402	30	slaughter	slaughter	NOUN
cblr-1702	402	31	,	,	PUNCT
cblr-1702	402	32	the	the	DET
cblr-1702	402	33	interests	interest	NOUN
cblr-1702	402	34	purchased	purchase	VERB
cblr-1702	402	35	by	by	ADP
cblr-1702	402	36	the	the	DET
cblr-1702	402	37	[	[	X
cblr-1702	402	38	investors	investor	NOUN
cblr-1702	402	39	]	]	PUNCT
cblr-1702	402	40	may	may	AUX
cblr-1702	402	41	not	not	PART
cblr-1702	402	42	[	[	X
cblr-1702	402	43	constitute	constitute	VERB
cblr-1702	402	44	]	]	PUNCT
cblr-1702	402	45	investment	investment	NOUN
cblr-1702	402	46	contracts	contract	NOUN
cblr-1702	402	47	.	.	PUNCT
cblr-1702	402	48	”127	”127	PUNCT
cblr-1702	403	1	raising	raise	VERB
cblr-1702	403	2	the	the	DET
cblr-1702	403	3	cow	cow	NOUN
cblr-1702	403	4	is	be	AUX
cblr-1702	403	5	a	a	DET
cblr-1702	403	6	pre	pre	ADJ
cblr-1702	403	7	-	-	ADJ
cblr-1702	403	8	purchase	purchase	ADJ
cblr-1702	403	9	contribution	contribution	NOUN
cblr-1702	403	10	.	.	PUNCT
cblr-1702	404	1	slaughtering	slaughter	VERB
cblr-1702	404	2	the	the	DET
cblr-1702	404	3	cow	cow	NOUN
cblr-1702	404	4	and	and	CCONJ
cblr-1702	404	5	profiting	profit	VERB
cblr-1702	404	6	off	off	ADP
cblr-1702	404	7	the	the	DET
cblr-1702	404	8	meat	meat	NOUN
cblr-1702	404	9	is	be	AUX
cblr-1702	404	10	the	the	DET
cblr-1702	404	11	ongoing	ongoing	ADJ
cblr-1702	404	12	effort	effort	NOUN
cblr-1702	404	13	,	,	PUNCT
cblr-1702	404	14	and	and	CCONJ
cblr-1702	404	15	the	the	DET
cblr-1702	404	16	investors	investor	NOUN
cblr-1702	404	17	have	have	VERB
cblr-1702	404	18	the	the	DET
cblr-1702	404	19	practical	practical	ADJ
cblr-1702	404	20	skill	skill	NOUN
cblr-1702	404	21	and	and	CCONJ
cblr-1702	404	22	ability	ability	NOUN
cblr-1702	404	23	to	to	PART
cblr-1702	404	24	realize	realize	VERB
cblr-1702	404	25	these	these	DET
cblr-1702	404	26	profits	profit	NOUN
cblr-1702	404	27	without	without	ADP
cblr-1702	404	28	the	the	DET
cblr-1702	404	29	rancher.128	rancher.128	NOUN
cblr-1702	404	30	in	in	ADP
cblr-1702	404	31	the	the	DET
cblr-1702	404	32	dao	dao	NOUN
cblr-1702	404	33	case	case	NOUN
cblr-1702	404	34	,	,	PUNCT
cblr-1702	404	35	the	the	DET
cblr-1702	404	36	code	code	NOUN
cblr-1702	404	37	is	be	AUX
cblr-1702	404	38	the	the	DET
cblr-1702	404	39	cow	cow	NOUN
cblr-1702	404	40	.	.	PUNCT
cblr-1702	405	1	slock.it	slock.it	PRON
cblr-1702	405	2	raised	raise	VERB
cblr-1702	405	3	the	the	DET
cblr-1702	405	4	code	code	NOUN
cblr-1702	405	5	only	only	ADV
cblr-1702	405	6	to	to	ADP
cblr-1702	405	7	the	the	DET
cblr-1702	405	8	point	point	NOUN
cblr-1702	405	9	where	where	SCONJ
cblr-1702	405	10	additional	additional	ADJ
cblr-1702	405	11	experience	experience	NOUN
cblr-1702	405	12	and	and	CCONJ
cblr-1702	405	13	input	input	NOUN
cblr-1702	405	14	was	be	AUX
cblr-1702	405	15	needed	need	VERB
cblr-1702	405	16	.	.	PUNCT
cblr-1702	406	1	the	the	DET
cblr-1702	406	2	investors	investor	NOUN
cblr-1702	406	3	could	could	AUX
cblr-1702	406	4	“	"	PUNCT
cblr-1702	406	5	hire	hire	VERB
cblr-1702	406	6	others	other	NOUN
cblr-1702	406	7	to	to	PART
cblr-1702	406	8	care	care	VERB
cblr-1702	406	9	for	for	ADP
cblr-1702	406	10	the	the	DET
cblr-1702	406	11	”	"	PUNCT
cblr-1702	406	12	code	code	NOUN
cblr-1702	406	13	—	—	PUNCT
cblr-1702	406	14	curators	curator	NOUN
cblr-1702	406	15	—	—	PUNCT
cblr-1702	406	16	and	and	CCONJ
cblr-1702	406	17	still	still	ADV
cblr-1702	406	18	the	the	DET
cblr-1702	406	19	arrangement	arrangement	NOUN
cblr-1702	406	20	would	would	AUX
cblr-1702	406	21	not	not	PART
cblr-1702	406	22	125	125	NUM
cblr-1702	406	23	jentzsch	jentzsch	NOUN
cblr-1702	406	24	,	,	PUNCT
cblr-1702	406	25	supra	supra	PROPN
cblr-1702	406	26	note	note	NOUN
cblr-1702	406	27	51	51	NUM
cblr-1702	406	28	,	,	PUNCT
cblr-1702	406	29	at	at	ADP
cblr-1702	406	30	2–3	2–3	NUM
cblr-1702	406	31	.	.	NOUN
cblr-1702	406	32	126	126	NUM
cblr-1702	406	33	a	a	DET
cblr-1702	406	34	hard	hard	ADJ
cblr-1702	406	35	fork	fork	NOUN
cblr-1702	406	36	is	be	AUX
cblr-1702	406	37	a	a	DET
cblr-1702	406	38	blockchain	blockchain	PROPN
cblr-1702	406	39	management	management	NOUN
cblr-1702	406	40	method	method	NOUN
cblr-1702	406	41	which	which	PRON
cblr-1702	406	42	asks	ask	VERB
cblr-1702	406	43	each	each	PRON
cblr-1702	406	44	of	of	ADP
cblr-1702	406	45	the	the	DET
cblr-1702	406	46	record	record	NOUN
cblr-1702	406	47	keepers	keeper	NOUN
cblr-1702	406	48	to	to	PART
cblr-1702	406	49	agree	agree	VERB
cblr-1702	406	50	to	to	PART
cblr-1702	406	51	change	change	VERB
cblr-1702	406	52	the	the	DET
cblr-1702	406	53	historical	historical	ADJ
cblr-1702	406	54	information	information	NOUN
cblr-1702	406	55	in	in	ADP
cblr-1702	406	56	the	the	DET
cblr-1702	406	57	blockchain	blockchain	NOUN
cblr-1702	406	58	,	,	PUNCT
cblr-1702	406	59	and	and	CCONJ
cblr-1702	406	60	can	can	AUX
cblr-1702	406	61	essentially	essentially	ADV
cblr-1702	406	62	undo	undo	VERB
cblr-1702	406	63	unwanted	unwanted	ADJ
cblr-1702	406	64	transactions	transaction	NOUN
cblr-1702	406	65	.	.	PUNCT
cblr-1702	407	1	matthew	matthew	PROPN
cblr-1702	407	2	leising	leising	PROPN
cblr-1702	407	3	,	,	PUNCT
cblr-1702	407	4	the	the	DET
cblr-1702	407	5	ether	ether	NOUN
cblr-1702	407	6	thief	thief	NOUN
cblr-1702	407	7	,	,	PUNCT
cblr-1702	407	8	bloomberg	bloomberg	PROPN
cblr-1702	407	9	(	(	PUNCT
cblr-1702	407	10	june	june	PROPN
cblr-1702	407	11	13	13	NUM
cblr-1702	407	12	,	,	PUNCT
cblr-1702	407	13	2017	2017	NUM
cblr-1702	407	14	)	)	PUNCT
cblr-1702	407	15	,	,	PUNCT
cblr-1702	407	16	https://www.bloomberg.com/features/2017-the-ether-thief/	https://www.bloomberg.com/features/2017-the-ether-thief/	VERB
cblr-1702	408	1	[	[	X
cblr-1702	408	2	perma.cc/ymy9-fy3z	perma.cc/ymy9-fy3z	X
cblr-1702	408	3	]	]	PUNCT
cblr-1702	408	4	.	.	PUNCT
cblr-1702	409	1	127	127	NUM
cblr-1702	409	2	bailey	bailey	PROPN
cblr-1702	409	3	v.	v.	ADP
cblr-1702	409	4	j.w.k	j.w.k	PROPN
cblr-1702	409	5	.	.	PUNCT
cblr-1702	410	1	properties	property	NOUN
cblr-1702	410	2	,	,	PUNCT
cblr-1702	410	3	inc	inc	PROPN
cblr-1702	410	4	.	.	PROPN
cblr-1702	410	5	,	,	PUNCT
cblr-1702	410	6	904	904	NUM
cblr-1702	410	7	f.2d	f.2d	ADP
cblr-1702	410	8	918	918	NUM
cblr-1702	410	9	,	,	PUNCT
cblr-1702	410	10	923	923	NUM
cblr-1702	410	11	(	(	PUNCT
cblr-1702	410	12	4th	4th	ADJ
cblr-1702	410	13	cir	cir	NOUN
cblr-1702	410	14	.	.	PUNCT
cblr-1702	410	15	1990	1990	NUM
cblr-1702	410	16	)	)	PUNCT
cblr-1702	410	17	.	.	PUNCT
cblr-1702	411	1	128	128	NUM
cblr-1702	412	1	i	i	PRON
cblr-1702	412	2	d.	d.	PROPN
cblr-1702	412	3	at	at	ADP
cblr-1702	412	4	923–24	923–24	PROPN
cblr-1702	412	5	.	.	PUNCT
cblr-1702	413	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	413	2	646	646	NUM
cblr-1702	413	3	columbia	columbia	PROPN
cblr-1702	413	4	business	business	NOUN
cblr-1702	413	5	law	law	PROPN
cblr-1702	413	6	review	review	NOUN
cblr-1702	413	7	[	[	X
cblr-1702	413	8	vol	vol	NOUN
cblr-1702	413	9	.	.	PUNCT
cblr-1702	413	10	2018	2018	NUM
cblr-1702	413	11	constitute	constitute	VERB
cblr-1702	413	12	an	an	DET
cblr-1702	413	13	investment	investment	NOUN
cblr-1702	413	14	contract.129	contract.129	ADP
cblr-1702	413	15	the	the	DET
cblr-1702	413	16	token	token	ADJ
cblr-1702	413	17	holders	holder	NOUN
cblr-1702	413	18	are	be	AUX
cblr-1702	413	19	ultimately	ultimately	ADV
cblr-1702	413	20	responsible	responsible	ADJ
cblr-1702	413	21	for	for	ADP
cblr-1702	413	22	and	and	CCONJ
cblr-1702	413	23	(	(	PUNCT
cblr-1702	413	24	as	as	SCONJ
cblr-1702	413	25	discussed	discuss	VERB
cblr-1702	413	26	below	below	ADV
cblr-1702	413	27	)	)	PUNCT
cblr-1702	413	28	practically	practically	ADV
cblr-1702	413	29	capable	capable	ADJ
cblr-1702	413	30	of	of	ADP
cblr-1702	413	31	exercising	exercise	VERB
cblr-1702	413	32	the	the	DET
cblr-1702	413	33	necessary	necessary	ADJ
cblr-1702	413	34	controls	control	NOUN
cblr-1702	413	35	to	to	PART
cblr-1702	413	36	slaughter	slaughter	VERB
cblr-1702	413	37	the	the	DET
cblr-1702	413	38	cow	cow	NOUN
cblr-1702	413	39	—	—	PUNCT
cblr-1702	413	40	code	code	NOUN
cblr-1702	413	41	,	,	PUNCT
cblr-1702	413	42	pitch	pitch	NOUN
cblr-1702	413	43	,	,	PUNCT
cblr-1702	413	44	and	and	CCONJ
cblr-1702	413	45	vote	vote	VERB
cblr-1702	413	46	for	for	ADP
cblr-1702	413	47	investments	investment	NOUN
cblr-1702	413	48	—	—	PUNCT
cblr-1702	413	49	and	and	CCONJ
cblr-1702	413	50	realize	realize	VERB
cblr-1702	413	51	returns	return	NOUN
cblr-1702	413	52	.	.	PUNCT
cblr-1702	414	1	the	the	DET
cblr-1702	414	2	pre	pre	ADJ
cblr-1702	414	3	-	-	ADJ
cblr-1702	414	4	purchase	purchase	ADJ
cblr-1702	414	5	contributions	contribution	NOUN
cblr-1702	414	6	of	of	ADP
cblr-1702	414	7	slock.it	slock.it	PRON
cblr-1702	414	8	and	and	CCONJ
cblr-1702	414	9	the	the	DET
cblr-1702	414	10	curators	curator	NOUN
cblr-1702	414	11	are	be	AUX
cblr-1702	414	12	simply	simply	ADV
cblr-1702	414	13	not	not	PART
cblr-1702	414	14	the	the	DET
cblr-1702	414	15	meat	meat	NOUN
cblr-1702	414	16	of	of	ADP
cblr-1702	414	17	the	the	DET
cblr-1702	414	18	efforts	effort	NOUN
cblr-1702	414	19	needed	need	VERB
cblr-1702	414	20	to	to	PART
cblr-1702	414	21	realize	realize	VERB
cblr-1702	414	22	profit.130	profit.130	ADJ
cblr-1702	414	23	cases	case	NOUN
cblr-1702	414	24	in	in	ADP
cblr-1702	414	25	which	which	PRON
cblr-1702	414	26	the	the	DET
cblr-1702	414	27	pre	pre	ADJ
cblr-1702	414	28	-	-	ADJ
cblr-1702	414	29	purchase	purchase	ADJ
cblr-1702	414	30	efforts	effort	NOUN
cblr-1702	414	31	of	of	ADP
cblr-1702	414	32	managers	manager	NOUN
cblr-1702	414	33	satisfied	satisfy	VERB
cblr-1702	414	34	the	the	DET
cblr-1702	414	35	managerial	managerial	ADJ
cblr-1702	414	36	efforts	effort	NOUN
cblr-1702	414	37	factor	factor	NOUN
cblr-1702	414	38	of	of	ADP
cblr-1702	414	39	howey	howey	PROPN
cblr-1702	414	40	involved	involve	VERB
cblr-1702	414	41	“	"	PUNCT
cblr-1702	414	42	significant	significant	ADJ
cblr-1702	414	43	post	post	ADJ
cblr-1702	414	44	-	-	ADJ
cblr-1702	414	45	purchase	purchase	ADJ
cblr-1702	414	46	efforts	effort	NOUN
cblr-1702	414	47	.	.	PUNCT
cblr-1702	415	1	”131	”131	VERB
cblr-1702	416	1	post	post	ADJ
cblr-1702	416	2	-	-	NOUN
cblr-1702	416	3	purchase	purchase	NOUN
cblr-1702	416	4	,	,	PUNCT
cblr-1702	416	5	slock.it	slock.it	X
cblr-1702	416	6	only	only	ADV
cblr-1702	416	7	provided	provide	VERB
cblr-1702	416	8	“	"	PUNCT
cblr-1702	416	9	ministerial	ministerial	ADJ
cblr-1702	416	10	efforts	effort	NOUN
cblr-1702	416	11	”	"	PUNCT
cblr-1702	416	12	like	like	ADP
cblr-1702	416	13	answering	answer	VERB
cblr-1702	416	14	technical	technical	ADJ
cblr-1702	416	15	questions	question	NOUN
cblr-1702	416	16	on	on	ADP
cblr-1702	416	17	token	token	NOUN
cblr-1702	416	18	-	-	PUNCT
cblr-1702	416	19	holder	holder	NOUN
cblr-1702	416	20	forums.132	forums.132	NOUN
cblr-1702	416	21	these	these	PRON
cblr-1702	416	22	were	be	AUX
cblr-1702	416	23	helpful	helpful	ADJ
cblr-1702	416	24	in	in	ADP
cblr-1702	416	25	the	the	DET
cblr-1702	416	26	development	development	NOUN
cblr-1702	416	27	of	of	ADP
cblr-1702	416	28	the	the	DET
cblr-1702	416	29	technology	technology	NOUN
cblr-1702	416	30	,	,	PUNCT
cblr-1702	416	31	but	but	CCONJ
cblr-1702	416	32	not	not	PART
cblr-1702	416	33	essential	essential	ADJ
cblr-1702	416	34	to	to	ADP
cblr-1702	416	35	the	the	DET
cblr-1702	416	36	profitability	profitability	NOUN
cblr-1702	416	37	of	of	ADP
cblr-1702	416	38	future	future	ADJ
cblr-1702	416	39	investments	investment	NOUN
cblr-1702	416	40	.	.	PUNCT
cblr-1702	417	1	the	the	DET
cblr-1702	417	2	curators	curator	NOUN
cblr-1702	417	3	were	be	AUX
cblr-1702	417	4	tasked	task	VERB
cblr-1702	417	5	with	with	ADP
cblr-1702	417	6	ensuring	ensure	VERB
cblr-1702	417	7	the	the	DET
cblr-1702	417	8	security	security	NOUN
cblr-1702	417	9	and	and	CCONJ
cblr-1702	417	10	honesty	honesty	NOUN
cblr-1702	417	11	of	of	ADP
cblr-1702	417	12	the	the	DET
cblr-1702	417	13	code	code	NOUN
cblr-1702	417	14	as	as	ADV
cblr-1702	417	15	well	well	ADV
cblr-1702	417	16	as	as	ADP
cblr-1702	417	17	protecting	protect	VERB
cblr-1702	417	18	the	the	DET
cblr-1702	417	19	voting	voting	NOUN
cblr-1702	417	20	rights	right	NOUN
cblr-1702	417	21	of	of	ADP
cblr-1702	417	22	the	the	DET
cblr-1702	417	23	minority	minority	NOUN
cblr-1702	417	24	token	token	VERB
cblr-1702	417	25	holders	holder	NOUN
cblr-1702	417	26	,	,	PUNCT
cblr-1702	417	27	which	which	PRON
cblr-1702	417	28	is	be	AUX
cblr-1702	417	29	purely	purely	ADV
cblr-1702	417	30	ministerial.133	ministerial.133	NOUN
cblr-1702	417	31	neither	neither	CCONJ
cblr-1702	417	32	the	the	DET
cblr-1702	417	33	post	post	ADJ
cblr-1702	417	34	-	-	ADJ
cblr-1702	417	35	purchase	purchase	ADJ
cblr-1702	417	36	contributions	contribution	NOUN
cblr-1702	417	37	of	of	ADP
cblr-1702	417	38	slock.it	slock.it	NUM
cblr-1702	417	39	nor	nor	CCONJ
cblr-1702	417	40	the	the	DET
cblr-1702	417	41	curators	curator	NOUN
cblr-1702	417	42	can	can	AUX
cblr-1702	417	43	be	be	AUX
cblr-1702	417	44	considered	consider	VERB
cblr-1702	417	45	“	"	PUNCT
cblr-1702	417	46	substantial	substantial	ADJ
cblr-1702	417	47	improvements	improvement	NOUN
cblr-1702	417	48	”	"	PUNCT
cblr-1702	417	49	to	to	ADP
cblr-1702	417	50	the	the	DET
cblr-1702	417	51	scheme.134	scheme.134	PROPN
cblr-1702	417	52	rather	rather	ADV
cblr-1702	417	53	,	,	PUNCT
cblr-1702	417	54	they	they	PRON
cblr-1702	417	55	serve	serve	VERB
cblr-1702	417	56	only	only	ADV
cblr-1702	417	57	as	as	ADP
cblr-1702	417	58	general	general	ADJ
cblr-1702	417	59	maintenance	maintenance	NOUN
cblr-1702	417	60	.	.	PUNCT
cblr-1702	418	1	as	as	ADP
cblr-1702	418	2	such	such	ADJ
cblr-1702	418	3	,	,	PUNCT
cblr-1702	418	4	the	the	DET
cblr-1702	418	5	managerial	managerial	ADJ
cblr-1702	418	6	efforts	effort	NOUN
cblr-1702	418	7	necessary	necessary	ADJ
cblr-1702	418	8	to	to	PART
cblr-1702	418	9	satisfy	satisfy	VERB
cblr-1702	418	10	the	the	DET
cblr-1702	418	11	final	final	ADJ
cblr-1702	418	12	factor	factor	NOUN
cblr-1702	418	13	of	of	ADP
cblr-1702	418	14	the	the	DET
cblr-1702	418	15	howey	howey	PROPN
cblr-1702	418	16	test	test	NOUN
cblr-1702	418	17	are	be	AUX
cblr-1702	418	18	not	not	PART
cblr-1702	418	19	present	present	ADJ
cblr-1702	418	20	—	—	PUNCT
cblr-1702	418	21	just	just	ADV
cblr-1702	418	22	as	as	SCONJ
cblr-1702	418	23	they	they	PRON
cblr-1702	418	24	are	be	AUX
cblr-1702	418	25	not	not	PART
cblr-1702	418	26	present	present	ADJ
cblr-1702	418	27	when	when	SCONJ
cblr-1702	418	28	a	a	DET
cblr-1702	418	29	rancher	rancher	NOUN
cblr-1702	418	30	sends	send	VERB
cblr-1702	418	31	a	a	DET
cblr-1702	418	32	cow	cow	NOUN
cblr-1702	418	33	to	to	ADP
cblr-1702	418	34	the	the	DET
cblr-1702	418	35	slaughterhouse	slaughterhouse	NOUN
cblr-1702	418	36	.	.	PUNCT
cblr-1702	419	1	129	129	NUM
cblr-1702	420	1	i	i	PRON
cblr-1702	420	2	d.	d.	PROPN
cblr-1702	420	3	130	130	NUM
cblr-1702	420	4	the	the	DET
cblr-1702	420	5	fourth	fourth	ADJ
cblr-1702	420	6	circuit	circuit	NOUN
cblr-1702	420	7	differentiates	differentiate	NOUN
cblr-1702	420	8	between	between	ADP
cblr-1702	420	9	schemes	scheme	NOUN
cblr-1702	420	10	in	in	ADP
cblr-1702	420	11	which	which	PRON
cblr-1702	420	12	the	the	DET
cblr-1702	420	13	pre	pre	ADJ
cblr-1702	420	14	-	-	ADJ
cblr-1702	420	15	purchase	purchase	ADJ
cblr-1702	420	16	selection	selection	NOUN
cblr-1702	420	17	of	of	ADP
cblr-1702	420	18	assets	asset	NOUN
cblr-1702	420	19	,	,	PUNCT
cblr-1702	420	20	like	like	ADP
cblr-1702	420	21	choosing	choose	VERB
cblr-1702	420	22	cow	cow	NOUN
cblr-1702	420	23	embryos	embryo	NOUN
cblr-1702	420	24	,	,	PUNCT
cblr-1702	420	25	is	be	AUX
cblr-1702	420	26	essential	essential	ADJ
cblr-1702	420	27	to	to	ADP
cblr-1702	420	28	the	the	DET
cblr-1702	420	29	success	success	NOUN
cblr-1702	420	30	of	of	ADP
cblr-1702	420	31	the	the	DET
cblr-1702	420	32	enterprise	enterprise	NOUN
cblr-1702	420	33	and	and	CCONJ
cblr-1702	420	34	those	those	PRON
cblr-1702	420	35	,	,	PUNCT
cblr-1702	420	36	like	like	ADP
cblr-1702	420	37	raising	raise	VERB
cblr-1702	420	38	the	the	DET
cblr-1702	420	39	cow	cow	NOUN
cblr-1702	420	40	for	for	ADP
cblr-1702	420	41	slaughter	slaughter	NOUN
cblr-1702	420	42	,	,	PUNCT
cblr-1702	420	43	in	in	ADP
cblr-1702	420	44	which	which	PRON
cblr-1702	420	45	the	the	DET
cblr-1702	420	46	investors	investor	NOUN
cblr-1702	420	47	are	be	AUX
cblr-1702	420	48	capable	capable	ADJ
cblr-1702	420	49	of	of	ADP
cblr-1702	420	50	exercising	exercise	VERB
cblr-1702	420	51	control	control	NOUN
cblr-1702	420	52	over	over	ADP
cblr-1702	420	53	the	the	DET
cblr-1702	420	54	on	on	ADV
cblr-1702	420	55	-	-	PUNCT
cblr-1702	420	56	going	go	VERB
cblr-1702	420	57	enterprise	enterprise	NOUN
cblr-1702	420	58	.	.	PUNCT
cblr-1702	421	1	i	i	PRON
cblr-1702	421	2	d.	d.	PROPN
cblr-1702	421	3	slock.it	slock.it	PUNCT
cblr-1702	421	4	founders	founder	NOUN
cblr-1702	421	5	do	do	AUX
cblr-1702	421	6	not	not	PART
cblr-1702	421	7	contribute	contribute	VERB
cblr-1702	421	8	enough	enough	ADJ
cblr-1702	421	9	code	code	NOUN
cblr-1702	421	10	pre	pre	NOUN
cblr-1702	421	11	-	-	NOUN
cblr-1702	421	12	purchase	purchase	NOUN
cblr-1702	421	13	for	for	ADP
cblr-1702	421	14	the	the	DET
cblr-1702	421	15	dao	dao	NOUN
cblr-1702	421	16	to	to	PART
cblr-1702	421	17	make	make	VERB
cblr-1702	421	18	any	any	DET
cblr-1702	421	19	decisions	decision	NOUN
cblr-1702	421	20	.	.	PUNCT
cblr-1702	422	1	all	all	DET
cblr-1702	422	2	asset	asset	NOUN
cblr-1702	422	3	selection	selection	NOUN
cblr-1702	422	4	is	be	AUX
cblr-1702	422	5	left	leave	VERB
cblr-1702	422	6	up	up	ADP
cblr-1702	422	7	to	to	ADP
cblr-1702	422	8	the	the	DET
cblr-1702	422	9	token	token	ADJ
cblr-1702	422	10	holders	holder	NOUN
cblr-1702	422	11	,	,	PUNCT
cblr-1702	422	12	with	with	ADP
cblr-1702	422	13	curators	curator	NOUN
cblr-1702	422	14	only	only	ADV
cblr-1702	422	15	serving	serve	VERB
cblr-1702	422	16	ministerial	ministerial	ADJ
cblr-1702	422	17	purposes	purpose	NOUN
cblr-1702	422	18	.	.	PUNCT
cblr-1702	423	1	131	131	NUM
cblr-1702	423	2	sec	sec	PROPN
cblr-1702	423	3	v.	v.	ADP
cblr-1702	423	4	life	life	NOUN
cblr-1702	423	5	partners	partner	NOUN
cblr-1702	423	6	,	,	PUNCT
cblr-1702	423	7	inc	inc	PROPN
cblr-1702	423	8	.	.	PROPN
cblr-1702	423	9	,	,	PUNCT
cblr-1702	423	10	102	102	NUM
cblr-1702	423	11	f.3d	f.3d	NUM
cblr-1702	423	12	587	587	NUM
cblr-1702	423	13	,	,	PUNCT
cblr-1702	423	14	588	588	NUM
cblr-1702	423	15	(	(	PUNCT
cblr-1702	423	16	d.c	d.c	PROPN
cblr-1702	423	17	.	.	PROPN
cblr-1702	423	18	cir	cir	PROPN
cblr-1702	423	19	.	.	PUNCT
cblr-1702	423	20	1996	1996	NUM
cblr-1702	423	21	)	)	PUNCT
cblr-1702	423	22	.	.	PUNCT
cblr-1702	424	1	132	132	NUM
cblr-1702	424	2	i	i	PROPN
cblr-1702	424	3	d.	d.	PROPN
cblr-1702	424	4	;	;	PUNCT
cblr-1702	424	5	see	see	VERB
cblr-1702	424	6	the	the	DET
cblr-1702	424	7	dao	dao	PROPN
cblr-1702	424	8	report	report	NOUN
cblr-1702	424	9	,	,	PUNCT
cblr-1702	424	10	supra	supra	PROPN
cblr-1702	424	11	note	note	NOUN
cblr-1702	424	12	5	5	NUM
cblr-1702	424	13	,	,	PUNCT
cblr-1702	424	14	at	at	ADP
cblr-1702	424	15	12	12	NUM
cblr-1702	424	16	.	.	PUNCT
cblr-1702	425	1	133	133	NUM
cblr-1702	425	2	jentzsch	jentzsch	NOUN
cblr-1702	425	3	,	,	PUNCT
cblr-1702	425	4	supra	supra	PROPN
cblr-1702	425	5	note	note	NOUN
cblr-1702	425	6	51	51	NUM
cblr-1702	425	7	,	,	PUNCT
cblr-1702	425	8	at	at	ADP
cblr-1702	425	9	2–3	2–3	NUM
cblr-1702	425	10	.	.	NOUN
cblr-1702	425	11	134	134	NUM
cblr-1702	425	12	life	life	NOUN
cblr-1702	425	13	partners	partner	NOUN
cblr-1702	425	14	,	,	PUNCT
cblr-1702	425	15	102	102	NUM
cblr-1702	425	16	f.3d	f.3d	NUM
cblr-1702	425	17	at	at	ADP
cblr-1702	425	18	588	588	NUM
cblr-1702	425	19	(	(	PUNCT
cblr-1702	425	20	quoting	quote	VERB
cblr-1702	425	21	mccown	mccown	PROPN
cblr-1702	425	22	v.	v.	ADP
cblr-1702	425	23	heidler	heidler	PROPN
cblr-1702	425	24	,	,	PUNCT
cblr-1702	425	25	527	527	NUM
cblr-1702	425	26	f.2d	f.2d	NOUN
cblr-1702	425	27	204	204	NUM
cblr-1702	425	28	,	,	PUNCT
cblr-1702	425	29	211	211	NUM
cblr-1702	425	30	(	(	PUNCT
cblr-1702	425	31	10th	10th	ADJ
cblr-1702	425	32	cir	cir	NOUN
cblr-1702	425	33	.	.	PROPN
cblr-1702	425	34	1975	1975	NUM
cblr-1702	425	35	)	)	PUNCT
cblr-1702	425	36	)	)	PUNCT
cblr-1702	425	37	.	.	PUNCT
cblr-1702	426	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	426	2	no	no	NOUN
cblr-1702	426	3	.	.	PUNCT
cblr-1702	427	1	2:617	2:617	NUM
cblr-1702	427	2	]	]	X
cblr-1702	427	3	ico	ico	PROPN
cblr-1702	427	4	’s	’s	PART
cblr-1702	427	5	,	,	PUNCT
cblr-1702	427	6	dao	dao	VERB
cblr-1702	427	7	’s	’s	ADV
cblr-1702	427	8	,	,	PUNCT
cblr-1702	427	9	and	and	CCONJ
cblr-1702	427	10	the	the	DET
cblr-1702	427	11	sec	sec	PROPN
cblr-1702	427	12	647	647	NUM
cblr-1702	427	13	2	2	NUM
cblr-1702	427	14	.	.	PUNCT
cblr-1702	428	1	the	the	DET
cblr-1702	428	2	expansive	expansive	ADJ
cblr-1702	428	3	rights	right	NOUN
cblr-1702	428	4	of	of	ADP
cblr-1702	428	5	the	the	DET
cblr-1702	428	6	dao	dao	NOUN
cblr-1702	428	7	token	token	PROPN
cblr-1702	428	8	holders	holder	NOUN
cblr-1702	428	9	the	the	DET
cblr-1702	428	10	sec	sec	PROPN
cblr-1702	428	11	further	far	ADV
cblr-1702	428	12	found	find	VERB
cblr-1702	428	13	that	that	SCONJ
cblr-1702	428	14	,	,	PUNCT
cblr-1702	428	15	under	under	ADP
cblr-1702	428	16	the	the	DET
cblr-1702	428	17	managerial	managerial	ADJ
cblr-1702	428	18	efforts	effort	NOUN
cblr-1702	428	19	factor	factor	NOUN
cblr-1702	428	20	of	of	ADP
cblr-1702	428	21	the	the	DET
cblr-1702	428	22	howey	howey	PROPN
cblr-1702	428	23	test	test	NOUN
cblr-1702	428	24	,	,	PUNCT
cblr-1702	428	25	the	the	DET
cblr-1702	428	26	voting	voting	NOUN
cblr-1702	428	27	rights	right	NOUN
cblr-1702	428	28	of	of	ADP
cblr-1702	428	29	the	the	DET
cblr-1702	428	30	token	token	ADJ
cblr-1702	428	31	holders	holder	NOUN
cblr-1702	428	32	were	be	AUX
cblr-1702	428	33	limited.135	limited.135	NOUN
cblr-1702	428	34	these	these	DET
cblr-1702	428	35	limitations	limitation	NOUN
cblr-1702	428	36	made	make	VERB
cblr-1702	428	37	token	token	ADJ
cblr-1702	428	38	holders	holder	NOUN
cblr-1702	428	39	more	more	ADV
cblr-1702	428	40	reliant	reliant	ADJ
cblr-1702	428	41	on	on	ADP
cblr-1702	428	42	managerial	managerial	ADJ
cblr-1702	428	43	efforts.136	efforts.136	NOUN
cblr-1702	428	44	this	this	DET
cblr-1702	428	45	determination	determination	NOUN
cblr-1702	428	46	substantially	substantially	ADV
cblr-1702	428	47	underestimates	underestimate	VERB
cblr-1702	428	48	the	the	DET
cblr-1702	428	49	control	control	NOUN
cblr-1702	428	50	rights	right	NOUN
cblr-1702	428	51	conferred	confer	VERB
cblr-1702	428	52	to	to	PART
cblr-1702	428	53	token	token	VERB
cblr-1702	428	54	holders	holder	NOUN
cblr-1702	428	55	.	.	PUNCT
cblr-1702	429	1	further	far	ADV
cblr-1702	429	2	,	,	PUNCT
cblr-1702	429	3	the	the	DET
cblr-1702	429	4	sec	sec	PROPN
cblr-1702	429	5	only	only	ADV
cblr-1702	429	6	makes	make	VERB
cblr-1702	429	7	a	a	DET
cblr-1702	429	8	cursory	cursory	NOUN
cblr-1702	429	9	exploration	exploration	NOUN
cblr-1702	429	10	of	of	ADP
cblr-1702	429	11	the	the	DET
cblr-1702	429	12	applicability	applicability	NOUN
cblr-1702	429	13	of	of	ADP
cblr-1702	429	14	the	the	DET
cblr-1702	429	15	tucker	tucker	PROPN
cblr-1702	429	16	court	court	PROPN
cblr-1702	429	17	’s	’s	PART
cblr-1702	429	18	partnership	partnership	PROPN
cblr-1702	429	19	agreement	agreement	PROPN
cblr-1702	429	20	evaluation.137	evaluation.137	PROPN
cblr-1702	429	21	a	a	DET
cblr-1702	429	22	closer	close	ADJ
cblr-1702	429	23	look	look	NOUN
cblr-1702	429	24	at	at	ADP
cblr-1702	429	25	the	the	DET
cblr-1702	429	26	comprehensive	comprehensive	ADJ
cblr-1702	429	27	rights	right	NOUN
cblr-1702	429	28	and	and	CCONJ
cblr-1702	429	29	protections	protection	NOUN
cblr-1702	429	30	afforded	afford	VERB
cblr-1702	429	31	token	token	ADJ
cblr-1702	429	32	holders	holder	NOUN
cblr-1702	429	33	,	,	PUNCT
cblr-1702	429	34	in	in	ADP
cblr-1702	429	35	the	the	DET
cblr-1702	429	36	context	context	NOUN
cblr-1702	429	37	of	of	ADP
cblr-1702	429	38	a	a	DET
cblr-1702	429	39	horizontal	horizontal	ADJ
cblr-1702	429	40	relationship	relationship	NOUN
cblr-1702	429	41	with	with	ADP
cblr-1702	429	42	curators	curator	NOUN
cblr-1702	429	43	,	,	PUNCT
cblr-1702	429	44	will	will	AUX
cblr-1702	429	45	show	show	VERB
cblr-1702	429	46	that	that	SCONJ
cblr-1702	429	47	token	token	ADJ
cblr-1702	429	48	holders	holder	NOUN
cblr-1702	429	49	held	hold	VERB
cblr-1702	429	50	the	the	DET
cblr-1702	429	51	essential	essential	ADJ
cblr-1702	429	52	control	control	NOUN
cblr-1702	429	53	of	of	ADP
cblr-1702	429	54	the	the	DET
cblr-1702	429	55	enterprise	enterprise	NOUN
cblr-1702	429	56	.	.	PUNCT
cblr-1702	430	1	this	this	PRON
cblr-1702	430	2	is	be	AUX
cblr-1702	430	3	especially	especially	ADV
cblr-1702	430	4	true	true	ADJ
cblr-1702	430	5	when	when	SCONJ
cblr-1702	430	6	considering	consider	VERB
cblr-1702	430	7	expectations	expectation	NOUN
cblr-1702	430	8	of	of	ADP
cblr-1702	430	9	how	how	SCONJ
cblr-1702	430	10	the	the	DET
cblr-1702	430	11	dao	dao	NOUN
cblr-1702	430	12	would	would	AUX
cblr-1702	430	13	operate	operate	VERB
cblr-1702	430	14	in	in	ADP
cblr-1702	430	15	the	the	DET
cblr-1702	430	16	future	future	NOUN
cblr-1702	430	17	.	.	PUNCT
cblr-1702	431	1	when	when	SCONJ
cblr-1702	431	2	evaluating	evaluate	VERB
cblr-1702	431	3	joint	joint	ADJ
cblr-1702	431	4	ventures	venture	NOUN
cblr-1702	431	5	and	and	CCONJ
cblr-1702	431	6	partnerships	partnership	NOUN
cblr-1702	431	7	as	as	ADP
cblr-1702	431	8	investment	investment	NOUN
cblr-1702	431	9	contracts	contract	NOUN
cblr-1702	431	10	,	,	PUNCT
cblr-1702	431	11	courts	court	NOUN
cblr-1702	431	12	add	add	VERB
cblr-1702	431	13	additional	additional	ADJ
cblr-1702	431	14	inquiries	inquiry	NOUN
cblr-1702	431	15	under	under	ADP
cblr-1702	431	16	the	the	DET
cblr-1702	431	17	managerial	managerial	ADJ
cblr-1702	431	18	effects	effect	NOUN
cblr-1702	431	19	factor	factor	NOUN
cblr-1702	431	20	of	of	ADP
cblr-1702	431	21	howey	howey	PROPN
cblr-1702	431	22	,	,	PUNCT
cblr-1702	431	23	assessing	assess	VERB
cblr-1702	431	24	how	how	SCONJ
cblr-1702	431	25	the	the	DET
cblr-1702	431	26	partnership	partnership	NOUN
cblr-1702	431	27	agreement	agreement	NOUN
cblr-1702	431	28	actually	actually	ADV
cblr-1702	431	29	distributes	distribute	VERB
cblr-1702	431	30	partnership	partnership	NOUN
cblr-1702	431	31	power.138	power.138	NOUN
cblr-1702	431	32	whether	whether	SCONJ
cblr-1702	431	33	the	the	DET
cblr-1702	431	34	investors	investor	NOUN
cblr-1702	431	35	had	have	VERB
cblr-1702	431	36	expectations	expectation	NOUN
cblr-1702	431	37	of	of	ADP
cblr-1702	431	38	reliance	reliance	NOUN
cblr-1702	431	39	on	on	ADP
cblr-1702	431	40	the	the	DET
cblr-1702	431	41	entrepreneurial	entrepreneurial	ADJ
cblr-1702	431	42	efforts	effort	NOUN
cblr-1702	431	43	of	of	ADP
cblr-1702	431	44	the	the	DET
cblr-1702	431	45	promoters	promoter	NOUN
cblr-1702	431	46	or	or	CCONJ
cblr-1702	431	47	third	third	ADJ
cblr-1702	431	48	parties	party	NOUN
cblr-1702	431	49	at	at	ADP
cblr-1702	431	50	the	the	DET
cblr-1702	431	51	time	time	NOUN
cblr-1702	431	52	of	of	ADP
cblr-1702	431	53	entering	enter	VERB
cblr-1702	431	54	the	the	DET
cblr-1702	431	55	contract	contract	NOUN
cblr-1702	431	56	is	be	AUX
cblr-1702	431	57	relevant.139	relevant.139	ADJ
cblr-1702	431	58	but	but	CCONJ
cblr-1702	431	59	,	,	PUNCT
cblr-1702	431	60	in	in	ADP
cblr-1702	431	61	order	order	NOUN
cblr-1702	431	62	to	to	PART
cblr-1702	431	63	demonstrate	demonstrate	VERB
cblr-1702	431	64	that	that	SCONJ
cblr-1702	431	65	the	the	DET
cblr-1702	431	66	joint	joint	ADJ
cblr-1702	431	67	business	business	NOUN
cblr-1702	431	68	venture	venture	NOUN
cblr-1702	431	69	is	be	AUX
cblr-1702	431	70	not	not	PART
cblr-1702	431	71	an	an	DET
cblr-1702	431	72	investment	investment	NOUN
cblr-1702	431	73	contract	contract	NOUN
cblr-1702	431	74	,	,	PUNCT
cblr-1702	431	75	the	the	DET
cblr-1702	431	76	investors	investor	NOUN
cblr-1702	431	77	must	must	AUX
cblr-1702	431	78	show	show	VERB
cblr-1702	431	79	that	that	SCONJ
cblr-1702	431	80	,	,	PUNCT
cblr-1702	431	81	when	when	SCONJ
cblr-1702	431	82	considering	consider	VERB
cblr-1702	431	83	the	the	DET
cblr-1702	431	84	economic	economic	ADJ
cblr-1702	431	85	reality	reality	NOUN
cblr-1702	431	86	,	,	PUNCT
cblr-1702	431	87	they	they	PRON
cblr-1702	431	88	held	hold	VERB
cblr-1702	431	89	“	"	PUNCT
cblr-1702	431	90	meaningful	meaningful	ADJ
cblr-1702	431	91	control	control	NOUN
cblr-1702	431	92	.	.	PUNCT
cblr-1702	432	1	”140	”140	PROPN
cblr-1702	432	2	the	the	DET
cblr-1702	432	3	sec	sec	PROPN
cblr-1702	432	4	determined	determine	VERB
cblr-1702	432	5	that	that	SCONJ
cblr-1702	432	6	dao	dao	AUX
cblr-1702	432	7	tokens	token	NOUN
cblr-1702	432	8	“	"	PUNCT
cblr-1702	432	9	did	do	AUX
cblr-1702	432	10	not	not	PART
cblr-1702	432	11	provide	provide	VERB
cblr-1702	432	12	[	[	PRON
cblr-1702	432	13	investors	investor	NOUN
cblr-1702	432	14	]	]	PUNCT
cblr-1702	432	15	with	with	ADP
cblr-1702	432	16	meaningful	meaningful	ADJ
cblr-1702	432	17	control	control	NOUN
cblr-1702	432	18	over	over	ADP
cblr-1702	432	19	the	the	DET
cblr-1702	432	20	enterprise	enterprise	NOUN
cblr-1702	432	21	,	,	PUNCT
cblr-1702	432	22	because	because	SCONJ
cblr-1702	432	23	(	(	PUNCT
cblr-1702	432	24	1	1	X
cblr-1702	432	25	)	)	PUNCT
cblr-1702	432	26	dao	dao	AUX
cblr-1702	432	27	token	token	VERB
cblr-1702	432	28	holders	holder	NOUN
cblr-1702	432	29	’	'	PUNCT
cblr-1702	432	30	ability	ability	NOUN
cblr-1702	432	31	to	to	PART
cblr-1702	432	32	vote	vote	VERB
cblr-1702	432	33	for	for	ADP
cblr-1702	432	34	contracts	contract	NOUN
cblr-1702	432	35	was	be	AUX
cblr-1702	432	36	a	a	DET
cblr-1702	432	37	largely	largely	ADV
cblr-1702	432	38	perfunctory	perfunctory	ADJ
cblr-1702	432	39	one	one	NUM
cblr-1702	432	40	;	;	PUNCT
cblr-1702	432	41	and	and	CCONJ
cblr-1702	432	42	(	(	PUNCT
cblr-1702	432	43	2	2	X
cblr-1702	432	44	)	)	PUNCT
cblr-1702	432	45	dao	dao	AUX
cblr-1702	432	46	token	token	VERB
cblr-1702	432	47	holders	holder	NOUN
cblr-1702	432	48	were	be	AUX
cblr-1702	432	49	widely	widely	ADV
cblr-1702	432	50	dispersed	disperse	VERB
cblr-1702	432	51	and	and	CCONJ
cblr-1702	432	52	limited	limit	VERB
cblr-1702	432	53	in	in	ADP
cblr-1702	432	54	their	their	PRON
cblr-1702	432	55	ability	ability	NOUN
cblr-1702	432	56	to	to	ADP
cblr-1702	432	57	135	135	NUM
cblr-1702	432	58	the	the	DET
cblr-1702	432	59	dao	dao	PROPN
cblr-1702	432	60	report	report	NOUN
cblr-1702	432	61	,	,	PUNCT
cblr-1702	432	62	supra	supra	PROPN
cblr-1702	432	63	note	note	NOUN
cblr-1702	432	64	5	5	NUM
cblr-1702	432	65	,	,	PUNCT
cblr-1702	432	66	at	at	ADP
cblr-1702	432	67	13	13	NUM
cblr-1702	432	68	.	.	PUNCT
cblr-1702	432	69	136	136	NUM
cblr-1702	433	1	i	i	PRON
cblr-1702	433	2	d.	d.	PROPN
cblr-1702	433	3	137	137	NUM
cblr-1702	433	4	see	see	VERB
cblr-1702	433	5	i	i	PROPN
cblr-1702	433	6	d.	d.	PROPN
cblr-1702	433	7	138	138	NUM
cblr-1702	433	8	see	see	PROPN
cblr-1702	433	9	williamson	williamson	PROPN
cblr-1702	433	10	v.	v.	ADP
cblr-1702	433	11	tucker	tucker	PROPN
cblr-1702	433	12	,	,	PUNCT
cblr-1702	433	13	645	645	NUM
cblr-1702	433	14	f.2d	f.2d	ADP
cblr-1702	433	15	404	404	NUM
cblr-1702	433	16	,	,	PUNCT
cblr-1702	433	17	424	424	NUM
cblr-1702	433	18	(	(	PUNCT
cblr-1702	433	19	5th	5th	ADJ
cblr-1702	433	20	cir	cir	NOUN
cblr-1702	433	21	.	.	PUNCT
cblr-1702	433	22	1981	1981	NUM
cblr-1702	433	23	)	)	PUNCT
cblr-1702	433	24	.	.	PUNCT
cblr-1702	434	1	139	139	NUM
cblr-1702	434	2	see	see	VERB
cblr-1702	434	3	i	i	PRON
cblr-1702	434	4	d.	d.	PROPN
cblr-1702	434	5	at	at	ADP
cblr-1702	434	6	419	419	NUM
cblr-1702	434	7	.	.	PUNCT
cblr-1702	435	1	140	140	NUM
cblr-1702	435	2	i	i	PROPN
cblr-1702	435	3	d.	d.	PROPN
cblr-1702	435	4	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	435	5	648	648	NUM
cblr-1702	435	6	columbia	columbia	PROPN
cblr-1702	435	7	business	business	NOUN
cblr-1702	435	8	law	law	PROPN
cblr-1702	435	9	review	review	NOUN
cblr-1702	435	10	[	[	X
cblr-1702	435	11	vol	vol	NOUN
cblr-1702	435	12	.	.	PUNCT
cblr-1702	435	13	2018	2018	NUM
cblr-1702	435	14	communicate	communicate	VERB
cblr-1702	435	15	with	with	ADP
cblr-1702	435	16	one	one	NUM
cblr-1702	435	17	another	another	DET
cblr-1702	435	18	.	.	PUNCT
cblr-1702	436	1	”141	”141	NOUN
cblr-1702	436	2	this	this	DET
cblr-1702	436	3	reasoning	reasoning	NOUN
cblr-1702	436	4	seems	seem	VERB
cblr-1702	436	5	to	to	PART
cblr-1702	436	6	ignore	ignore	VERB
cblr-1702	436	7	the	the	DET
cblr-1702	436	8	other	other	ADJ
cblr-1702	436	9	rights	right	NOUN
cblr-1702	436	10	conferred	confer	VERB
cblr-1702	436	11	upon	upon	SCONJ
cblr-1702	436	12	token	token	ADJ
cblr-1702	436	13	holders	holder	NOUN
cblr-1702	436	14	,	,	PUNCT
cblr-1702	436	15	like	like	ADP
cblr-1702	436	16	the	the	DET
cblr-1702	436	17	contractor	contractor	NOUN
cblr-1702	436	18	right	right	ADV
cblr-1702	436	19	to	to	PART
cblr-1702	436	20	pitch	pitch	VERB
cblr-1702	436	21	and	and	CCONJ
cblr-1702	436	22	promote	promote	VERB
cblr-1702	436	23	smart	smart	ADJ
cblr-1702	436	24	contracts	contract	NOUN
cblr-1702	436	25	,	,	PUNCT
cblr-1702	436	26	the	the	DET
cblr-1702	436	27	right	right	NOUN
cblr-1702	436	28	to	to	PART
cblr-1702	436	29	replace	replace	VERB
cblr-1702	436	30	curators	curator	NOUN
cblr-1702	436	31	,	,	PUNCT
cblr-1702	436	32	and	and	CCONJ
cblr-1702	436	33	the	the	DET
cblr-1702	436	34	rights	right	NOUN
cblr-1702	436	35	to	to	PART
cblr-1702	436	36	spin	spin	VERB
cblr-1702	436	37	-	-	PUNCT
cblr-1702	436	38	out	out	ADP
cblr-1702	436	39	additional	additional	ADJ
cblr-1702	436	40	daos	dao	NOUN
cblr-1702	436	41	to	to	PART
cblr-1702	436	42	protect	protect	VERB
cblr-1702	436	43	minority	minority	NOUN
cblr-1702	436	44	interests.142	interests.142	VERB
cblr-1702	436	45	the	the	DET
cblr-1702	436	46	marketing	marketing	NOUN
cblr-1702	436	47	and	and	CCONJ
cblr-1702	436	48	promotion	promotion	NOUN
cblr-1702	436	49	of	of	ADP
cblr-1702	436	50	the	the	DET
cblr-1702	436	51	dao	dao	NOUN
cblr-1702	436	52	led	lead	VERB
cblr-1702	436	53	investors	investor	NOUN
cblr-1702	436	54	to	to	PART
cblr-1702	436	55	believe	believe	VERB
cblr-1702	436	56	that	that	SCONJ
cblr-1702	436	57	they	they	PRON
cblr-1702	436	58	would	would	AUX
cblr-1702	436	59	be	be	AUX
cblr-1702	436	60	sharing	share	VERB
cblr-1702	436	61	equal	equal	ADJ
cblr-1702	436	62	,	,	PUNCT
cblr-1702	436	63	democratic	democratic	ADJ
cblr-1702	436	64	,	,	PUNCT
cblr-1702	436	65	decentralized	decentralized	ADJ
cblr-1702	436	66	control	control	NOUN
cblr-1702	436	67	.	.	PUNCT
cblr-1702	437	1	the	the	DET
cblr-1702	437	2	reality	reality	NOUN
cblr-1702	437	3	was	be	AUX
cblr-1702	437	4	that	that	SCONJ
cblr-1702	437	5	the	the	DET
cblr-1702	437	6	experimental	experimental	ADJ
cblr-1702	437	7	and	and	CCONJ
cblr-1702	437	8	novel	novel	ADJ
cblr-1702	437	9	model	model	NOUN
cblr-1702	437	10	needed	need	VERB
cblr-1702	437	11	“	"	PUNCT
cblr-1702	437	12	training	training	NOUN
cblr-1702	437	13	wheels	wheel	NOUN
cblr-1702	437	14	”	"	PUNCT
cblr-1702	437	15	and	and	CCONJ
cblr-1702	437	16	safeguards	safeguard	NOUN
cblr-1702	437	17	to	to	PART
cblr-1702	437	18	ensure	ensure	VERB
cblr-1702	437	19	this	this	DET
cblr-1702	437	20	democratic	democratic	ADJ
cblr-1702	437	21	and	and	CCONJ
cblr-1702	437	22	decentralized	decentralized	ADJ
cblr-1702	437	23	control	control	NOUN
cblr-1702	437	24	would	would	AUX
cblr-1702	437	25	successfully	successfully	ADV
cblr-1702	437	26	function.143	function.143	VERB
cblr-1702	437	27	these	these	DET
cblr-1702	437	28	efforts	effort	NOUN
cblr-1702	437	29	were	be	AUX
cblr-1702	437	30	technical	technical	ADJ
cblr-1702	437	31	and	and	CCONJ
cblr-1702	437	32	governance	governance	NOUN
cblr-1702	437	33	-	-	PUNCT
cblr-1702	437	34	focused	focused	ADJ
cblr-1702	437	35	,	,	PUNCT
cblr-1702	437	36	not	not	PART
cblr-1702	437	37	investment	investment	NOUN
cblr-1702	437	38	-	-	PUNCT
cblr-1702	437	39	focused	focus	VERB
cblr-1702	437	40	.	.	PUNCT
cblr-1702	438	1	aside	aside	ADV
cblr-1702	438	2	from	from	ADP
cblr-1702	438	3	the	the	DET
cblr-1702	438	4	initial	initial	ADJ
cblr-1702	438	5	,	,	PUNCT
cblr-1702	438	6	exemplary	exemplary	ADJ
cblr-1702	438	7	investment	investment	NOUN
cblr-1702	438	8	concept	concept	NOUN
cblr-1702	438	9	said	say	VERB
cblr-1702	438	10	to	to	PART
cblr-1702	438	11	be	be	AUX
cblr-1702	438	12	introduced	introduce	VERB
cblr-1702	438	13	by	by	ADP
cblr-1702	438	14	slock.it	slock.it	PROPN
cblr-1702	438	15	,	,	PUNCT
cblr-1702	438	16	the	the	DET
cblr-1702	438	17	future	future	ADJ
cblr-1702	438	18	investment	investment	NOUN
cblr-1702	438	19	concepts	concept	NOUN
cblr-1702	438	20	were	be	AUX
cblr-1702	438	21	to	to	PART
cblr-1702	438	22	be	be	AUX
cblr-1702	438	23	pitched	pitch	VERB
cblr-1702	438	24	,	,	PUNCT
cblr-1702	438	25	chosen	choose	VERB
cblr-1702	438	26	,	,	PUNCT
cblr-1702	438	27	and	and	CCONJ
cblr-1702	438	28	executed	execute	VERB
cblr-1702	438	29	by	by	ADP
cblr-1702	438	30	token	token	ADJ
cblr-1702	438	31	holders	holder	NOUN
cblr-1702	438	32	and	and	CCONJ
cblr-1702	438	33	their	their	PRON
cblr-1702	438	34	code	code	NOUN
cblr-1702	438	35	contributions	contribution	NOUN
cblr-1702	438	36	.	.	PUNCT
cblr-1702	439	1	the	the	DET
cblr-1702	439	2	voting	voting	NOUN
cblr-1702	439	3	rights	right	NOUN
cblr-1702	439	4	of	of	ADP
cblr-1702	439	5	the	the	DET
cblr-1702	439	6	token	token	ADJ
cblr-1702	439	7	holders	holder	NOUN
cblr-1702	439	8	were	be	AUX
cblr-1702	439	9	not	not	PART
cblr-1702	439	10	just	just	ADV
cblr-1702	439	11	perfunctory	perfunctory	ADJ
cblr-1702	439	12	,	,	PUNCT
cblr-1702	439	13	they	they	PRON
cblr-1702	439	14	were	be	AUX
cblr-1702	439	15	the	the	DET
cblr-1702	439	16	concept	concept	NOUN
cblr-1702	439	17	and	and	CCONJ
cblr-1702	439	18	purpose	purpose	NOUN
cblr-1702	439	19	of	of	ADP
cblr-1702	439	20	the	the	DET
cblr-1702	439	21	business	business	NOUN
cblr-1702	439	22	model	model	NOUN
cblr-1702	439	23	,	,	PUNCT
cblr-1702	439	24	and	and	CCONJ
cblr-1702	439	25	the	the	DET
cblr-1702	439	26	driving	drive	VERB
cblr-1702	439	27	reason	reason	NOUN
cblr-1702	439	28	for	for	ADP
cblr-1702	439	29	investing	invest	VERB
cblr-1702	439	30	in	in	ADP
cblr-1702	439	31	the	the	DET
cblr-1702	439	32	dao	dao	NOUN
cblr-1702	439	33	rather	rather	ADV
cblr-1702	439	34	than	than	ADP
cblr-1702	439	35	another	another	DET
cblr-1702	439	36	ico	ico	PROPN
cblr-1702	439	37	.	.	PUNCT
cblr-1702	440	1	the	the	DET
cblr-1702	440	2	sec	sec	PROPN
cblr-1702	440	3	decided	decide	VERB
cblr-1702	440	4	that	that	SCONJ
cblr-1702	440	5	because	because	SCONJ
cblr-1702	440	6	token	token	ADJ
cblr-1702	440	7	holders	holder	NOUN
cblr-1702	440	8	could	could	AUX
cblr-1702	440	9	only	only	ADV
cblr-1702	440	10	vote	vote	VERB
cblr-1702	440	11	on	on	ADP
cblr-1702	440	12	contracts	contract	NOUN
cblr-1702	440	13	white	white	ADV
cblr-1702	440	14	-	-	PUNCT
cblr-1702	440	15	listed	list	VERB
cblr-1702	440	16	by	by	ADP
cblr-1702	440	17	curators	curator	NOUN
cblr-1702	440	18	,	,	PUNCT
cblr-1702	440	19	the	the	DET
cblr-1702	440	20	voting	voting	NOUN
cblr-1702	440	21	rights	right	NOUN
cblr-1702	440	22	did	do	AUX
cblr-1702	440	23	not	not	PART
cblr-1702	440	24	constitute	constitute	VERB
cblr-1702	440	25	meaningful	meaningful	ADJ
cblr-1702	440	26	control.144	control.144	PROPN
cblr-1702	440	27	however	however	ADV
cblr-1702	440	28	,	,	PUNCT
cblr-1702	440	29	token	token	ADJ
cblr-1702	440	30	holders	holder	NOUN
cblr-1702	440	31	are	be	AUX
cblr-1702	440	32	responsible	responsible	ADJ
cblr-1702	440	33	for	for	ADP
cblr-1702	440	34	creating	create	VERB
cblr-1702	440	35	and	and	CCONJ
cblr-1702	440	36	pitching	pitch	VERB
cblr-1702	440	37	the	the	DET
cblr-1702	440	38	investment	investment	NOUN
cblr-1702	440	39	code	code	NOUN
cblr-1702	440	40	,	,	PUNCT
cblr-1702	440	41	in	in	ADP
cblr-1702	440	42	addition	addition	NOUN
cblr-1702	440	43	to	to	ADP
cblr-1702	440	44	voting	vote	VERB
cblr-1702	440	45	on	on	ADP
cblr-1702	440	46	the	the	DET
cblr-1702	440	47	code	code	NOUN
cblr-1702	440	48	.	.	PUNCT
cblr-1702	441	1	the	the	DET
cblr-1702	441	2	curator	curator	NOUN
cblr-1702	441	3	’s	’s	PART
cblr-1702	441	4	role	role	NOUN
cblr-1702	441	5	is	be	AUX
cblr-1702	441	6	described	describe	VERB
cblr-1702	441	7	in	in	ADP
cblr-1702	441	8	the	the	DET
cblr-1702	441	9	dao	dao	PROPN
cblr-1702	441	10	white	white	PROPN
cblr-1702	441	11	paper	paper	PROPN
cblr-1702	441	12	under	under	ADP
cblr-1702	441	13	the	the	DET
cblr-1702	441	14	minority	minority	NOUN
cblr-1702	441	15	token	token	VERB
cblr-1702	441	16	holder	holder	NOUN
cblr-1702	441	17	protection	protection	NOUN
cblr-1702	441	18	section	section	NOUN
cblr-1702	441	19	—	—	PUNCT
cblr-1702	441	20	their	their	PRON
cblr-1702	441	21	purpose	purpose	NOUN
cblr-1702	441	22	is	be	AUX
cblr-1702	441	23	to	to	PART
cblr-1702	441	24	protect	protect	VERB
cblr-1702	441	25	minority	minority	NOUN
cblr-1702	441	26	holders	holder	NOUN
cblr-1702	441	27	from	from	ADP
cblr-1702	441	28	a	a	DET
cblr-1702	441	29	majority	majority	NOUN
cblr-1702	441	30	attack.145	attack.145	VERB
cblr-1702	441	31	the	the	DET
cblr-1702	441	32	authority	authority	NOUN
cblr-1702	441	33	to	to	PART
cblr-1702	441	34	block	block	VERB
cblr-1702	441	35	pitches	pitch	NOUN
cblr-1702	441	36	is	be	AUX
cblr-1702	441	37	derived	derive	VERB
cblr-1702	441	38	from	from	ADP
cblr-1702	441	39	this	this	DET
cblr-1702	441	40	purpose	purpose	NOUN
cblr-1702	441	41	.	.	PUNCT
cblr-1702	442	1	pitches	pitch	NOUN
cblr-1702	442	2	should	should	AUX
cblr-1702	442	3	only	only	ADV
cblr-1702	442	4	be	be	AUX
cblr-1702	442	5	blocked	block	VERB
cblr-1702	442	6	when	when	SCONJ
cblr-1702	442	7	the	the	DET
cblr-1702	442	8	code	code	NOUN
cblr-1702	442	9	does	do	AUX
cblr-1702	442	10	not	not	PART
cblr-1702	442	11	do	do	VERB
cblr-1702	442	12	what	what	PRON
cblr-1702	442	13	it	it	PRON
cblr-1702	442	14	purports	purport	VERB
cblr-1702	442	15	to	to	PART
cblr-1702	442	16	do	do	VERB
cblr-1702	442	17	,	,	PUNCT
cblr-1702	442	18	or	or	CCONJ
cblr-1702	442	19	if	if	SCONJ
cblr-1702	442	20	there	there	PRON
cblr-1702	442	21	seems	seem	VERB
cblr-1702	442	22	to	to	PART
cblr-1702	442	23	be	be	AUX
cblr-1702	442	24	a	a	DET
cblr-1702	442	25	scheme	scheme	NOUN
cblr-1702	442	26	in	in	ADP
cblr-1702	442	27	which	which	PRON
cblr-1702	442	28	the	the	DET
cblr-1702	442	29	majority	majority	NOUN
cblr-1702	442	30	funnels	funnel	VERB
cblr-1702	442	31	money	money	NOUN
cblr-1702	442	32	from	from	ADP
cblr-1702	442	33	the	the	DET
cblr-1702	442	34	fund	fund	NOUN
cblr-1702	442	35	into	into	ADP
cblr-1702	442	36	their	their	PRON
cblr-1702	442	37	own	own	ADJ
cblr-1702	442	38	account.146	account.146	PRON
cblr-1702	442	39	the	the	DET
cblr-1702	442	40	token	token	VERB
cblr-1702	442	41	-	-	PUNCT
cblr-1702	442	42	holder	holder	NOUN
cblr-1702	442	43	vote	vote	NOUN
cblr-1702	442	44	is	be	AUX
cblr-1702	442	45	still	still	ADV
cblr-1702	442	46	the	the	DET
cblr-1702	442	47	executory	executory	ADJ
cblr-1702	442	48	141	141	NUM
cblr-1702	442	49	the	the	DET
cblr-1702	442	50	dao	dao	NOUN
cblr-1702	442	51	report	report	NOUN
cblr-1702	442	52	,	,	PUNCT
cblr-1702	442	53	supra	supra	PROPN
cblr-1702	442	54	note	note	NOUN
cblr-1702	442	55	5	5	NUM
cblr-1702	442	56	,	,	PUNCT
cblr-1702	442	57	at	at	ADP
cblr-1702	442	58	14	14	NUM
cblr-1702	442	59	.	.	PUNCT
cblr-1702	443	1	142	142	NUM
cblr-1702	443	2	see	see	VERB
cblr-1702	443	3	jentzsch	jentzsch	NOUN
cblr-1702	443	4	,	,	PUNCT
cblr-1702	443	5	supra	supra	PROPN
cblr-1702	443	6	note	note	NOUN
cblr-1702	443	7	51	51	NUM
cblr-1702	443	8	.	.	PUNCT
cblr-1702	444	1	143	143	NUM
cblr-1702	444	2	quentson	quentson	NOUN
cblr-1702	444	3	,	,	PUNCT
cblr-1702	444	4	supra	supra	PROPN
cblr-1702	444	5	note	note	NOUN
cblr-1702	444	6	106	106	NUM
cblr-1702	444	7	.	.	PUNCT
cblr-1702	445	1	144	144	NUM
cblr-1702	445	2	the	the	DET
cblr-1702	445	3	dao	dao	PROPN
cblr-1702	445	4	report	report	NOUN
cblr-1702	445	5	,	,	PUNCT
cblr-1702	445	6	supra	supra	PROPN
cblr-1702	445	7	note	note	NOUN
cblr-1702	445	8	5	5	NUM
cblr-1702	445	9	,	,	PUNCT
cblr-1702	445	10	at	at	ADP
cblr-1702	445	11	14	14	NUM
cblr-1702	445	12	.	.	PUNCT
cblr-1702	445	13	145	145	NUM
cblr-1702	445	14	see	see	VERB
cblr-1702	445	15	jentzsch	jentzsch	NOUN
cblr-1702	445	16	,	,	PUNCT
cblr-1702	445	17	supra	supra	PROPN
cblr-1702	445	18	note	note	NOUN
cblr-1702	445	19	51	51	NUM
cblr-1702	445	20	.	.	NOUN
cblr-1702	446	1	146	146	NUM
cblr-1702	446	2	see	see	VERB
cblr-1702	446	3	i	i	PRON
cblr-1702	446	4	d.	d.	VERB
cblr-1702	446	5	it	it	PRON
cblr-1702	446	6	is	be	AUX
cblr-1702	446	7	difficult	difficult	ADJ
cblr-1702	446	8	to	to	PART
cblr-1702	446	9	comment	comment	VERB
cblr-1702	446	10	on	on	ADP
cblr-1702	446	11	how	how	SCONJ
cblr-1702	446	12	this	this	PRON
cblr-1702	446	13	worked	work	VERB
cblr-1702	446	14	in	in	ADP
cblr-1702	446	15	practice	practice	NOUN
cblr-1702	446	16	,	,	PUNCT
cblr-1702	446	17	since	since	SCONJ
cblr-1702	446	18	the	the	DET
cblr-1702	446	19	hack	hack	NOUN
cblr-1702	446	20	halted	halt	VERB
cblr-1702	446	21	dao	dao	NOUN
cblr-1702	446	22	operations	operation	NOUN
cblr-1702	446	23	before	before	SCONJ
cblr-1702	446	24	the	the	DET
cblr-1702	446	25	pitch	pitch	NOUN
cblr-1702	446	26	process	process	NOUN
cblr-1702	446	27	could	could	AUX
cblr-1702	446	28	begin	begin	VERB
cblr-1702	446	29	.	.	PUNCT
cblr-1702	447	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	447	2	no	no	NOUN
cblr-1702	447	3	.	.	PUNCT
cblr-1702	448	1	2:617	2:617	NUM
cblr-1702	448	2	]	]	X
cblr-1702	448	3	ico	ico	PROPN
cblr-1702	448	4	’s	’s	PART
cblr-1702	448	5	,	,	PUNCT
cblr-1702	448	6	dao	dao	VERB
cblr-1702	448	7	’s	’s	ADV
cblr-1702	448	8	,	,	PUNCT
cblr-1702	448	9	and	and	CCONJ
cblr-1702	448	10	the	the	DET
cblr-1702	448	11	sec	sec	PROPN
cblr-1702	448	12	649	649	NUM
cblr-1702	448	13	controller	controller	NOUN
cblr-1702	448	14	and	and	CCONJ
cblr-1702	448	15	decision	decision	NOUN
cblr-1702	448	16	maker	maker	NOUN
cblr-1702	448	17	for	for	ADP
cblr-1702	448	18	the	the	DET
cblr-1702	448	19	dao	dao	PROPN
cblr-1702	448	20	’s	’s	PART
cblr-1702	448	21	investment	investment	NOUN
cblr-1702	448	22	strategy	strategy	NOUN
cblr-1702	448	23	.	.	PUNCT
cblr-1702	449	1	the	the	DET
cblr-1702	449	2	curators	curator	NOUN
cblr-1702	449	3	have	have	VERB
cblr-1702	449	4	no	no	DET
cblr-1702	449	5	power	power	NOUN
cblr-1702	449	6	to	to	PART
cblr-1702	449	7	spend	spend	VERB
cblr-1702	449	8	the	the	DET
cblr-1702	449	9	dao	dao	NOUN
cblr-1702	449	10	’s	’s	PART
cblr-1702	449	11	funds	fund	NOUN
cblr-1702	449	12	or	or	CCONJ
cblr-1702	449	13	to	to	PART
cblr-1702	449	14	monetize	monetize	VERB
cblr-1702	449	15	any	any	DET
cblr-1702	449	16	assets	asset	NOUN
cblr-1702	449	17	.	.	PUNCT
cblr-1702	450	1	all	all	PRON
cblr-1702	450	2	of	of	ADP
cblr-1702	450	3	the	the	DET
cblr-1702	450	4	profit	profit	NOUN
cblr-1702	450	5	and	and	CCONJ
cblr-1702	450	6	loss	loss	NOUN
cblr-1702	450	7	depends	depend	VERB
cblr-1702	450	8	upon	upon	SCONJ
cblr-1702	450	9	the	the	DET
cblr-1702	450	10	action	action	NOUN
cblr-1702	450	11	of	of	ADP
cblr-1702	450	12	token	token	ADJ
cblr-1702	450	13	holders	holder	NOUN
cblr-1702	450	14	:	:	PUNCT
cblr-1702	450	15	contractors	contractor	NOUN
cblr-1702	450	16	pitching	pitch	VERB
cblr-1702	450	17	valuable	valuable	ADJ
cblr-1702	450	18	code	code	NOUN
cblr-1702	450	19	,	,	PUNCT
cblr-1702	450	20	and	and	CCONJ
cblr-1702	450	21	enough	enough	ADJ
cblr-1702	450	22	token	token	ADJ
cblr-1702	450	23	holders	holder	NOUN
cblr-1702	450	24	voting	vote	VERB
cblr-1702	450	25	to	to	PART
cblr-1702	450	26	approve	approve	VERB
cblr-1702	450	27	sound	sound	NOUN
cblr-1702	450	28	decisions	decision	NOUN
cblr-1702	450	29	.	.	PUNCT
cblr-1702	451	1	the	the	DET
cblr-1702	451	2	sec	sec	PROPN
cblr-1702	451	3	claims	claim	VERB
cblr-1702	451	4	that	that	SCONJ
cblr-1702	451	5	contractors	contractor	NOUN
cblr-1702	451	6	do	do	AUX
cblr-1702	451	7	not	not	PART
cblr-1702	451	8	provide	provide	VERB
cblr-1702	451	9	voters	voter	NOUN
cblr-1702	451	10	with	with	ADP
cblr-1702	451	11	the	the	DET
cblr-1702	451	12	information	information	NOUN
cblr-1702	451	13	necessary	necessary	ADJ
cblr-1702	451	14	to	to	PART
cblr-1702	451	15	make	make	VERB
cblr-1702	451	16	informed	informed	ADJ
cblr-1702	451	17	decisions.147	decisions.147	NOUN
cblr-1702	451	18	it	it	PRON
cblr-1702	451	19	may	may	AUX
cblr-1702	451	20	be	be	AUX
cblr-1702	451	21	true	true	ADJ
cblr-1702	451	22	that	that	SCONJ
cblr-1702	451	23	contractor	contractor	NOUN
cblr-1702	451	24	pitches	pitch	NOUN
cblr-1702	451	25	would	would	AUX
cblr-1702	451	26	not	not	PART
cblr-1702	451	27	be	be	AUX
cblr-1702	451	28	accompanied	accompany	VERB
cblr-1702	451	29	by	by	ADP
cblr-1702	451	30	an	an	DET
cblr-1702	451	31	in	in	ADP
cblr-1702	451	32	-	-	PUNCT
cblr-1702	451	33	depth	depth	NOUN
cblr-1702	451	34	prospectus	prospectus	NOUN
cblr-1702	451	35	.	.	PUNCT
cblr-1702	452	1	however	however	ADV
cblr-1702	452	2	,	,	PUNCT
cblr-1702	452	3	the	the	DET
cblr-1702	452	4	pitches	pitch	NOUN
cblr-1702	452	5	are	be	AUX
cblr-1702	452	6	open	open	ADV
cblr-1702	452	7	-	-	PUNCT
cblr-1702	452	8	sourced	source	VERB
cblr-1702	452	9	smart	smart	ADJ
cblr-1702	452	10	contracts	contract	NOUN
cblr-1702	452	11	.	.	PUNCT
cblr-1702	453	1	all	all	PRON
cblr-1702	453	2	of	of	ADP
cblr-1702	453	3	the	the	DET
cblr-1702	453	4	decisions	decision	NOUN
cblr-1702	453	5	which	which	PRON
cblr-1702	453	6	would	would	AUX
cblr-1702	453	7	be	be	AUX
cblr-1702	453	8	executed	execute	VERB
cblr-1702	453	9	by	by	ADP
cblr-1702	453	10	the	the	DET
cblr-1702	453	11	pitch	pitch	NOUN
cblr-1702	453	12	would	would	AUX
cblr-1702	453	13	be	be	AUX
cblr-1702	453	14	contained	contain	VERB
cblr-1702	453	15	within	within	ADP
cblr-1702	453	16	the	the	DET
cblr-1702	453	17	code	code	NOUN
cblr-1702	453	18	,	,	PUNCT
cblr-1702	453	19	which	which	PRON
cblr-1702	453	20	is	be	AUX
cblr-1702	453	21	visible	visible	ADJ
cblr-1702	453	22	to	to	ADP
cblr-1702	453	23	all	all	DET
cblr-1702	453	24	investors	investor	NOUN
cblr-1702	453	25	.	.	PUNCT
cblr-1702	454	1	this	this	DET
cblr-1702	454	2	transparency	transparency	NOUN
cblr-1702	454	3	is	be	AUX
cblr-1702	454	4	at	at	ADP
cblr-1702	454	5	the	the	DET
cblr-1702	454	6	heart	heart	NOUN
cblr-1702	454	7	of	of	ADP
cblr-1702	454	8	the	the	DET
cblr-1702	454	9	dao	dao	PROPN
cblr-1702	454	10	.	.	PUNCT
cblr-1702	455	1	after	after	ADP
cblr-1702	455	2	examining	examine	VERB
cblr-1702	455	3	the	the	DET
cblr-1702	455	4	code	code	NOUN
cblr-1702	455	5	,	,	PUNCT
cblr-1702	455	6	the	the	DET
cblr-1702	455	7	token	token	ADJ
cblr-1702	455	8	holders	holder	NOUN
cblr-1702	455	9	can	can	AUX
cblr-1702	455	10	then	then	ADV
cblr-1702	455	11	perform	perform	VERB
cblr-1702	455	12	the	the	DET
cblr-1702	455	13	research	research	NOUN
cblr-1702	455	14	necessary	necessary	ADJ
cblr-1702	455	15	to	to	PART
cblr-1702	455	16	evaluate	evaluate	VERB
cblr-1702	455	17	the	the	DET
cblr-1702	455	18	project	project	NOUN
cblr-1702	455	19	.	.	PUNCT
cblr-1702	456	1	in	in	ADP
cblr-1702	456	2	some	some	DET
cblr-1702	456	3	ways	way	NOUN
cblr-1702	456	4	,	,	PUNCT
cblr-1702	456	5	this	this	DET
cblr-1702	456	6	function	function	NOUN
cblr-1702	456	7	lends	lend	VERB
cblr-1702	456	8	more	more	ADV
cblr-1702	456	9	meaningful	meaningful	ADJ
cblr-1702	456	10	control	control	NOUN
cblr-1702	456	11	than	than	ADP
cblr-1702	456	12	the	the	DET
cblr-1702	456	13	delegation	delegation	NOUN
cblr-1702	456	14	of	of	ADP
cblr-1702	456	15	duties	duty	NOUN
cblr-1702	456	16	in	in	ADP
cblr-1702	456	17	a	a	DET
cblr-1702	456	18	general	general	ADJ
cblr-1702	456	19	partnership	partnership	NOUN
cblr-1702	456	20	.	.	PUNCT
cblr-1702	457	1	token	token	PROPN
cblr-1702	457	2	holders	holder	NOUN
cblr-1702	457	3	have	have	VERB
cblr-1702	457	4	the	the	DET
cblr-1702	457	5	ability	ability	NOUN
cblr-1702	457	6	,	,	PUNCT
cblr-1702	457	7	by	by	ADP
cblr-1702	457	8	way	way	NOUN
cblr-1702	457	9	of	of	ADP
cblr-1702	457	10	digital	digital	ADJ
cblr-1702	457	11	code	code	NOUN
cblr-1702	457	12	,	,	PUNCT
cblr-1702	457	13	to	to	PART
cblr-1702	457	14	simultaneously	simultaneously	ADV
cblr-1702	457	15	approve	approve	VERB
cblr-1702	457	16	of	of	ADP
cblr-1702	457	17	an	an	DET
cblr-1702	457	18	investment	investment	NOUN
cblr-1702	457	19	strategy	strategy	NOUN
cblr-1702	457	20	and	and	CCONJ
cblr-1702	457	21	perform	perform	VERB
cblr-1702	457	22	the	the	DET
cblr-1702	457	23	exact	exact	ADJ
cblr-1702	457	24	,	,	PUNCT
cblr-1702	457	25	unalterable	unalterable	ADJ
cblr-1702	457	26	execution	execution	NOUN
cblr-1702	457	27	of	of	ADP
cblr-1702	457	28	that	that	DET
cblr-1702	457	29	strategy	strategy	NOUN
cblr-1702	457	30	.	.	PUNCT
cblr-1702	458	1	this	this	PRON
cblr-1702	458	2	is	be	AUX
cblr-1702	458	3	not	not	PART
cblr-1702	458	4	a	a	DET
cblr-1702	458	5	merely	merely	ADV
cblr-1702	458	6	perfunctory	perfunctory	ADJ
cblr-1702	458	7	right	right	NOUN
cblr-1702	458	8	.	.	PUNCT
cblr-1702	459	1	if	if	SCONJ
cblr-1702	459	2	token	token	VERB
cblr-1702	459	3	holders	holder	NOUN
cblr-1702	459	4	like	like	ADP
cblr-1702	459	5	a	a	DET
cblr-1702	459	6	strategy	strategy	NOUN
cblr-1702	459	7	but	but	CCONJ
cblr-1702	459	8	dislike	dislike	VERB
cblr-1702	459	9	the	the	DET
cblr-1702	459	10	execution	execution	NOUN
cblr-1702	459	11	,	,	PUNCT
cblr-1702	459	12	they	they	PRON
cblr-1702	459	13	can	can	AUX
cblr-1702	459	14	vote	vote	VERB
cblr-1702	459	15	it	it	PRON
cblr-1702	459	16	down	down	ADP
cblr-1702	459	17	and	and	CCONJ
cblr-1702	459	18	pitch	pitch	VERB
cblr-1702	459	19	alternative	alternative	PROPN
cblr-1702	459	20	code	code	NOUN
cblr-1702	459	21	.	.	PUNCT
cblr-1702	460	1	additionally	additionally	ADV
cblr-1702	460	2	,	,	PUNCT
cblr-1702	460	3	the	the	DET
cblr-1702	460	4	procedural	procedural	ADJ
cblr-1702	460	5	right	right	NOUN
cblr-1702	460	6	for	for	ADP
cblr-1702	460	7	token	token	ADJ
cblr-1702	460	8	holders	holder	NOUN
cblr-1702	460	9	in	in	ADP
cblr-1702	460	10	the	the	DET
cblr-1702	460	11	minority	minority	NOUN
cblr-1702	460	12	to	to	PART
cblr-1702	460	13	organize	organize	VERB
cblr-1702	460	14	and	and	CCONJ
cblr-1702	460	15	separate	separate	VERB
cblr-1702	460	16	their	their	PRON
cblr-1702	460	17	block	block	NOUN
cblr-1702	460	18	into	into	ADP
cblr-1702	460	19	a	a	DET
cblr-1702	460	20	different	different	ADJ
cblr-1702	460	21	dao	dao	NOUN
cblr-1702	460	22	fund	fund	NOUN
cblr-1702	460	23	(	(	PUNCT
cblr-1702	460	24	automatically	automatically	ADV
cblr-1702	460	25	transferring	transfer	VERB
cblr-1702	460	26	their	their	PRON
cblr-1702	460	27	funds	fund	NOUN
cblr-1702	460	28	)	)	PUNCT
cblr-1702	460	29	and	and	CCONJ
cblr-1702	460	30	elect	elect	VERB
cblr-1702	460	31	their	their	PRON
cblr-1702	460	32	own	own	ADJ
cblr-1702	460	33	curator	curator	NOUN
cblr-1702	460	34	adds	add	VERB
cblr-1702	460	35	further	further	ADJ
cblr-1702	460	36	weight	weight	NOUN
cblr-1702	460	37	to	to	ADP
cblr-1702	460	38	voting	vote	VERB
cblr-1702	460	39	rights.148	rights.148	NOUN
cblr-1702	460	40	if	if	SCONJ
cblr-1702	460	41	the	the	DET
cblr-1702	460	42	majority	majority	NOUN
cblr-1702	460	43	and	and	CCONJ
cblr-1702	460	44	its	its	PRON
cblr-1702	460	45	curators	curator	NOUN
cblr-1702	460	46	seek	seek	VERB
cblr-1702	460	47	to	to	PART
cblr-1702	460	48	take	take	VERB
cblr-1702	460	49	advantage	advantage	NOUN
cblr-1702	460	50	or	or	CCONJ
cblr-1702	460	51	dominate	dominate	VERB
cblr-1702	460	52	minority	minority	NOUN
cblr-1702	460	53	token	token	VERB
cblr-1702	460	54	holders	holder	NOUN
cblr-1702	460	55	,	,	PUNCT
cblr-1702	460	56	they	they	PRON
cblr-1702	460	57	risk	risk	VERB
cblr-1702	460	58	losing	lose	VERB
cblr-1702	460	59	those	those	DET
cblr-1702	460	60	minority	minority	NOUN
cblr-1702	460	61	funds	fund	NOUN
cblr-1702	460	62	.	.	PUNCT
cblr-1702	461	1	this	this	PRON
cblr-1702	461	2	is	be	AUX
cblr-1702	461	3	a	a	DET
cblr-1702	461	4	secondary	secondary	ADJ
cblr-1702	461	5	safeguard	safeguard	NOUN
cblr-1702	461	6	to	to	PART
cblr-1702	461	7	ensure	ensure	VERB
cblr-1702	461	8	both	both	PRON
cblr-1702	461	9	that	that	SCONJ
cblr-1702	461	10	curators	curator	NOUN
cblr-1702	461	11	and	and	CCONJ
cblr-1702	461	12	contractors	contractor	NOUN
cblr-1702	461	13	respect	respect	VERB
cblr-1702	461	14	the	the	DET
cblr-1702	461	15	democracy	democracy	NOUN
cblr-1702	461	16	of	of	ADP
cblr-1702	461	17	the	the	DET
cblr-1702	461	18	dao	dao	NOUN
cblr-1702	461	19	.	.	PUNCT
cblr-1702	462	1	in	in	ADP
cblr-1702	462	2	this	this	DET
cblr-1702	462	3	way	way	NOUN
cblr-1702	462	4	,	,	PUNCT
cblr-1702	462	5	these	these	DET
cblr-1702	462	6	token	token	VERB
cblr-1702	462	7	holders	holder	NOUN
cblr-1702	462	8	have	have	VERB
cblr-1702	462	9	more	more	ADV
cblr-1702	462	10	effective	effective	ADJ
cblr-1702	462	11	minority	minority	NOUN
cblr-1702	462	12	voting	voting	NOUN
cblr-1702	462	13	rights	right	NOUN
cblr-1702	462	14	than	than	SCONJ
cblr-1702	462	15	do	do	VERB
cblr-1702	462	16	traditional	traditional	ADJ
cblr-1702	462	17	common	common	ADJ
cblr-1702	462	18	stock	stock	NOUN
cblr-1702	462	19	voters	voter	NOUN
cblr-1702	462	20	.	.	PUNCT
cblr-1702	463	1	the	the	DET
cblr-1702	463	2	sec	sec	PROPN
cblr-1702	463	3	claims	claim	VERB
cblr-1702	463	4	that	that	SCONJ
cblr-1702	463	5	the	the	DET
cblr-1702	463	6	wide	wide	ADJ
cblr-1702	463	7	dispersion	dispersion	NOUN
cblr-1702	463	8	of	of	ADP
cblr-1702	463	9	token	token	ADJ
cblr-1702	463	10	holders	holder	NOUN
cblr-1702	463	11	and	and	CCONJ
cblr-1702	463	12	pseudonymity	pseudonymity	NOUN
cblr-1702	463	13	leads	lead	VERB
cblr-1702	463	14	to	to	ADP
cblr-1702	463	15	a	a	DET
cblr-1702	463	16	lack	lack	NOUN
cblr-1702	463	17	of	of	ADP
cblr-1702	463	18	communication	communication	NOUN
cblr-1702	463	19	that	that	SCONJ
cblr-1702	463	20	147	147	NUM
cblr-1702	463	21	the	the	DET
cblr-1702	463	22	dao	dao	PROPN
cblr-1702	463	23	report	report	NOUN
cblr-1702	463	24	,	,	PUNCT
cblr-1702	463	25	supra	supra	PROPN
cblr-1702	463	26	note	note	NOUN
cblr-1702	463	27	5	5	NUM
cblr-1702	463	28	,	,	PUNCT
cblr-1702	463	29	at	at	ADP
cblr-1702	463	30	14	14	NUM
cblr-1702	463	31	.	.	NOUN
cblr-1702	464	1	148	148	NUM
cblr-1702	464	2	see	see	VERB
cblr-1702	464	3	jentzsch	jentzsch	NOUN
cblr-1702	464	4	,	,	PUNCT
cblr-1702	464	5	supra	supra	PROPN
cblr-1702	464	6	note	note	NOUN
cblr-1702	464	7	51	51	NUM
cblr-1702	464	8	.	.	PUNCT
cblr-1702	465	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	465	2	650	650	NUM
cblr-1702	465	3	columbia	columbia	PROPN
cblr-1702	465	4	business	business	NOUN
cblr-1702	465	5	law	law	PROPN
cblr-1702	465	6	review	review	NOUN
cblr-1702	465	7	[	[	X
cblr-1702	465	8	vol	vol	NOUN
cblr-1702	465	9	.	.	PUNCT
cblr-1702	465	10	2018	2018	NUM
cblr-1702	465	11	makes	make	VERB
cblr-1702	465	12	the	the	DET
cblr-1702	465	13	voting	voting	NOUN
cblr-1702	465	14	-	-	PUNCT
cblr-1702	465	15	right	right	NOUN
cblr-1702	465	16	safeguards	safeguard	NOUN
cblr-1702	465	17	and	and	CCONJ
cblr-1702	465	18	meaningful	meaningful	ADJ
cblr-1702	465	19	control	control	NOUN
cblr-1702	465	20	ineffective	ineffective	ADJ
cblr-1702	465	21	in	in	ADP
cblr-1702	465	22	reality.149	reality.149	NOUN
cblr-1702	465	23	this	this	PRON
cblr-1702	465	24	understates	understate	VERB
cblr-1702	465	25	the	the	DET
cblr-1702	465	26	internet	internet	NOUN
cblr-1702	465	27	’s	’s	PART
cblr-1702	465	28	contributions	contribution	NOUN
cblr-1702	465	29	to	to	ADP
cblr-1702	465	30	communications	communication	NOUN
cblr-1702	465	31	.	.	PUNCT
cblr-1702	466	1	first	first	ADV
cblr-1702	466	2	,	,	PUNCT
cblr-1702	466	3	slock.it	slock.it	PRON
cblr-1702	466	4	hosts	host	VERB
cblr-1702	466	5	an	an	DET
cblr-1702	466	6	online	online	ADJ
cblr-1702	466	7	forum	forum	NOUN
cblr-1702	466	8	where	where	SCONJ
cblr-1702	466	9	pitches	pitch	NOUN
cblr-1702	466	10	can	can	AUX
cblr-1702	466	11	be	be	AUX
cblr-1702	466	12	openly	openly	ADV
cblr-1702	466	13	debated	debate	VERB
cblr-1702	466	14	and	and	CCONJ
cblr-1702	466	15	discussed	discuss	VERB
cblr-1702	466	16	by	by	ADP
cblr-1702	466	17	all	all	DET
cblr-1702	466	18	token	token	ADJ
cblr-1702	466	19	holders	holder	NOUN
cblr-1702	466	20	and	and	CCONJ
cblr-1702	466	21	the	the	DET
cblr-1702	466	22	public	public	NOUN
cblr-1702	466	23	in	in	ADP
cblr-1702	466	24	general	general	ADJ
cblr-1702	466	25	(	(	PUNCT
cblr-1702	466	26	like	like	ADP
cblr-1702	466	27	a	a	DET
cblr-1702	466	28	true	true	ADJ
cblr-1702	466	29	democracy	democracy	NOUN
cblr-1702	466	30	)	)	PUNCT
cblr-1702	466	31	.	.	PUNCT
cblr-1702	467	1	there	there	PRON
cblr-1702	467	2	is	be	VERB
cblr-1702	467	3	no	no	DET
cblr-1702	467	4	evidence	evidence	NOUN
cblr-1702	467	5	that	that	SCONJ
cblr-1702	467	6	this	this	DET
cblr-1702	467	7	forum	forum	NOUN
cblr-1702	467	8	is	be	AUX
cblr-1702	467	9	censored	censor	VERB
cblr-1702	467	10	or	or	CCONJ
cblr-1702	467	11	that	that	SCONJ
cblr-1702	467	12	minority	minority	NOUN
cblr-1702	467	13	shareholders	shareholder	NOUN
cblr-1702	467	14	would	would	AUX
cblr-1702	467	15	be	be	AUX
cblr-1702	467	16	unable	unable	ADJ
cblr-1702	467	17	to	to	PART
cblr-1702	467	18	utilize	utilize	VERB
cblr-1702	467	19	this	this	DET
cblr-1702	467	20	forum	forum	NOUN
cblr-1702	467	21	to	to	PART
cblr-1702	467	22	organize	organize	VERB
cblr-1702	467	23	a	a	DET
cblr-1702	467	24	voting	voting	NOUN
cblr-1702	467	25	block	block	NOUN
cblr-1702	467	26	necessary	necessary	ADJ
cblr-1702	467	27	to	to	PART
cblr-1702	467	28	spinoff	spinoff	VERB
cblr-1702	467	29	a	a	DET
cblr-1702	467	30	dao.150	dao.150	NOUN
cblr-1702	467	31	it	it	PRON
cblr-1702	467	32	is	be	AUX
cblr-1702	467	33	difficult	difficult	ADJ
cblr-1702	467	34	to	to	PART
cblr-1702	467	35	discern	discern	VERB
cblr-1702	467	36	why	why	SCONJ
cblr-1702	467	37	pseudonymity	pseudonymity	NOUN
cblr-1702	467	38	necessarily	necessarily	ADV
cblr-1702	467	39	weighs	weigh	VERB
cblr-1702	467	40	against	against	ADP
cblr-1702	467	41	organizing	organize	VERB
cblr-1702	467	42	a	a	DET
cblr-1702	467	43	voting	voting	NOUN
cblr-1702	467	44	bloc	bloc	NOUN
cblr-1702	467	45	,	,	PUNCT
cblr-1702	467	46	since	since	SCONJ
cblr-1702	467	47	the	the	DET
cblr-1702	467	48	forum	forum	NOUN
cblr-1702	467	49	and	and	CCONJ
cblr-1702	467	50	token	token	PROPN
cblr-1702	467	51	blockchain	blockchain	PROPN
cblr-1702	467	52	connects	connect	VERB
cblr-1702	467	53	the	the	DET
cblr-1702	467	54	token	token	ADJ
cblr-1702	467	55	holders	holder	NOUN
cblr-1702	467	56	.	.	PUNCT
cblr-1702	468	1	the	the	DET
cblr-1702	468	2	investors	investor	NOUN
cblr-1702	468	3	purchasing	purchase	VERB
cblr-1702	468	4	ico	ico	PROPN
cblr-1702	468	5	tokens	token	NOUN
cblr-1702	468	6	are	be	AUX
cblr-1702	468	7	going	go	VERB
cblr-1702	468	8	through	through	ADP
cblr-1702	468	9	bitcoin	bitcoin	NOUN
cblr-1702	468	10	and	and	CCONJ
cblr-1702	468	11	then	then	ADV
cblr-1702	468	12	ethereum	ethereum	NOUN
cblr-1702	468	13	—	—	PUNCT
cblr-1702	468	14	they	they	PRON
cblr-1702	468	15	must	must	AUX
cblr-1702	468	16	be	be	AUX
cblr-1702	468	17	technologically	technologically	ADV
cblr-1702	468	18	savvy	savvy	ADJ
cblr-1702	468	19	.	.	PUNCT
cblr-1702	469	1	while	while	SCONJ
cblr-1702	469	2	pseudonymity	pseudonymity	NOUN
cblr-1702	469	3	might	might	AUX
cblr-1702	469	4	block	block	VERB
cblr-1702	469	5	names	name	NOUN
cblr-1702	469	6	and	and	CCONJ
cblr-1702	469	7	addresses	address	NOUN
cblr-1702	469	8	,	,	PUNCT
cblr-1702	469	9	those	those	PRON
cblr-1702	469	10	are	be	AUX
cblr-1702	469	11	not	not	PART
cblr-1702	469	12	necessary	necessary	ADJ
cblr-1702	469	13	to	to	PART
cblr-1702	469	14	communicate	communicate	VERB
cblr-1702	469	15	online	online	ADV
cblr-1702	469	16	.	.	PUNCT
cblr-1702	470	1	avatars	avatar	NOUN
cblr-1702	470	2	and	and	CCONJ
cblr-1702	470	3	online	online	ADJ
cblr-1702	470	4	addresses	address	NOUN
cblr-1702	470	5	allow	allow	VERB
cblr-1702	470	6	information	information	NOUN
cblr-1702	470	7	to	to	PART
cblr-1702	470	8	be	be	AUX
cblr-1702	470	9	shared	share	VERB
cblr-1702	470	10	just	just	ADV
cblr-1702	470	11	as	as	ADV
cblr-1702	470	12	easily	easily	ADV
cblr-1702	470	13	,	,	PUNCT
cblr-1702	470	14	and	and	CCONJ
cblr-1702	470	15	credibility	credibility	NOUN
cblr-1702	470	16	can	can	AUX
cblr-1702	470	17	be	be	AUX
cblr-1702	470	18	assessed	assess	VERB
cblr-1702	470	19	by	by	ADP
cblr-1702	470	20	track	track	NOUN
cblr-1702	470	21	record	record	NOUN
cblr-1702	470	22	of	of	ADP
cblr-1702	470	23	the	the	DET
cblr-1702	470	24	avatar	avatar	NOUN
cblr-1702	470	25	just	just	ADV
cblr-1702	470	26	as	as	SCONJ
cblr-1702	470	27	credibility	credibility	NOUN
cblr-1702	470	28	is	be	AUX
cblr-1702	470	29	assessed	assess	VERB
cblr-1702	470	30	by	by	ADP
cblr-1702	470	31	the	the	DET
cblr-1702	470	32	background	background	NOUN
cblr-1702	470	33	of	of	ADP
cblr-1702	470	34	a	a	DET
cblr-1702	470	35	named	name	VERB
cblr-1702	470	36	person	person	NOUN
cblr-1702	470	37	.	.	PUNCT
cblr-1702	471	1	dispersion	dispersion	NOUN
cblr-1702	471	2	,	,	PUNCT
cblr-1702	471	3	diversity	diversity	NOUN
cblr-1702	471	4	,	,	PUNCT
cblr-1702	471	5	decentralization	decentralization	NOUN
cblr-1702	471	6	,	,	PUNCT
cblr-1702	471	7	and	and	CCONJ
cblr-1702	471	8	even	even	ADV
cblr-1702	471	9	pseudonymity	pseudonymity	NOUN
cblr-1702	471	10	are	be	AUX
cblr-1702	471	11	factors	factor	NOUN
cblr-1702	471	12	that	that	SCONJ
cblr-1702	471	13	,	,	PUNCT
cblr-1702	471	14	online	online	INTJ
cblr-1702	471	15	,	,	PUNCT
cblr-1702	471	16	have	have	AUX
cblr-1702	471	17	the	the	DET
cblr-1702	471	18	potential	potential	NOUN
cblr-1702	471	19	to	to	PART
cblr-1702	471	20	contribute	contribute	VERB
cblr-1702	471	21	to	to	ADP
cblr-1702	471	22	a	a	DET
cblr-1702	471	23	democratic	democratic	ADJ
cblr-1702	471	24	business	business	NOUN
cblr-1702	471	25	model	model	NOUN
cblr-1702	471	26	.	.	PUNCT
cblr-1702	472	1	they	they	PRON
cblr-1702	472	2	should	should	AUX
cblr-1702	472	3	not	not	PART
cblr-1702	472	4	be	be	AUX
cblr-1702	472	5	evaluated	evaluate	VERB
cblr-1702	472	6	as	as	ADP
cblr-1702	472	7	presumptively	presumptively	ADV
cblr-1702	472	8	bad	bad	ADJ
cblr-1702	472	9	for	for	ADP
cblr-1702	472	10	voting	vote	VERB
cblr-1702	472	11	power	power	NOUN
cblr-1702	472	12	as	as	SCONJ
cblr-1702	472	13	they	they	PRON
cblr-1702	472	14	would	would	AUX
cblr-1702	472	15	be	be	AUX
cblr-1702	472	16	under	under	ADP
cblr-1702	472	17	more	more	ADJ
cblr-1702	472	18	archaic	archaic	ADJ
cblr-1702	472	19	schemes	scheme	NOUN
cblr-1702	472	20	.	.	PUNCT
cblr-1702	473	1	3	3	X
cblr-1702	473	2	.	.	X
cblr-1702	473	3	the	the	DET
cblr-1702	473	4	token	token	ADJ
cblr-1702	473	5	holders	holder	NOUN
cblr-1702	473	6	have	have	VERB
cblr-1702	473	7	meaningful	meaningful	ADJ
cblr-1702	473	8	control	control	NOUN
cblr-1702	473	9	under	under	ADP
cblr-1702	473	10	tucker	tucker	PROPN
cblr-1702	473	11	,	,	PUNCT
cblr-1702	473	12	it	it	PRON
cblr-1702	473	13	is	be	AUX
cblr-1702	473	14	highly	highly	ADV
cblr-1702	473	15	possible	possible	ADJ
cblr-1702	473	16	with	with	ADP
cblr-1702	473	17	these	these	DET
cblr-1702	473	18	facts	fact	NOUN
cblr-1702	473	19	that	that	SCONJ
cblr-1702	473	20	the	the	DET
cblr-1702	473	21	dao	dao	NOUN
cblr-1702	473	22	token	token	VERB
cblr-1702	473	23	is	be	AUX
cblr-1702	473	24	not	not	PART
cblr-1702	473	25	an	an	DET
cblr-1702	473	26	investment	investment	NOUN
cblr-1702	473	27	contract	contract	NOUN
cblr-1702	473	28	because	because	SCONJ
cblr-1702	473	29	it	it	PRON
cblr-1702	473	30	allows	allow	VERB
cblr-1702	473	31	token	token	ADJ
cblr-1702	473	32	holders	holder	NOUN
cblr-1702	473	33	to	to	PART
cblr-1702	473	34	exercise	exercise	VERB
cblr-1702	473	35	meaningful	meaningful	ADJ
cblr-1702	473	36	control	control	NOUN
cblr-1702	473	37	over	over	ADP
cblr-1702	473	38	their	their	PRON
cblr-1702	473	39	investment.151	investment.151	NOUN
cblr-1702	473	40	the	the	DET
cblr-1702	473	41	rights	right	NOUN
cblr-1702	473	42	conferred	confer	VERB
cblr-1702	473	43	on	on	ADP
cblr-1702	473	44	the	the	DET
cblr-1702	473	45	token	token	ADJ
cblr-1702	473	46	holders	holder	NOUN
cblr-1702	473	47	,	,	PUNCT
cblr-1702	473	48	because	because	SCONJ
cblr-1702	473	49	they	they	PRON
cblr-1702	473	50	are	be	AUX
cblr-1702	473	51	more	more	ADJ
cblr-1702	473	52	than	than	ADP
cblr-1702	473	53	merely	merely	ADV
cblr-1702	473	54	perfunctory	perfunctory	ADJ
cblr-1702	473	55	voting	voting	NOUN
cblr-1702	473	56	rights	right	NOUN
cblr-1702	473	57	,	,	PUNCT
cblr-1702	473	58	distribute	distribute	VERB
cblr-1702	473	59	more	more	ADJ
cblr-1702	473	60	power	power	NOUN
cblr-1702	473	61	than	than	ADP
cblr-1702	473	62	a	a	DET
cblr-1702	473	63	limited	limited	ADJ
cblr-1702	473	64	partnership	partnership	NOUN
cblr-1702	473	65	does.152	does.152	PROPN
cblr-1702	473	66	since	since	SCONJ
cblr-1702	473	67	the	the	DET
cblr-1702	473	68	token	token	ADJ
cblr-1702	473	69	holders	holder	NOUN
cblr-1702	473	70	are	be	AUX
cblr-1702	473	71	the	the	DET
cblr-1702	473	72	ones	one	NOUN
cblr-1702	473	73	who	who	PRON
cblr-1702	473	74	will	will	AUX
cblr-1702	473	75	necessarily	necessarily	ADV
cblr-1702	473	76	be	be	AUX
cblr-1702	473	77	149	149	NUM
cblr-1702	473	78	the	the	DET
cblr-1702	473	79	dao	dao	NOUN
cblr-1702	473	80	report	report	NOUN
cblr-1702	473	81	,	,	PUNCT
cblr-1702	473	82	supra	supra	PROPN
cblr-1702	473	83	note	note	NOUN
cblr-1702	473	84	5	5	NUM
cblr-1702	473	85	,	,	PUNCT
cblr-1702	473	86	at	at	ADP
cblr-1702	473	87	14	14	NUM
cblr-1702	473	88	.	.	PUNCT
cblr-1702	473	89	150	150	NUM
cblr-1702	474	1	the	the	DET
cblr-1702	474	2	sec	sec	PROPN
cblr-1702	474	3	says	say	VERB
cblr-1702	474	4	this	this	PRON
cblr-1702	474	5	“	"	PUNCT
cblr-1702	474	6	potentially	potentially	ADV
cblr-1702	474	7	”	"	PUNCT
cblr-1702	474	8	makes	make	VERB
cblr-1702	474	9	it	it	PRON
cblr-1702	474	10	difficult	difficult	ADJ
cblr-1702	474	11	to	to	PART
cblr-1702	474	12	do	do	VERB
cblr-1702	474	13	so	so	ADV
cblr-1702	474	14	.	.	PUNCT
cblr-1702	475	1	but	but	CCONJ
cblr-1702	475	2	it	it	PRON
cblr-1702	475	3	is	be	AUX
cblr-1702	475	4	unclear	unclear	ADJ
cblr-1702	475	5	why	why	SCONJ
cblr-1702	475	6	,	,	PUNCT
cblr-1702	475	7	with	with	ADP
cblr-1702	475	8	the	the	DET
cblr-1702	475	9	internet	internet	NOUN
cblr-1702	475	10	savvy	savvy	NOUN
cblr-1702	475	11	of	of	ADP
cblr-1702	475	12	ico	ico	PROPN
cblr-1702	475	13	investors	investor	NOUN
cblr-1702	475	14	,	,	PUNCT
cblr-1702	475	15	organizing	organize	VERB
cblr-1702	475	16	a	a	DET
cblr-1702	475	17	community	community	NOUN
cblr-1702	475	18	online	online	ADV
cblr-1702	475	19	would	would	AUX
cblr-1702	475	20	be	be	AUX
cblr-1702	475	21	unrealistic	unrealistic	ADJ
cblr-1702	475	22	.	.	PUNCT
cblr-1702	476	1	i	i	PRON
cblr-1702	476	2	d.	d.	PROPN
cblr-1702	476	3	at	at	ADP
cblr-1702	476	4	14	14	NUM
cblr-1702	476	5	.	.	PUNCT
cblr-1702	477	1	151	151	NUM
cblr-1702	477	2	see	see	VERB
cblr-1702	477	3	williamson	williamson	PROPN
cblr-1702	477	4	v.	v.	ADP
cblr-1702	477	5	tucker	tucker	PROPN
cblr-1702	477	6	,	,	PUNCT
cblr-1702	477	7	645	645	NUM
cblr-1702	477	8	f.2d	f.2d	ADP
cblr-1702	477	9	404	404	NUM
cblr-1702	477	10	,	,	PUNCT
cblr-1702	477	11	424	424	NUM
cblr-1702	477	12	(	(	PUNCT
cblr-1702	477	13	5th	5th	ADJ
cblr-1702	477	14	cir	cir	NOUN
cblr-1702	477	15	.	.	PUNCT
cblr-1702	477	16	1981	1981	NUM
cblr-1702	477	17	)	)	PUNCT
cblr-1702	477	18	.	.	PUNCT
cblr-1702	478	1	152	152	NUM
cblr-1702	479	1	i	i	PRON
cblr-1702	479	2	d.	d.	PROPN
cblr-1702	479	3	(	(	PUNCT
cblr-1702	479	4	satisfying	satisfy	VERB
cblr-1702	479	5	the	the	DET
cblr-1702	479	6	first	first	ADJ
cblr-1702	479	7	condition	condition	NOUN
cblr-1702	479	8	)	)	PUNCT
cblr-1702	479	9	.	.	PUNCT
cblr-1702	480	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	480	2	no	no	NOUN
cblr-1702	480	3	.	.	PUNCT
cblr-1702	481	1	2:617	2:617	NUM
cblr-1702	481	2	]	]	X
cblr-1702	481	3	ico	ico	PROPN
cblr-1702	481	4	’s	’s	PART
cblr-1702	481	5	,	,	PUNCT
cblr-1702	481	6	dao	dao	VERB
cblr-1702	481	7	’s	’s	ADV
cblr-1702	481	8	,	,	PUNCT
cblr-1702	481	9	and	and	CCONJ
cblr-1702	481	10	the	the	DET
cblr-1702	481	11	sec	sec	PROPN
cblr-1702	481	12	651	651	NUM
cblr-1702	481	13	the	the	DET
cblr-1702	481	14	smart	smart	ADJ
cblr-1702	481	15	contract	contract	NOUN
cblr-1702	481	16	coders	coder	NOUN
cblr-1702	481	17	,	,	PUNCT
cblr-1702	481	18	the	the	DET
cblr-1702	481	19	knowledge	knowledge	NOUN
cblr-1702	481	20	and	and	CCONJ
cblr-1702	481	21	experience	experience	NOUN
cblr-1702	481	22	of	of	ADP
cblr-1702	481	23	token	token	ADJ
cblr-1702	481	24	holders	holder	NOUN
cblr-1702	481	25	are	be	AUX
cblr-1702	481	26	essential	essential	ADJ
cblr-1702	481	27	to	to	ADP
cblr-1702	481	28	the	the	DET
cblr-1702	481	29	enterprise.153	enterprise.153	NOUN
cblr-1702	481	30	finally	finally	ADV
cblr-1702	481	31	,	,	PUNCT
cblr-1702	481	32	the	the	DET
cblr-1702	481	33	token	token	ADJ
cblr-1702	481	34	holders	holder	NOUN
cblr-1702	481	35	are	be	AUX
cblr-1702	481	36	not	not	PART
cblr-1702	481	37	dependent	dependent	ADJ
cblr-1702	481	38	on	on	ADP
cblr-1702	481	39	the	the	DET
cblr-1702	481	40	entrepreneurial	entrepreneurial	ADJ
cblr-1702	481	41	efforts	effort	NOUN
cblr-1702	481	42	of	of	ADP
cblr-1702	481	43	any	any	DET
cblr-1702	481	44	centralized	centralized	ADJ
cblr-1702	481	45	management.154	management.154	NOUN
cblr-1702	481	46	the	the	DET
cblr-1702	481	47	token	token	ADJ
cblr-1702	481	48	holders	holder	NOUN
cblr-1702	481	49	may	may	AUX
cblr-1702	481	50	one	one	NUM
cblr-1702	481	51	day	day	NOUN
cblr-1702	481	52	replace	replace	VERB
cblr-1702	481	53	even	even	ADV
cblr-1702	481	54	the	the	DET
cblr-1702	481	55	need	need	NOUN
cblr-1702	481	56	for	for	ADP
cblr-1702	481	57	curators	curator	NOUN
cblr-1702	481	58	with	with	ADP
cblr-1702	481	59	their	their	PRON
cblr-1702	481	60	own	own	ADJ
cblr-1702	481	61	code.155	code.155	NOUN
cblr-1702	481	62	by	by	ADP
cblr-1702	481	63	passing	pass	VERB
cblr-1702	481	64	the	the	DET
cblr-1702	481	65	three	three	NUM
cblr-1702	481	66	tucker	tucker	PROPN
cblr-1702	481	67	conditions	condition	NOUN
cblr-1702	481	68	on	on	ADP
cblr-1702	481	69	joint	joint	ADJ
cblr-1702	481	70	ventures	venture	NOUN
cblr-1702	481	71	or	or	CCONJ
cblr-1702	481	72	partnerships	partnership	NOUN
cblr-1702	481	73	,	,	PUNCT
cblr-1702	481	74	the	the	DET
cblr-1702	481	75	dao	dao	NOUN
cblr-1702	481	76	fails	fail	VERB
cblr-1702	481	77	the	the	DET
cblr-1702	481	78	managerial	managerial	ADJ
cblr-1702	481	79	efforts	effort	NOUN
cblr-1702	481	80	factor	factor	NOUN
cblr-1702	481	81	of	of	ADP
cblr-1702	481	82	the	the	DET
cblr-1702	481	83	howey	howey	PROPN
cblr-1702	481	84	test	test	NOUN
cblr-1702	481	85	,	,	PUNCT
cblr-1702	481	86	and	and	CCONJ
cblr-1702	481	87	therefore	therefore	ADV
cblr-1702	481	88	,	,	PUNCT
cblr-1702	481	89	is	be	AUX
cblr-1702	481	90	arguably	arguably	ADV
cblr-1702	481	91	not	not	PART
cblr-1702	481	92	a	a	DET
cblr-1702	481	93	security.156	security.156	NOUN
cblr-1702	481	94	iv	iv	NOUN
cblr-1702	481	95	.	.	PUNCT
cblr-1702	482	1	the	the	DET
cblr-1702	482	2	decentralized	decentralize	VERB
cblr-1702	482	3	partnership	partnership	NOUN
cblr-1702	482	4	form	form	NOUN
cblr-1702	482	5	as	as	ADP
cblr-1702	482	6	a	a	DET
cblr-1702	482	7	solution	solution	NOUN
cblr-1702	482	8	there	there	PRON
cblr-1702	482	9	may	may	AUX
cblr-1702	482	10	be	be	AUX
cblr-1702	482	11	a	a	DET
cblr-1702	482	12	localized	localized	ADJ
cblr-1702	482	13	solution	solution	NOUN
cblr-1702	482	14	to	to	ADP
cblr-1702	482	15	the	the	DET
cblr-1702	482	16	risks	risk	NOUN
cblr-1702	482	17	of	of	ADP
cblr-1702	482	18	fraud	fraud	NOUN
cblr-1702	482	19	and	and	CCONJ
cblr-1702	482	20	failure	failure	NOUN
cblr-1702	482	21	in	in	ADP
cblr-1702	482	22	ico	ico	PROPN
cblr-1702	482	23	fundraising	fundraise	VERB
cblr-1702	482	24	:	:	PUNCT
cblr-1702	482	25	partnership	partnership	NOUN
cblr-1702	482	26	law	law	NOUN
cblr-1702	482	27	.	.	PUNCT
cblr-1702	483	1	under	under	ADP
cblr-1702	483	2	the	the	DET
cblr-1702	483	3	uniform	uniform	PROPN
cblr-1702	483	4	partnership	partnership	PROPN
cblr-1702	483	5	act	act	PROPN
cblr-1702	483	6	§	§	PROPN
cblr-1702	483	7	202	202	NUM
cblr-1702	483	8	,	,	PUNCT
cblr-1702	483	9	the	the	DET
cblr-1702	483	10	dao	dao	NOUN
cblr-1702	483	11	could	could	AUX
cblr-1702	483	12	be	be	AUX
cblr-1702	483	13	considered	consider	VERB
cblr-1702	483	14	a	a	DET
cblr-1702	483	15	partnership.157	partnership.157	NOUN
cblr-1702	483	16	investors	investor	NOUN
cblr-1702	483	17	have	have	AUX
cblr-1702	483	18	bought	buy	VERB
cblr-1702	483	19	membership	membership	NOUN
cblr-1702	483	20	in	in	ADP
cblr-1702	483	21	the	the	DET
cblr-1702	483	22	dao	dao	NOUN
cblr-1702	483	23	—	—	PUNCT
cblr-1702	483	24	the	the	DET
cblr-1702	483	25	rights	right	NOUN
cblr-1702	483	26	to	to	ADP
cblr-1702	483	27	the	the	DET
cblr-1702	483	28	dao	dao	PROPN
cblr-1702	483	29	code	code	PROPN
cblr-1702	483	30	—	—	PUNCT
cblr-1702	483	31	in	in	ADP
cblr-1702	483	32	the	the	DET
cblr-1702	483	33	interest	interest	NOUN
cblr-1702	483	34	of	of	ADP
cblr-1702	483	35	sharing	share	VERB
cblr-1702	483	36	control	control	NOUN
cblr-1702	483	37	and	and	CCONJ
cblr-1702	483	38	profit	profit	NOUN
cblr-1702	483	39	.	.	PUNCT
cblr-1702	484	1	recognizing	recognize	VERB
cblr-1702	484	2	a	a	DET
cblr-1702	484	3	decentralized	decentralized	ADJ
cblr-1702	484	4	partnership	partnership	NOUN
cblr-1702	484	5	form	form	NOUN
cblr-1702	484	6	in	in	ADP
cblr-1702	484	7	which	which	PRON
cblr-1702	484	8	a	a	DET
cblr-1702	484	9	large	large	ADJ
cblr-1702	484	10	number	number	NOUN
cblr-1702	484	11	of	of	ADP
cblr-1702	484	12	partners	partner	NOUN
cblr-1702	484	13	can	can	AUX
cblr-1702	484	14	be	be	AUX
cblr-1702	484	15	widely	widely	ADV
cblr-1702	484	16	dispersed	disperse	VERB
cblr-1702	484	17	and	and	CCONJ
cblr-1702	484	18	yet	yet	ADV
cblr-1702	484	19	share	share	VERB
cblr-1702	484	20	meaningful	meaningful	ADJ
cblr-1702	484	21	control	control	NOUN
cblr-1702	484	22	—	—	PUNCT
cblr-1702	484	23	and	and	CCONJ
cblr-1702	484	24	liability	liability	NOUN
cblr-1702	484	25	—	—	PUNCT
cblr-1702	484	26	is	be	AUX
cblr-1702	484	27	a	a	DET
cblr-1702	484	28	natural	natural	ADJ
cblr-1702	484	29	evolution	evolution	NOUN
cblr-1702	484	30	of	of	ADP
cblr-1702	484	31	law	law	NOUN
cblr-1702	484	32	driven	drive	VERB
cblr-1702	484	33	by	by	ADP
cblr-1702	484	34	technology	technology	NOUN
cblr-1702	484	35	.	.	PUNCT
cblr-1702	485	1	there	there	PRON
cblr-1702	485	2	is	be	VERB
cblr-1702	485	3	no	no	DET
cblr-1702	485	4	limit	limit	NOUN
cblr-1702	485	5	on	on	ADP
cblr-1702	485	6	the	the	DET
cblr-1702	485	7	number	number	NOUN
cblr-1702	485	8	of	of	ADP
cblr-1702	485	9	partners	partner	NOUN
cblr-1702	485	10	that	that	PRON
cblr-1702	485	11	can	can	AUX
cblr-1702	485	12	create	create	VERB
cblr-1702	485	13	a	a	DET
cblr-1702	485	14	general	general	ADJ
cblr-1702	485	15	partnership.158	partnership.158	NOUN
cblr-1702	485	16	by	by	ADP
cblr-1702	485	17	telling	tell	VERB
cblr-1702	485	18	token	token	ADJ
cblr-1702	485	19	holders	holder	NOUN
cblr-1702	485	20	that	that	SCONJ
cblr-1702	485	21	they	they	PRON
cblr-1702	485	22	are	be	AUX
cblr-1702	485	23	partners	partner	NOUN
cblr-1702	485	24	,	,	PUNCT
cblr-1702	485	25	rather	rather	ADV
cblr-1702	485	26	than	than	ADP
cblr-1702	485	27	securities	security	NOUN
cblr-1702	485	28	investors	investor	NOUN
cblr-1702	485	29	,	,	PUNCT
cblr-1702	485	30	a	a	DET
cblr-1702	485	31	better	well	ADJ
cblr-1702	485	32	signal	signal	NOUN
cblr-1702	485	33	is	be	AUX
cblr-1702	485	34	sent	send	VERB
cblr-1702	485	35	to	to	ADP
cblr-1702	485	36	the	the	DET
cblr-1702	485	37	developing	develop	VERB
cblr-1702	485	38	dao	dao	NOUN
cblr-1702	485	39	economy	economy	NOUN
cblr-1702	485	40	:	:	PUNCT
cblr-1702	485	41	when	when	SCONJ
cblr-1702	485	42	a	a	DET
cblr-1702	485	43	company	company	NOUN
cblr-1702	485	44	is	be	AUX
cblr-1702	485	45	decentralized	decentralize	VERB
cblr-1702	485	46	,	,	PUNCT
cblr-1702	485	47	everyone	everyone	PRON
cblr-1702	485	48	is	be	AUX
cblr-1702	485	49	responsible	responsible	ADJ
cblr-1702	485	50	for	for	ADP
cblr-1702	485	51	each	each	DET
cblr-1702	485	52	other	other	ADJ
cblr-1702	485	53	.	.	PUNCT
cblr-1702	486	1	153	153	NUM
cblr-1702	486	2	i	i	PROPN
cblr-1702	486	3	d.	d.	PROPN
cblr-1702	486	4	(	(	PUNCT
cblr-1702	486	5	satisfying	satisfy	VERB
cblr-1702	486	6	the	the	DET
cblr-1702	486	7	second	second	ADJ
cblr-1702	486	8	condition	condition	NOUN
cblr-1702	486	9	)	)	PUNCT
cblr-1702	486	10	.	.	PUNCT
cblr-1702	487	1	154	154	NUM
cblr-1702	487	2	i	i	PROPN
cblr-1702	487	3	d.	d.	PROPN
cblr-1702	487	4	(	(	PUNCT
cblr-1702	487	5	satisfying	satisfy	VERB
cblr-1702	487	6	the	the	DET
cblr-1702	487	7	third	third	ADJ
cblr-1702	487	8	condition	condition	NOUN
cblr-1702	487	9	)	)	PUNCT
cblr-1702	487	10	.	.	PUNCT
cblr-1702	488	1	155	155	NUM
cblr-1702	488	2	quentson	quentson	NOUN
cblr-1702	488	3	,	,	PUNCT
cblr-1702	488	4	supra	supra	PROPN
cblr-1702	488	5	note	note	NOUN
cblr-1702	488	6	106	106	NUM
cblr-1702	488	7	.	.	PUNCT
cblr-1702	488	8	156	156	NUM
cblr-1702	488	9	see	see	VERB
cblr-1702	488	10	united	united	PROPN
cblr-1702	488	11	states	states	PROPN
cblr-1702	488	12	v.	v.	ADP
cblr-1702	488	13	leonard	leonard	PROPN
cblr-1702	488	14	,	,	PUNCT
cblr-1702	488	15	529	529	NUM
cblr-1702	488	16	f.3d	f.3d	NUM
cblr-1702	488	17	83	83	NUM
cblr-1702	488	18	(	(	PUNCT
cblr-1702	488	19	2d	2d	NUM
cblr-1702	488	20	cir	cir	NOUN
cblr-1702	488	21	.	.	PROPN
cblr-1702	488	22	2008	2008	NUM
cblr-1702	488	23	)	)	PUNCT
cblr-1702	488	24	,	,	PUNCT
cblr-1702	488	25	for	for	ADP
cblr-1702	488	26	an	an	DET
cblr-1702	488	27	application	application	NOUN
cblr-1702	488	28	of	of	ADP
cblr-1702	488	29	tucker	tucker	PROPN
cblr-1702	488	30	to	to	ADP
cblr-1702	488	31	modern	modern	ADJ
cblr-1702	488	32	and	and	CCONJ
cblr-1702	488	33	novel	novel	ADJ
cblr-1702	488	34	business	business	NOUN
cblr-1702	488	35	forms	form	NOUN
cblr-1702	488	36	beyond	beyond	ADP
cblr-1702	488	37	simple	simple	ADJ
cblr-1702	488	38	partnerships	partnership	NOUN
cblr-1702	488	39	or	or	CCONJ
cblr-1702	488	40	joint	joint	ADJ
cblr-1702	488	41	ventures	venture	NOUN
cblr-1702	488	42	.	.	PUNCT
cblr-1702	489	1	157	157	NUM
cblr-1702	489	2	unif	unif	ADJ
cblr-1702	489	3	.	.	PUNCT
cblr-1702	490	1	partnership	partnership	PROPN
cblr-1702	490	2	act	act	PROPN
cblr-1702	490	3	§	§	PROPN
cblr-1702	490	4	202	202	NUM
cblr-1702	490	5	(	(	PUNCT
cblr-1702	490	6	nat’l	nat’l	NUM
cblr-1702	490	7	conference	conference	NOUN
cblr-1702	490	8	of	of	ADP
cblr-1702	490	9	comm’rs	comm’rs	PROPN
cblr-1702	490	10	on	on	ADP
cblr-1702	490	11	unif	unif	ADJ
cblr-1702	490	12	state	state	NOUN
cblr-1702	490	13	laws	law	NOUN
cblr-1702	490	14	1997	1997	NUM
cblr-1702	490	15	)	)	PUNCT
cblr-1702	490	16	(	(	PUNCT
cblr-1702	490	17	amended	amend	VERB
cblr-1702	490	18	2013	2013	NUM
cblr-1702	490	19	)	)	PUNCT
cblr-1702	490	20	.	.	PUNCT
cblr-1702	491	1	158	158	NUM
cblr-1702	492	1	i	i	PRON
cblr-1702	492	2	d.	d.	PROPN
cblr-1702	492	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	492	4	652	652	NUM
cblr-1702	492	5	columbia	columbia	PROPN
cblr-1702	492	6	business	business	NOUN
cblr-1702	492	7	law	law	PROPN
cblr-1702	492	8	review	review	NOUN
cblr-1702	493	1	[	[	X
cblr-1702	493	2	vol	vol	NOUN
cblr-1702	493	3	.	.	PUNCT
cblr-1702	493	4	2018	2018	NUM
cblr-1702	493	5	a.	a.	NOUN
cblr-1702	493	6	the	the	DET
cblr-1702	493	7	features	feature	NOUN
cblr-1702	493	8	of	of	ADP
cblr-1702	493	9	a	a	DET
cblr-1702	493	10	decentralized	decentralized	ADJ
cblr-1702	493	11	partnership	partnership	NOUN
cblr-1702	493	12	a	a	DET
cblr-1702	493	13	decentralized	decentralize	VERB
cblr-1702	493	14	partnership	partnership	NOUN
cblr-1702	493	15	pitches	pitch	VERB
cblr-1702	493	16	a	a	DET
cblr-1702	493	17	partnership	partnership	NOUN
cblr-1702	493	18	agreement	agreement	NOUN
cblr-1702	493	19	to	to	ADP
cblr-1702	493	20	the	the	DET
cblr-1702	493	21	public	public	NOUN
cblr-1702	493	22	digitally	digitally	ADV
cblr-1702	493	23	and	and	CCONJ
cblr-1702	493	24	disperses	disperse	VERB
cblr-1702	493	25	it	it	PRON
cblr-1702	493	26	geographically	geographically	ADV
cblr-1702	493	27	,	,	PUNCT
cblr-1702	493	28	yet	yet	ADV
cblr-1702	493	29	garners	garner	VERB
cblr-1702	493	30	a	a	DET
cblr-1702	493	31	legal	legal	ADJ
cblr-1702	493	32	status	status	NOUN
cblr-1702	493	33	similar	similar	ADJ
cblr-1702	493	34	to	to	ADP
cblr-1702	493	35	that	that	PRON
cblr-1702	493	36	of	of	ADP
cblr-1702	493	37	a	a	DET
cblr-1702	493	38	general	general	ADJ
cblr-1702	493	39	partnership	partnership	NOUN
cblr-1702	493	40	.	.	PUNCT
cblr-1702	494	1	the	the	DET
cblr-1702	494	2	partnership	partnership	NOUN
cblr-1702	494	3	agreement	agreement	NOUN
cblr-1702	494	4	sent	send	VERB
cblr-1702	494	5	out	out	ADP
cblr-1702	494	6	as	as	ADP
cblr-1702	494	7	a	a	DET
cblr-1702	494	8	smart	smart	ADJ
cblr-1702	494	9	contract	contract	NOUN
cblr-1702	494	10	—	—	PUNCT
cblr-1702	494	11	the	the	DET
cblr-1702	494	12	ico	ico	PROPN
cblr-1702	494	13	token	token	VERB
cblr-1702	494	14	—	—	PUNCT
cblr-1702	494	15	should	should	AUX
cblr-1702	494	16	address	address	VERB
cblr-1702	494	17	some	some	PRON
cblr-1702	494	18	of	of	ADP
cblr-1702	494	19	the	the	DET
cblr-1702	494	20	key	key	ADJ
cblr-1702	494	21	challenges	challenge	NOUN
cblr-1702	494	22	of	of	ADP
cblr-1702	494	23	a	a	DET
cblr-1702	494	24	partnership	partnership	NOUN
cblr-1702	494	25	,	,	PUNCT
cblr-1702	494	26	such	such	ADJ
cblr-1702	494	27	as	as	ADP
cblr-1702	494	28	the	the	DET
cblr-1702	494	29	rights	right	NOUN
cblr-1702	494	30	to	to	PART
cblr-1702	494	31	transfer	transfer	VERB
cblr-1702	494	32	partnership	partnership	NOUN
cblr-1702	494	33	interest	interest	NOUN
cblr-1702	494	34	,	,	PUNCT
cblr-1702	494	35	the	the	DET
cblr-1702	494	36	sharing	sharing	NOUN
cblr-1702	494	37	of	of	ADP
cblr-1702	494	38	profits	profit	NOUN
cblr-1702	494	39	,	,	PUNCT
cblr-1702	494	40	the	the	DET
cblr-1702	494	41	sharing	sharing	NOUN
cblr-1702	494	42	of	of	ADP
cblr-1702	494	43	liabilities	liability	NOUN
cblr-1702	494	44	,	,	PUNCT
cblr-1702	494	45	restriction	restriction	NOUN
cblr-1702	494	46	on	on	ADP
cblr-1702	494	47	dissolution	dissolution	NOUN
cblr-1702	494	48	,	,	PUNCT
cblr-1702	494	49	and	and	CCONJ
cblr-1702	494	50	the	the	DET
cblr-1702	494	51	rights	right	NOUN
cblr-1702	494	52	and	and	CCONJ
cblr-1702	494	53	methodology	methodology	NOUN
cblr-1702	494	54	for	for	ADP
cblr-1702	494	55	committing	commit	VERB
cblr-1702	494	56	the	the	DET
cblr-1702	494	57	partnership	partnership	NOUN
cblr-1702	494	58	to	to	ADP
cblr-1702	494	59	action	action	NOUN
cblr-1702	494	60	.	.	PUNCT
cblr-1702	495	1	the	the	DET
cblr-1702	495	2	decentralized	decentralized	ADJ
cblr-1702	495	3	nature	nature	NOUN
cblr-1702	495	4	of	of	ADP
cblr-1702	495	5	management	management	NOUN
cblr-1702	495	6	and	and	CCONJ
cblr-1702	495	7	operation	operation	NOUN
cblr-1702	495	8	should	should	AUX
cblr-1702	495	9	be	be	AUX
cblr-1702	495	10	allowed	allow	VERB
cblr-1702	495	11	and	and	CCONJ
cblr-1702	495	12	encouraged	encourage	VERB
cblr-1702	495	13	,	,	PUNCT
cblr-1702	495	14	and	and	CCONJ
cblr-1702	495	15	the	the	DET
cblr-1702	495	16	solicitation	solicitation	NOUN
cblr-1702	495	17	of	of	ADP
cblr-1702	495	18	partnership	partnership	NOUN
cblr-1702	495	19	should	should	AUX
cblr-1702	495	20	not	not	PART
cblr-1702	495	21	be	be	AUX
cblr-1702	495	22	treated	treat	VERB
cblr-1702	495	23	as	as	ADP
cblr-1702	495	24	a	a	DET
cblr-1702	495	25	security	security	NOUN
cblr-1702	495	26	,	,	PUNCT
cblr-1702	495	27	so	so	ADV
cblr-1702	495	28	long	long	ADV
cblr-1702	495	29	as	as	SCONJ
cblr-1702	495	30	there	there	PRON
cblr-1702	495	31	is	be	VERB
cblr-1702	495	32	minimal	minimal	ADJ
cblr-1702	495	33	dependence	dependence	NOUN
cblr-1702	495	34	on	on	ADP
cblr-1702	495	35	the	the	DET
cblr-1702	495	36	token	token	NOUN
cblr-1702	495	37	-	-	PUNCT
cblr-1702	495	38	promoter	promoter	NOUN
cblr-1702	495	39	as	as	ADP
cblr-1702	495	40	a	a	DET
cblr-1702	495	41	manager	manager	NOUN
cblr-1702	495	42	and	and	CCONJ
cblr-1702	495	43	the	the	DET
cblr-1702	495	44	partners	partner	NOUN
cblr-1702	495	45	have	have	VERB
cblr-1702	495	46	more	more	ADJ
cblr-1702	495	47	than	than	ADP
cblr-1702	495	48	perfunctory	perfunctory	ADJ
cblr-1702	495	49	voting	voting	NOUN
cblr-1702	495	50	rights	right	NOUN
cblr-1702	495	51	.	.	PUNCT
cblr-1702	496	1	one	one	NUM
cblr-1702	496	2	way	way	NOUN
cblr-1702	496	3	to	to	PART
cblr-1702	496	4	ensure	ensure	VERB
cblr-1702	496	5	this	this	PRON
cblr-1702	496	6	would	would	AUX
cblr-1702	496	7	be	be	AUX
cblr-1702	496	8	to	to	PART
cblr-1702	496	9	grant	grant	VERB
cblr-1702	496	10	all	all	DET
cblr-1702	496	11	token	token	ADJ
cblr-1702	496	12	holders	holder	NOUN
cblr-1702	496	13	proportional	proportional	ADJ
cblr-1702	496	14	rights	right	NOUN
cblr-1702	496	15	and	and	CCONJ
cblr-1702	496	16	limit	limit	VERB
cblr-1702	496	17	the	the	DET
cblr-1702	496	18	initial	initial	ADJ
cblr-1702	496	19	investment	investment	NOUN
cblr-1702	496	20	allowed	allow	VERB
cblr-1702	496	21	by	by	ADP
cblr-1702	496	22	founding	found	VERB
cblr-1702	496	23	partners.159	partners.159	NOUN
cblr-1702	496	24	if	if	SCONJ
cblr-1702	496	25	an	an	DET
cblr-1702	496	26	entity	entity	NOUN
cblr-1702	496	27	within	within	ADP
cblr-1702	496	28	the	the	DET
cblr-1702	496	29	decentralized	decentralize	VERB
cblr-1702	496	30	partnership	partnership	NOUN
cblr-1702	496	31	begins	begin	VERB
cblr-1702	496	32	to	to	PART
cblr-1702	496	33	dominate	dominate	VERB
cblr-1702	496	34	control	control	NOUN
cblr-1702	496	35	,	,	PUNCT
cblr-1702	496	36	it	it	PRON
cblr-1702	496	37	could	could	AUX
cblr-1702	496	38	then	then	ADV
cblr-1702	496	39	be	be	AUX
cblr-1702	496	40	deemed	deem	VERB
cblr-1702	496	41	to	to	PART
cblr-1702	496	42	be	be	AUX
cblr-1702	496	43	the	the	DET
cblr-1702	496	44	centralized	centralized	ADJ
cblr-1702	496	45	entity	entity	NOUN
cblr-1702	496	46	responsible	responsible	ADJ
cblr-1702	496	47	for	for	ADP
cblr-1702	496	48	answering	answer	VERB
cblr-1702	496	49	to	to	ADP
cblr-1702	496	50	the	the	DET
cblr-1702	496	51	sec	sec	PROPN
cblr-1702	496	52	.	.	PUNCT
cblr-1702	497	1	this	this	PRON
cblr-1702	497	2	would	would	AUX
cblr-1702	497	3	be	be	AUX
cblr-1702	497	4	yet	yet	ADV
cblr-1702	497	5	another	another	DET
cblr-1702	497	6	protection	protection	NOUN
cblr-1702	497	7	for	for	ADP
cblr-1702	497	8	minority	minority	NOUN
cblr-1702	497	9	token	token	VERB
cblr-1702	497	10	holders	holder	NOUN
cblr-1702	497	11	.	.	PUNCT
cblr-1702	498	1	the	the	DET
cblr-1702	498	2	decentralized	decentralize	VERB
cblr-1702	498	3	partnership	partnership	NOUN
cblr-1702	498	4	would	would	AUX
cblr-1702	498	5	share	share	VERB
cblr-1702	498	6	one	one	NUM
cblr-1702	498	7	of	of	ADP
cblr-1702	498	8	the	the	DET
cblr-1702	498	9	essential	essential	ADJ
cblr-1702	498	10	characteristics	characteristic	NOUN
cblr-1702	498	11	of	of	ADP
cblr-1702	498	12	a	a	DET
cblr-1702	498	13	general	general	ADJ
cblr-1702	498	14	partnership	partnership	NOUN
cblr-1702	498	15	:	:	PUNCT
cblr-1702	498	16	partners	partner	NOUN
cblr-1702	498	17	share	share	VERB
cblr-1702	498	18	profits	profit	NOUN
cblr-1702	498	19	and	and	CCONJ
cblr-1702	498	20	losses.160	losses.160	NOUN
cblr-1702	498	21	that	that	PRON
cblr-1702	498	22	includes	include	VERB
cblr-1702	498	23	liability	liability	NOUN
cblr-1702	498	24	for	for	ADP
cblr-1702	498	25	creditor	creditor	NOUN
cblr-1702	498	26	debt	debt	NOUN
cblr-1702	498	27	and	and	CCONJ
cblr-1702	498	28	tort	tort	NOUN
cblr-1702	498	29	debt	debt	NOUN
cblr-1702	498	30	.	.	PUNCT
cblr-1702	499	1	this	this	PRON
cblr-1702	499	2	would	would	AUX
cblr-1702	499	3	imply	imply	VERB
cblr-1702	499	4	a	a	DET
cblr-1702	499	5	limitation	limitation	NOUN
cblr-1702	499	6	on	on	ADP
cblr-1702	499	7	pseudonymity	pseudonymity	NOUN
cblr-1702	499	8	and	and	CCONJ
cblr-1702	499	9	require	require	VERB
cblr-1702	499	10	some	some	DET
cblr-1702	499	11	method	method	NOUN
cblr-1702	499	12	of	of	ADP
cblr-1702	499	13	reaching	reach	VERB
cblr-1702	499	14	the	the	DET
cblr-1702	499	15	personal	personal	ADJ
cblr-1702	499	16	assets	asset	NOUN
cblr-1702	499	17	of	of	ADP
cblr-1702	499	18	token	token	ADJ
cblr-1702	499	19	holders	holder	NOUN
cblr-1702	499	20	.	.	PUNCT
cblr-1702	500	1	perhaps	perhaps	ADV
cblr-1702	500	2	the	the	DET
cblr-1702	500	3	tokens	token	NOUN
cblr-1702	500	4	themselves	themselves	PRON
cblr-1702	500	5	could	could	AUX
cblr-1702	500	6	be	be	AUX
cblr-1702	500	7	considered	consider	VERB
cblr-1702	500	8	collateral	collateral	ADJ
cblr-1702	500	9	.	.	PUNCT
cblr-1702	501	1	in	in	ADP
cblr-1702	501	2	a	a	DET
cblr-1702	501	3	default	default	NOUN
cblr-1702	501	4	general	general	ADJ
cblr-1702	501	5	partnership	partnership	NOUN
cblr-1702	501	6	,	,	PUNCT
cblr-1702	501	7	the	the	DET
cblr-1702	501	8	profits	profit	NOUN
cblr-1702	501	9	and	and	CCONJ
cblr-1702	501	10	losses	loss	NOUN
cblr-1702	501	11	are	be	AUX
cblr-1702	501	12	shared	share	VERB
cblr-1702	501	13	equally	equally	ADV
cblr-1702	501	14	,	,	PUNCT
cblr-1702	501	15	regardless	regardless	ADV
cblr-1702	501	16	of	of	ADP
cblr-1702	501	17	the	the	DET
cblr-1702	501	18	amount	amount	NOUN
cblr-1702	501	19	of	of	ADP
cblr-1702	501	20	contributions	contribution	NOUN
cblr-1702	501	21	to	to	ADP
cblr-1702	501	22	the	the	DET
cblr-1702	501	23	partnership.161	partnership.161	NOUN
cblr-1702	501	24	but	but	CCONJ
cblr-1702	501	25	this	this	DET
cblr-1702	501	26	arrangement	arrangement	NOUN
cblr-1702	501	27	can	can	AUX
cblr-1702	501	28	be	be	AUX
cblr-1702	501	29	altered	alter	VERB
cblr-1702	501	30	by	by	ADP
cblr-1702	501	31	159	159	NUM
cblr-1702	501	32	that	that	PRON
cblr-1702	501	33	is	be	AUX
cblr-1702	501	34	,	,	PUNCT
cblr-1702	501	35	ensure	ensure	VERB
cblr-1702	501	36	that	that	SCONJ
cblr-1702	501	37	the	the	DET
cblr-1702	501	38	founding	found	VERB
cblr-1702	501	39	partners	partner	NOUN
cblr-1702	501	40	do	do	AUX
cblr-1702	501	41	not	not	PART
cblr-1702	501	42	initially	initially	ADV
cblr-1702	501	43	hold	hold	VERB
cblr-1702	501	44	a	a	DET
cblr-1702	501	45	majority	majority	NOUN
cblr-1702	501	46	of	of	ADP
cblr-1702	501	47	tokens	token	NOUN
cblr-1702	501	48	,	,	PUNCT
cblr-1702	501	49	so	so	SCONJ
cblr-1702	501	50	that	that	SCONJ
cblr-1702	501	51	the	the	DET
cblr-1702	501	52	profits	profit	NOUN
cblr-1702	501	53	of	of	ADP
cblr-1702	501	54	the	the	DET
cblr-1702	501	55	investors	investor	NOUN
cblr-1702	501	56	will	will	AUX
cblr-1702	501	57	not	not	PART
cblr-1702	501	58	be	be	AUX
cblr-1702	501	59	determined	determine	VERB
cblr-1702	501	60	by	by	ADP
cblr-1702	501	61	the	the	DET
cblr-1702	501	62	managerial	managerial	ADJ
cblr-1702	501	63	decisions	decision	NOUN
cblr-1702	501	64	of	of	ADP
cblr-1702	501	65	the	the	DET
cblr-1702	501	66	founders	founder	NOUN
cblr-1702	501	67	.	.	PUNCT
cblr-1702	502	1	160	160	NUM
cblr-1702	502	2	unif	unif	NOUN
cblr-1702	502	3	.	.	PUNCT
cblr-1702	503	1	partnership	partnership	PROPN
cblr-1702	503	2	act	act	PROPN
cblr-1702	503	3	§	§	PROPN
cblr-1702	503	4	401	401	NUM
cblr-1702	503	5	(	(	PUNCT
cblr-1702	503	6	nat’l	nat’l	NUM
cblr-1702	503	7	conference	conference	NOUN
cblr-1702	503	8	of	of	ADP
cblr-1702	503	9	comm’rs	comm’rs	PROPN
cblr-1702	503	10	on	on	ADP
cblr-1702	503	11	unif	unif	ADJ
cblr-1702	503	12	state	state	NOUN
cblr-1702	503	13	laws	law	NOUN
cblr-1702	503	14	1997	1997	NUM
cblr-1702	503	15	)	)	PUNCT
cblr-1702	503	16	(	(	PUNCT
cblr-1702	503	17	amended	amend	VERB
cblr-1702	503	18	2013	2013	NUM
cblr-1702	503	19	)	)	PUNCT
cblr-1702	503	20	.	.	PUNCT
cblr-1702	504	1	161	161	NUM
cblr-1702	505	1	i	i	PRON
cblr-1702	505	2	d.	d.	PROPN
cblr-1702	505	3	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	505	4	no	no	INTJ
cblr-1702	505	5	.	.	PUNCT
cblr-1702	506	1	2:617	2:617	NUM
cblr-1702	506	2	]	]	X
cblr-1702	506	3	ico	ico	PROPN
cblr-1702	506	4	’s	’s	PART
cblr-1702	506	5	,	,	PUNCT
cblr-1702	506	6	dao	dao	VERB
cblr-1702	506	7	’s	’s	ADV
cblr-1702	506	8	,	,	PUNCT
cblr-1702	506	9	and	and	CCONJ
cblr-1702	506	10	the	the	DET
cblr-1702	506	11	sec	sec	PROPN
cblr-1702	506	12	653	653	NUM
cblr-1702	506	13	contract	contract	NOUN
cblr-1702	506	14	in	in	ADP
cblr-1702	506	15	the	the	DET
cblr-1702	506	16	partnership	partnership	NOUN
cblr-1702	506	17	agreement.162	agreement.162	SCONJ
cblr-1702	506	18	the	the	DET
cblr-1702	506	19	smart	smart	ADJ
cblr-1702	506	20	contract	contract	NOUN
cblr-1702	506	21	contained	contain	VERB
cblr-1702	506	22	in	in	ADP
cblr-1702	506	23	the	the	DET
cblr-1702	506	24	decentralized	decentralize	VERB
cblr-1702	506	25	partnership	partnership	NOUN
cblr-1702	506	26	token	token	PROPN
cblr-1702	506	27	serves	serve	VERB
cblr-1702	506	28	as	as	ADP
cblr-1702	506	29	the	the	DET
cblr-1702	506	30	alteration	alteration	NOUN
cblr-1702	506	31	of	of	ADP
cblr-1702	506	32	the	the	DET
cblr-1702	506	33	default	default	NOUN
cblr-1702	506	34	rules	rule	NOUN
cblr-1702	506	35	via	via	ADP
cblr-1702	506	36	partnership	partnership	NOUN
cblr-1702	506	37	agreement	agreement	NOUN
cblr-1702	506	38	by	by	ADP
cblr-1702	506	39	distributing	distribute	VERB
cblr-1702	506	40	the	the	DET
cblr-1702	506	41	rights	right	NOUN
cblr-1702	506	42	in	in	ADP
cblr-1702	506	43	section	section	NOUN
cblr-1702	506	44	401	401	NUM
cblr-1702	506	45	on	on	ADP
cblr-1702	506	46	a	a	DET
cblr-1702	506	47	pro	pro	ADJ
cblr-1702	506	48	-	-	ADJ
cblr-1702	506	49	rated	rate	VERB
cblr-1702	506	50	pertoken	pertoken	ADJ
cblr-1702	506	51	basis	basis	NOUN
cblr-1702	506	52	.	.	PUNCT
cblr-1702	507	1	the	the	DET
cblr-1702	507	2	differences	difference	NOUN
cblr-1702	507	3	between	between	ADP
cblr-1702	507	4	a	a	DET
cblr-1702	507	5	decentralized	decentralized	ADJ
cblr-1702	507	6	partnership	partnership	NOUN
cblr-1702	507	7	and	and	CCONJ
cblr-1702	507	8	general	general	ADJ
cblr-1702	507	9	partnership	partnership	NOUN
cblr-1702	507	10	are	be	AUX
cblr-1702	507	11	most	most	ADV
cblr-1702	507	12	apparent	apparent	ADJ
cblr-1702	507	13	in	in	ADP
cblr-1702	507	14	the	the	DET
cblr-1702	507	15	right	right	NOUN
cblr-1702	507	16	of	of	ADP
cblr-1702	507	17	transfer	transfer	NOUN
cblr-1702	507	18	and	and	CCONJ
cblr-1702	507	19	exit	exit	NOUN
cblr-1702	507	20	.	.	PUNCT
cblr-1702	508	1	while	while	SCONJ
cblr-1702	508	2	governance	governance	NOUN
cblr-1702	508	3	rights	right	NOUN
cblr-1702	508	4	,	,	PUNCT
cblr-1702	508	5	as	as	ADP
cblr-1702	508	6	a	a	DET
cblr-1702	508	7	default	default	NOUN
cblr-1702	508	8	,	,	PUNCT
cblr-1702	508	9	can	can	AUX
cblr-1702	508	10	not	not	PART
cblr-1702	508	11	be	be	AUX
cblr-1702	508	12	transferred	transfer	VERB
cblr-1702	508	13	,	,	PUNCT
cblr-1702	508	14	the	the	DET
cblr-1702	508	15	allocation	allocation	NOUN
cblr-1702	508	16	and	and	CCONJ
cblr-1702	508	17	transfer	transfer	NOUN
cblr-1702	508	18	of	of	ADP
cblr-1702	508	19	governance	governance	NOUN
cblr-1702	508	20	rights	right	NOUN
cblr-1702	508	21	can	can	AUX
cblr-1702	508	22	also	also	ADV
cblr-1702	508	23	be	be	AUX
cblr-1702	508	24	altered	alter	VERB
cblr-1702	508	25	by	by	ADP
cblr-1702	508	26	the	the	DET
cblr-1702	508	27	partnership	partnership	NOUN
cblr-1702	508	28	agreement.163	agreement.163	ADV
cblr-1702	508	29	there	there	PRON
cblr-1702	508	30	does	do	AUX
cblr-1702	508	31	not	not	PART
cblr-1702	508	32	seem	seem	VERB
cblr-1702	508	33	to	to	PART
cblr-1702	508	34	be	be	AUX
cblr-1702	508	35	a	a	DET
cblr-1702	508	36	limitation	limitation	NOUN
cblr-1702	508	37	on	on	ADP
cblr-1702	508	38	the	the	DET
cblr-1702	508	39	ability	ability	NOUN
cblr-1702	508	40	to	to	PART
cblr-1702	508	41	use	use	VERB
cblr-1702	508	42	a	a	DET
cblr-1702	508	43	partnership	partnership	NOUN
cblr-1702	508	44	agreement	agreement	NOUN
cblr-1702	508	45	to	to	PART
cblr-1702	508	46	allow	allow	VERB
cblr-1702	508	47	for	for	ADP
cblr-1702	508	48	the	the	DET
cblr-1702	508	49	free	free	ADJ
cblr-1702	508	50	transfer	transfer	NOUN
cblr-1702	508	51	of	of	ADP
cblr-1702	508	52	both	both	CCONJ
cblr-1702	508	53	economic	economic	ADJ
cblr-1702	508	54	and	and	CCONJ
cblr-1702	508	55	governance	governance	NOUN
cblr-1702	508	56	rights	right	NOUN
cblr-1702	508	57	via	via	ADP
cblr-1702	508	58	token	token	PROPN
cblr-1702	508	59	.	.	PUNCT
cblr-1702	509	1	a	a	DET
cblr-1702	509	2	default	default	NOUN
cblr-1702	509	3	general	general	ADJ
cblr-1702	509	4	partnership	partnership	NOUN
cblr-1702	509	5	rule	rule	NOUN
cblr-1702	509	6	that	that	PRON
cblr-1702	509	7	will	will	AUX
cblr-1702	509	8	be	be	AUX
cblr-1702	509	9	helpful	helpful	ADJ
cblr-1702	509	10	for	for	ADP
cblr-1702	509	11	decentralized	decentralize	VERB
cblr-1702	509	12	partnerships	partnership	NOUN
cblr-1702	509	13	to	to	PART
cblr-1702	509	14	adopt	adopt	VERB
cblr-1702	509	15	is	be	AUX
cblr-1702	509	16	pass	pass	VERB
cblr-1702	509	17	-	-	PUNCT
cblr-1702	509	18	through	through	ADP
cblr-1702	509	19	taxation	taxation	NOUN
cblr-1702	509	20	.	.	PUNCT
cblr-1702	510	1	in	in	ADP
cblr-1702	510	2	such	such	ADJ
cblr-1702	510	3	taxation	taxation	NOUN
cblr-1702	510	4	,	,	PUNCT
cblr-1702	510	5	“	"	PUNCT
cblr-1702	510	6	[	[	X
cblr-1702	510	7	t]ax	t]ax	PRON
cblr-1702	510	8	income	income	NOUN
cblr-1702	510	9	or	or	CCONJ
cblr-1702	510	10	loss	loss	NOUN
cblr-1702	510	11	is	be	AUX
cblr-1702	510	12	allocated	allocate	VERB
cblr-1702	510	13	to	to	ADP
cblr-1702	510	14	partners	partner	NOUN
cblr-1702	510	15	according	accord	VERB
cblr-1702	510	16	to	to	ADP
cblr-1702	510	17	the	the	DET
cblr-1702	510	18	partners	partner	NOUN
cblr-1702	510	19	’	'	PUNCT
cblr-1702	510	20	economic	economic	ADJ
cblr-1702	510	21	interests	interest	NOUN
cblr-1702	510	22	in	in	ADP
cblr-1702	510	23	the	the	DET
cblr-1702	510	24	partnership	partnership	NOUN
cblr-1702	510	25	.	.	PUNCT
cblr-1702	511	1	”164	”164	PUNCT
cblr-1702	511	2	partners	partner	NOUN
cblr-1702	511	3	will	will	AUX
cblr-1702	511	4	responsible	responsible	VERB
cblr-1702	511	5	for	for	ADP
cblr-1702	511	6	their	their	PRON
cblr-1702	511	7	own	own	ADJ
cblr-1702	511	8	taxes	taxis	NOUN
cblr-1702	511	9	,	,	PUNCT
cblr-1702	511	10	which	which	PRON
cblr-1702	511	11	will	will	AUX
cblr-1702	511	12	make	make	VERB
cblr-1702	511	13	the	the	DET
cblr-1702	511	14	taxing	taxing	NOUN
cblr-1702	511	15	of	of	ADP
cblr-1702	511	16	icos	icos	PROPN
cblr-1702	511	17	and	and	CCONJ
cblr-1702	511	18	daos	daos	PROPN
cblr-1702	511	19	easier	easy	ADJ
cblr-1702	511	20	for	for	ADP
cblr-1702	511	21	both	both	PRON
cblr-1702	511	22	tax	tax	NOUN
cblr-1702	511	23	payers	payer	NOUN
cblr-1702	511	24	and	and	CCONJ
cblr-1702	511	25	tax	tax	NOUN
cblr-1702	511	26	collectors	collector	NOUN
cblr-1702	511	27	.	.	PUNCT
cblr-1702	512	1	decentralized	decentralize	VERB
cblr-1702	512	2	partnership	partnership	NOUN
cblr-1702	512	3	tokens	token	NOUN
cblr-1702	512	4	,	,	PUNCT
cblr-1702	512	5	as	as	ADP
cblr-1702	512	6	smart	smart	ADJ
cblr-1702	512	7	contracts	contract	NOUN
cblr-1702	512	8	,	,	PUNCT
cblr-1702	512	9	allow	allow	VERB
cblr-1702	512	10	for	for	ADP
cblr-1702	512	11	efficient	efficient	ADJ
cblr-1702	512	12	specification	specification	NOUN
cblr-1702	512	13	of	of	ADP
cblr-1702	512	14	governance	governance	NOUN
cblr-1702	512	15	rights	right	NOUN
cblr-1702	512	16	—	—	PUNCT
cblr-1702	512	17	like	like	ADP
cblr-1702	512	18	transferability	transferability	NOUN
cblr-1702	512	19	,	,	PUNCT
cblr-1702	512	20	management	management	NOUN
cblr-1702	512	21	authority	authority	NOUN
cblr-1702	512	22	,	,	PUNCT
cblr-1702	512	23	and	and	CCONJ
cblr-1702	512	24	dissolution	dissolution	NOUN
cblr-1702	512	25	—	—	PUNCT
cblr-1702	512	26	that	that	PRON
cblr-1702	512	27	might	might	AUX
cblr-1702	512	28	not	not	PART
cblr-1702	512	29	be	be	AUX
cblr-1702	512	30	practical	practical	ADJ
cblr-1702	512	31	in	in	ADP
cblr-1702	512	32	many	many	ADJ
cblr-1702	512	33	general	general	ADJ
cblr-1702	512	34	partnerships	partnership	NOUN
cblr-1702	512	35	.	.	PUNCT
cblr-1702	513	1	an	an	DET
cblr-1702	513	2	organization	organization	NOUN
cblr-1702	513	3	can	can	AUX
cblr-1702	513	4	choose	choose	VERB
cblr-1702	513	5	to	to	PART
cblr-1702	513	6	be	be	AUX
cblr-1702	513	7	open	open	ADJ
cblr-1702	513	8	-	-	PUNCT
cblr-1702	513	9	access	access	NOUN
cblr-1702	513	10	and	and	CCONJ
cblr-1702	513	11	democratic	democratic	ADJ
cblr-1702	513	12	,	,	PUNCT
cblr-1702	513	13	explicitly	explicitly	ADV
cblr-1702	513	14	allowing	allow	VERB
cblr-1702	513	15	anyone	anyone	PRON
cblr-1702	513	16	to	to	PART
cblr-1702	513	17	become	become	VERB
cblr-1702	513	18	a	a	DET
cblr-1702	513	19	partner	partner	NOUN
cblr-1702	513	20	regardless	regardless	ADV
cblr-1702	513	21	of	of	ADP
cblr-1702	513	22	financial	financial	ADJ
cblr-1702	513	23	background	background	NOUN
cblr-1702	513	24	.	.	PUNCT
cblr-1702	514	1	many	many	ADJ
cblr-1702	514	2	partners	partner	NOUN
cblr-1702	514	3	would	would	AUX
cblr-1702	514	4	be	be	AUX
cblr-1702	514	5	less	less	ADV
cblr-1702	514	6	concerned	concerned	ADJ
cblr-1702	514	7	about	about	ADP
cblr-1702	514	8	whether	whether	SCONJ
cblr-1702	514	9	a	a	DET
cblr-1702	514	10	particular	particular	ADJ
cblr-1702	514	11	partner	partner	NOUN
cblr-1702	514	12	lacks	lack	VERB
cblr-1702	514	13	the	the	DET
cblr-1702	514	14	personal	personal	ADJ
cblr-1702	514	15	assets	asset	NOUN
cblr-1702	514	16	necessary	necessary	ADJ
cblr-1702	514	17	to	to	PART
cblr-1702	514	18	cover	cover	VERB
cblr-1702	514	19	his	his	PRON
cblr-1702	514	20	or	or	CCONJ
cblr-1702	514	21	her	her	PRON
cblr-1702	514	22	share	share	NOUN
cblr-1702	514	23	of	of	ADP
cblr-1702	514	24	liabilities	liability	NOUN
cblr-1702	514	25	,	,	PUNCT
cblr-1702	514	26	at	at	ADP
cblr-1702	514	27	least	least	ADJ
cblr-1702	514	28	so	so	ADV
cblr-1702	514	29	long	long	ADV
cblr-1702	514	30	as	as	SCONJ
cblr-1702	514	31	the	the	DET
cblr-1702	514	32	token	token	ADJ
cblr-1702	514	33	sale	sale	NOUN
cblr-1702	514	34	has	have	AUX
cblr-1702	514	35	raised	raise	VERB
cblr-1702	514	36	enough	enough	ADJ
cblr-1702	514	37	assets	asset	NOUN
cblr-1702	514	38	to	to	PART
cblr-1702	514	39	make	make	VERB
cblr-1702	514	40	the	the	DET
cblr-1702	514	41	162	162	NUM
cblr-1702	514	42	i	i	PRON
cblr-1702	514	43	d.	d.	PROPN
cblr-1702	514	44	at	at	ADP
cblr-1702	514	45	cmt	cmt	PROPN
cblr-1702	514	46	.	.	PUNCT
cblr-1702	515	1	to	to	ADP
cblr-1702	515	2	§	§	PROPN
cblr-1702	515	3	401	401	NUM
cblr-1702	515	4	(	(	PUNCT
cblr-1702	515	5	“	"	PUNCT
cblr-1702	515	6	all	all	PRON
cblr-1702	515	7	of	of	ADP
cblr-1702	515	8	these	these	DET
cblr-1702	515	9	rules	rule	NOUN
cblr-1702	515	10	[	[	X
cblr-1702	515	11	in	in	ADP
cblr-1702	515	12	section	section	NOUN
cblr-1702	515	13	401	401	NUM
cblr-1702	515	14	]	]	PUNCT
cblr-1702	515	15	are	be	AUX
cblr-1702	515	16	,	,	PUNCT
cblr-1702	515	17	however	however	ADV
cblr-1702	515	18	,	,	PUNCT
cblr-1702	515	19	subject	subject	ADJ
cblr-1702	515	20	to	to	ADP
cblr-1702	515	21	contrary	contrary	ADJ
cblr-1702	515	22	agreement	agreement	NOUN
cblr-1702	515	23	of	of	ADP
cblr-1702	515	24	the	the	DET
cblr-1702	515	25	partners	partner	NOUN
cblr-1702	515	26	as	as	SCONJ
cblr-1702	515	27	provided	provide	VERB
cblr-1702	515	28	in	in	ADP
cblr-1702	515	29	sections	section	NOUN
cblr-1702	515	30	105	105	NUM
cblr-1702	515	31	through	through	ADP
cblr-1702	515	32	107	107	NUM
cblr-1702	515	33	”	"	PUNCT
cblr-1702	515	34	)	)	PUNCT
cblr-1702	515	35	.	.	PUNCT
cblr-1702	516	1	note	note	VERB
cblr-1702	516	2	that	that	SCONJ
cblr-1702	516	3	under	under	ADP
cblr-1702	516	4	this	this	DET
cblr-1702	516	5	section	section	NOUN
cblr-1702	516	6	,	,	PUNCT
cblr-1702	516	7	the	the	DET
cblr-1702	516	8	distribution	distribution	NOUN
cblr-1702	516	9	of	of	ADP
cblr-1702	516	10	governance	governance	NOUN
cblr-1702	516	11	rights	right	NOUN
cblr-1702	516	12	can	can	AUX
cblr-1702	516	13	also	also	ADV
cblr-1702	516	14	be	be	AUX
cblr-1702	516	15	altered	alter	VERB
cblr-1702	516	16	by	by	ADP
cblr-1702	516	17	agreement	agreement	NOUN
cblr-1702	516	18	.	.	PUNCT
cblr-1702	517	1	163	163	NUM
cblr-1702	517	2	while	while	SCONJ
cblr-1702	517	3	economic	economic	ADJ
cblr-1702	517	4	rights	right	NOUN
cblr-1702	517	5	and	and	CCONJ
cblr-1702	517	6	governance	governance	NOUN
cblr-1702	517	7	rights	right	NOUN
cblr-1702	517	8	are	be	AUX
cblr-1702	517	9	typically	typically	ADV
cblr-1702	517	10	“	"	PUNCT
cblr-1702	517	11	bifurcated	bifurcate	VERB
cblr-1702	517	12	”	"	PUNCT
cblr-1702	517	13	in	in	ADP
cblr-1702	517	14	a	a	DET
cblr-1702	517	15	general	general	ADJ
cblr-1702	517	16	partnership	partnership	NOUN
cblr-1702	517	17	,	,	PUNCT
cblr-1702	517	18	these	these	DET
cblr-1702	517	19	rights	right	NOUN
cblr-1702	517	20	—	—	PUNCT
cblr-1702	517	21	and	and	CCONJ
cblr-1702	517	22	the	the	DET
cblr-1702	517	23	right	right	NOUN
cblr-1702	517	24	to	to	PART
cblr-1702	517	25	transfer	transfer	VERB
cblr-1702	517	26	these	these	DET
cblr-1702	517	27	rights	right	NOUN
cblr-1702	517	28	—	—	PUNCT
cblr-1702	517	29	can	can	AUX
cblr-1702	517	30	be	be	AUX
cblr-1702	517	31	altered	alter	VERB
cblr-1702	517	32	by	by	ADP
cblr-1702	517	33	agreement	agreement	NOUN
cblr-1702	517	34	.	.	PUNCT
cblr-1702	518	1	see	see	VERB
cblr-1702	518	2	i	i	PRON
cblr-1702	518	3	d.	d.	PROPN
cblr-1702	518	4	at	at	ADP
cblr-1702	518	5	cmt	cmt	PROPN
cblr-1702	518	6	.	.	PUNCT
cblr-1702	519	1	to	to	ADP
cblr-1702	519	2	§	§	PROPN
cblr-1702	519	3	503	503	NUM
cblr-1702	519	4	(	(	PUNCT
cblr-1702	519	5	“	"	PUNCT
cblr-1702	519	6	unless	unless	SCONJ
cblr-1702	519	7	the	the	DET
cblr-1702	519	8	partnership	partnership	NOUN
cblr-1702	519	9	agreement	agreement	NOUN
cblr-1702	519	10	otherwise	otherwise	ADV
cblr-1702	519	11	provides	provide	VERB
cblr-1702	519	12	.	.	PUNCT
cblr-1702	519	13	.	.	PUNCT
cblr-1702	519	14	.	.	PUNCT
cblr-1702	520	1	.	.	PUNCT
cblr-1702	520	2	”	"	PUNCT
cblr-1702	521	1	)	)	PUNCT
cblr-1702	521	2	.	.	PUNCT
cblr-1702	522	1	164	164	NUM
cblr-1702	523	1	i	i	PRON
cblr-1702	523	2	d.	d.	PROPN
cblr-1702	523	3	at	at	ADP
cblr-1702	523	4	cmt	cmt	PROPN
cblr-1702	523	5	.	.	PUNCT
cblr-1702	524	1	to	to	ADP
cblr-1702	524	2	§	§	PROPN
cblr-1702	524	3	405	405	NUM
cblr-1702	524	4	.	.	PUNCT
cblr-1702	525	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	525	2	654	654	NUM
cblr-1702	525	3	columbia	columbia	PROPN
cblr-1702	525	4	business	business	NOUN
cblr-1702	525	5	law	law	PROPN
cblr-1702	525	6	review	review	NOUN
cblr-1702	526	1	[	[	X
cblr-1702	526	2	vol	vol	NOUN
cblr-1702	526	3	.	.	PUNCT
cblr-1702	526	4	2018	2018	NUM
cblr-1702	526	5	partnership	partnership	NOUN
cblr-1702	526	6	financially	financially	ADV
cblr-1702	526	7	viable	viable	ADJ
cblr-1702	526	8	as	as	ADP
cblr-1702	526	9	an	an	DET
cblr-1702	526	10	entity	entity	NOUN
cblr-1702	526	11	.	.	PUNCT
cblr-1702	527	1	regarding	regard	VERB
cblr-1702	527	2	management	management	NOUN
cblr-1702	527	3	authority	authority	NOUN
cblr-1702	527	4	,	,	PUNCT
cblr-1702	527	5	a	a	DET
cblr-1702	527	6	decentralized	decentralize	VERB
cblr-1702	527	7	partnership	partnership	NOUN
cblr-1702	527	8	might	might	AUX
cblr-1702	527	9	adopt	adopt	VERB
cblr-1702	527	10	a	a	DET
cblr-1702	527	11	one	one	NUM
cblr-1702	527	12	-	-	PUNCT
cblr-1702	527	13	vote	vote	NOUN
cblr-1702	527	14	-	-	PUNCT
cblr-1702	527	15	per	per	ADP
cblr-1702	527	16	-	-	PUNCT
cblr-1702	527	17	token	token	ADJ
cblr-1702	527	18	approach	approach	NOUN
cblr-1702	527	19	to	to	ADP
cblr-1702	527	20	decision	decision	NOUN
cblr-1702	527	21	-	-	PUNCT
cblr-1702	527	22	making	make	VERB
cblr-1702	527	23	and	and	CCONJ
cblr-1702	527	24	property	property	NOUN
cblr-1702	527	25	management	management	NOUN
cblr-1702	527	26	,	,	PUNCT
cblr-1702	527	27	which	which	PRON
cblr-1702	527	28	is	be	AUX
cblr-1702	527	29	a	a	DET
cblr-1702	527	30	contractual	contractual	ADJ
cblr-1702	527	31	departure	departure	NOUN
cblr-1702	527	32	from	from	ADP
cblr-1702	527	33	the	the	DET
cblr-1702	527	34	uniform	uniform	PROPN
cblr-1702	527	35	partnership	partnership	PROPN
cblr-1702	527	36	act	act	PROPN
cblr-1702	527	37	default	default	NOUN
cblr-1702	527	38	rule	rule	NOUN
cblr-1702	527	39	that	that	SCONJ
cblr-1702	527	40	partners	partner	NOUN
cblr-1702	527	41	represent	represent	VERB
cblr-1702	527	42	equal	equal	ADJ
cblr-1702	527	43	parts	part	NOUN
cblr-1702	527	44	regardless	regardless	ADV
cblr-1702	527	45	of	of	ADP
cblr-1702	527	46	proportional	proportional	ADJ
cblr-1702	527	47	contributions.165	contributions.165	NOUN
cblr-1702	527	48	alternatively	alternatively	ADV
cblr-1702	527	49	,	,	PUNCT
cblr-1702	527	50	an	an	DET
cblr-1702	527	51	organization	organization	NOUN
cblr-1702	527	52	could	could	AUX
cblr-1702	527	53	decide	decide	VERB
cblr-1702	527	54	that	that	PRON
cblr-1702	527	55	token	token	ADJ
cblr-1702	527	56	owners	owner	NOUN
cblr-1702	527	57	vote	vote	VERB
cblr-1702	527	58	their	their	PRON
cblr-1702	527	59	tokens	token	NOUN
cblr-1702	527	60	as	as	ADP
cblr-1702	527	61	a	a	DET
cblr-1702	527	62	block	block	NOUN
cblr-1702	527	63	,	,	PUNCT
cblr-1702	527	64	which	which	PRON
cblr-1702	527	65	would	would	AUX
cblr-1702	527	66	grant	grant	VERB
cblr-1702	527	67	more	more	ADJ
cblr-1702	527	68	democratic	democratic	ADJ
cblr-1702	527	69	rights	right	NOUN
cblr-1702	527	70	to	to	ADP
cblr-1702	527	71	minority	minority	NOUN
cblr-1702	527	72	token	token	VERB
cblr-1702	527	73	holders	holder	NOUN
cblr-1702	527	74	.	.	PUNCT
cblr-1702	528	1	finally	finally	ADV
cblr-1702	528	2	,	,	PUNCT
cblr-1702	528	3	in	in	ADP
cblr-1702	528	4	terms	term	NOUN
cblr-1702	528	5	of	of	ADP
cblr-1702	528	6	dissolution	dissolution	NOUN
cblr-1702	528	7	,	,	PUNCT
cblr-1702	528	8	the	the	DET
cblr-1702	528	9	ease	ease	NOUN
cblr-1702	528	10	of	of	ADP
cblr-1702	528	11	exit	exit	NOUN
cblr-1702	528	12	through	through	ADP
cblr-1702	528	13	the	the	DET
cblr-1702	528	14	transfer	transfer	NOUN
cblr-1702	528	15	of	of	ADP
cblr-1702	528	16	tokens	token	NOUN
cblr-1702	528	17	makes	make	VERB
cblr-1702	528	18	tougher	tough	ADJ
cblr-1702	528	19	dissolution	dissolution	ADJ
cblr-1702	528	20	protocols	protocol	NOUN
cblr-1702	528	21	acceptable	acceptable	ADJ
cblr-1702	528	22	.	.	PUNCT
cblr-1702	529	1	rather	rather	ADV
cblr-1702	529	2	than	than	ADP
cblr-1702	529	3	dissolving	dissolve	VERB
cblr-1702	529	4	a	a	DET
cblr-1702	529	5	partnership	partnership	NOUN
cblr-1702	529	6	by	by	ADP
cblr-1702	529	7	the	the	DET
cblr-1702	529	8	whim	whim	NOUN
cblr-1702	529	9	of	of	ADP
cblr-1702	529	10	a	a	DET
cblr-1702	529	11	single	single	ADJ
cblr-1702	529	12	partner	partner	NOUN
cblr-1702	529	13	,	,	PUNCT
cblr-1702	529	14	the	the	DET
cblr-1702	529	15	token	token	NOUN
cblr-1702	529	16	could	could	AUX
cblr-1702	529	17	feature	feature	VERB
cblr-1702	529	18	a	a	DET
cblr-1702	529	19	protocol	protocol	NOUN
cblr-1702	529	20	for	for	ADP
cblr-1702	529	21	a	a	DET
cblr-1702	529	22	majority	majority	NOUN
cblr-1702	529	23	or	or	CCONJ
cblr-1702	529	24	super	super	ADJ
cblr-1702	529	25	-	-	ADJ
cblr-1702	529	26	majority	majority	ADJ
cblr-1702	529	27	vote	vote	NOUN
cblr-1702	529	28	to	to	PART
cblr-1702	529	29	dissolve	dissolve	VERB
cblr-1702	529	30	and	and	CCONJ
cblr-1702	529	31	automatically	automatically	ADV
cblr-1702	529	32	wind	wind	VERB
cblr-1702	529	33	down	down	ADP
cblr-1702	529	34	partnership	partnership	NOUN
cblr-1702	529	35	assets	asset	NOUN
cblr-1702	529	36	.	.	PUNCT
cblr-1702	530	1	a	a	DET
cblr-1702	530	2	decentralized	decentralize	VERB
cblr-1702	530	3	partnership	partnership	NOUN
cblr-1702	530	4	has	have	VERB
cblr-1702	530	5	an	an	DET
cblr-1702	530	6	essential	essential	ADJ
cblr-1702	530	7	quality	quality	NOUN
cblr-1702	530	8	differentiating	differentiate	VERB
cblr-1702	530	9	the	the	DET
cblr-1702	530	10	form	form	NOUN
cblr-1702	530	11	from	from	ADP
cblr-1702	530	12	a	a	DET
cblr-1702	530	13	corporation	corporation	NOUN
cblr-1702	530	14	:	:	PUNCT
cblr-1702	530	15	there	there	PRON
cblr-1702	530	16	is	be	VERB
cblr-1702	530	17	no	no	DET
cblr-1702	530	18	separation	separation	NOUN
cblr-1702	530	19	between	between	ADP
cblr-1702	530	20	ownership	ownership	NOUN
cblr-1702	530	21	and	and	CCONJ
cblr-1702	530	22	control	control	NOUN
cblr-1702	530	23	,	,	PUNCT
cblr-1702	530	24	and	and	CCONJ
cblr-1702	530	25	as	as	ADP
cblr-1702	530	26	minimal	minimal	ADJ
cblr-1702	530	27	separation	separation	NOUN
cblr-1702	530	28	between	between	ADP
cblr-1702	530	29	ownership	ownership	NOUN
cblr-1702	530	30	and	and	CCONJ
cblr-1702	530	31	execution	execution	NOUN
cblr-1702	530	32	of	of	ADP
cblr-1702	530	33	control	control	NOUN
cblr-1702	530	34	as	as	ADP
cblr-1702	530	35	possible.166	possible.166	NOUN
cblr-1702	530	36	the	the	DET
cblr-1702	530	37	corporation	corporation	NOUN
cblr-1702	530	38	has	have	VERB
cblr-1702	530	39	the	the	DET
cblr-1702	530	40	board	board	NOUN
cblr-1702	530	41	and	and	CCONJ
cblr-1702	530	42	management	management	NOUN
cblr-1702	530	43	;	;	PUNCT
cblr-1702	530	44	the	the	DET
cblr-1702	530	45	decentralized	decentralize	VERB
cblr-1702	530	46	partnership	partnership	NOUN
cblr-1702	530	47	has	have	VERB
cblr-1702	530	48	the	the	DET
cblr-1702	530	49	token	token	ADJ
cblr-1702	530	50	holders	holder	NOUN
cblr-1702	530	51	and	and	CCONJ
cblr-1702	530	52	,	,	PUNCT
cblr-1702	530	53	only	only	ADV
cblr-1702	530	54	if	if	SCONJ
cblr-1702	530	55	necessary	necessary	ADJ
cblr-1702	530	56	,	,	PUNCT
cblr-1702	530	57	security	security	NOUN
cblr-1702	530	58	-	-	PUNCT
cblr-1702	530	59	clearing	clear	VERB
cblr-1702	530	60	curators	curator	NOUN
cblr-1702	530	61	.	.	PUNCT
cblr-1702	531	1	a	a	DET
cblr-1702	531	2	decentralized	decentralize	VERB
cblr-1702	531	3	partnership	partnership	NOUN
cblr-1702	531	4	is	be	AUX
cblr-1702	531	5	more	more	ADV
cblr-1702	531	6	difficult	difficult	ADJ
cblr-1702	531	7	to	to	PART
cblr-1702	531	8	participate	participate	VERB
cblr-1702	531	9	in	in	ADP
cblr-1702	531	10	because	because	SCONJ
cblr-1702	531	11	it	it	PRON
cblr-1702	531	12	requires	require	VERB
cblr-1702	531	13	investors	investor	NOUN
cblr-1702	531	14	to	to	PART
cblr-1702	531	15	be	be	AUX
cblr-1702	531	16	informed	inform	VERB
cblr-1702	531	17	and	and	CCONJ
cblr-1702	531	18	to	to	PART
cblr-1702	531	19	continuously	continuously	ADV
cblr-1702	531	20	participate	participate	VERB
cblr-1702	531	21	to	to	PART
cblr-1702	531	22	avoid	avoid	VERB
cblr-1702	531	23	unwanted	unwanted	ADJ
cblr-1702	531	24	liabilities	liability	NOUN
cblr-1702	531	25	or	or	CCONJ
cblr-1702	531	26	investments	investment	NOUN
cblr-1702	531	27	.	.	PUNCT
cblr-1702	532	1	however	however	ADV
cblr-1702	532	2	,	,	PUNCT
cblr-1702	532	3	the	the	DET
cblr-1702	532	4	decentralized	decentralize	VERB
cblr-1702	532	5	partnership	partnership	NOUN
cblr-1702	532	6	has	have	VERB
cblr-1702	532	7	one	one	NUM
cblr-1702	532	8	extra	extra	ADJ
cblr-1702	532	9	benefit	benefit	NOUN
cblr-1702	532	10	that	that	PRON
cblr-1702	532	11	aligns	align	VERB
cblr-1702	532	12	with	with	ADP
cblr-1702	532	13	corporate	corporate	ADJ
cblr-1702	532	14	forms	form	NOUN
cblr-1702	532	15	:	:	PUNCT
cblr-1702	532	16	the	the	DET
cblr-1702	532	17	ability	ability	NOUN
cblr-1702	532	18	to	to	PART
cblr-1702	532	19	easily	easily	ADV
cblr-1702	532	20	transfer	transfer	VERB
cblr-1702	532	21	ownership	ownership	NOUN
cblr-1702	532	22	according	accord	VERB
cblr-1702	532	23	to	to	ADP
cblr-1702	532	24	the	the	DET
cblr-1702	532	25	token	token	ADJ
cblr-1702	532	26	terms	term	NOUN
cblr-1702	532	27	.	.	PUNCT
cblr-1702	533	1	tokens	token	NOUN
cblr-1702	533	2	can	can	AUX
cblr-1702	533	3	be	be	AUX
cblr-1702	533	4	traded	trade	VERB
cblr-1702	533	5	on	on	ADP
cblr-1702	533	6	secondary	secondary	ADJ
cblr-1702	533	7	exchanges	exchange	NOUN
cblr-1702	533	8	,	,	PUNCT
cblr-1702	533	9	and	and	CCONJ
cblr-1702	533	10	while	while	SCONJ
cblr-1702	533	11	these	these	DET
cblr-1702	533	12	exchanges	exchange	NOUN
cblr-1702	533	13	and	and	CCONJ
cblr-1702	533	14	transactions	transaction	NOUN
cblr-1702	533	15	may	may	AUX
cblr-1702	533	16	have	have	VERB
cblr-1702	533	17	their	their	PRON
cblr-1702	533	18	own	own	ADJ
cblr-1702	533	19	regulatory	regulatory	ADJ
cblr-1702	533	20	challenges	challenge	NOUN
cblr-1702	533	21	,	,	PUNCT
cblr-1702	533	22	the	the	DET
cblr-1702	533	23	effect	effect	NOUN
cblr-1702	533	24	of	of	ADP
cblr-1702	533	25	the	the	DET
cblr-1702	533	26	secondary	secondary	ADJ
cblr-1702	533	27	market	market	NOUN
cblr-1702	533	28	is	be	AUX
cblr-1702	533	29	foundational	foundational	ADJ
cblr-1702	533	30	:	:	PUNCT
cblr-1702	533	31	creating	create	VERB
cblr-1702	533	32	a	a	DET
cblr-1702	533	33	viable	viable	ADJ
cblr-1702	533	34	exit	exit	NOUN
cblr-1702	533	35	strategy	strategy	NOUN
cblr-1702	533	36	.	.	PUNCT
cblr-1702	534	1	again	again	ADV
cblr-1702	534	2	,	,	PUNCT
cblr-1702	534	3	this	this	PRON
cblr-1702	534	4	promotes	promote	VERB
cblr-1702	534	5	efficiency	efficiency	NOUN
cblr-1702	534	6	and	and	CCONJ
cblr-1702	534	7	democracy	democracy	NOUN
cblr-1702	534	8	because	because	SCONJ
cblr-1702	534	9	the	the	DET
cblr-1702	534	10	threat	threat	NOUN
cblr-1702	534	11	of	of	ADP
cblr-1702	534	12	minority	minority	NOUN
cblr-1702	534	13	token	token	VERB
cblr-1702	534	14	holders	holder	NOUN
cblr-1702	534	15	withdrawing	withdraw	VERB
cblr-1702	534	16	their	their	PRON
cblr-1702	534	17	profits	profit	NOUN
cblr-1702	534	18	and	and	CCONJ
cblr-1702	534	19	then	then	ADV
cblr-1702	534	20	selling	sell	VERB
cblr-1702	534	21	their	their	PRON
cblr-1702	534	22	tokens	token	NOUN
cblr-1702	534	23	,	,	PUNCT
cblr-1702	534	24	165	165	NUM
cblr-1702	534	25	see	see	VERB
cblr-1702	534	26	i	i	PRON
cblr-1702	534	27	d.	d.	PROPN
cblr-1702	534	28	§	§	PROPN
cblr-1702	534	29	401(f	401(f	PROPN
cblr-1702	534	30	)	)	PUNCT
cblr-1702	534	31	.	.	PUNCT
cblr-1702	535	1	166	166	NUM
cblr-1702	535	2	fewer	few	ADJ
cblr-1702	535	3	agents	agent	NOUN
cblr-1702	535	4	by	by	ADP
cblr-1702	535	5	way	way	NOUN
cblr-1702	535	6	of	of	ADP
cblr-1702	535	7	automation	automation	NOUN
cblr-1702	535	8	means	mean	VERB
cblr-1702	535	9	fewer	few	ADJ
cblr-1702	535	10	agency	agency	NOUN
cblr-1702	535	11	costs	cost	NOUN
cblr-1702	535	12	for	for	ADP
cblr-1702	535	13	the	the	DET
cblr-1702	535	14	business	business	NOUN
cblr-1702	535	15	,	,	PUNCT
cblr-1702	535	16	although	although	SCONJ
cblr-1702	535	17	more	more	ADJ
cblr-1702	535	18	time	time	NOUN
cblr-1702	535	19	and	and	CCONJ
cblr-1702	535	20	energy	energy	NOUN
cblr-1702	535	21	is	be	AUX
cblr-1702	535	22	required	require	VERB
cblr-1702	535	23	of	of	ADP
cblr-1702	535	24	the	the	DET
cblr-1702	535	25	partners	partner	NOUN
cblr-1702	535	26	.	.	PUNCT
cblr-1702	536	1	see	see	VERB
cblr-1702	536	2	adolf	adolf	PROPN
cblr-1702	536	3	a.	a.	PROPN
cblr-1702	536	4	berle	berle	PROPN
cblr-1702	536	5	,	,	PUNCT
cblr-1702	536	6	jr	jr	PROPN
cblr-1702	536	7	.	.	PROPN
cblr-1702	536	8	&	&	CCONJ
cblr-1702	536	9	gardiner	gardiner	PROPN
cblr-1702	536	10	c.	c.	PROPN
cblr-1702	536	11	means	mean	VERB
cblr-1702	536	12	,	,	PUNCT
cblr-1702	536	13	the	the	DET
cblr-1702	536	14	modern	modern	ADJ
cblr-1702	536	15	corporation	corporation	NOUN
cblr-1702	536	16	and	and	CCONJ
cblr-1702	536	17	private	private	ADJ
cblr-1702	536	18	property	property	NOUN
cblr-1702	536	19	ch	ch	NOUN
cblr-1702	536	20	.	.	PROPN
cblr-1702	536	21	6	6	NUM
cblr-1702	536	22	(	(	PUNCT
cblr-1702	536	23	1936	1936	NUM
cblr-1702	536	24	)	)	PUNCT
cblr-1702	536	25	.	.	PUNCT
cblr-1702	537	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	537	2	no	no	INTJ
cblr-1702	537	3	.	.	PUNCT
cblr-1702	538	1	2:617	2:617	NUM
cblr-1702	538	2	]	]	X
cblr-1702	538	3	ico	ico	PROPN
cblr-1702	538	4	’s	’s	PART
cblr-1702	538	5	,	,	PUNCT
cblr-1702	538	6	dao	dao	VERB
cblr-1702	538	7	’s	’s	ADV
cblr-1702	538	8	,	,	PUNCT
cblr-1702	538	9	and	and	CCONJ
cblr-1702	538	10	the	the	DET
cblr-1702	538	11	sec	sec	PROPN
cblr-1702	538	12	655	655	NUM
cblr-1702	538	13	perhaps	perhaps	ADV
cblr-1702	538	14	with	with	ADP
cblr-1702	538	15	tokens	token	NOUN
cblr-1702	538	16	being	be	AUX
cblr-1702	538	17	purchased	purchase	VERB
cblr-1702	538	18	by	by	ADP
cblr-1702	538	19	a	a	DET
cblr-1702	538	20	block	block	NOUN
cblr-1702	538	21	,	,	PUNCT
cblr-1702	538	22	helps	help	VERB
cblr-1702	538	23	keep	keep	VERB
cblr-1702	538	24	majority	majority	NOUN
cblr-1702	538	25	tyranny	tyranny	NOUN
cblr-1702	538	26	in	in	ADP
cblr-1702	538	27	check	check	NOUN
cblr-1702	538	28	.	.	PUNCT
cblr-1702	539	1	the	the	DET
cblr-1702	539	2	corporate	corporate	ADJ
cblr-1702	539	3	form	form	NOUN
cblr-1702	539	4	allows	allow	VERB
cblr-1702	539	5	for	for	ADP
cblr-1702	539	6	wide	wide	ADJ
cblr-1702	539	7	fundraising	fundraising	NOUN
cblr-1702	539	8	,	,	PUNCT
cblr-1702	539	9	dispersed	disperse	VERB
cblr-1702	539	10	ownership	ownership	NOUN
cblr-1702	539	11	,	,	PUNCT
cblr-1702	539	12	and	and	CCONJ
cblr-1702	539	13	diversified	diversified	ADJ
cblr-1702	539	14	portfolio	portfolio	NOUN
cblr-1702	539	15	ownership	ownership	NOUN
cblr-1702	539	16	.	.	PUNCT
cblr-1702	540	1	the	the	DET
cblr-1702	540	2	decentralized	decentralize	VERB
cblr-1702	540	3	partnership	partnership	NOUN
cblr-1702	540	4	allows	allow	VERB
cblr-1702	540	5	for	for	ADP
cblr-1702	540	6	wide	wide	ADJ
cblr-1702	540	7	fundraising	fundraising	NOUN
cblr-1702	540	8	,	,	PUNCT
cblr-1702	540	9	dispersed	disperse	VERB
cblr-1702	540	10	ownership	ownership	NOUN
cblr-1702	540	11	,	,	PUNCT
cblr-1702	540	12	and	and	CCONJ
cblr-1702	540	13	a	a	DET
cblr-1702	540	14	trade	trade	NOUN
cblr-1702	540	15	-	-	PUNCT
cblr-1702	540	16	off	off	NOUN
cblr-1702	540	17	between	between	ADP
cblr-1702	540	18	more	more	ADV
cblr-1702	540	19	meaningful	meaningful	ADJ
cblr-1702	540	20	control	control	NOUN
cblr-1702	540	21	and	and	CCONJ
cblr-1702	540	22	less	less	ADJ
cblr-1702	540	23	portfolio	portfolio	NOUN
cblr-1702	540	24	diversification	diversification	NOUN
cblr-1702	540	25	.	.	PUNCT
cblr-1702	541	1	as	as	SCONJ
cblr-1702	541	2	technology	technology	NOUN
cblr-1702	541	3	improves	improve	VERB
cblr-1702	541	4	and	and	CCONJ
cblr-1702	541	5	more	more	ADJ
cblr-1702	541	6	business	business	NOUN
cblr-1702	541	7	models	model	NOUN
cblr-1702	541	8	fit	fit	ADJ
cblr-1702	541	9	into	into	ADP
cblr-1702	541	10	a	a	DET
cblr-1702	541	11	decentralization	decentralization	NOUN
cblr-1702	541	12	and	and	CCONJ
cblr-1702	541	13	democracy	democracy	NOUN
cblr-1702	541	14	understanding	understanding	NOUN
cblr-1702	541	15	,	,	PUNCT
cblr-1702	541	16	this	this	DET
cblr-1702	541	17	trade	trade	NOUN
cblr-1702	541	18	-	-	PUNCT
cblr-1702	541	19	off	off	NOUN
cblr-1702	541	20	may	may	AUX
cblr-1702	541	21	become	become	VERB
cblr-1702	541	22	less	less	ADV
cblr-1702	541	23	evident	evident	ADJ
cblr-1702	541	24	.	.	PUNCT
cblr-1702	542	1	b.	b.	VERB
cblr-1702	543	1	the	the	DET
cblr-1702	543	2	organic	organic	ADJ
cblr-1702	543	3	internalization	internalization	NOUN
cblr-1702	543	4	of	of	ADP
cblr-1702	543	5	risk	risk	NOUN
cblr-1702	543	6	being	be	AUX
cblr-1702	543	7	recognized	recognize	VERB
cblr-1702	543	8	as	as	ADP
cblr-1702	543	9	a	a	DET
cblr-1702	543	10	partnership	partnership	NOUN
cblr-1702	543	11	establishes	establish	VERB
cblr-1702	543	12	not	not	PART
cblr-1702	543	13	only	only	ADJ
cblr-1702	543	14	rights	right	NOUN
cblr-1702	543	15	,	,	PUNCT
cblr-1702	543	16	but	but	CCONJ
cblr-1702	543	17	duties	duty	NOUN
cblr-1702	543	18	for	for	ADP
cblr-1702	543	19	the	the	DET
cblr-1702	543	20	partners	partner	NOUN
cblr-1702	543	21	in	in	ADP
cblr-1702	543	22	a	a	DET
cblr-1702	543	23	decentralized	decentralize	VERB
cblr-1702	543	24	autonomous	autonomous	ADJ
cblr-1702	543	25	organization	organization	NOUN
cblr-1702	543	26	.	.	PUNCT
cblr-1702	544	1	in	in	ADP
cblr-1702	544	2	the	the	DET
cblr-1702	544	3	dao	dao	NOUN
cblr-1702	544	4	,	,	PUNCT
cblr-1702	544	5	partnership	partnership	NOUN
cblr-1702	544	6	status	status	NOUN
cblr-1702	544	7	could	could	AUX
cblr-1702	544	8	help	help	VERB
cblr-1702	544	9	decrease	decrease	VERB
cblr-1702	544	10	the	the	DET
cblr-1702	544	11	role	role	NOUN
cblr-1702	544	12	of	of	ADP
cblr-1702	544	13	curators	curator	NOUN
cblr-1702	544	14	—	—	PUNCT
cblr-1702	544	15	minority	minority	NOUN
cblr-1702	544	16	token	token	VERB
cblr-1702	544	17	holders	holder	NOUN
cblr-1702	544	18	would	would	AUX
cblr-1702	544	19	be	be	AUX
cblr-1702	544	20	protected	protect	VERB
cblr-1702	544	21	from	from	ADP
cblr-1702	544	22	majority	majority	NOUN
cblr-1702	544	23	attacks	attack	NOUN
cblr-1702	544	24	and	and	CCONJ
cblr-1702	544	25	fraud	fraud	NOUN
cblr-1702	544	26	through	through	ADP
cblr-1702	544	27	fraudulent	fraudulent	ADJ
cblr-1702	544	28	conveyance	conveyance	NOUN
cblr-1702	544	29	claims	claim	NOUN
cblr-1702	544	30	,	,	PUNCT
cblr-1702	544	31	contract	contract	NOUN
cblr-1702	544	32	law	law	NOUN
cblr-1702	544	33	fraud	fraud	NOUN
cblr-1702	544	34	claims	claim	VERB
cblr-1702	544	35	,	,	PUNCT
cblr-1702	544	36	or	or	CCONJ
cblr-1702	544	37	even	even	ADV
cblr-1702	544	38	breach	breach	VERB
cblr-1702	544	39	of	of	ADP
cblr-1702	544	40	fiduciary	fiduciary	ADJ
cblr-1702	544	41	duty	duty	NOUN
cblr-1702	544	42	claims	claim	NOUN
cblr-1702	544	43	.	.	PUNCT
cblr-1702	545	1	token	token	ADJ
cblr-1702	545	2	holders	holder	NOUN
cblr-1702	545	3	would	would	AUX
cblr-1702	545	4	all	all	ADV
cblr-1702	545	5	owe	owe	VERB
cblr-1702	545	6	each	each	DET
cblr-1702	545	7	other	other	ADJ
cblr-1702	545	8	the	the	DET
cblr-1702	545	9	duties	duty	NOUN
cblr-1702	545	10	of	of	ADP
cblr-1702	545	11	honesty	honesty	NOUN
cblr-1702	545	12	,	,	PUNCT
cblr-1702	545	13	loyalty	loyalty	NOUN
cblr-1702	545	14	,	,	PUNCT
cblr-1702	545	15	and	and	CCONJ
cblr-1702	545	16	good	good	ADJ
cblr-1702	545	17	faith	faith	NOUN
cblr-1702	545	18	—	—	PUNCT
cblr-1702	545	19	many	many	ADJ
cblr-1702	545	20	of	of	ADP
cblr-1702	545	21	which	which	PRON
cblr-1702	545	22	the	the	DET
cblr-1702	545	23	curators	curator	NOUN
cblr-1702	545	24	are	be	AUX
cblr-1702	545	25	tasked	task	VERB
cblr-1702	545	26	with	with	ADP
cblr-1702	545	27	monitoring	monitoring	NOUN
cblr-1702	545	28	.	.	PUNCT
cblr-1702	546	1	these	these	DET
cblr-1702	546	2	duties	duty	NOUN
cblr-1702	546	3	could	could	AUX
cblr-1702	546	4	be	be	AUX
cblr-1702	546	5	enforceable	enforceable	ADJ
cblr-1702	546	6	by	by	ADP
cblr-1702	546	7	law	law	NOUN
cblr-1702	546	8	,	,	PUNCT
cblr-1702	546	9	which	which	PRON
cblr-1702	546	10	can	can	AUX
cblr-1702	546	11	decrease	decrease	VERB
cblr-1702	546	12	the	the	DET
cblr-1702	546	13	need	need	NOUN
cblr-1702	546	14	to	to	PART
cblr-1702	546	15	rely	rely	VERB
cblr-1702	546	16	on	on	ADP
cblr-1702	546	17	curators	curator	NOUN
cblr-1702	546	18	.	.	PUNCT
cblr-1702	547	1	partners	partner	NOUN
cblr-1702	547	2	in	in	ADP
cblr-1702	547	3	the	the	DET
cblr-1702	547	4	dao	dao	NOUN
cblr-1702	547	5	will	will	AUX
cblr-1702	547	6	be	be	AUX
cblr-1702	547	7	forced	force	VERB
cblr-1702	547	8	to	to	PART
cblr-1702	547	9	comply	comply	VERB
cblr-1702	547	10	with	with	ADP
cblr-1702	547	11	the	the	DET
cblr-1702	547	12	duty	duty	NOUN
cblr-1702	547	13	of	of	ADP
cblr-1702	547	14	loyalty	loyalty	NOUN
cblr-1702	547	15	,	,	PUNCT
cblr-1702	547	16	and	and	CCONJ
cblr-1702	547	17	thus	thus	ADV
cblr-1702	547	18	not	not	PART
cblr-1702	547	19	take	take	VERB
cblr-1702	547	20	advantage	advantage	NOUN
cblr-1702	547	21	of	of	ADP
cblr-1702	547	22	minority	minority	NOUN
cblr-1702	547	23	token	token	VERB
cblr-1702	547	24	holders	holder	NOUN
cblr-1702	547	25	,	,	PUNCT
cblr-1702	547	26	else	else	ADV
cblr-1702	547	27	face	face	VERB
cblr-1702	547	28	the	the	DET
cblr-1702	547	29	threat	threat	NOUN
cblr-1702	547	30	of	of	ADP
cblr-1702	547	31	partnership	partnership	NOUN
cblr-1702	547	32	litigation	litigation	NOUN
cblr-1702	547	33	.	.	PUNCT
cblr-1702	548	1	this	this	PRON
cblr-1702	548	2	encourages	encourage	VERB
cblr-1702	548	3	democracy	democracy	NOUN
cblr-1702	548	4	and	and	CCONJ
cblr-1702	548	5	responsibility	responsibility	NOUN
cblr-1702	548	6	while	while	SCONJ
cblr-1702	548	7	discouraging	discourage	VERB
cblr-1702	548	8	insider	insider	NOUN
cblr-1702	548	9	hacking	hack	VERB
cblr-1702	548	10	by	by	ADP
cblr-1702	548	11	creating	create	VERB
cblr-1702	548	12	independent	independent	ADJ
cblr-1702	548	13	causes	cause	NOUN
cblr-1702	548	14	of	of	ADP
cblr-1702	548	15	action.167	action.167	ADJ
cblr-1702	548	16	the	the	DET
cblr-1702	548	17	threat	threat	NOUN
cblr-1702	548	18	of	of	ADP
cblr-1702	548	19	liability	liability	NOUN
cblr-1702	548	20	for	for	ADP
cblr-1702	548	21	all	all	DET
cblr-1702	548	22	investors	investor	NOUN
cblr-1702	548	23	can	can	AUX
cblr-1702	548	24	assist	assist	VERB
cblr-1702	548	25	the	the	DET
cblr-1702	548	26	maturation	maturation	NOUN
cblr-1702	548	27	of	of	ADP
cblr-1702	548	28	the	the	DET
cblr-1702	548	29	decentralized	decentralize	VERB
cblr-1702	548	30	ico	ico	PROPN
cblr-1702	548	31	market	market	NOUN
cblr-1702	548	32	.	.	PUNCT
cblr-1702	549	1	because	because	SCONJ
cblr-1702	549	2	partners	partner	NOUN
cblr-1702	549	3	risk	risk	VERB
cblr-1702	549	4	personal	personal	ADJ
cblr-1702	549	5	liability	liability	NOUN
cblr-1702	549	6	in	in	ADP
cblr-1702	549	7	the	the	DET
cblr-1702	549	8	event	event	NOUN
cblr-1702	549	9	of	of	ADP
cblr-1702	549	10	tort	tort	NOUN
cblr-1702	549	11	or	or	CCONJ
cblr-1702	549	12	creditor	creditor	NOUN
cblr-1702	549	13	debts	debt	NOUN
cblr-1702	549	14	,	,	PUNCT
cblr-1702	549	15	the	the	DET
cblr-1702	549	16	partnership	partnership	NOUN
cblr-1702	549	17	founders	founder	NOUN
cblr-1702	549	18	would	would	AUX
cblr-1702	549	19	need	need	VERB
cblr-1702	549	20	to	to	PART
cblr-1702	549	21	be	be	AUX
cblr-1702	549	22	transparent	transparent	ADJ
cblr-1702	549	23	as	as	SCONJ
cblr-1702	549	24	to	to	ADP
cblr-1702	549	25	what	what	PRON
cblr-1702	549	26	risks	risk	VERB
cblr-1702	549	27	the	the	DET
cblr-1702	549	28	partners	partner	NOUN
cblr-1702	549	29	will	will	AUX
cblr-1702	549	30	be	be	AUX
cblr-1702	549	31	exposing	expose	VERB
cblr-1702	549	32	themselves	themselves	PRON
cblr-1702	549	33	if	if	SCONJ
cblr-1702	549	34	they	they	PRON
cblr-1702	549	35	are	be	AUX
cblr-1702	549	36	to	to	PART
cblr-1702	549	37	attract	attract	VERB
cblr-1702	549	38	informed	informed	ADJ
cblr-1702	549	39	partners	partner	NOUN
cblr-1702	549	40	to	to	ADP
cblr-1702	549	41	the	the	DET
cblr-1702	549	42	ico	ico	PROPN
cblr-1702	549	43	.	.	PUNCT
cblr-1702	550	1	additionally	additionally	ADV
cblr-1702	550	2	,	,	PUNCT
cblr-1702	550	3	they	they	PRON
cblr-1702	550	4	will	will	AUX
cblr-1702	550	5	need	need	VERB
cblr-1702	550	6	to	to	PART
cblr-1702	550	7	ensure	ensure	VERB
cblr-1702	550	8	a	a	DET
cblr-1702	550	9	higher	high	ADJ
cblr-1702	550	10	quality	quality	NOUN
cblr-1702	550	11	offering	offering	NOUN
cblr-1702	550	12	because	because	SCONJ
cblr-1702	550	13	partners	partner	NOUN
cblr-1702	550	14	face	face	VERB
cblr-1702	550	15	a	a	DET
cblr-1702	550	16	risk	risk	NOUN
cblr-1702	550	17	of	of	ADP
cblr-1702	550	18	loss	loss	NOUN
cblr-1702	550	19	potentially	potentially	ADV
cblr-1702	550	20	greater	great	ADJ
cblr-1702	550	21	than	than	ADP
cblr-1702	550	22	their	their	PRON
cblr-1702	550	23	167	167	NUM
cblr-1702	550	24	with	with	ADP
cblr-1702	550	25	more	more	ADJ
cblr-1702	550	26	parties	party	NOUN
cblr-1702	550	27	capable	capable	ADJ
cblr-1702	550	28	of	of	ADP
cblr-1702	550	29	exercising	exercise	VERB
cblr-1702	550	30	enforcement	enforcement	NOUN
cblr-1702	550	31	(	(	PUNCT
cblr-1702	550	32	including	include	VERB
cblr-1702	550	33	experienced	experience	VERB
cblr-1702	550	34	blockchain	blockchain	PROPN
cblr-1702	550	35	coders	coder	NOUN
cblr-1702	550	36	)	)	PUNCT
cblr-1702	550	37	,	,	PUNCT
cblr-1702	550	38	there	there	PRON
cblr-1702	550	39	is	be	VERB
cblr-1702	550	40	a	a	DET
cblr-1702	550	41	more	more	ADV
cblr-1702	550	42	credible	credible	ADJ
cblr-1702	550	43	threat	threat	NOUN
cblr-1702	550	44	to	to	ADP
cblr-1702	550	45	hackers	hacker	NOUN
cblr-1702	550	46	of	of	ADP
cblr-1702	550	47	being	be	AUX
cblr-1702	550	48	caught	catch	VERB
cblr-1702	550	49	.	.	PUNCT
cblr-1702	551	1	2018.2_oren_final	2018.2_oren_final	PROPN
cblr-1702	551	2	656	656	NUM
cblr-1702	551	3	columbia	columbia	PROPN
cblr-1702	551	4	business	business	NOUN
cblr-1702	551	5	law	law	NOUN
cblr-1702	551	6	review	review	NOUN
cblr-1702	552	1	[	[	X
cblr-1702	552	2	vol	vol	NOUN
cblr-1702	552	3	.	.	NOUN
cblr-1702	552	4	2018	2018	NUM
cblr-1702	552	5	initial	initial	ADJ
cblr-1702	552	6	investment	investment	NOUN
cblr-1702	552	7	.	.	PUNCT
cblr-1702	553	1	after	after	SCONJ
cblr-1702	553	2	the	the	DET
cblr-1702	553	3	ico	ico	PROPN
cblr-1702	553	4	is	be	AUX
cblr-1702	553	5	completed	complete	VERB
cblr-1702	553	6	,	,	PUNCT
cblr-1702	553	7	the	the	DET
cblr-1702	553	8	partners	partner	NOUN
cblr-1702	553	9	will	will	AUX
cblr-1702	553	10	remain	remain	VERB
cblr-1702	553	11	informed	informed	ADJ
cblr-1702	553	12	and	and	CCONJ
cblr-1702	553	13	motivated	motivated	ADJ
cblr-1702	553	14	to	to	PART
cblr-1702	553	15	participate	participate	VERB
cblr-1702	553	16	by	by	ADP
cblr-1702	553	17	the	the	DET
cblr-1702	553	18	threat	threat	NOUN
cblr-1702	553	19	of	of	ADP
cblr-1702	553	20	losing	lose	VERB
cblr-1702	553	21	money	money	NOUN
cblr-1702	553	22	—	—	PUNCT
cblr-1702	553	23	partners	partner	NOUN
cblr-1702	553	24	will	will	AUX
cblr-1702	553	25	not	not	PART
cblr-1702	553	26	want	want	VERB
cblr-1702	553	27	to	to	PART
cblr-1702	553	28	end	end	VERB
cblr-1702	553	29	up	up	ADP
cblr-1702	553	30	in	in	ADP
cblr-1702	553	31	debt	debt	NOUN
cblr-1702	553	32	based	base	VERB
cblr-1702	553	33	on	on	ADP
cblr-1702	553	34	the	the	DET
cblr-1702	553	35	decisions	decision	NOUN
cblr-1702	553	36	of	of	ADP
cblr-1702	553	37	others	other	NOUN
cblr-1702	553	38	.	.	PUNCT
cblr-1702	554	1	this	this	PRON
cblr-1702	554	2	is	be	AUX
cblr-1702	554	3	yet	yet	ADV
cblr-1702	554	4	another	another	DET
cblr-1702	554	5	boon	boon	NOUN
cblr-1702	554	6	to	to	ADP
cblr-1702	554	7	democracy	democracy	NOUN
cblr-1702	554	8	within	within	ADP
cblr-1702	554	9	the	the	DET
cblr-1702	554	10	organization	organization	NOUN
cblr-1702	554	11	.	.	PUNCT
cblr-1702	555	1	the	the	DET
cblr-1702	555	2	best	well	ADV
cblr-1702	555	3	performing	perform	VERB
cblr-1702	555	4	daos	daos	PROPN
cblr-1702	555	5	will	will	AUX
cblr-1702	555	6	attract	attract	VERB
cblr-1702	555	7	the	the	DET
cblr-1702	555	8	most	most	ADV
cblr-1702	555	9	-	-	PUNCT
cblr-1702	555	10	informed	inform	VERB
cblr-1702	555	11	partners	partner	NOUN
cblr-1702	555	12	,	,	PUNCT
cblr-1702	555	13	which	which	PRON
cblr-1702	555	14	will	will	AUX
cblr-1702	555	15	weed	weed	VERB
cblr-1702	555	16	out	out	ADP
cblr-1702	555	17	the	the	DET
cblr-1702	555	18	weakest	weak	ADJ
cblr-1702	555	19	daos	daos	NOUN
cblr-1702	555	20	over	over	ADP
cblr-1702	555	21	time	time	NOUN
cblr-1702	555	22	.	.	PUNCT
cblr-1702	556	1	while	while	SCONJ
cblr-1702	556	2	the	the	DET
cblr-1702	556	3	threat	threat	NOUN
cblr-1702	556	4	of	of	ADP
cblr-1702	556	5	liability	liability	NOUN
cblr-1702	556	6	is	be	AUX
cblr-1702	556	7	a	a	DET
cblr-1702	556	8	motivator	motivator	NOUN
cblr-1702	556	9	for	for	ADP
cblr-1702	556	10	caution	caution	NOUN
cblr-1702	556	11	,	,	PUNCT
cblr-1702	556	12	it	it	PRON
cblr-1702	556	13	is	be	AUX
cblr-1702	556	14	also	also	ADV
cblr-1702	556	15	a	a	DET
cblr-1702	556	16	major	major	ADJ
cblr-1702	556	17	benefit	benefit	NOUN
cblr-1702	556	18	of	of	ADP
cblr-1702	556	19	decentralization	decentralization	NOUN
cblr-1702	556	20	.	.	PUNCT
cblr-1702	557	1	as	as	SCONJ
cblr-1702	557	2	more	more	ADJ
cblr-1702	557	3	partners	partner	NOUN
cblr-1702	557	4	are	be	AUX
cblr-1702	557	5	added	add	VERB
cblr-1702	557	6	,	,	PUNCT
cblr-1702	557	7	the	the	DET
cblr-1702	557	8	magnitude	magnitude	NOUN
cblr-1702	557	9	of	of	ADP
cblr-1702	557	10	debt	debt	NOUN
cblr-1702	557	11	risk	risk	NOUN
cblr-1702	557	12	decreases	decrease	NOUN
cblr-1702	557	13	because	because	SCONJ
cblr-1702	557	14	partnership	partnership	NOUN
cblr-1702	557	15	liabilities	liability	NOUN
cblr-1702	557	16	will	will	AUX
cblr-1702	557	17	be	be	AUX
cblr-1702	557	18	spread	spread	VERB
cblr-1702	557	19	out	out	ADP
cblr-1702	557	20	over	over	ADP
cblr-1702	557	21	a	a	DET
cblr-1702	557	22	larger	large	ADJ
cblr-1702	557	23	number	number	NOUN
cblr-1702	557	24	of	of	ADP
cblr-1702	557	25	partners	partner	NOUN
cblr-1702	557	26	.	.	PUNCT
cblr-1702	558	1	further	far	ADV
cblr-1702	558	2	,	,	PUNCT
cblr-1702	558	3	it	it	PRON
cblr-1702	558	4	discourages	discourage	VERB
cblr-1702	558	5	investors	investor	NOUN
cblr-1702	558	6	from	from	ADP
cblr-1702	558	7	purchasing	purchase	VERB
cblr-1702	558	8	too	too	ADV
cblr-1702	558	9	large	large	ADJ
cblr-1702	558	10	of	of	ADP
cblr-1702	558	11	a	a	DET
cblr-1702	558	12	share	share	NOUN
cblr-1702	558	13	in	in	ADP
cblr-1702	558	14	the	the	DET
cblr-1702	558	15	partnership	partnership	NOUN
cblr-1702	558	16	(	(	PUNCT
cblr-1702	558	17	and	and	CCONJ
cblr-1702	558	18	thus	thus	ADV
cblr-1702	558	19	too	too	ADV
cblr-1702	558	20	much	much	ADJ
cblr-1702	558	21	liability	liability	NOUN
cblr-1702	558	22	)	)	PUNCT
cblr-1702	558	23	,	,	PUNCT
cblr-1702	558	24	unless	unless	SCONJ
cblr-1702	558	25	they	they	PRON
cblr-1702	558	26	can	can	AUX
cblr-1702	558	27	secure	secure	VERB
cblr-1702	558	28	their	their	PRON
cblr-1702	558	29	own	own	ADJ
cblr-1702	558	30	majority	majority	NOUN
cblr-1702	558	31	and	and	CCONJ
cblr-1702	558	32	control	control	VERB
cblr-1702	558	33	their	their	PRON
cblr-1702	558	34	risk	risk	NOUN
cblr-1702	558	35	.	.	PUNCT
cblr-1702	559	1	this	this	PRON
cblr-1702	559	2	could	could	AUX
cblr-1702	559	3	lead	lead	VERB
cblr-1702	559	4	to	to	ADP
cblr-1702	559	5	a	a	DET
cblr-1702	559	6	larger	large	ADJ
cblr-1702	559	7	dispersion	dispersion	NOUN
cblr-1702	559	8	of	of	ADP
cblr-1702	559	9	ownership	ownership	NOUN
cblr-1702	559	10	and	and	CCONJ
cblr-1702	559	11	a	a	DET
cblr-1702	559	12	more	more	ADV
cblr-1702	559	13	diverse	diverse	ADJ
cblr-1702	559	14	democracy	democracy	NOUN
cblr-1702	559	15	.	.	PUNCT
cblr-1702	560	1	designation	designation	NOUN
cblr-1702	560	2	as	as	ADP
cblr-1702	560	3	a	a	DET
cblr-1702	560	4	securities	security	NOUN
cblr-1702	560	5	transaction	transaction	NOUN
cblr-1702	560	6	creates	create	VERB
cblr-1702	560	7	barriers	barrier	NOUN
cblr-1702	560	8	to	to	ADP
cblr-1702	560	9	decentralization	decentralization	NOUN
cblr-1702	560	10	:	:	PUNCT
cblr-1702	560	11	securities	security	NOUN
cblr-1702	560	12	law	law	NOUN
cblr-1702	560	13	implicitly	implicitly	ADV
cblr-1702	560	14	requires	require	VERB
cblr-1702	560	15	a	a	DET
cblr-1702	560	16	responsible	responsible	ADJ
cblr-1702	560	17	central	central	ADJ
cblr-1702	560	18	authority	authority	NOUN
cblr-1702	560	19	—	—	PUNCT
cblr-1702	560	20	the	the	DET
cblr-1702	560	21	issuer	issuer	NOUN
cblr-1702	560	22	—	—	PUNCT
cblr-1702	560	23	to	to	PART
cblr-1702	560	24	adhere	adhere	VERB
cblr-1702	560	25	to	to	ADP
cblr-1702	560	26	the	the	DET
cblr-1702	560	27	affirmative	affirmative	ADJ
cblr-1702	560	28	duties	duty	NOUN
cblr-1702	560	29	of	of	ADP
cblr-1702	560	30	complying	comply	VERB
cblr-1702	560	31	with	with	ADP
cblr-1702	560	32	securities	security	NOUN
cblr-1702	560	33	laws	law	NOUN
cblr-1702	560	34	.	.	PUNCT
cblr-1702	561	1	designation	designation	NOUN
cblr-1702	561	2	as	as	ADP
cblr-1702	561	3	a	a	DET
cblr-1702	561	4	decentralized	decentralized	ADJ
cblr-1702	561	5	partnership	partnership	NOUN
cblr-1702	561	6	would	would	AUX
cblr-1702	561	7	have	have	VERB
cblr-1702	561	8	the	the	DET
cblr-1702	561	9	opposite	opposite	ADJ
cblr-1702	561	10	effect	effect	NOUN
cblr-1702	561	11	:	:	PUNCT
cblr-1702	561	12	encouraging	encourage	VERB
cblr-1702	561	13	continued	continued	ADJ
cblr-1702	561	14	decentralization	decentralization	NOUN
cblr-1702	561	15	to	to	PART
cblr-1702	561	16	improve	improve	VERB
cblr-1702	561	17	profits	profit	NOUN
cblr-1702	561	18	and	and	CCONJ
cblr-1702	561	19	spread	spread	VERB
cblr-1702	561	20	out	out	ADP
cblr-1702	561	21	liabilities	liability	NOUN
cblr-1702	561	22	.	.	PUNCT
cblr-1702	562	1	a	a	DET
cblr-1702	562	2	decentralized	decentralize	VERB
cblr-1702	562	3	partnership	partnership	NOUN
cblr-1702	562	4	facilitated	facilitate	VERB
cblr-1702	562	5	by	by	ADP
cblr-1702	562	6	the	the	DET
cblr-1702	562	7	right	right	ADJ
cblr-1702	562	8	technology	technology	NOUN
cblr-1702	562	9	(	(	PUNCT
cblr-1702	562	10	i.e.	i.e.	X
cblr-1702	562	11	,	,	PUNCT
cblr-1702	562	12	blockchain	blockchain	PROPN
cblr-1702	562	13	)	)	PUNCT
cblr-1702	562	14	can	can	AUX
cblr-1702	562	15	create	create	VERB
cblr-1702	562	16	economies	economy	NOUN
cblr-1702	562	17	of	of	ADP
cblr-1702	562	18	scale	scale	NOUN
cblr-1702	562	19	in	in	ADP
cblr-1702	562	20	the	the	DET
cblr-1702	562	21	costs	cost	NOUN
cblr-1702	562	22	(	(	PUNCT
cblr-1702	562	23	e.g.	e.g.	ADV
cblr-1702	562	24	,	,	PUNCT
cblr-1702	562	25	research	research	NOUN
cblr-1702	562	26	and	and	CCONJ
cblr-1702	562	27	development	development	NOUN
cblr-1702	562	28	and	and	CCONJ
cblr-1702	562	29	communication	communication	NOUN
cblr-1702	562	30	between	between	ADP
cblr-1702	562	31	partners	partner	NOUN
cblr-1702	562	32	)	)	PUNCT
cblr-1702	562	33	of	of	ADP
cblr-1702	562	34	business	business	NOUN
cblr-1702	562	35	ownership	ownership	NOUN
cblr-1702	562	36	and	and	CCONJ
cblr-1702	562	37	liability	liability	NOUN
cblr-1702	562	38	management	management	NOUN
cblr-1702	562	39	,	,	PUNCT
cblr-1702	562	40	by	by	ADP
cblr-1702	562	41	spreading	spread	VERB
cblr-1702	562	42	those	those	DET
cblr-1702	562	43	costs	cost	NOUN
cblr-1702	562	44	across	across	ADP
cblr-1702	562	45	many	many	ADJ
cblr-1702	562	46	,	,	PUNCT
cblr-1702	562	47	digitally	digitally	ADV
cblr-1702	562	48	-	-	PUNCT
cblr-1702	562	49	connected	connect	VERB
cblr-1702	562	50	partners	partner	NOUN
cblr-1702	562	51	.	.	PUNCT
cblr-1702	563	1	c.	c.	PROPN
cblr-1702	563	2	positive	positive	ADJ
cblr-1702	563	3	externalities	externality	NOUN
cblr-1702	563	4	there	there	PRON
cblr-1702	563	5	are	be	VERB
cblr-1702	563	6	several	several	ADJ
cblr-1702	563	7	positive	positive	ADJ
cblr-1702	563	8	externalities	externality	NOUN
cblr-1702	563	9	that	that	PRON
cblr-1702	563	10	display	display	VERB
cblr-1702	563	11	why	why	SCONJ
cblr-1702	563	12	decentralized	decentralize	VERB
cblr-1702	563	13	partnership	partnership	NOUN
cblr-1702	563	14	designations	designation	NOUN
cblr-1702	563	15	are	be	AUX
cblr-1702	563	16	not	not	PART
cblr-1702	563	17	only	only	ADV
cblr-1702	563	18	good	good	ADJ
cblr-1702	563	19	for	for	ADP
cblr-1702	563	20	the	the	DET
cblr-1702	563	21	participating	participate	VERB
cblr-1702	563	22	investors	investor	NOUN
cblr-1702	563	23	,	,	PUNCT
cblr-1702	563	24	but	but	CCONJ
cblr-1702	563	25	also	also	ADV
cblr-1702	563	26	for	for	ADP
cblr-1702	563	27	stakeholders	stakeholder	NOUN
cblr-1702	563	28	in	in	ADP
cblr-1702	563	29	general	general	ADJ
cblr-1702	563	30	.	.	PUNCT
cblr-1702	564	1	revisit	revisit	VERB
cblr-1702	564	2	the	the	DET
cblr-1702	564	3	example	example	NOUN
cblr-1702	564	4	of	of	ADP
cblr-1702	564	5	the	the	DET
cblr-1702	564	6	autonomous	autonomous	ADJ
cblr-1702	564	7	car	car	NOUN
cblr-1702	564	8	that	that	PRON
cblr-1702	564	9	drives	drive	VERB
cblr-1702	564	10	around	around	ADP
cblr-1702	564	11	picking	pick	VERB
cblr-1702	564	12	up	up	ADP
cblr-1702	564	13	passengers	passenger	NOUN
cblr-1702	564	14	,	,	PUNCT
cblr-1702	564	15	sharing	share	VERB
cblr-1702	564	16	profits	profit	NOUN
cblr-1702	564	17	with	with	ADP
cblr-1702	564	18	ico	ico	PROPN
cblr-1702	564	19	token	token	VERB
cblr-1702	564	20	holders	holder	NOUN
cblr-1702	564	21	.	.	PUNCT
cblr-1702	565	1	who	who	PRON
cblr-1702	565	2	is	be	AUX
cblr-1702	565	3	liable	liable	ADJ
cblr-1702	565	4	in	in	ADP
cblr-1702	565	5	an	an	DET
cblr-1702	565	6	accident	accident	NOUN
cblr-1702	565	7	with	with	ADP
cblr-1702	565	8	a	a	DET
cblr-1702	565	9	pedestrian	pedestrian	NOUN
cblr-1702	565	10	?	?	PUNCT
cblr-1702	566	1	if	if	SCONJ
cblr-1702	566	2	the	the	DET
cblr-1702	566	3	token	token	NOUN
cblr-1702	566	4	is	be	AUX
cblr-1702	566	5	treated	treat	VERB
cblr-1702	566	6	as	as	ADP
cblr-1702	566	7	a	a	DET
cblr-1702	566	8	security	security	NOUN
cblr-1702	566	9	,	,	PUNCT
cblr-1702	566	10	implying	imply	VERB
cblr-1702	566	11	at	at	ADP
cblr-1702	566	12	most	most	ADJ
cblr-1702	566	13	a	a	DET
cblr-1702	566	14	limited	limited	ADJ
cblr-1702	566	15	partnership	partnership	NOUN
cblr-1702	566	16	,	,	PUNCT
cblr-1702	566	17	it	it	PRON
cblr-1702	566	18	is	be	AUX
cblr-1702	566	19	likely	likely	ADJ
cblr-1702	566	20	that	that	SCONJ
cblr-1702	566	21	the	the	DET
cblr-1702	566	22	original	original	ADJ
cblr-1702	566	23	coder	coder	NOUN
cblr-1702	566	24	of	of	ADP
cblr-1702	566	25	the	the	DET
cblr-1702	566	26	car	car	NOUN
cblr-1702	566	27	,	,	PUNCT
cblr-1702	566	28	who	who	PRON
cblr-1702	566	29	2018.2_oren_final	2018.2_oren_final	VERB
cblr-1702	566	30	no	no	NOUN
cblr-1702	566	31	.	.	PUNCT
cblr-1702	567	1	2:617	2:617	NUM
cblr-1702	567	2	]	]	X
cblr-1702	567	3	ico	ico	PROPN
cblr-1702	567	4	’s	’s	PART
cblr-1702	567	5	,	,	PUNCT
cblr-1702	567	6	dao	dao	VERB
cblr-1702	567	7	’s	’s	ADV
cblr-1702	567	8	,	,	PUNCT
cblr-1702	567	9	and	and	CCONJ
cblr-1702	567	10	the	the	DET
cblr-1702	567	11	sec	sec	PROPN
cblr-1702	567	12	657	657	NUM
cblr-1702	567	13	presumably	presumably	ADV
cblr-1702	567	14	issued	issue	VERB
cblr-1702	567	15	the	the	DET
cblr-1702	567	16	car	car	NOUN
cblr-1702	567	17	ico	ico	PROPN
cblr-1702	567	18	,	,	PUNCT
cblr-1702	567	19	would	would	AUX
cblr-1702	567	20	be	be	AUX
cblr-1702	567	21	responsible	responsible	ADJ
cblr-1702	567	22	for	for	ADP
cblr-1702	567	23	compensating	compensate	VERB
cblr-1702	567	24	the	the	DET
cblr-1702	567	25	pedestrian	pedestrian	NOUN
cblr-1702	567	26	.	.	PUNCT
cblr-1702	568	1	in	in	ADP
cblr-1702	568	2	a	a	DET
cblr-1702	568	3	decentralized	decentralized	ADJ
cblr-1702	568	4	partnership	partnership	NOUN
cblr-1702	568	5	,	,	PUNCT
cblr-1702	568	6	all	all	DET
cblr-1702	568	7	car	car	NOUN
cblr-1702	568	8	token	token	VERB
cblr-1702	568	9	holders	holder	NOUN
cblr-1702	568	10	could	could	AUX
cblr-1702	568	11	be	be	AUX
cblr-1702	568	12	held	hold	VERB
cblr-1702	568	13	joint	joint	ADJ
cblr-1702	568	14	and	and	CCONJ
cblr-1702	568	15	severally	severally	ADV
cblr-1702	568	16	liable	liable	ADJ
cblr-1702	568	17	for	for	ADP
cblr-1702	568	18	compensating	compensate	VERB
cblr-1702	568	19	the	the	DET
cblr-1702	568	20	victim	victim	NOUN
cblr-1702	568	21	.	.	PUNCT
cblr-1702	569	1	the	the	DET
cblr-1702	569	2	tort	tort	NOUN
cblr-1702	569	3	victim	victim	NOUN
cblr-1702	569	4	would	would	AUX
cblr-1702	569	5	have	have	VERB
cblr-1702	569	6	more	more	ADJ
cblr-1702	569	7	parties	party	NOUN
cblr-1702	569	8	to	to	PART
cblr-1702	569	9	recover	recover	VERB
cblr-1702	569	10	from	from	ADP
cblr-1702	569	11	than	than	SCONJ
cblr-1702	569	12	if	if	SCONJ
cblr-1702	569	13	they	they	PRON
cblr-1702	569	14	could	could	AUX
cblr-1702	569	15	only	only	ADV
cblr-1702	569	16	look	look	VERB
cblr-1702	569	17	to	to	ADP
cblr-1702	569	18	the	the	DET
cblr-1702	569	19	original	original	ADJ
cblr-1702	569	20	coder	coder	NOUN
cblr-1702	569	21	—	—	PUNCT
cblr-1702	569	22	who	who	PRON
cblr-1702	569	23	might	might	AUX
cblr-1702	569	24	be	be	AUX
cblr-1702	569	25	insolvent	insolvent	ADJ
cblr-1702	569	26	on	on	ADP
cblr-1702	569	27	his	his	PRON
cblr-1702	569	28	or	or	CCONJ
cblr-1702	569	29	her	her	PRON
cblr-1702	569	30	own.168	own.168	NOUN
cblr-1702	569	31	the	the	DET
cblr-1702	569	32	cost	cost	NOUN
cblr-1702	569	33	of	of	ADP
cblr-1702	569	34	this	this	DET
cblr-1702	569	35	liability	liability	NOUN
cblr-1702	569	36	would	would	AUX
cblr-1702	569	37	be	be	AUX
cblr-1702	569	38	spread	spread	VERB
cblr-1702	569	39	out	out	ADP
cblr-1702	569	40	among	among	ADP
cblr-1702	569	41	more	more	ADJ
cblr-1702	569	42	investors	investor	NOUN
cblr-1702	569	43	,	,	PUNCT
cblr-1702	569	44	which	which	PRON
cblr-1702	569	45	means	mean	VERB
cblr-1702	569	46	the	the	DET
cblr-1702	569	47	same	same	ADJ
cblr-1702	569	48	compensation	compensation	NOUN
cblr-1702	569	49	to	to	ADP
cblr-1702	569	50	the	the	DET
cblr-1702	569	51	victim	victim	NOUN
cblr-1702	569	52	with	with	ADP
cblr-1702	569	53	less	less	ADJ
cblr-1702	569	54	damage	damage	NOUN
cblr-1702	569	55	to	to	ADP
cblr-1702	569	56	the	the	DET
cblr-1702	569	57	business	business	NOUN
cblr-1702	569	58	.	.	PUNCT
cblr-1702	570	1	the	the	DET
cblr-1702	570	2	victim	victim	NOUN
cblr-1702	570	3	has	have	VERB
cblr-1702	570	4	more	more	ADJ
cblr-1702	570	5	opportunities	opportunity	NOUN
cblr-1702	570	6	to	to	PART
cblr-1702	570	7	recover	recover	VERB
cblr-1702	570	8	while	while	SCONJ
cblr-1702	570	9	no	no	DET
cblr-1702	570	10	single	single	ADJ
cblr-1702	570	11	defendant	defendant	NOUN
cblr-1702	570	12	would	would	AUX
cblr-1702	570	13	be	be	AUX
cblr-1702	570	14	overly	overly	ADV
cblr-1702	570	15	burdened	burden	VERB
cblr-1702	570	16	by	by	ADP
cblr-1702	570	17	the	the	DET
cblr-1702	570	18	liability	liability	NOUN
cblr-1702	570	19	.	.	PUNCT
cblr-1702	571	1	avoiding	avoid	VERB
cblr-1702	571	2	registration	registration	NOUN
cblr-1702	571	3	has	have	VERB
cblr-1702	571	4	the	the	DET
cblr-1702	571	5	potential	potential	NOUN
cblr-1702	571	6	for	for	ADP
cblr-1702	571	7	an	an	DET
cblr-1702	571	8	additional	additional	ADJ
cblr-1702	571	9	egalitarian	egalitarian	ADJ
cblr-1702	571	10	outcome	outcome	NOUN
cblr-1702	571	11	.	.	PUNCT
cblr-1702	572	1	as	as	SCONJ
cblr-1702	572	2	new	new	ADJ
cblr-1702	572	3	token	token	ADJ
cblr-1702	572	4	issuers	issuer	NOUN
cblr-1702	572	5	begin	begin	VERB
cblr-1702	572	6	to	to	PART
cblr-1702	572	7	register	register	VERB
cblr-1702	572	8	with	with	ADP
cblr-1702	572	9	the	the	DET
cblr-1702	572	10	sec	sec	PROPN
cblr-1702	572	11	,	,	PUNCT
cblr-1702	572	12	they	they	PRON
cblr-1702	572	13	often	often	ADV
cblr-1702	572	14	do	do	VERB
cblr-1702	572	15	so	so	ADV
cblr-1702	572	16	under	under	ADP
cblr-1702	572	17	safe	safe	ADJ
cblr-1702	572	18	harbors	harbor	NOUN
cblr-1702	572	19	that	that	PRON
cblr-1702	572	20	limit	limit	NOUN
cblr-1702	572	21	who	who	PRON
cblr-1702	572	22	may	may	AUX
cblr-1702	572	23	purchase	purchase	VERB
cblr-1702	572	24	the	the	DET
cblr-1702	572	25	token.169	token.169	NOUN
cblr-1702	572	26	the	the	DET
cblr-1702	572	27	kodak	kodak	PROPN
cblr-1702	572	28	tokens	token	NOUN
cblr-1702	572	29	will	will	AUX
cblr-1702	572	30	only	only	ADV
cblr-1702	572	31	be	be	AUX
cblr-1702	572	32	available	available	ADJ
cblr-1702	572	33	,	,	PUNCT
cblr-1702	572	34	at	at	ADP
cblr-1702	572	35	least	least	ADJ
cblr-1702	572	36	initially	initially	ADV
cblr-1702	572	37	,	,	PUNCT
cblr-1702	572	38	to	to	ADP
cblr-1702	572	39	“	"	PUNCT
cblr-1702	572	40	accredited	accredited	ADJ
cblr-1702	572	41	investors	investor	NOUN
cblr-1702	572	42	,	,	PUNCT
cblr-1702	572	43	”	"	PUNCT
cblr-1702	572	44	meaning	mean	VERB
cblr-1702	572	45	any	any	DET
cblr-1702	572	46	individuals	individual	NOUN
cblr-1702	572	47	must	must	AUX
cblr-1702	572	48	have	have	VERB
cblr-1702	572	49	either	either	CCONJ
cblr-1702	572	50	a	a	DET
cblr-1702	572	51	net	net	ADJ
cblr-1702	572	52	worth	worth	NOUN
cblr-1702	572	53	greater	great	ADJ
cblr-1702	572	54	than	than	ADP
cblr-1702	572	55	$	$	SYM
cblr-1702	572	56	1	1	NUM
cblr-1702	572	57	million	million	NUM
cblr-1702	572	58	or	or	CCONJ
cblr-1702	572	59	annual	annual	ADJ
cblr-1702	572	60	income	income	NOUN
cblr-1702	572	61	greater	great	ADJ
cblr-1702	572	62	than	than	ADP
cblr-1702	572	63	$	$	SYM
cblr-1702	572	64	200,000	200,000	NUM
cblr-1702	572	65	for	for	ADP
cblr-1702	572	66	at	at	ADV
cblr-1702	572	67	least	least	ADV
cblr-1702	572	68	two	two	NUM
cblr-1702	572	69	years.170	years.170	NOUN
cblr-1702	572	70	these	these	DET
cblr-1702	572	71	safe	safe	ADJ
cblr-1702	572	72	harbors	harbor	NOUN
cblr-1702	572	73	,	,	PUNCT
cblr-1702	572	74	particularly	particularly	ADV
cblr-1702	572	75	when	when	SCONJ
cblr-1702	572	76	used	use	VERB
cblr-1702	572	77	by	by	ADP
cblr-1702	572	78	established	establish	VERB
cblr-1702	572	79	corporate	corporate	ADJ
cblr-1702	572	80	issuers	issuer	NOUN
cblr-1702	572	81	like	like	ADP
cblr-1702	572	82	kodak	kodak	PROPN
cblr-1702	572	83	,	,	PUNCT
cblr-1702	572	84	do	do	VERB
cblr-1702	572	85	little	little	ADJ
cblr-1702	572	86	to	to	PART
cblr-1702	572	87	protect	protect	VERB
cblr-1702	572	88	investors	investor	NOUN
cblr-1702	572	89	,	,	PUNCT
cblr-1702	572	90	but	but	CCONJ
cblr-1702	572	91	deny	deny	VERB
cblr-1702	572	92	the	the	DET
cblr-1702	572	93	average	average	ADJ
cblr-1702	572	94	investor	investor	NOUN
cblr-1702	572	95	the	the	DET
cblr-1702	572	96	right	right	NOUN
cblr-1702	572	97	to	to	PART
cblr-1702	572	98	participate	participate	VERB
cblr-1702	572	99	in	in	ADP
cblr-1702	572	100	the	the	DET
cblr-1702	572	101	new	new	ADJ
cblr-1702	572	102	blockchain	blockchain	PROPN
cblr-1702	572	103	economy	economy	NOUN
cblr-1702	572	104	.	.	PUNCT
cblr-1702	573	1	exclusionary	exclusionary	ADJ
cblr-1702	573	2	rules	rule	NOUN
cblr-1702	573	3	do	do	AUX
cblr-1702	573	4	not	not	PART
cblr-1702	573	5	fit	fit	VERB
cblr-1702	573	6	the	the	DET
cblr-1702	573	7	democratic	democratic	ADJ
cblr-1702	573	8	and	and	CCONJ
cblr-1702	573	9	egalitarian	egalitarian	ADJ
cblr-1702	573	10	goals	goal	NOUN
cblr-1702	573	11	of	of	ADP
cblr-1702	573	12	decentralized	decentralized	ADJ
cblr-1702	573	13	blockchain	blockchain	PROPN
cblr-1702	573	14	business	business	NOUN
cblr-1702	573	15	models	model	NOUN
cblr-1702	573	16	like	like	ADP
cblr-1702	573	17	the	the	DET
cblr-1702	573	18	dao	dao	PROPN
cblr-1702	573	19	.	.	PUNCT
cblr-1702	573	20	partnership	partnership	NOUN
cblr-1702	573	21	rules	rule	NOUN
cblr-1702	573	22	,	,	PUNCT
cblr-1702	573	23	however	however	ADV
cblr-1702	573	24	,	,	PUNCT
cblr-1702	573	25	that	that	PRON
cblr-1702	573	26	treat	treat	VERB
cblr-1702	573	27	all	all	DET
cblr-1702	573	28	participants	participant	NOUN
cblr-1702	573	29	equally	equally	ADV
cblr-1702	573	30	,	,	PUNCT
cblr-1702	573	31	for	for	ADP
cblr-1702	573	32	better	well	ADJ
cblr-1702	573	33	or	or	CCONJ
cblr-1702	573	34	worse	bad	ADJ
cblr-1702	573	35	,	,	PUNCT
cblr-1702	573	36	fit	fit	VERB
cblr-1702	573	37	the	the	DET
cblr-1702	573	38	concept	concept	NOUN
cblr-1702	573	39	perfectly	perfectly	ADV
cblr-1702	573	40	.	.	PUNCT
cblr-1702	574	1	168	168	NUM
cblr-1702	574	2	the	the	DET
cblr-1702	574	3	smart	smart	ADJ
cblr-1702	574	4	contract	contract	NOUN
cblr-1702	574	5	embedded	embed	VERB
cblr-1702	574	6	in	in	ADP
cblr-1702	574	7	the	the	DET
cblr-1702	574	8	partnership	partnership	NOUN
cblr-1702	574	9	token	token	VERB
cblr-1702	574	10	could	could	AUX
cblr-1702	574	11	help	help	VERB
cblr-1702	574	12	circumvent	circumvent	VERB
cblr-1702	574	13	the	the	DET
cblr-1702	574	14	liability	liability	NOUN
cblr-1702	574	15	challenges	challenge	NOUN
cblr-1702	574	16	of	of	ADP
cblr-1702	574	17	pseudonymity	pseudonymity	NOUN
cblr-1702	574	18	.	.	PUNCT
cblr-1702	575	1	if	if	SCONJ
cblr-1702	575	2	the	the	DET
cblr-1702	575	3	business	business	NOUN
cblr-1702	575	4	is	be	AUX
cblr-1702	575	5	found	find	VERB
cblr-1702	575	6	liable	liable	ADJ
cblr-1702	575	7	,	,	PUNCT
cblr-1702	575	8	the	the	DET
cblr-1702	575	9	funds	fund	NOUN
cblr-1702	575	10	could	could	AUX
cblr-1702	575	11	automatically	automatically	ADV
cblr-1702	575	12	be	be	AUX
cblr-1702	575	13	pulled	pull	VERB
cblr-1702	575	14	from	from	ADP
cblr-1702	575	15	token	token	ADJ
cblr-1702	575	16	holders	holder	NOUN
cblr-1702	575	17	’	'	PUNCT
cblr-1702	575	18	accounts	account	VERB
cblr-1702	575	19	to	to	PART
cblr-1702	575	20	pay	pay	VERB
cblr-1702	575	21	debts	debt	NOUN
cblr-1702	575	22	.	.	PUNCT
cblr-1702	576	1	with	with	ADP
cblr-1702	576	2	this	this	DET
cblr-1702	576	3	threat	threat	NOUN
cblr-1702	576	4	,	,	PUNCT
cblr-1702	576	5	partners	partner	NOUN
cblr-1702	576	6	may	may	AUX
cblr-1702	576	7	be	be	AUX
cblr-1702	576	8	more	more	ADV
cblr-1702	576	9	likely	likely	ADJ
cblr-1702	576	10	to	to	PART
cblr-1702	576	11	come	come	VERB
cblr-1702	576	12	forward	forward	ADV
cblr-1702	576	13	to	to	ADP
cblr-1702	576	14	their	their	PRON
cblr-1702	576	15	own	own	ADJ
cblr-1702	576	16	defense	defense	NOUN
cblr-1702	576	17	.	.	PUNCT
cblr-1702	577	1	another	another	DET
cblr-1702	577	2	option	option	NOUN
cblr-1702	577	3	would	would	AUX
cblr-1702	577	4	be	be	AUX
cblr-1702	577	5	for	for	ADP
cblr-1702	577	6	tokens	token	NOUN
cblr-1702	577	7	themselves	themselves	PRON
cblr-1702	577	8	to	to	PART
cblr-1702	577	9	be	be	AUX
cblr-1702	577	10	forfeited	forfeit	VERB
cblr-1702	577	11	if	if	SCONJ
cblr-1702	577	12	the	the	DET
cblr-1702	577	13	partner	partner	NOUN
cblr-1702	577	14	does	do	AUX
cblr-1702	577	15	not	not	PART
cblr-1702	577	16	come	come	VERB
cblr-1702	577	17	forward	forward	ADV
cblr-1702	577	18	.	.	PUNCT
cblr-1702	578	1	169	169	NUM
cblr-1702	578	2	david	david	PROPN
cblr-1702	578	3	m.	m.	PROPN
cblr-1702	578	4	adlerstein	adlerstein	PROPN
cblr-1702	578	5	&	&	CCONJ
cblr-1702	578	6	joshua	joshua	PROPN
cblr-1702	578	7	ashley	ashley	PROPN
cblr-1702	578	8	klayman	klayman	PROPN
cblr-1702	578	9	,	,	PUNCT
cblr-1702	578	10	a	a	DET
cblr-1702	578	11	21st	21st	ADJ
cblr-1702	578	12	century	century	NOUN
cblr-1702	578	13	“	"	PUNCT
cblr-1702	578	14	kodak	kodak	PROPN
cblr-1702	578	15	moment	moment	NOUN
cblr-1702	578	16	”	"	PUNCT
cblr-1702	578	17	:	:	PUNCT
cblr-1702	578	18	the	the	DET
cblr-1702	578	19	kodak	kodak	PROPN
cblr-1702	578	20	and	and	CCONJ
cblr-1702	578	21	wenn	wenn	PROPN
cblr-1702	578	22	digital	digital	ADJ
cblr-1702	578	23	security	security	NOUN
cblr-1702	578	24	token	token	VERB
cblr-1702	578	25	sale	sale	NOUN
cblr-1702	578	26	,	,	PUNCT
cblr-1702	578	27	crowdfund	crowdfund	ADJ
cblr-1702	578	28	insider	insider	NOUN
cblr-1702	578	29	(	(	PUNCT
cblr-1702	578	30	jan	jan	PROPN
cblr-1702	578	31	.	.	PROPN
cblr-1702	578	32	9	9	NUM
cblr-1702	578	33	,	,	PUNCT
cblr-1702	578	34	2018	2018	NUM
cblr-1702	578	35	,	,	PUNCT
cblr-1702	578	36	10:30	10:30	NUM
cblr-1702	578	37	pm	pm	NOUN
cblr-1702	578	38	)	)	PUNCT
cblr-1702	578	39	,	,	PUNCT
cblr-1702	578	40	https://www.crowdfundinsider.com/2018/01/126899-21st-century-kodakmoment-kodak-wenn-digital-security-token-sale/	https://www.crowdfundinsider.com/2018/01/126899-21st-century-kodakmoment-kodak-wenn-digital-security-token-sale/	X
cblr-1702	579	1	[	[	X
cblr-1702	579	2	perma.cc/jg6m-egr2	perma.cc/jg6m-egr2	NOUN
cblr-1702	579	3	]	]	X
cblr-1702	579	4	.	.	PUNCT
cblr-1702	580	1	170	170	NUM
cblr-1702	580	2	i	i	PROPN
cblr-1702	580	3	d.	d.	PROPN
cblr-1702	580	4	;	;	PUNCT
cblr-1702	580	5	definitions	definition	NOUN
cblr-1702	580	6	and	and	CCONJ
cblr-1702	580	7	terms	term	NOUN
cblr-1702	580	8	used	use	VERB
cblr-1702	580	9	in	in	ADP
cblr-1702	580	10	regulation	regulation	NOUN
cblr-1702	580	11	d	d	PROPN
cblr-1702	580	12	,	,	PUNCT
cblr-1702	580	13	17	17	NUM
cblr-1702	580	14	c.f.r	c.f.r	NOUN
cblr-1702	580	15	§	§	PROPN
cblr-1702	580	16	230.501(a)(5	230.501(a)(5	NUM
cblr-1702	580	17	)	)	PUNCT
cblr-1702	580	18	(	(	PUNCT
cblr-1702	580	19	2016	2016	NUM
cblr-1702	580	20	)	)	PUNCT
cblr-1702	580	21	.	.	PUNCT
cblr-1702	581	1	2018.2_oren_final	2018.2_oren_final	NUM
cblr-1702	581	2	658	658	NUM
cblr-1702	581	3	columbia	columbia	PROPN
cblr-1702	581	4	business	business	NOUN
cblr-1702	581	5	law	law	PROPN
cblr-1702	581	6	review	review	NOUN
cblr-1702	581	7	[	[	X
cblr-1702	581	8	vol	vol	NOUN
cblr-1702	581	9	.	.	NOUN
cblr-1702	581	10	2018	2018	NUM
cblr-1702	582	1	the	the	DET
cblr-1702	582	2	sec	sec	PROPN
cblr-1702	582	3	should	should	AUX
cblr-1702	582	4	not	not	PART
cblr-1702	582	5	consider	consider	VERB
cblr-1702	582	6	a	a	DET
cblr-1702	582	7	decentralized	decentralized	ADJ
cblr-1702	582	8	partnership	partnership	NOUN
cblr-1702	582	9	token	token	VERB
cblr-1702	582	10	ico	ico	PROPN
cblr-1702	582	11	to	to	PART
cblr-1702	582	12	be	be	AUX
cblr-1702	582	13	a	a	DET
cblr-1702	582	14	security	security	NOUN
cblr-1702	582	15	in	in	ADP
cblr-1702	582	16	the	the	DET
cblr-1702	582	17	interest	interest	NOUN
cblr-1702	582	18	of	of	ADP
cblr-1702	582	19	the	the	DET
cblr-1702	582	20	potential	potential	ADJ
cblr-1702	582	21	economic	economic	ADJ
cblr-1702	582	22	benefits	benefit	NOUN
cblr-1702	582	23	of	of	ADP
cblr-1702	582	24	decentralized	decentralize	VERB
cblr-1702	582	25	business	business	NOUN
cblr-1702	582	26	models	model	NOUN
cblr-1702	582	27	.	.	PUNCT
cblr-1702	583	1	in	in	ADP
cblr-1702	583	2	the	the	DET
cblr-1702	583	3	future	future	NOUN
cblr-1702	583	4	,	,	PUNCT
cblr-1702	583	5	it	it	PRON
cblr-1702	583	6	may	may	AUX
cblr-1702	583	7	be	be	AUX
cblr-1702	583	8	better	well	ADJ
cblr-1702	583	9	for	for	SCONJ
cblr-1702	583	10	investors	investor	NOUN
cblr-1702	583	11	to	to	PART
cblr-1702	583	12	have	have	VERB
cblr-1702	583	13	personal	personal	ADJ
cblr-1702	583	14	liability	liability	NOUN
cblr-1702	583	15	and	and	CCONJ
cblr-1702	583	16	fewer	few	ADJ
cblr-1702	583	17	centralized	centralized	ADJ
cblr-1702	583	18	protections	protection	NOUN
cblr-1702	583	19	,	,	PUNCT
cblr-1702	583	20	so	so	SCONJ
cblr-1702	583	21	they	they	PRON
cblr-1702	583	22	may	may	AUX
cblr-1702	583	23	be	be	AUX
cblr-1702	583	24	warier	wary	ADJ
cblr-1702	583	25	of	of	ADP
cblr-1702	583	26	the	the	DET
cblr-1702	583	27	contracts	contract	NOUN
cblr-1702	583	28	they	they	PRON
cblr-1702	583	29	enter	enter	VERB
cblr-1702	583	30	into	into	ADP
cblr-1702	583	31	and	and	CCONJ
cblr-1702	583	32	the	the	DET
cblr-1702	583	33	operations	operation	NOUN
cblr-1702	583	34	they	they	PRON
cblr-1702	583	35	finance	finance	VERB
cblr-1702	583	36	.	.	PUNCT
cblr-1702	584	1	that	that	PRON
cblr-1702	584	2	is	be	AUX
cblr-1702	584	3	an	an	DET
cblr-1702	584	4	organic	organic	ADJ
cblr-1702	584	5	way	way	NOUN
cblr-1702	584	6	to	to	PART
cblr-1702	584	7	ensure	ensure	VERB
cblr-1702	584	8	automated	automate	VERB
cblr-1702	584	9	business	business	NOUN
cblr-1702	584	10	models	model	NOUN
cblr-1702	584	11	,	,	PUNCT
cblr-1702	584	12	like	like	ADP
cblr-1702	584	13	the	the	DET
cblr-1702	584	14	driverless	driverless	NOUN
cblr-1702	584	15	taxi	taxi	NOUN
cblr-1702	584	16	,	,	PUNCT
cblr-1702	584	17	are	be	AUX
cblr-1702	584	18	coded	code	VERB
cblr-1702	584	19	responsibly	responsibly	ADV
cblr-1702	584	20	,	,	PUNCT
cblr-1702	584	21	without	without	ADP
cblr-1702	584	22	creating	create	VERB
cblr-1702	584	23	unnatural	unnatural	ADJ
cblr-1702	584	24	barriers	barrier	NOUN
cblr-1702	584	25	to	to	ADP
cblr-1702	584	26	experimentation	experimentation	NOUN
cblr-1702	584	27	.	.	PUNCT
cblr-1702	585	1	v.	v.	ADP
cblr-1702	585	2	conclusion	conclusion	NOUN
cblr-1702	585	3	securities	security	NOUN
cblr-1702	585	4	designation	designation	NOUN
cblr-1702	585	5	triggers	trigger	VERB
cblr-1702	585	6	duties	duty	NOUN
cblr-1702	585	7	like	like	ADP
cblr-1702	585	8	registration	registration	NOUN
cblr-1702	585	9	and	and	CCONJ
cblr-1702	585	10	ongoing	ongoing	ADJ
cblr-1702	585	11	disclosures	disclosure	NOUN
cblr-1702	585	12	for	for	ADP
cblr-1702	585	13	the	the	DET
cblr-1702	585	14	issuing	issue	VERB
cblr-1702	585	15	entity	entity	NOUN
cblr-1702	585	16	.	.	PUNCT
cblr-1702	586	1	for	for	ADP
cblr-1702	586	2	some	some	DET
cblr-1702	586	3	icos	ico	NOUN
cblr-1702	586	4	,	,	PUNCT
cblr-1702	586	5	this	this	PRON
cblr-1702	586	6	clearly	clearly	ADV
cblr-1702	586	7	would	would	AUX
cblr-1702	586	8	be	be	AUX
cblr-1702	586	9	an	an	DET
cblr-1702	586	10	important	important	ADJ
cblr-1702	586	11	safeguard	safeguard	NOUN
cblr-1702	586	12	for	for	ADP
cblr-1702	586	13	investor	investor	NOUN
cblr-1702	586	14	safety	safety	NOUN
cblr-1702	586	15	.	.	PUNCT
cblr-1702	587	1	for	for	ADP
cblr-1702	587	2	other	other	ADJ
cblr-1702	587	3	icos	icos	PROPN
cblr-1702	587	4	,	,	PUNCT
cblr-1702	587	5	disclosures	disclosure	NOUN
cblr-1702	587	6	would	would	AUX
cblr-1702	587	7	serve	serve	VERB
cblr-1702	587	8	no	no	DET
cblr-1702	587	9	purpose	purpose	NOUN
cblr-1702	587	10	—	—	PUNCT
cblr-1702	587	11	the	the	DET
cblr-1702	587	12	purchasers	purchaser	NOUN
cblr-1702	587	13	are	be	AUX
cblr-1702	587	14	less	less	ADV
cblr-1702	587	15	interested	interested	ADJ
cblr-1702	587	16	in	in	ADP
cblr-1702	587	17	governance	governance	NOUN
cblr-1702	587	18	and	and	CCONJ
cblr-1702	587	19	more	more	ADV
cblr-1702	587	20	interested	interested	ADJ
cblr-1702	587	21	in	in	ADP
cblr-1702	587	22	the	the	DET
cblr-1702	587	23	product	product	NOUN
cblr-1702	587	24	or	or	CCONJ
cblr-1702	587	25	service	service	NOUN
cblr-1702	587	26	itself	itself	PRON
cblr-1702	587	27	.	.	PUNCT
cblr-1702	588	1	in	in	ADP
cblr-1702	588	2	some	some	DET
cblr-1702	588	3	unique	unique	ADJ
cblr-1702	588	4	cases	case	NOUN
cblr-1702	588	5	,	,	PUNCT
cblr-1702	588	6	a	a	DET
cblr-1702	588	7	securities	security	NOUN
cblr-1702	588	8	designation	designation	NOUN
cblr-1702	588	9	would	would	AUX
cblr-1702	588	10	even	even	ADV
cblr-1702	588	11	be	be	AUX
cblr-1702	588	12	counterproductive	counterproductive	ADJ
cblr-1702	588	13	.	.	PUNCT
cblr-1702	589	1	choosing	choose	VERB
cblr-1702	589	2	a	a	DET
cblr-1702	589	3	central	central	ADJ
cblr-1702	589	4	authority	authority	NOUN
cblr-1702	589	5	like	like	SCONJ
cblr-1702	589	6	slock.it	slock.it	PRON
cblr-1702	589	7	to	to	PART
cblr-1702	589	8	be	be	AUX
cblr-1702	589	9	a	a	DET
cblr-1702	589	10	securities	security	NOUN
cblr-1702	589	11	issuer	issuer	NOUN
cblr-1702	589	12	is	be	AUX
cblr-1702	589	13	arbitrary	arbitrary	ADJ
cblr-1702	589	14	when	when	SCONJ
cblr-1702	589	15	the	the	DET
cblr-1702	589	16	token	token	ADJ
cblr-1702	589	17	purchasers	purchaser	NOUN
cblr-1702	589	18	will	will	AUX
cblr-1702	589	19	be	be	AUX
cblr-1702	589	20	the	the	DET
cblr-1702	589	21	parties	party	NOUN
cblr-1702	589	22	actually	actually	ADV
cblr-1702	589	23	creating	create	VERB
cblr-1702	589	24	the	the	DET
cblr-1702	589	25	investment	investment	NOUN
cblr-1702	589	26	contracts	contract	NOUN
cblr-1702	589	27	;	;	PUNCT
cblr-1702	589	28	it	it	PRON
cblr-1702	589	29	is	be	AUX
cblr-1702	589	30	antithetical	antithetical	ADJ
cblr-1702	589	31	when	when	SCONJ
cblr-1702	589	32	an	an	DET
cblr-1702	589	33	essential	essential	ADJ
cblr-1702	589	34	purpose	purpose	NOUN
cblr-1702	589	35	of	of	ADP
cblr-1702	589	36	investing	invest	VERB
cblr-1702	589	37	in	in	ADP
cblr-1702	589	38	the	the	DET
cblr-1702	589	39	token	token	NOUN
cblr-1702	589	40	is	be	AUX
cblr-1702	589	41	to	to	PART
cblr-1702	589	42	control	control	VERB
cblr-1702	589	43	a	a	DET
cblr-1702	589	44	share	share	NOUN
cblr-1702	589	45	of	of	ADP
cblr-1702	589	46	ownership	ownership	NOUN
cblr-1702	589	47	;	;	PUNCT
cblr-1702	589	48	it	it	PRON
cblr-1702	589	49	is	be	AUX
cblr-1702	589	50	damaging	damaging	ADJ
cblr-1702	589	51	when	when	SCONJ
cblr-1702	589	52	the	the	DET
cblr-1702	589	53	goal	goal	NOUN
cblr-1702	589	54	is	be	AUX
cblr-1702	589	55	to	to	PART
cblr-1702	589	56	experiment	experiment	VERB
cblr-1702	589	57	with	with	ADP
cblr-1702	589	58	democratic	democratic	ADJ
cblr-1702	589	59	operation	operation	NOUN
cblr-1702	589	60	.	.	PUNCT
cblr-1702	590	1	instead	instead	ADV
cblr-1702	590	2	,	,	PUNCT
cblr-1702	590	3	a	a	DET
cblr-1702	590	4	decentralized	decentralize	VERB
cblr-1702	590	5	partnership	partnership	NOUN
cblr-1702	590	6	form	form	NOUN
cblr-1702	590	7	can	can	AUX
cblr-1702	590	8	meet	meet	VERB
cblr-1702	590	9	the	the	DET
cblr-1702	590	10	needs	need	NOUN
cblr-1702	590	11	of	of	ADP
cblr-1702	590	12	society	society	NOUN
cblr-1702	590	13	at	at	ADP
cblr-1702	590	14	large	large	ADJ
cblr-1702	590	15	while	while	SCONJ
cblr-1702	590	16	allowing	allow	VERB
cblr-1702	590	17	participants	participant	NOUN
cblr-1702	590	18	the	the	DET
cblr-1702	590	19	freedom	freedom	NOUN
cblr-1702	590	20	and	and	CCONJ
cblr-1702	590	21	flexibility	flexibility	NOUN
cblr-1702	590	22	to	to	PART
cblr-1702	590	23	experiment	experiment	VERB
cblr-1702	590	24	with	with	ADP
cblr-1702	590	25	world	world	NOUN
cblr-1702	590	26	-	-	PUNCT
cblr-1702	590	27	changing	change	VERB
cblr-1702	590	28	technology	technology	NOUN
cblr-1702	590	29	.	.	PUNCT