id	sid	tid	token	lemma	pos
cblr-3423	1	1	a	a	DET
cblr-3423	1	2	regulatory	regulatory	ADJ
cblr-3423	1	3	classification	classification	NOUN
cblr-3423	1	4	of	of	ADP
cblr-3423	1	5	digital	digital	ADJ
cblr-3423	1	6	assets	asset	NOUN
cblr-3423	1	7	:	:	PUNCT
cblr-3423	1	8	toward	toward	ADP
cblr-3423	1	9	an	an	DET
cblr-3423	1	10	operational	operational	ADJ
cblr-3423	1	11	howey	howey	PROPN
cblr-3423	1	12	test	test	NOUN
cblr-3423	1	13	for	for	ADP
cblr-3423	1	14	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	1	15	,	,	PUNCT
cblr-3423	1	16	icos	icos	PROPN
cblr-3423	1	17	,	,	PUNCT
cblr-3423	1	18	and	and	CCONJ
cblr-3423	1	19	other	other	ADJ
cblr-3423	1	20	digital	digital	ADJ
cblr-3423	1	21	assets	asset	NOUN
cblr-3423	1	22	m.	m.	PROPN
cblr-3423	1	23	todd	todd	PROPN
cblr-3423	1	24	henderson	henderson	PROPN
cblr-3423	1	25	&	&	CCONJ
cblr-3423	1	26	max	max	PROPN
cblr-3423	2	1	raskin	raskin	PROPN
cblr-3423	2	2	*	*	PUNCT
cblr-3423	2	3	digital	digital	ADJ
cblr-3423	2	4	assets	asset	NOUN
cblr-3423	2	5	are	be	AUX
cblr-3423	2	6	hot	hot	ADJ
cblr-3423	2	7	right	right	ADV
cblr-3423	2	8	now	now	ADV
cblr-3423	2	9	.	.	PUNCT
cblr-3423	3	1	whether	whether	SCONJ
cblr-3423	3	2	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	3	3	,	,	PUNCT
cblr-3423	3	4	like	like	ADP
cblr-3423	3	5	bitcoin	bitcoin	NOUN
cblr-3423	3	6	,	,	PUNCT
cblr-3423	3	7	or	or	CCONJ
cblr-3423	3	8	initial	initial	ADJ
cblr-3423	3	9	coin	coin	NOUN
cblr-3423	3	10	offerings	offering	NOUN
cblr-3423	3	11	and	and	CCONJ
cblr-3423	3	12	tokens	token	NOUN
cblr-3423	3	13	,	,	PUNCT
cblr-3423	3	14	this	this	DET
cblr-3423	3	15	new	new	ADJ
cblr-3423	3	16	asset	asset	NOUN
cblr-3423	3	17	class	class	NOUN
cblr-3423	3	18	has	have	AUX
cblr-3423	3	19	captured	capture	VERB
cblr-3423	3	20	the	the	DET
cblr-3423	3	21	imagination	imagination	NOUN
cblr-3423	3	22	of	of	ADP
cblr-3423	3	23	american	american	ADJ
cblr-3423	3	24	investors	investor	NOUN
cblr-3423	3	25	.	.	PUNCT
cblr-3423	4	1	while	while	SCONJ
cblr-3423	4	2	it	it	PRON
cblr-3423	4	3	remains	remain	VERB
cblr-3423	4	4	to	to	PART
cblr-3423	4	5	be	be	AUX
cblr-3423	4	6	seen	see	VERB
cblr-3423	4	7	if	if	SCONJ
cblr-3423	4	8	this	this	DET
cblr-3423	4	9	phenomenon	phenomenon	NOUN
cblr-3423	4	10	has	have	AUX
cblr-3423	4	11	staying	stay	VERB
cblr-3423	4	12	power	power	NOUN
cblr-3423	4	13	,	,	PUNCT
cblr-3423	4	14	there	there	PRON
cblr-3423	4	15	is	be	VERB
cblr-3423	4	16	no	no	DET
cblr-3423	4	17	doubt	doubt	NOUN
cblr-3423	4	18	that	that	SCONJ
cblr-3423	4	19	these	these	DET
cblr-3423	4	20	assets	asset	NOUN
cblr-3423	4	21	and	and	CCONJ
cblr-3423	4	22	their	their	PRON
cblr-3423	4	23	promoters	promoter	NOUN
cblr-3423	4	24	have	have	AUX
cblr-3423	4	25	attracted	attract	VERB
cblr-3423	4	26	the	the	DET
cblr-3423	4	27	attention	attention	NOUN
cblr-3423	4	28	of	of	ADP
cblr-3423	4	29	the	the	DET
cblr-3423	4	30	securities	securities	PROPN
cblr-3423	4	31	and	and	CCONJ
cblr-3423	4	32	exchange	exchange	PROPN
cblr-3423	4	33	commission	commission	PROPN
cblr-3423	4	34	.	.	PUNCT
cblr-3423	5	1	but	but	CCONJ
cblr-3423	5	2	neither	neither	CCONJ
cblr-3423	5	3	congress	congress	PROPN
cblr-3423	5	4	nor	nor	CCONJ
cblr-3423	5	5	the	the	DET
cblr-3423	5	6	sec	sec	PROPN
cblr-3423	5	7	has	have	AUX
cblr-3423	5	8	formally	formally	ADV
cblr-3423	5	9	elucidated	elucidate	VERB
cblr-3423	5	10	which	which	PRON
cblr-3423	5	11	digital	digital	ADJ
cblr-3423	5	12	assets	asset	NOUN
cblr-3423	5	13	are	be	AUX
cblr-3423	5	14	securities	security	NOUN
cblr-3423	5	15	and	and	CCONJ
cblr-3423	5	16	which	which	PRON
cblr-3423	5	17	are	be	AUX
cblr-3423	5	18	not	not	PART
cblr-3423	5	19	.	.	PUNCT
cblr-3423	6	1	this	this	DET
cblr-3423	6	2	article	article	NOUN
cblr-3423	6	3	seeks	seek	VERB
cblr-3423	6	4	to	to	PART
cblr-3423	6	5	provide	provide	VERB
cblr-3423	6	6	clarity	clarity	NOUN
cblr-3423	6	7	in	in	ADP
cblr-3423	6	8	determining	determine	VERB
cblr-3423	6	9	which	which	PRON
cblr-3423	6	10	digital	digital	ADJ
cblr-3423	6	11	assets	asset	NOUN
cblr-3423	6	12	are	be	AUX
cblr-3423	6	13	securities	security	NOUN
cblr-3423	6	14	.	.	PUNCT
cblr-3423	7	1	it	it	PRON
cblr-3423	7	2	proposes	propose	VERB
cblr-3423	7	3	two	two	NUM
cblr-3423	7	4	tests	test	NOUN
cblr-3423	7	5	that	that	PRON
cblr-3423	7	6	operationalize	operationalize	VERB
cblr-3423	7	7	the	the	DET
cblr-3423	7	8	supreme	supreme	PROPN
cblr-3423	7	9	court	court	PROPN
cblr-3423	7	10	’s	’s	PART
cblr-3423	7	11	test	test	NOUN
cblr-3423	7	12	in	in	ADP
cblr-3423	7	13	sec	sec	PROPN
cblr-3423	7	14	v.	v.	ADP
cblr-3423	7	15	w.	w.	PROPN
cblr-3423	7	16	j.	j.	PROPN
cblr-3423	7	17	howey	howey	PROPN
cblr-3423	7	18	co.	co.	PROPN
cblr-3423	7	19	the	the	DET
cblr-3423	7	20	first	first	ADJ
cblr-3423	7	21	test	test	NOUN
cblr-3423	7	22	is	be	AUX
cblr-3423	7	23	the	the	DET
cblr-3423	7	24	bahamas	bahamas	PROPN
cblr-3423	7	25	test	test	NOUN
cblr-3423	7	26	,	,	PUNCT
cblr-3423	7	27	which	which	PRON
cblr-3423	7	28	asks	ask	VERB
cblr-3423	7	29	whether	whether	SCONJ
cblr-3423	7	30	a	a	DET
cblr-3423	7	31	digital	digital	ADJ
cblr-3423	7	32	asset	asset	NOUN
cblr-3423	7	33	is	be	AUX
cblr-3423	7	34	sufficiently	sufficiently	ADV
cblr-3423	7	35	decentralized	decentralize	VERB
cblr-3423	7	36	such	such	ADJ
cblr-3423	7	37	that	that	SCONJ
cblr-3423	7	38	it	it	PRON
cblr-3423	7	39	is	be	AUX
cblr-3423	7	40	not	not	PART
cblr-3423	7	41	a	a	DET
cblr-3423	7	42	security	security	NOUN
cblr-3423	7	43	.	.	PUNCT
cblr-3423	8	1	the	the	DET
cblr-3423	8	2	second	second	ADJ
cblr-3423	8	3	test	test	NOUN
cblr-3423	8	4	is	be	AUX
cblr-3423	8	5	the	the	DET
cblr-3423	8	6	substantial	substantial	ADJ
cblr-3423	8	7	steps	step	NOUN
cblr-3423	8	8	test	test	NOUN
cblr-3423	8	9	which	which	PRON
cblr-3423	8	10	is	be	AUX
cblr-3423	8	11	used	use	VERB
cblr-3423	8	12	to	to	PART
cblr-3423	8	13	determine	determine	VERB
cblr-3423	8	14	whether	whether	SCONJ
cblr-3423	8	15	an	an	DET
cblr-3423	8	16	investment	investment	NOUN
cblr-3423	8	17	is	be	AUX
cblr-3423	8	18	made	make	VERB
cblr-3423	8	19	with	with	ADP
cblr-3423	8	20	an	an	DET
cblr-3423	8	21	expectation	expectation	NOUN
cblr-3423	8	22	of	of	ADP
cblr-3423	8	23	profit	profit	NOUN
cblr-3423	8	24	.	.	PUNCT
cblr-3423	9	1	this	this	DET
cblr-3423	9	2	article	article	NOUN
cblr-3423	9	3	takes	take	VERB
cblr-3423	9	4	a	a	DET
cblr-3423	9	5	rules	rule	NOUN
cblr-3423	9	6	-	-	PUNCT
cblr-3423	9	7	based	base	VERB
cblr-3423	9	8	approach	approach	NOUN
cblr-3423	9	9	to	to	PART
cblr-3423	9	10	provide	provide	VERB
cblr-3423	9	11	clarity	clarity	NOUN
cblr-3423	9	12	and	and	CCONJ
cblr-3423	9	13	begin	begin	VERB
cblr-3423	9	14	a	a	DET
cblr-3423	9	15	conversation	conversation	NOUN
cblr-3423	9	16	about	about	ADP
cblr-3423	9	17	crafting	craft	VERB
cblr-3423	9	18	more	more	ADV
cblr-3423	9	19	predictable	predictable	ADJ
cblr-3423	9	20	jurisprudence	jurisprudence	NOUN
cblr-3423	9	21	and	and	CCONJ
cblr-3423	9	22	regulation	regulation	NOUN
cblr-3423	9	23	in	in	ADP
cblr-3423	9	24	this	this	DET
cblr-3423	9	25	area	area	NOUN
cblr-3423	9	26	.	.	PUNCT
cblr-3423	10	1	i.	i.	PROPN
cblr-3423	10	2	introduction	introduction	NOUN
cblr-3423	10	3	.................................................................	.................................................................	PUNCT
cblr-3423	10	4	444	444	NUM
cblr-3423	10	5	ii	ii	NOUN
cblr-3423	10	6	.	.	PUNCT
cblr-3423	11	1	a	a	DET
cblr-3423	11	2	brief	brief	ADJ
cblr-3423	11	3	technical	technical	NOUN
cblr-3423	11	4	aside	aside	ADV
cblr-3423	11	5	...............................................	...............................................	PUNCT
cblr-3423	12	1	451	451	NUM
cblr-3423	12	2	*	*	PUNCT
cblr-3423	12	3	michael	michael	PROPN
cblr-3423	12	4	j.	j.	PROPN
cblr-3423	12	5	marks	marks	PROPN
cblr-3423	12	6	professor	professor	PROPN
cblr-3423	12	7	of	of	ADP
cblr-3423	12	8	law	law	NOUN
cblr-3423	12	9	,	,	PUNCT
cblr-3423	12	10	the	the	DET
cblr-3423	12	11	university	university	NOUN
cblr-3423	12	12	of	of	ADP
cblr-3423	12	13	chicago	chicago	PROPN
cblr-3423	12	14	;	;	PUNCT
cblr-3423	12	15	adjunct	adjunct	ADJ
cblr-3423	12	16	professor	professor	NOUN
cblr-3423	12	17	of	of	ADP
cblr-3423	12	18	law	law	NOUN
cblr-3423	12	19	,	,	PUNCT
cblr-3423	12	20	new	new	PROPN
cblr-3423	12	21	york	york	PROPN
cblr-3423	12	22	university	university	PROPN
cblr-3423	12	23	.	.	PUNCT
cblr-3423	13	1	we	we	PRON
cblr-3423	13	2	thank	thank	VERB
cblr-3423	13	3	jacob	jacob	PROPN
cblr-3423	13	4	loshin	loshin	PROPN
cblr-3423	13	5	,	,	PUNCT
cblr-3423	13	6	brent	brent	PROPN
cblr-3423	13	7	mcintosh	mcintosh	PROPN
cblr-3423	13	8	,	,	PUNCT
cblr-3423	13	9	peter	peter	PROPN
cblr-3423	13	10	van	van	PROPN
cblr-3423	13	11	valkenburgh	valkenburgh	PROPN
cblr-3423	13	12	,	,	PUNCT
cblr-3423	13	13	chris	chris	PROPN
cblr-3423	13	14	dixon	dixon	PROPN
cblr-3423	13	15	,	,	PUNCT
cblr-3423	13	16	kathryn	kathryn	PROPN
cblr-3423	13	17	haun	haun	PROPN
cblr-3423	13	18	,	,	PUNCT
cblr-3423	13	19	jeremy	jeremy	PROPN
cblr-3423	13	20	sklaroff	sklaroff	PROPN
cblr-3423	13	21	,	,	PUNCT
cblr-3423	13	22	andrew	andrew	PROPN
cblr-3423	13	23	hinkes	hinkes	PROPN
cblr-3423	13	24	,	,	PUNCT
cblr-3423	13	25	and	and	CCONJ
cblr-3423	13	26	richard	richard	PROPN
cblr-3423	13	27	epstein	epstein	PROPN
cblr-3423	13	28	for	for	ADP
cblr-3423	13	29	their	their	PRON
cblr-3423	13	30	help	help	NOUN
cblr-3423	13	31	with	with	ADP
cblr-3423	13	32	these	these	DET
cblr-3423	13	33	ideas	idea	NOUN
cblr-3423	13	34	.	.	PUNCT
cblr-3423	14	1	we	we	PRON
cblr-3423	14	2	would	would	AUX
cblr-3423	14	3	especially	especially	ADV
cblr-3423	14	4	like	like	VERB
cblr-3423	14	5	to	to	PART
cblr-3423	14	6	thank	thank	VERB
cblr-3423	14	7	the	the	DET
cblr-3423	14	8	mechanic	mechanic	NOUN
cblr-3423	14	9	’s	’s	PART
cblr-3423	14	10	liens	lien	NOUN
cblr-3423	14	11	steering	steering	NOUN
cblr-3423	14	12	committee	committee	NOUN
cblr-3423	14	13	for	for	ADP
cblr-3423	14	14	fostering	foster	VERB
cblr-3423	14	15	a	a	DET
cblr-3423	14	16	robust	robust	ADJ
cblr-3423	14	17	research	research	NOUN
cblr-3423	14	18	agenda	agenda	NOUN
cblr-3423	14	19	.	.	PUNCT
cblr-3423	15	1	444	444	NUM
cblr-3423	15	2	columbia	columbia	PROPN
cblr-3423	15	3	business	business	NOUN
cblr-3423	15	4	law	law	PROPN
cblr-3423	15	5	review	review	NOUN
cblr-3423	15	6	[	[	X
cblr-3423	15	7	vol	vol	NOUN
cblr-3423	15	8	.	.	PUNCT
cblr-3423	15	9	2019	2019	NUM
cblr-3423	15	10	iii	iii	NOUN
cblr-3423	15	11	.	.	PUNCT
cblr-3423	16	1	sec	sec	PROPN
cblr-3423	16	2	stance	stance	NOUN
cblr-3423	16	3	and	and	CCONJ
cblr-3423	16	4	existing	exist	VERB
cblr-3423	16	5	jurisprudence	jurisprudence	NOUN
cblr-3423	16	6	...................	...................	PUNCT
cblr-3423	16	7	454	454	NUM
cblr-3423	16	8	iv	iv	NOUN
cblr-3423	16	9	.	.	PUNCT
cblr-3423	17	1	howey	howey	PROPN
cblr-3423	17	2	for	for	ADP
cblr-3423	17	3	digital	digital	ADJ
cblr-3423	17	4	assets	asset	NOUN
cblr-3423	17	5	.............................................	.............................................	PUNCT
cblr-3423	17	6	459	459	NUM
cblr-3423	17	7	a.	a.	NOUN
cblr-3423	17	8	efforts	effort	NOUN
cblr-3423	17	9	of	of	ADP
cblr-3423	17	10	others	other	NOUN
cblr-3423	17	11	prong	prong	VERB
cblr-3423	17	12	–	–	PUNCT
cblr-3423	17	13	the	the	DET
cblr-3423	17	14	“	"	PUNCT
cblr-3423	17	15	bahamas	bahamas	PROPN
cblr-3423	17	16	test	test	NOUN
cblr-3423	17	17	”	"	PUNCT
cblr-3423	17	18	..	..	PUNCT
cblr-3423	18	1	460	460	NUM
cblr-3423	18	2	1	1	NUM
cblr-3423	18	3	.	.	PUNCT
cblr-3423	19	1	applying	apply	VERB
cblr-3423	19	2	the	the	DET
cblr-3423	19	3	bahamas	bahamas	PROPN
cblr-3423	19	4	test	test	NOUN
cblr-3423	19	5	...........................	...........................	PUNCT
cblr-3423	20	1	469	469	NUM
cblr-3423	20	2	i.	i.	PROPN
cblr-3423	20	3	bitcoin	bitcoin	PROPN
cblr-3423	20	4	........................................................	........................................................	PUNCT
cblr-3423	20	5	470	470	NUM
cblr-3423	20	6	ii	ii	NOUN
cblr-3423	20	7	.	.	PUNCT
cblr-3423	20	8	ethereum	ethereum	NOUN
cblr-3423	20	9	...................................................	...................................................	PUNCT
cblr-3423	20	10	471	471	NUM
cblr-3423	20	11	iii	iii	NOUN
cblr-3423	20	12	.	.	PUNCT
cblr-3423	21	1	the	the	DET
cblr-3423	21	2	dao	dao	PROPN
cblr-3423	21	3	.....................................................	.....................................................	PUNCT
cblr-3423	21	4	473	473	NUM
cblr-3423	21	5	iv	iv	NOUN
cblr-3423	21	6	.	.	PUNCT
cblr-3423	21	7	summary	summary	NOUN
cblr-3423	21	8	of	of	ADP
cblr-3423	21	9	the	the	DET
cblr-3423	21	10	bahamas	bahamas	PROPN
cblr-3423	21	11	test	test	NOUN
cblr-3423	21	12	................	................	PUNCT
cblr-3423	22	1	477	477	NUM
cblr-3423	22	2	b.	b.	NOUN
cblr-3423	22	3	expectation	expectation	NOUN
cblr-3423	22	4	of	of	ADP
cblr-3423	22	5	profit	profit	NOUN
cblr-3423	22	6	prong	prong	NOUN
cblr-3423	22	7	..................................	..................................	PUNCT
cblr-3423	22	8	477	477	NUM
cblr-3423	22	9	1	1	NUM
cblr-3423	22	10	.	.	PUNCT
cblr-3423	22	11	current	current	ADJ
cblr-3423	22	12	test	test	NOUN
cblr-3423	22	13	—	—	PUNCT
cblr-3423	22	14	facts	fact	NOUN
cblr-3423	22	15	and	and	CCONJ
cblr-3423	22	16	circumstances	circumstance	NOUN
cblr-3423	22	17	......	......	PUNCT
cblr-3423	22	18	478	478	NUM
cblr-3423	22	19	2	2	NUM
cblr-3423	22	20	.	.	PUNCT
cblr-3423	22	21	proposal	proposal	NOUN
cblr-3423	22	22	—	—	PUNCT
cblr-3423	22	23	substantial	substantial	ADJ
cblr-3423	22	24	steps	step	NOUN
cblr-3423	22	25	test	test	NOUN
cblr-3423	22	26	..................	..................	PUNCT
cblr-3423	22	27	483	483	NUM
cblr-3423	22	28	3	3	NUM
cblr-3423	22	29	.	.	PUNCT
cblr-3423	23	1	summary	summary	NOUN
cblr-3423	23	2	of	of	ADP
cblr-3423	23	3	our	our	PRON
cblr-3423	23	4	tests	test	NOUN
cblr-3423	23	5	....................................	....................................	PUNCT
cblr-3423	24	1	489	489	NUM
cblr-3423	24	2	4	4	NUM
cblr-3423	24	3	.	.	PUNCT
cblr-3423	25	1	a	a	DET
cblr-3423	25	2	note	note	NOUN
cblr-3423	25	3	on	on	ADP
cblr-3423	25	4	self	self	NOUN
cblr-3423	25	5	-	-	PUNCT
cblr-3423	25	6	regulatory	regulatory	ADJ
cblr-3423	25	7	organizations	organization	NOUN
cblr-3423	25	8	.....	.....	PUNCT
cblr-3423	25	9	491	491	NUM
cblr-3423	25	10	v.	v.	ADP
cblr-3423	25	11	conclusion	conclusion	NOUN
cblr-3423	25	12	....................................................................	....................................................................	PUNCT
cblr-3423	25	13	492	492	NUM
cblr-3423	25	14	i.	i.	NOUN
cblr-3423	25	15	introduction	introduction	NOUN
cblr-3423	25	16	something	something	PRON
cblr-3423	25	17	potentially	potentially	ADV
cblr-3423	25	18	revolutionary	revolutionary	ADJ
cblr-3423	25	19	is	be	AUX
cblr-3423	25	20	going	go	VERB
cblr-3423	25	21	on	on	ADP
cblr-3423	25	22	in	in	ADP
cblr-3423	25	23	the	the	DET
cblr-3423	25	24	capital	capital	NOUN
cblr-3423	25	25	markets	market	NOUN
cblr-3423	25	26	.	.	PUNCT
cblr-3423	26	1	not	not	PART
cblr-3423	26	2	since	since	SCONJ
cblr-3423	26	3	the	the	DET
cblr-3423	26	4	internet	internet	NOUN
cblr-3423	26	5	bubble	bubble	NOUN
cblr-3423	26	6	of	of	ADP
cblr-3423	26	7	the	the	DET
cblr-3423	26	8	late	late	ADJ
cblr-3423	26	9	1990s	1990	NOUN
cblr-3423	26	10	has	have	AUX
cblr-3423	26	11	there	there	PRON
cblr-3423	26	12	been	be	AUX
cblr-3423	26	13	such	such	ADJ
cblr-3423	26	14	growth	growth	NOUN
cblr-3423	26	15	in	in	ADP
cblr-3423	26	16	new	new	ADJ
cblr-3423	26	17	ways	way	NOUN
cblr-3423	26	18	of	of	ADP
cblr-3423	26	19	raising	raise	VERB
cblr-3423	26	20	money	money	NOUN
cblr-3423	26	21	,	,	PUNCT
cblr-3423	26	22	coupled	couple	VERB
cblr-3423	26	23	with	with	ADP
cblr-3423	26	24	such	such	ADJ
cblr-3423	26	25	widespread	widespread	ADJ
cblr-3423	26	26	public	public	ADJ
cblr-3423	26	27	interest	interest	NOUN
cblr-3423	26	28	in	in	ADP
cblr-3423	26	29	new	new	ADJ
cblr-3423	26	30	financial	financial	ADJ
cblr-3423	26	31	products	product	NOUN
cblr-3423	26	32	.	.	PUNCT
cblr-3423	27	1	it	it	PRON
cblr-3423	27	2	began	begin	VERB
cblr-3423	27	3	with	with	ADP
cblr-3423	27	4	crowdfunding.1	crowdfunding.1	ADJ
cblr-3423	27	5	entrepreneurs	entrepreneur	NOUN
cblr-3423	27	6	of	of	ADP
cblr-3423	27	7	all	all	DET
cblr-3423	27	8	kinds	kind	NOUN
cblr-3423	27	9	realized	realize	VERB
cblr-3423	27	10	they	they	PRON
cblr-3423	27	11	could	could	AUX
cblr-3423	27	12	use	use	VERB
cblr-3423	27	13	the	the	DET
cblr-3423	27	14	internet	internet	NOUN
cblr-3423	27	15	to	to	PART
cblr-3423	27	16	appeal	appeal	VERB
cblr-3423	27	17	directly	directly	ADV
cblr-3423	27	18	to	to	ADP
cblr-3423	27	19	investors	investor	NOUN
cblr-3423	27	20	or	or	CCONJ
cblr-3423	27	21	even	even	ADV
cblr-3423	27	22	their	their	PRON
cblr-3423	27	23	customers	customer	NOUN
cblr-3423	27	24	.	.	PUNCT
cblr-3423	28	1	this	this	DET
cblr-3423	28	2	realization	realization	NOUN
cblr-3423	28	3	created	create	VERB
cblr-3423	28	4	a	a	DET
cblr-3423	28	5	new	new	ADJ
cblr-3423	28	6	market	market	NOUN
cblr-3423	28	7	for	for	ADP
cblr-3423	28	8	funding	funding	NOUN
cblr-3423	28	9	ideas	idea	NOUN
cblr-3423	28	10	:	:	PUNCT
cblr-3423	28	11	the	the	DET
cblr-3423	28	12	crowd	crowd	NOUN
cblr-3423	28	13	.	.	PUNCT
cblr-3423	29	1	and	and	CCONJ
cblr-3423	29	2	while	while	SCONJ
cblr-3423	29	3	the	the	DET
cblr-3423	29	4	market	market	NOUN
cblr-3423	29	5	boomed	boom	VERB
cblr-3423	29	6	for	for	ADP
cblr-3423	29	7	a	a	DET
cblr-3423	29	8	bit	bit	NOUN
cblr-3423	29	9	,	,	PUNCT
cblr-3423	29	10	there	there	PRON
cblr-3423	29	11	were	be	VERB
cblr-3423	29	12	no	no	DET
cblr-3423	29	13	clear	clear	ADJ
cblr-3423	29	14	and	and	CCONJ
cblr-3423	29	15	stable	stable	ADJ
cblr-3423	29	16	rules	rule	NOUN
cblr-3423	29	17	.	.	PUNCT
cblr-3423	30	1	the	the	DET
cblr-3423	30	2	securities	security	NOUN
cblr-3423	30	3	laws	law	NOUN
cblr-3423	30	4	in	in	ADP
cblr-3423	30	5	place	place	NOUN
cblr-3423	30	6	were	be	AUX
cblr-3423	30	7	,	,	PUNCT
cblr-3423	30	8	and	and	CCONJ
cblr-3423	30	9	still	still	ADV
cblr-3423	30	10	are	be	AUX
cblr-3423	30	11	,	,	PUNCT
cblr-3423	30	12	a	a	DET
cblr-3423	30	13	product	product	NOUN
cblr-3423	30	14	of	of	ADP
cblr-3423	30	15	the	the	DET
cblr-3423	30	16	1930s	1930	NOUN
cblr-3423	30	17	.	.	PUNCT
cblr-3423	31	1	even	even	ADV
cblr-3423	31	2	though	though	SCONJ
cblr-3423	31	3	the	the	DET
cblr-3423	31	4	laws	law	NOUN
cblr-3423	31	5	have	have	AUX
cblr-3423	31	6	been	be	AUX
cblr-3423	31	7	continuously	continuously	ADV
cblr-3423	31	8	updated	update	VERB
cblr-3423	31	9	by	by	ADP
cblr-3423	31	10	the	the	DET
cblr-3423	31	11	securities	securities	PROPN
cblr-3423	31	12	and	and	CCONJ
cblr-3423	31	13	exchange	exchange	PROPN
cblr-3423	31	14	commission	commission	PROPN
cblr-3423	31	15	(	(	PUNCT
cblr-3423	31	16	“	"	PUNCT
cblr-3423	31	17	sec	sec	PROPN
cblr-3423	31	18	”	"	PUNCT
cblr-3423	31	19	)	)	PUNCT
cblr-3423	31	20	through	through	ADP
cblr-3423	31	21	rulemaking	rulemaking	NOUN
cblr-3423	31	22	and	and	CCONJ
cblr-3423	31	23	guidance	guidance	NOUN
cblr-3423	31	24	,	,	PUNCT
cblr-3423	31	25	this	this	DET
cblr-3423	31	26	new	new	ADJ
cblr-3423	31	27	approach	approach	NOUN
cblr-3423	31	28	to	to	ADP
cblr-3423	31	29	fundraising	fundraising	NOUN
cblr-3423	31	30	did	do	AUX
cblr-3423	31	31	not	not	PART
cblr-3423	31	32	fit	fit	VERB
cblr-3423	31	33	neatly	neatly	ADV
cblr-3423	31	34	into	into	ADP
cblr-3423	31	35	the	the	DET
cblr-3423	31	36	regulatory	regulatory	ADJ
cblr-3423	31	37	scheme	scheme	NOUN
cblr-3423	31	38	.	.	PUNCT
cblr-3423	32	1	the	the	DET
cblr-3423	32	2	whole	whole	ADJ
cblr-3423	32	3	point	point	NOUN
cblr-3423	32	4	of	of	ADP
cblr-3423	32	5	crowdfunding	crowdfunding	NOUN
cblr-3423	32	6	was	be	AUX
cblr-3423	32	7	to	to	PART
cblr-3423	32	8	find	find	VERB
cblr-3423	32	9	a	a	DET
cblr-3423	32	10	less	less	ADV
cblr-3423	32	11	expensive	expensive	ADJ
cblr-3423	32	12	way	way	NOUN
cblr-3423	32	13	of	of	ADP
cblr-3423	32	14	raising	raise	VERB
cblr-3423	32	15	money	money	NOUN
cblr-3423	32	16	.	.	PUNCT
cblr-3423	33	1	forcing	force	VERB
cblr-3423	33	2	entrepreneurs	entrepreneur	NOUN
cblr-3423	33	3	to	to	PART
cblr-3423	33	4	use	use	VERB
cblr-3423	33	5	existing	exist	VERB
cblr-3423	33	6	,	,	PUNCT
cblr-3423	33	7	highcost	highcost	ADJ
cblr-3423	33	8	registration	registration	NOUN
cblr-3423	33	9	methods	method	NOUN
cblr-3423	33	10	was	be	AUX
cblr-3423	33	11	incompatible	incompatible	ADJ
cblr-3423	33	12	with	with	ADP
cblr-3423	33	13	the	the	DET
cblr-3423	33	14	concept	concept	NOUN
cblr-3423	33	15	.	.	PUNCT
cblr-3423	34	1	1	1	NUM
cblr-3423	34	2	ajay	ajay	PROPN
cblr-3423	34	3	agrawal	agrawal	PROPN
cblr-3423	34	4	,	,	PUNCT
cblr-3423	34	5	christian	christian	PROPN
cblr-3423	34	6	catalini	catalini	PROPN
cblr-3423	34	7	&	&	CCONJ
cblr-3423	34	8	avi	avi	VERB
cblr-3423	34	9	goldfarb	goldfarb	PROPN
cblr-3423	34	10	,	,	PUNCT
cblr-3423	34	11	some	some	DET
cblr-3423	34	12	simple	simple	ADJ
cblr-3423	34	13	economics	economic	NOUN
cblr-3423	34	14	of	of	ADP
cblr-3423	34	15	crowdfunding	crowdfunding	NOUN
cblr-3423	34	16	,	,	PUNCT
cblr-3423	34	17	14	14	NUM
cblr-3423	34	18	innovation	innovation	NOUN
cblr-3423	34	19	pol’y	pol’y	NOUN
cblr-3423	34	20	&	&	CCONJ
cblr-3423	34	21	econ	econ	PROPN
cblr-3423	34	22	63	63	NUM
cblr-3423	34	23	(	(	PUNCT
cblr-3423	34	24	2014	2014	NUM
cblr-3423	34	25	)	)	PUNCT
cblr-3423	34	26	.	.	PUNCT
cblr-3423	35	1	no	no	INTJ
cblr-3423	35	2	.	.	NOUN
cblr-3423	36	1	2:443	2:443	NUM
cblr-3423	36	2	]	]	X
cblr-3423	36	3	a	a	DET
cblr-3423	36	4	regulatory	regulatory	ADJ
cblr-3423	36	5	classification	classification	NOUN
cblr-3423	36	6	of	of	ADP
cblr-3423	36	7	digital	digital	ADJ
cblr-3423	36	8	assets	asset	NOUN
cblr-3423	36	9	445	445	NUM
cblr-3423	36	10	but	but	CCONJ
cblr-3423	36	11	a	a	DET
cblr-3423	36	12	regulatory	regulatory	ADJ
cblr-3423	36	13	wild	wild	ADJ
cblr-3423	36	14	west	west	NOUN
cblr-3423	36	15	was	be	AUX
cblr-3423	36	16	not	not	PART
cblr-3423	36	17	appealing	appeal	VERB
cblr-3423	36	18	either.2	either.2	NOUN
cblr-3423	36	19	there	there	PRON
cblr-3423	36	20	was	be	VERB
cblr-3423	36	21	a	a	DET
cblr-3423	36	22	risk	risk	NOUN
cblr-3423	36	23	of	of	ADP
cblr-3423	36	24	fraud	fraud	NOUN
cblr-3423	36	25	,	,	PUNCT
cblr-3423	36	26	and	and	CCONJ
cblr-3423	36	27	also	also	ADV
cblr-3423	36	28	the	the	DET
cblr-3423	36	29	possibility	possibility	NOUN
cblr-3423	36	30	that	that	SCONJ
cblr-3423	36	31	low	low	ADJ
cblr-3423	36	32	-	-	PUNCT
cblr-3423	36	33	quality	quality	NOUN
cblr-3423	36	34	offerors	offeror	NOUN
cblr-3423	36	35	and	and	CCONJ
cblr-3423	36	36	offers	offer	NOUN
cblr-3423	36	37	would	would	AUX
cblr-3423	36	38	crowd	crowd	VERB
cblr-3423	36	39	out	out	ADP
cblr-3423	36	40	higher	high	ADJ
cblr-3423	36	41	quality	quality	NOUN
cblr-3423	36	42	ones	one	NOUN
cblr-3423	36	43	.	.	PUNCT
cblr-3423	37	1	unfortunately	unfortunately	ADV
cblr-3423	37	2	,	,	PUNCT
cblr-3423	37	3	congress	congress	PROPN
cblr-3423	37	4	and	and	CCONJ
cblr-3423	37	5	the	the	DET
cblr-3423	37	6	sec	sec	PROPN
cblr-3423	37	7	addressed	address	VERB
cblr-3423	37	8	the	the	DET
cblr-3423	37	9	regulatory	regulatory	ADJ
cblr-3423	37	10	lacuna	lacuna	NOUN
cblr-3423	37	11	with	with	ADP
cblr-3423	37	12	a	a	DET
cblr-3423	37	13	new	new	ADJ
cblr-3423	37	14	set	set	NOUN
cblr-3423	37	15	of	of	ADP
cblr-3423	37	16	rules	rule	NOUN
cblr-3423	37	17	that	that	PRON
cblr-3423	37	18	may	may	AUX
cblr-3423	37	19	not	not	PART
cblr-3423	37	20	have	have	AUX
cblr-3423	37	21	been	be	AUX
cblr-3423	37	22	passed	pass	VERB
cblr-3423	37	23	during	during	ADP
cblr-3423	37	24	the	the	DET
cblr-3423	37	25	new	new	ADJ
cblr-3423	37	26	deal	deal	NOUN
cblr-3423	37	27	,	,	PUNCT
cblr-3423	37	28	but	but	CCONJ
cblr-3423	37	29	were	be	AUX
cblr-3423	37	30	certainly	certainly	ADV
cblr-3423	37	31	wedded	wed	VERB
cblr-3423	37	32	to	to	ADP
cblr-3423	37	33	its	its	PRON
cblr-3423	37	34	precepts	precept	NOUN
cblr-3423	37	35	.	.	PUNCT
cblr-3423	38	1	to	to	PART
cblr-3423	38	2	avail	avail	VERB
cblr-3423	38	3	oneself	oneself	PRON
cblr-3423	38	4	of	of	ADP
cblr-3423	38	5	crowds	crowd	NOUN
cblr-3423	38	6	to	to	PART
cblr-3423	38	7	raise	raise	VERB
cblr-3423	38	8	money	money	NOUN
cblr-3423	38	9	,	,	PUNCT
cblr-3423	38	10	entrepreneurs	entrepreneur	NOUN
cblr-3423	38	11	had	have	VERB
cblr-3423	38	12	to	to	PART
cblr-3423	38	13	navigate	navigate	VERB
cblr-3423	38	14	complex	complex	ADJ
cblr-3423	38	15	rules	rule	NOUN
cblr-3423	38	16	and	and	CCONJ
cblr-3423	38	17	use	use	VERB
cblr-3423	38	18	investment	investment	NOUN
cblr-3423	38	19	portals	portal	NOUN
cblr-3423	38	20	registered	register	VERB
cblr-3423	38	21	with	with	ADP
cblr-3423	38	22	the	the	DET
cblr-3423	38	23	government.3	government.3	PROPN
cblr-3423	38	24	not	not	PART
cblr-3423	38	25	surprisingly	surprisingly	ADV
cblr-3423	38	26	,	,	PUNCT
cblr-3423	38	27	corporate	corporate	ADJ
cblr-3423	38	28	crowdfunding	crowdfunding	NOUN
cblr-3423	38	29	has	have	AUX
cblr-3423	38	30	not	not	PART
cblr-3423	38	31	yet	yet	ADV
cblr-3423	38	32	evolved	evolve	VERB
cblr-3423	38	33	into	into	ADP
cblr-3423	38	34	a	a	DET
cblr-3423	38	35	serious	serious	ADJ
cblr-3423	38	36	alternative	alternative	ADJ
cblr-3423	38	37	source	source	NOUN
cblr-3423	38	38	of	of	ADP
cblr-3423	38	39	financing.4	financing.4	PROPN
cblr-3423	38	40	the	the	DET
cblr-3423	38	41	latest	late	ADJ
cblr-3423	38	42	evolution	evolution	NOUN
cblr-3423	38	43	in	in	ADP
cblr-3423	38	44	capital	capital	NOUN
cblr-3423	38	45	markets	market	NOUN
cblr-3423	38	46	is	be	AUX
cblr-3423	38	47	cryptocurrency	cryptocurrency	NOUN
cblr-3423	38	48	and	and	CCONJ
cblr-3423	38	49	other	other	ADJ
cblr-3423	38	50	digital	digital	ADJ
cblr-3423	38	51	assets	asset	NOUN
cblr-3423	38	52	,	,	PUNCT
cblr-3423	38	53	which	which	PRON
cblr-3423	38	54	are	be	AUX
cblr-3423	38	55	addressed	address	VERB
cblr-3423	38	56	in	in	ADP
cblr-3423	38	57	this	this	DET
cblr-3423	38	58	brief	brief	ADJ
cblr-3423	38	59	article	article	NOUN
cblr-3423	38	60	.	.	PUNCT
cblr-3423	39	1	today	today	NOUN
cblr-3423	39	2	,	,	PUNCT
cblr-3423	39	3	digital	digital	ADJ
cblr-3423	39	4	assets	asset	NOUN
cblr-3423	39	5	present	present	VERB
cblr-3423	39	6	both	both	CCONJ
cblr-3423	39	7	promise	promise	NOUN
cblr-3423	39	8	and	and	CCONJ
cblr-3423	39	9	peril	peril	NOUN
cblr-3423	39	10	,	,	PUNCT
cblr-3423	39	11	which	which	PRON
cblr-3423	39	12	makes	make	VERB
cblr-3423	39	13	the	the	DET
cblr-3423	39	14	space	space	NOUN
cblr-3423	39	15	similar	similar	ADJ
cblr-3423	39	16	to	to	ADP
cblr-3423	39	17	crowdfunding	crowdfunde	VERB
cblr-3423	39	18	in	in	ADP
cblr-3423	39	19	the	the	DET
cblr-3423	39	20	early	early	ADJ
cblr-3423	39	21	2010s	2010s	NUM
cblr-3423	39	22	.	.	PUNCT
cblr-3423	40	1	in	in	ADP
cblr-3423	40	2	both	both	DET
cblr-3423	40	3	cases	case	NOUN
cblr-3423	40	4	,	,	PUNCT
cblr-3423	40	5	there	there	PRON
cblr-3423	40	6	has	have	AUX
cblr-3423	40	7	been	be	AUX
cblr-3423	40	8	no	no	DET
cblr-3423	40	9	shortage	shortage	NOUN
cblr-3423	40	10	of	of	ADP
cblr-3423	40	11	investor	investor	NOUN
cblr-3423	40	12	demand	demand	NOUN
cblr-3423	40	13	for	for	ADP
cblr-3423	40	14	new	new	ADJ
cblr-3423	40	15	classes	class	NOUN
cblr-3423	40	16	of	of	ADP
cblr-3423	40	17	assets	asset	NOUN
cblr-3423	40	18	or	or	CCONJ
cblr-3423	40	19	ways	way	NOUN
cblr-3423	40	20	to	to	PART
cblr-3423	40	21	participate	participate	VERB
cblr-3423	40	22	in	in	ADP
cblr-3423	40	23	capital	capital	NOUN
cblr-3423	40	24	markets	market	NOUN
cblr-3423	40	25	.	.	PUNCT
cblr-3423	41	1	similarly	similarly	ADV
cblr-3423	41	2	,	,	PUNCT
cblr-3423	41	3	there	there	PRON
cblr-3423	41	4	has	have	AUX
cblr-3423	41	5	been	be	AUX
cblr-3423	41	6	no	no	DET
cblr-3423	41	7	shortage	shortage	NOUN
cblr-3423	41	8	of	of	ADP
cblr-3423	41	9	entrepreneurs	entrepreneur	NOUN
cblr-3423	41	10	who	who	PRON
cblr-3423	41	11	want	want	VERB
cblr-3423	41	12	to	to	PART
cblr-3423	41	13	provide	provide	VERB
cblr-3423	41	14	the	the	DET
cblr-3423	41	15	public	public	NOUN
cblr-3423	41	16	with	with	ADP
cblr-3423	41	17	those	those	DET
cblr-3423	41	18	assets	asset	NOUN
cblr-3423	41	19	.	.	PUNCT
cblr-3423	42	1	there	there	PRON
cblr-3423	42	2	is	be	VERB
cblr-3423	42	3	,	,	PUNCT
cblr-3423	42	4	however	however	ADV
cblr-3423	42	5	,	,	PUNCT
cblr-3423	42	6	a	a	DET
cblr-3423	42	7	shortage	shortage	NOUN
cblr-3423	42	8	of	of	ADP
cblr-3423	42	9	intelligent	intelligent	ADJ
cblr-3423	42	10	rules	rule	NOUN
cblr-3423	42	11	and	and	CCONJ
cblr-3423	42	12	regulations	regulation	NOUN
cblr-3423	42	13	that	that	PRON
cblr-3423	42	14	provide	provide	VERB
cblr-3423	42	15	a	a	DET
cblr-3423	42	16	clear	clear	ADJ
cblr-3423	42	17	and	and	CCONJ
cblr-3423	42	18	predictable	predictable	ADJ
cblr-3423	42	19	framework	framework	NOUN
cblr-3423	42	20	for	for	ADP
cblr-3423	42	21	investors	investor	NOUN
cblr-3423	42	22	,	,	PUNCT
cblr-3423	42	23	issuers	issuer	NOUN
cblr-3423	42	24	,	,	PUNCT
cblr-3423	42	25	and	and	CCONJ
cblr-3423	42	26	their	their	PRON
cblr-3423	42	27	lawyers	lawyer	NOUN
cblr-3423	42	28	.	.	PUNCT
cblr-3423	43	1	this	this	DET
cblr-3423	43	2	shortage	shortage	NOUN
cblr-3423	43	3	of	of	ADP
cblr-3423	43	4	regulatory	regulatory	ADJ
cblr-3423	43	5	certainty	certainty	NOUN
cblr-3423	43	6	is	be	AUX
cblr-3423	43	7	,	,	PUNCT
cblr-3423	43	8	for	for	ADP
cblr-3423	43	9	some	some	PRON
cblr-3423	43	10	,	,	PUNCT
cblr-3423	43	11	a	a	DET
cblr-3423	43	12	feature	feature	NOUN
cblr-3423	43	13	of	of	ADP
cblr-3423	43	14	digital	digital	ADJ
cblr-3423	43	15	assets	asset	NOUN
cblr-3423	43	16	.	.	PUNCT
cblr-3423	44	1	the	the	DET
cblr-3423	44	2	high	high	ADJ
cblr-3423	44	3	costs	cost	NOUN
cblr-3423	44	4	of	of	ADP
cblr-3423	44	5	accessing	access	VERB
cblr-3423	44	6	public	public	ADJ
cblr-3423	44	7	markets	market	NOUN
cblr-3423	44	8	in	in	ADP
cblr-3423	44	9	the	the	DET
cblr-3423	44	10	united	united	PROPN
cblr-3423	44	11	states	states	PROPN
cblr-3423	44	12	has	have	AUX
cblr-3423	44	13	driven	drive	VERB
cblr-3423	44	14	capital	capital	NOUN
cblr-3423	44	15	elsewhere	elsewhere	ADV
cblr-3423	44	16	—	—	PUNCT
cblr-3423	44	17	going	go	VERB
cblr-3423	44	18	public	public	ADJ
cblr-3423	44	19	costs	cost	VERB
cblr-3423	44	20	millions	million	NOUN
cblr-3423	44	21	of	of	ADP
cblr-3423	44	22	dollars	dollar	NOUN
cblr-3423	44	23	on	on	ADP
cblr-3423	44	24	average	average	ADJ
cblr-3423	44	25	,	,	PUNCT
cblr-3423	44	26	and	and	CCONJ
cblr-3423	44	27	operating	operate	VERB
cblr-3423	44	28	a	a	DET
cblr-3423	44	29	public	public	ADJ
cblr-3423	44	30	company	company	NOUN
cblr-3423	44	31	has	have	VERB
cblr-3423	44	32	significant	significant	ADJ
cblr-3423	44	33	ongoing	ongoing	ADJ
cblr-3423	44	34	costs.5	costs.5	NOUN
cblr-3423	44	35	while	while	SCONJ
cblr-3423	44	36	the	the	DET
cblr-3423	44	37	2	2	NUM
cblr-3423	44	38	but	but	CCONJ
cblr-3423	44	39	see	see	VERB
cblr-3423	44	40	generally	generally	ADV
cblr-3423	44	41	terry	terry	PROPN
cblr-3423	44	42	l.	l.	PROPN
cblr-3423	44	43	anderson	anderson	PROPN
cblr-3423	44	44	&	&	CCONJ
cblr-3423	44	45	peter	peter	PROPN
cblr-3423	44	46	j.	j.	PROPN
cblr-3423	44	47	hill	hill	PROPN
cblr-3423	44	48	,	,	PUNCT
cblr-3423	44	49	the	the	DET
cblr-3423	44	50	not	not	PART
cblr-3423	44	51	so	so	ADV
cblr-3423	44	52	wild	wild	ADJ
cblr-3423	44	53	,	,	PUNCT
cblr-3423	44	54	wild	wild	ADJ
cblr-3423	44	55	west	west	NOUN
cblr-3423	44	56	:	:	PUNCT
cblr-3423	44	57	property	property	NOUN
cblr-3423	44	58	rights	right	NOUN
cblr-3423	44	59	on	on	ADP
cblr-3423	44	60	the	the	DET
cblr-3423	44	61	frontier	frontier	NOUN
cblr-3423	44	62	(	(	PUNCT
cblr-3423	44	63	2004	2004	NUM
cblr-3423	44	64	)	)	PUNCT
cblr-3423	44	65	(	(	PUNCT
cblr-3423	44	66	exploring	explore	VERB
cblr-3423	44	67	how	how	SCONJ
cblr-3423	44	68	the	the	DET
cblr-3423	44	69	wild	wild	ADJ
cblr-3423	44	70	west	west	NOUN
cblr-3423	44	71	was	be	AUX
cblr-3423	44	72	not	not	PART
cblr-3423	44	73	as	as	ADV
cblr-3423	44	74	lawless	lawless	ADJ
cblr-3423	44	75	as	as	SCONJ
cblr-3423	44	76	commonly	commonly	ADV
cblr-3423	44	77	portrayed	portray	VERB
cblr-3423	44	78	,	,	PUNCT
cblr-3423	44	79	and	and	CCONJ
cblr-3423	44	80	had	have	VERB
cblr-3423	44	81	a	a	DET
cblr-3423	44	82	stable	stable	ADJ
cblr-3423	44	83	institutional	institutional	ADJ
cblr-3423	44	84	environment	environment	NOUN
cblr-3423	44	85	that	that	PRON
cblr-3423	44	86	encouraged	encourage	VERB
cblr-3423	44	87	cooperation	cooperation	NOUN
cblr-3423	44	88	and	and	CCONJ
cblr-3423	44	89	trade	trade	NOUN
cblr-3423	44	90	)	)	PUNCT
cblr-3423	44	91	.	.	PUNCT
cblr-3423	45	1	3	3	NUM
cblr-3423	45	2	see	see	VERB
cblr-3423	45	3	,	,	PUNCT
cblr-3423	45	4	e.g.	e.g.	ADV
cblr-3423	45	5	,	,	PUNCT
cblr-3423	45	6	15	15	NUM
cblr-3423	45	7	u.s.c	u.s.c	NOUN
cblr-3423	45	8	.	.	PUNCT
cblr-3423	46	1	§	§	PROPN
cblr-3423	46	2	77d(a)(6	77d(a)(6	PROPN
cblr-3423	46	3	)	)	PUNCT
cblr-3423	46	4	(	(	PUNCT
cblr-3423	46	5	2012	2012	NUM
cblr-3423	46	6	)	)	PUNCT
cblr-3423	46	7	;	;	PUNCT
cblr-3423	46	8	17	17	NUM
cblr-3423	46	9	c.f.r	c.f.r	NOUN
cblr-3423	46	10	.	.	PUNCT
cblr-3423	47	1	pt	pt	PROPN
cblr-3423	47	2	.	.	PROPN
cblr-3423	47	3	227	227	NUM
cblr-3423	47	4	(	(	PUNCT
cblr-3423	47	5	2018	2018	NUM
cblr-3423	47	6	)	)	PUNCT
cblr-3423	47	7	.	.	PUNCT
cblr-3423	48	1	4	4	NUM
cblr-3423	48	2	see	see	VERB
cblr-3423	48	3	generally	generally	ADV
cblr-3423	48	4	joan	joan	PROPN
cblr-3423	48	5	macleod	macleod	PROPN
cblr-3423	48	6	heminway	heminway	PROPN
cblr-3423	48	7	,	,	PUNCT
cblr-3423	48	8	how	how	SCONJ
cblr-3423	48	9	congress	congress	PROPN
cblr-3423	48	10	killed	kill	VERB
cblr-3423	48	11	investment	investment	NOUN
cblr-3423	48	12	crowdfunding	crowdfunding	NOUN
cblr-3423	48	13	:	:	PUNCT
cblr-3423	48	14	a	a	DET
cblr-3423	48	15	tale	tale	NOUN
cblr-3423	48	16	of	of	ADP
cblr-3423	48	17	political	political	ADJ
cblr-3423	48	18	pressure	pressure	NOUN
cblr-3423	48	19	,	,	PUNCT
cblr-3423	48	20	hasty	hasty	ADJ
cblr-3423	48	21	decisions	decision	NOUN
cblr-3423	48	22	,	,	PUNCT
cblr-3423	48	23	and	and	CCONJ
cblr-3423	48	24	inexpert	inexpert	ADJ
cblr-3423	48	25	judgments	judgment	NOUN
cblr-3423	48	26	that	that	PRON
cblr-3423	48	27	begs	beg	VERB
cblr-3423	48	28	for	for	ADP
cblr-3423	48	29	a	a	DET
cblr-3423	48	30	happy	happy	ADJ
cblr-3423	48	31	ending	ending	NOUN
cblr-3423	48	32	,	,	PUNCT
cblr-3423	48	33	102	102	NUM
cblr-3423	48	34	ky	ky	PROPN
cblr-3423	48	35	.	.	PUNCT
cblr-3423	49	1	l.j	l.j	PROPN
cblr-3423	49	2	.	.	PROPN
cblr-3423	49	3	865	865	NUM
cblr-3423	49	4	(	(	PUNCT
cblr-3423	49	5	2013	2013	NUM
cblr-3423	49	6	)	)	PUNCT
cblr-3423	49	7	.	.	PUNCT
cblr-3423	50	1	5	5	NUM
cblr-3423	50	2	pwc	pwc	NOUN
cblr-3423	50	3	deals	deal	NOUN
cblr-3423	50	4	,	,	PUNCT
cblr-3423	50	5	considering	consider	VERB
cblr-3423	50	6	an	an	DET
cblr-3423	50	7	ipo	ipo	NOUN
cblr-3423	50	8	to	to	PART
cblr-3423	50	9	fuel	fuel	VERB
cblr-3423	50	10	your	your	PRON
cblr-3423	50	11	company	company	NOUN
cblr-3423	50	12	’s	’s	PART
cblr-3423	50	13	future	future	NOUN
cblr-3423	50	14	?	?	PUNCT
cblr-3423	50	15	:	:	PUNCT
cblr-3423	50	16	insight	insight	NOUN
cblr-3423	50	17	into	into	ADP
cblr-3423	50	18	the	the	DET
cblr-3423	50	19	costs	cost	NOUN
cblr-3423	50	20	of	of	ADP
cblr-3423	50	21	going	go	VERB
cblr-3423	50	22	public	public	ADJ
cblr-3423	50	23	and	and	CCONJ
cblr-3423	50	24	being	be	AUX
cblr-3423	50	25	public	public	ADJ
cblr-3423	50	26	14	14	NUM
cblr-3423	50	27	(	(	PUNCT
cblr-3423	50	28	2017	2017	NUM
cblr-3423	50	29	)	)	PUNCT
cblr-3423	50	30	,	,	PUNCT
cblr-3423	50	31	https://www.pwc.com/us/en/deals/publications/assets/cost-of-an-ipo.pdf	https://www.pwc.com/us/en/deals/publications/assets/cost-of-an-ipo.pdf	PROPN
cblr-3423	50	32	[	[	X
cblr-3423	50	33	https://perma.cc/mv65-mev9	https://perma.cc/mv65-mev9	X
cblr-3423	50	34	]	]	PUNCT
cblr-3423	50	35	(	(	PUNCT
cblr-3423	50	36	“	"	PUNCT
cblr-3423	50	37	two	two	NUM
cblr-3423	50	38	-	-	PUNCT
cblr-3423	50	39	thirds	third	NOUN
cblr-3423	50	40	of	of	ADP
cblr-3423	50	41	the	the	DET
cblr-3423	50	42	cfos	cfos	NOUN
cblr-3423	50	43	surveyed	survey	VERB
cblr-3423	50	44	446	446	NUM
cblr-3423	50	45	columbia	columbia	PROPN
cblr-3423	50	46	business	business	NOUN
cblr-3423	50	47	law	law	PROPN
cblr-3423	50	48	review	review	NOUN
cblr-3423	51	1	[	[	X
cblr-3423	51	2	vol	vol	NOUN
cblr-3423	51	3	.	.	NOUN
cblr-3423	51	4	2019	2019	NUM
cblr-3423	51	5	government	government	NOUN
cblr-3423	51	6	has	have	AUX
cblr-3423	51	7	responded	respond	VERB
cblr-3423	51	8	with	with	ADP
cblr-3423	51	9	legislation	legislation	NOUN
cblr-3423	51	10	aimed	aim	VERB
cblr-3423	51	11	at	at	ADP
cblr-3423	51	12	promoting	promote	VERB
cblr-3423	51	13	access	access	NOUN
cblr-3423	51	14	to	to	ADP
cblr-3423	51	15	capital	capital	NOUN
cblr-3423	51	16	markets	market	NOUN
cblr-3423	51	17	,	,	PUNCT
cblr-3423	51	18	such	such	ADJ
cblr-3423	51	19	as	as	ADP
cblr-3423	51	20	the	the	DET
cblr-3423	51	21	jumpstart	jumpstart	NOUN
cblr-3423	51	22	our	our	PRON
cblr-3423	51	23	business	business	NOUN
cblr-3423	51	24	startups	startup	NOUN
cblr-3423	51	25	act	act	NOUN
cblr-3423	51	26	(	(	PUNCT
cblr-3423	51	27	“	"	PUNCT
cblr-3423	51	28	jobs	job	NOUN
cblr-3423	52	1	act”),6	act”),6	CCONJ
cblr-3423	52	2	there	there	PRON
cblr-3423	52	3	is	be	VERB
cblr-3423	52	4	still	still	ADV
cblr-3423	52	5	demand	demand	NOUN
cblr-3423	52	6	for	for	ADP
cblr-3423	52	7	lesser	lesser	ADV
cblr-3423	52	8	-	-	PUNCT
cblr-3423	52	9	regulated	regulated	ADJ
cblr-3423	52	10	,	,	PUNCT
cblr-3423	52	11	publicly	publicly	ADV
cblr-3423	52	12	-	-	PUNCT
cblr-3423	52	13	available	available	ADJ
cblr-3423	52	14	investment	investment	NOUN
cblr-3423	52	15	products	product	NOUN
cblr-3423	52	16	that	that	PRON
cblr-3423	52	17	is	be	AUX
cblr-3423	52	18	not	not	PART
cblr-3423	52	19	matched	match	VERB
cblr-3423	52	20	by	by	ADP
cblr-3423	52	21	supply	supply	NOUN
cblr-3423	52	22	of	of	ADP
cblr-3423	52	23	those	those	DET
cblr-3423	52	24	products	product	NOUN
cblr-3423	52	25	.	.	PUNCT
cblr-3423	53	1	this	this	DET
cblr-3423	53	2	demand	demand	NOUN
cblr-3423	53	3	is	be	AUX
cblr-3423	53	4	just	just	ADV
cblr-3423	53	5	one	one	NUM
cblr-3423	53	6	of	of	ADP
cblr-3423	53	7	many	many	ADJ
cblr-3423	53	8	reasons	reason	NOUN
cblr-3423	53	9	for	for	ADP
cblr-3423	53	10	the	the	DET
cblr-3423	53	11	increase	increase	NOUN
cblr-3423	53	12	in	in	ADP
cblr-3423	53	13	investment	investment	NOUN
cblr-3423	53	14	in	in	ADP
cblr-3423	53	15	digital	digital	ADJ
cblr-3423	53	16	assets	asset	NOUN
cblr-3423	53	17	,	,	PUNCT
cblr-3423	53	18	which	which	PRON
cblr-3423	53	19	include	include	VERB
cblr-3423	53	20	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	53	21	,	,	PUNCT
cblr-3423	53	22	initial	initial	ADJ
cblr-3423	53	23	coin	coin	NOUN
cblr-3423	53	24	offerings	offering	NOUN
cblr-3423	53	25	(	(	PUNCT
cblr-3423	53	26	“	"	PUNCT
cblr-3423	53	27	icos	icos	PROPN
cblr-3423	53	28	”	"	PUNCT
cblr-3423	53	29	)	)	PUNCT
cblr-3423	53	30	,	,	PUNCT
cblr-3423	53	31	and	and	CCONJ
cblr-3423	53	32	other	other	ADJ
cblr-3423	53	33	instruments	instrument	NOUN
cblr-3423	53	34	.	.	PUNCT
cblr-3423	54	1	another	another	DET
cblr-3423	54	2	driver	driver	NOUN
cblr-3423	54	3	of	of	ADP
cblr-3423	54	4	this	this	DET
cblr-3423	54	5	market	market	NOUN
cblr-3423	54	6	is	be	AUX
cblr-3423	54	7	innovation	innovation	NOUN
cblr-3423	54	8	,	,	PUNCT
cblr-3423	54	9	both	both	CCONJ
cblr-3423	54	10	technological	technological	ADJ
cblr-3423	54	11	and	and	CCONJ
cblr-3423	54	12	sociological	sociological	ADJ
cblr-3423	54	13	.	.	PUNCT
cblr-3423	55	1	on	on	ADP
cblr-3423	55	2	the	the	DET
cblr-3423	55	3	technological	technological	ADJ
cblr-3423	55	4	side	side	NOUN
cblr-3423	55	5	,	,	PUNCT
cblr-3423	55	6	innovations	innovation	NOUN
cblr-3423	55	7	like	like	ADP
cblr-3423	55	8	blockchains	blockchain	NOUN
cblr-3423	55	9	have	have	AUX
cblr-3423	55	10	made	make	VERB
cblr-3423	55	11	it	it	PRON
cblr-3423	55	12	possible	possible	ADJ
cblr-3423	55	13	to	to	PART
cblr-3423	55	14	disintermediate	disintermediate	VERB
cblr-3423	55	15	financial	financial	ADJ
cblr-3423	55	16	and	and	CCONJ
cblr-3423	55	17	other	other	ADJ
cblr-3423	55	18	institutions.7	institutions.7	NOUN
cblr-3423	55	19	these	these	DET
cblr-3423	55	20	networks	network	NOUN
cblr-3423	55	21	and	and	CCONJ
cblr-3423	55	22	the	the	DET
cblr-3423	55	23	currencies	currency	NOUN
cblr-3423	55	24	that	that	PRON
cblr-3423	55	25	fuel	fuel	VERB
cblr-3423	55	26	them	they	PRON
cblr-3423	55	27	have	have	VERB
cblr-3423	55	28	value	value	NOUN
cblr-3423	55	29	.	.	PUNCT
cblr-3423	56	1	bitcoin	bitcoin	PROPN
cblr-3423	56	2	is	be	AUX
cblr-3423	56	3	the	the	DET
cblr-3423	56	4	most	most	ADV
cblr-3423	56	5	famous	famous	ADJ
cblr-3423	56	6	example	example	NOUN
cblr-3423	56	7	of	of	ADP
cblr-3423	56	8	this	this	PRON
cblr-3423	56	9	—	—	PUNCT
cblr-3423	56	10	it	it	PRON
cblr-3423	56	11	is	be	AUX
cblr-3423	56	12	the	the	DET
cblr-3423	56	13	modern	modern	ADJ
cblr-3423	56	14	world	world	NOUN
cblr-3423	56	15	’s	’s	PART
cblr-3423	56	16	first	first	ADJ
cblr-3423	56	17	and	and	CCONJ
cblr-3423	56	18	most	most	ADV
cblr-3423	56	19	successful	successful	ADJ
cblr-3423	56	20	experiment	experiment	NOUN
cblr-3423	56	21	in	in	ADP
cblr-3423	56	22	a	a	DET
cblr-3423	56	23	decentralized	decentralized	ADJ
cblr-3423	56	24	approach	approach	NOUN
cblr-3423	56	25	to	to	ADP
cblr-3423	56	26	money	money	NOUN
cblr-3423	56	27	creation	creation	NOUN
cblr-3423	56	28	.	.	PUNCT
cblr-3423	57	1	there	there	PRON
cblr-3423	57	2	is	be	VERB
cblr-3423	57	3	growing	grow	VERB
cblr-3423	57	4	demand	demand	NOUN
cblr-3423	57	5	for	for	ADP
cblr-3423	57	6	a	a	DET
cblr-3423	57	7	digital	digital	ADJ
cblr-3423	57	8	-	-	PUNCT
cblr-3423	57	9	age	age	NOUN
cblr-3423	57	10	money	money	NOUN
cblr-3423	57	11	or	or	CCONJ
cblr-3423	57	12	a	a	DET
cblr-3423	57	13	private	private	ADJ
cblr-3423	57	14	store	store	NOUN
cblr-3423	57	15	of	of	ADP
cblr-3423	57	16	value	value	NOUN
cblr-3423	57	17	,	,	PUNCT
cblr-3423	57	18	which	which	PRON
cblr-3423	57	19	may	may	AUX
cblr-3423	57	20	in	in	ADP
cblr-3423	57	21	turn	turn	NOUN
cblr-3423	57	22	be	be	AUX
cblr-3423	57	23	fueling	fuel	VERB
cblr-3423	57	24	a	a	DET
cblr-3423	57	25	demand	demand	NOUN
cblr-3423	57	26	for	for	ADP
cblr-3423	57	27	other	other	ADJ
cblr-3423	57	28	private	private	ADJ
cblr-3423	57	29	services	service	NOUN
cblr-3423	57	30	that	that	PRON
cblr-3423	57	31	the	the	DET
cblr-3423	57	32	state	state	NOUN
cblr-3423	57	33	has	have	AUX
cblr-3423	57	34	traditionally	traditionally	ADV
cblr-3423	57	35	policed	police	VERB
cblr-3423	57	36	.	.	PUNCT
cblr-3423	58	1	whatever	whatever	PRON
cblr-3423	58	2	the	the	DET
cblr-3423	58	3	reasons	reason	NOUN
cblr-3423	58	4	,	,	PUNCT
cblr-3423	58	5	once	once	SCONJ
cblr-3423	58	6	there	there	PRON
cblr-3423	58	7	is	be	VERB
cblr-3423	58	8	a	a	DET
cblr-3423	58	9	private	private	ADJ
cblr-3423	58	10	store	store	NOUN
cblr-3423	58	11	of	of	ADP
cblr-3423	58	12	value	value	NOUN
cblr-3423	58	13	—	—	PUNCT
cblr-3423	58	14	whether	whether	SCONJ
cblr-3423	58	15	it	it	PRON
cblr-3423	58	16	is	be	AUX
cblr-3423	58	17	mackerel	mackerel	NOUN
cblr-3423	58	18	fillets,8	fillets,8	NOUN
cblr-3423	58	19	cigarettes,9	cigarettes,9	NOUN
cblr-3423	58	20	or	or	CCONJ
cblr-3423	58	21	bitcoin	bitcoin	NOUN
cblr-3423	58	22	—	—	PUNCT
cblr-3423	58	23	it	it	PRON
cblr-3423	58	24	is	be	AUX
cblr-3423	58	25	natural	natural	ADJ
cblr-3423	58	26	for	for	SCONJ
cblr-3423	58	27	individuals	individual	NOUN
cblr-3423	58	28	to	to	PART
cblr-3423	58	29	use	use	VERB
cblr-3423	58	30	it	it	PRON
cblr-3423	58	31	as	as	ADP
cblr-3423	58	32	a	a	DET
cblr-3423	58	33	means	means	NOUN
cblr-3423	58	34	of	of	ADP
cblr-3423	58	35	fundraising	fundraising	NOUN
cblr-3423	58	36	or	or	CCONJ
cblr-3423	58	37	investing	investing	NOUN
cblr-3423	58	38	.	.	PUNCT
cblr-3423	59	1	icos	icos	PROPN
cblr-3423	59	2	follow	follow	VERB
cblr-3423	59	3	from	from	ADP
cblr-3423	59	4	bitcoin	bitcoin	NOUN
cblr-3423	59	5	as	as	SCONJ
cblr-3423	59	6	ipos	ipos	PROPN
cblr-3423	59	7	follow	follow	VERB
cblr-3423	59	8	from	from	ADP
cblr-3423	59	9	dollars	dollar	NOUN
cblr-3423	59	10	.	.	PUNCT
cblr-3423	60	1	on	on	ADP
cblr-3423	60	2	the	the	DET
cblr-3423	60	3	sociological	sociological	ADJ
cblr-3423	60	4	side	side	NOUN
cblr-3423	60	5	,	,	PUNCT
cblr-3423	60	6	individuals	individual	NOUN
cblr-3423	60	7	are	be	AUX
cblr-3423	60	8	rethinking	rethink	VERB
cblr-3423	60	9	how	how	SCONJ
cblr-3423	60	10	they	they	PRON
cblr-3423	60	11	interact	interact	VERB
cblr-3423	60	12	with	with	ADP
cblr-3423	60	13	capitalists	capitalist	NOUN
cblr-3423	60	14	and	and	CCONJ
cblr-3423	60	15	entrepreneurs	entrepreneur	NOUN
cblr-3423	60	16	.	.	PUNCT
cblr-3423	61	1	the	the	DET
cblr-3423	61	2	success	success	NOUN
cblr-3423	61	3	of	of	ADP
cblr-3423	61	4	crowdfunding	crowdfunding	NOUN
cblr-3423	61	5	prior	prior	ADV
cblr-3423	61	6	to	to	ADP
cblr-3423	61	7	regulation	regulation	NOUN
cblr-3423	61	8	showed	show	VERB
cblr-3423	61	9	that	that	SCONJ
cblr-3423	61	10	individuals	individual	NOUN
cblr-3423	61	11	estimated	estimate	VERB
cblr-3423	61	12	spending	spending	NOUN
cblr-3423	61	13	between	between	ADP
cblr-3423	61	14	$	$	SYM
cblr-3423	61	15	1	1	NUM
cblr-3423	61	16	million	million	NUM
cblr-3423	61	17	and	and	CCONJ
cblr-3423	61	18	$	$	SYM
cblr-3423	61	19	1.9	1.9	NUM
cblr-3423	61	20	million	million	NUM
cblr-3423	61	21	annually	annually	ADV
cblr-3423	61	22	on	on	ADP
cblr-3423	61	23	the	the	DET
cblr-3423	61	24	costs	cost	NOUN
cblr-3423	61	25	of	of	ADP
cblr-3423	61	26	being	be	AUX
cblr-3423	61	27	public	public	ADJ
cblr-3423	61	28	[	[	X
cblr-3423	61	29	.	.	X
cblr-3423	61	30	]	]	X
cblr-3423	61	31	”	"	PUNCT
cblr-3423	61	32	)	)	PUNCT
cblr-3423	61	33	.	.	PUNCT
cblr-3423	62	1	6	6	NUM
cblr-3423	62	2	jumpstart	jumpstart	VERB
cblr-3423	62	3	our	our	PRON
cblr-3423	62	4	business	business	NOUN
cblr-3423	62	5	startups	startup	NOUN
cblr-3423	62	6	act	act	PROPN
cblr-3423	62	7	,	,	PUNCT
cblr-3423	62	8	pub	pub	NOUN
cblr-3423	62	9	.	.	PUNCT
cblr-3423	63	1	l.	l.	PROPN
cblr-3423	63	2	no	no	INTJ
cblr-3423	63	3	.	.	PUNCT
cblr-3423	64	1	112–106	112–106	NUM
cblr-3423	64	2	,	,	PUNCT
cblr-3423	64	3	126	126	NUM
cblr-3423	64	4	stat	stat	NOUN
cblr-3423	64	5	.	.	PUNCT
cblr-3423	65	1	306	306	NUM
cblr-3423	65	2	(	(	PUNCT
cblr-3423	65	3	2012	2012	NUM
cblr-3423	65	4	)	)	PUNCT
cblr-3423	66	1	;	;	PUNCT
cblr-3423	66	2	see	see	VERB
cblr-3423	66	3	also	also	ADV
cblr-3423	66	4	h.r	h.r	PROPN
cblr-3423	66	5	.	.	PROPN
cblr-3423	66	6	rep	rep	PROPN
cblr-3423	66	7	.	.	PROPN
cblr-3423	67	1	no	no	PROPN
cblr-3423	67	2	.	.	NOUN
cblr-3423	68	1	113	113	NUM
cblr-3423	68	2	-	-	SYM
cblr-3423	68	3	53	53	NUM
cblr-3423	68	4	(	(	PUNCT
cblr-3423	68	5	2013	2013	NUM
cblr-3423	68	6	)	)	PUNCT
cblr-3423	68	7	(	(	PUNCT
cblr-3423	68	8	proposing	propose	VERB
cblr-3423	68	9	the	the	DET
cblr-3423	68	10	sec	sec	PROPN
cblr-3423	68	11	regulatory	regulatory	ADJ
cblr-3423	68	12	accountability	accountability	NOUN
cblr-3423	68	13	act	act	NOUN
cblr-3423	68	14	)	)	PUNCT
cblr-3423	68	15	.	.	PUNCT
cblr-3423	69	1	7	7	NUM
cblr-3423	69	2	see	see	VERB
cblr-3423	69	3	,	,	PUNCT
cblr-3423	69	4	e.g.	e.g.	ADV
cblr-3423	69	5	,	,	PUNCT
cblr-3423	69	6	david	david	PROPN
cblr-3423	69	7	yermack	yermack	PROPN
cblr-3423	69	8	,	,	PUNCT
cblr-3423	69	9	corporate	corporate	ADJ
cblr-3423	69	10	governance	governance	NOUN
cblr-3423	69	11	and	and	CCONJ
cblr-3423	69	12	blockchains	blockchain	NOUN
cblr-3423	69	13	,	,	PUNCT
cblr-3423	69	14	21	21	NUM
cblr-3423	69	15	rev	rev	X
cblr-3423	69	16	.	.	PROPN
cblr-3423	70	1	fin	fin	NOUN
cblr-3423	70	2	.	.	PUNCT
cblr-3423	71	1	7	7	NUM
cblr-3423	71	2	,	,	PUNCT
cblr-3423	71	3	10	10	NUM
cblr-3423	71	4	(	(	PUNCT
cblr-3423	71	5	2017	2017	NUM
cblr-3423	71	6	)	)	PUNCT
cblr-3423	71	7	(	(	PUNCT
cblr-3423	71	8	“	"	PUNCT
cblr-3423	71	9	making	make	VERB
cblr-3423	71	10	such	such	ADJ
cblr-3423	71	11	powerful	powerful	ADJ
cblr-3423	71	12	third	third	ADJ
cblr-3423	71	13	parties	party	NOUN
cblr-3423	71	14	obsolete	obsolete	ADJ
cblr-3423	71	15	and	and	CCONJ
cblr-3423	71	16	disintermediating	disintermediate	VERB
cblr-3423	71	17	financial	financial	ADJ
cblr-3423	71	18	transactions	transaction	NOUN
cblr-3423	71	19	was	be	AUX
cblr-3423	71	20	the	the	DET
cblr-3423	71	21	central	central	ADJ
cblr-3423	71	22	goal	goal	NOUN
cblr-3423	71	23	of	of	ADP
cblr-3423	71	24	nakamoto	nakamoto	NOUN
cblr-3423	71	25	’s	’s	PART
cblr-3423	71	26	(	(	PUNCT
cblr-3423	71	27	2008	2008	NUM
cblr-3423	71	28	)	)	PUNCT
cblr-3423	71	29	proposal	proposal	NOUN
cblr-3423	71	30	for	for	ADP
cblr-3423	71	31	a	a	DET
cblr-3423	71	32	peer	peer	NOUN
cblr-3423	71	33	-	-	PUNCT
cblr-3423	71	34	to	to	ADP
cblr-3423	71	35	-	-	PUNCT
cblr-3423	71	36	peer	peer	NOUN
cblr-3423	71	37	electronic	electronic	ADJ
cblr-3423	71	38	cash	cash	NOUN
cblr-3423	71	39	system	system	NOUN
cblr-3423	71	40	.	.	PUNCT
cblr-3423	71	41	”	"	PUNCT
cblr-3423	71	42	)	)	PUNCT
cblr-3423	71	43	.	.	PUNCT
cblr-3423	72	1	8	8	NUM
cblr-3423	72	2	justin	justin	PROPN
cblr-3423	72	3	scheck	scheck	PROPN
cblr-3423	72	4	,	,	PUNCT
cblr-3423	72	5	mackerel	mackerel	NOUN
cblr-3423	72	6	economics	economic	NOUN
cblr-3423	72	7	in	in	ADP
cblr-3423	72	8	prison	prison	NOUN
cblr-3423	72	9	leads	lead	VERB
cblr-3423	72	10	to	to	ADP
cblr-3423	72	11	appreciation	appreciation	NOUN
cblr-3423	72	12	for	for	ADP
cblr-3423	72	13	oily	oily	ADJ
cblr-3423	72	14	fillets	fillet	NOUN
cblr-3423	72	15	,	,	PUNCT
cblr-3423	72	16	wall	wall	PROPN
cblr-3423	72	17	st	st	PROPN
cblr-3423	72	18	.	.	PROPN
cblr-3423	72	19	j.	j.	PROPN
cblr-3423	72	20	(	(	PUNCT
cblr-3423	72	21	oct	oct	PROPN
cblr-3423	72	22	.	.	PROPN
cblr-3423	72	23	2	2	NUM
cblr-3423	72	24	,	,	PUNCT
cblr-3423	72	25	2008	2008	NUM
cblr-3423	72	26	)	)	PUNCT
cblr-3423	72	27	,	,	PUNCT
cblr-3423	72	28	https://www.wsj.com/articles/	https://www.wsj.com/articles/	PROPN
cblr-3423	72	29	sb122290720439096481	sb122290720439096481	PROPN
cblr-3423	72	30	(	(	PUNCT
cblr-3423	72	31	on	on	ADP
cblr-3423	72	32	file	file	NOUN
cblr-3423	72	33	with	with	ADP
cblr-3423	72	34	the	the	DET
cblr-3423	72	35	columbia	columbia	PROPN
cblr-3423	72	36	business	business	PROPN
cblr-3423	72	37	law	law	PROPN
cblr-3423	72	38	review	review	PROPN
cblr-3423	72	39	)	)	PUNCT
cblr-3423	72	40	.	.	PUNCT
cblr-3423	73	1	9	9	NUM
cblr-3423	73	2	see	see	VERB
cblr-3423	73	3	generally	generally	ADV
cblr-3423	73	4	r.a	r.a	PROPN
cblr-3423	73	5	.	.	PROPN
cblr-3423	73	6	radford	radford	PROPN
cblr-3423	73	7	,	,	PUNCT
cblr-3423	73	8	the	the	DET
cblr-3423	73	9	economic	economic	ADJ
cblr-3423	73	10	organisation	organisation	NOUN
cblr-3423	73	11	of	of	ADP
cblr-3423	73	12	a	a	DET
cblr-3423	73	13	p.o.w	p.o.w	ADJ
cblr-3423	73	14	.	.	PUNCT
cblr-3423	73	15	camp	camp	NOUN
cblr-3423	73	16	,	,	PUNCT
cblr-3423	73	17	12	12	NUM
cblr-3423	73	18	economica	economica	PROPN
cblr-3423	73	19	189	189	NUM
cblr-3423	73	20	,	,	PUNCT
cblr-3423	73	21	190–91	190–91	NUM
cblr-3423	73	22	(	(	PUNCT
cblr-3423	73	23	1945	1945	NUM
cblr-3423	73	24	)	)	PUNCT
cblr-3423	73	25	.	.	PUNCT
cblr-3423	74	1	no	no	INTJ
cblr-3423	74	2	.	.	NOUN
cblr-3423	75	1	2:443	2:443	NUM
cblr-3423	75	2	]	]	X
cblr-3423	75	3	a	a	DET
cblr-3423	75	4	regulatory	regulatory	ADJ
cblr-3423	75	5	classification	classification	NOUN
cblr-3423	75	6	of	of	ADP
cblr-3423	75	7	digital	digital	ADJ
cblr-3423	75	8	assets	asset	NOUN
cblr-3423	75	9	447	447	NUM
cblr-3423	75	10	are	be	AUX
cblr-3423	75	11	willing	willing	ADJ
cblr-3423	75	12	to	to	PART
cblr-3423	75	13	participate	participate	VERB
cblr-3423	75	14	in	in	ADP
cblr-3423	75	15	equity	equity	NOUN
cblr-3423	75	16	raises	raise	VERB
cblr-3423	75	17	with	with	ADP
cblr-3423	75	18	mixed	mixed	ADJ
cblr-3423	75	19	motives	motive	NOUN
cblr-3423	75	20	that	that	PRON
cblr-3423	75	21	include	include	VERB
cblr-3423	75	22	not	not	PART
cblr-3423	75	23	only	only	ADV
cblr-3423	75	24	profit	profit	NOUN
cblr-3423	75	25	seeking	seeking	NOUN
cblr-3423	75	26	,	,	PUNCT
cblr-3423	75	27	but	but	CCONJ
cblr-3423	75	28	also	also	ADV
cblr-3423	75	29	consumptive	consumptive	ADJ
cblr-3423	75	30	utility	utility	NOUN
cblr-3423	75	31	and	and	CCONJ
cblr-3423	75	32	charitable	charitable	ADJ
cblr-3423	75	33	satisfaction	satisfaction	NOUN
cblr-3423	75	34	.	.	PUNCT
cblr-3423	76	1	in	in	ADP
cblr-3423	76	2	a	a	DET
cblr-3423	76	3	world	world	NOUN
cblr-3423	76	4	in	in	ADP
cblr-3423	76	5	which	which	PRON
cblr-3423	76	6	social	social	ADJ
cblr-3423	76	7	,	,	PUNCT
cblr-3423	76	8	environmental	environmental	ADJ
cblr-3423	76	9	,	,	PUNCT
cblr-3423	76	10	political	political	ADJ
cblr-3423	76	11	,	,	PUNCT
cblr-3423	76	12	and	and	CCONJ
cblr-3423	76	13	other	other	ADJ
cblr-3423	76	14	attributes	attribute	NOUN
cblr-3423	76	15	attach	attach	VERB
cblr-3423	76	16	to	to	ADP
cblr-3423	76	17	investments	investment	NOUN
cblr-3423	76	18	,	,	PUNCT
cblr-3423	76	19	as	as	ADV
cblr-3423	76	20	well	well	ADV
cblr-3423	76	21	as	as	ADP
cblr-3423	76	22	an	an	DET
cblr-3423	76	23	individual	individual	ADJ
cblr-3423	76	24	attachment	attachment	NOUN
cblr-3423	76	25	between	between	ADP
cblr-3423	76	26	investors	investor	NOUN
cblr-3423	76	27	and	and	CCONJ
cblr-3423	76	28	the	the	DET
cblr-3423	76	29	companies	company	NOUN
cblr-3423	76	30	they	they	PRON
cblr-3423	76	31	provide	provide	VERB
cblr-3423	76	32	capital	capital	NOUN
cblr-3423	76	33	to	to	PART
cblr-3423	76	34	,	,	PUNCT
cblr-3423	76	35	there	there	PRON
cblr-3423	76	36	may	may	AUX
cblr-3423	76	37	be	be	AUX
cblr-3423	76	38	a	a	DET
cblr-3423	76	39	need	need	NOUN
cblr-3423	76	40	for	for	SCONJ
cblr-3423	76	41	new	new	ADJ
cblr-3423	76	42	financial	financial	ADJ
cblr-3423	76	43	vehicles	vehicle	NOUN
cblr-3423	76	44	to	to	PART
cblr-3423	76	45	satisfy	satisfy	VERB
cblr-3423	76	46	this	this	DET
cblr-3423	76	47	more	more	ADV
cblr-3423	76	48	nuanced	nuanced	ADJ
cblr-3423	76	49	demand	demand	NOUN
cblr-3423	76	50	.	.	PUNCT
cblr-3423	77	1	a	a	DET
cblr-3423	77	2	final	final	ADJ
cblr-3423	77	3	reason	reason	NOUN
cblr-3423	77	4	for	for	ADP
cblr-3423	77	5	the	the	DET
cblr-3423	77	6	changing	change	VERB
cblr-3423	77	7	capital	capital	NOUN
cblr-3423	77	8	formation	formation	NOUN
cblr-3423	77	9	landscape	landscape	NOUN
cblr-3423	77	10	is	be	AUX
cblr-3423	77	11	fraud	fraud	NOUN
cblr-3423	77	12	and	and	CCONJ
cblr-3423	77	13	exuberance	exuberance	NOUN
cblr-3423	77	14	.	.	PUNCT
cblr-3423	78	1	as	as	ADP
cblr-3423	78	2	with	with	ADP
cblr-3423	78	3	any	any	DET
cblr-3423	78	4	new	new	ADJ
cblr-3423	78	5	technology	technology	NOUN
cblr-3423	78	6	,	,	PUNCT
cblr-3423	78	7	digital	digital	ADJ
cblr-3423	78	8	assets	asset	NOUN
cblr-3423	78	9	have	have	AUX
cblr-3423	78	10	opened	open	VERB
cblr-3423	78	11	the	the	DET
cblr-3423	78	12	door	door	NOUN
cblr-3423	78	13	for	for	ADP
cblr-3423	78	14	both	both	CCONJ
cblr-3423	78	15	bad	bad	ADJ
cblr-3423	78	16	and	and	CCONJ
cblr-3423	78	17	irrational	irrational	ADJ
cblr-3423	78	18	actors	actor	NOUN
cblr-3423	78	19	.	.	PUNCT
cblr-3423	79	1	vast	vast	ADJ
cblr-3423	79	2	amounts	amount	NOUN
cblr-3423	79	3	of	of	ADP
cblr-3423	79	4	money	money	NOUN
cblr-3423	79	5	funneling	funnel	VERB
cblr-3423	79	6	into	into	ADP
cblr-3423	79	7	the	the	DET
cblr-3423	79	8	space	space	NOUN
cblr-3423	79	9	have	have	AUX
cblr-3423	79	10	created	create	VERB
cblr-3423	79	11	ripe	ripe	ADJ
cblr-3423	79	12	conditions	condition	NOUN
cblr-3423	79	13	for	for	ADP
cblr-3423	79	14	a	a	DET
cblr-3423	79	15	get	get	VERB
cblr-3423	79	16	-	-	PUNCT
cblr-3423	79	17	rich	rich	ADJ
cblr-3423	79	18	-	-	PUNCT
cblr-3423	79	19	quick	quick	ADJ
cblr-3423	79	20	mentality	mentality	NOUN
cblr-3423	79	21	on	on	ADP
cblr-3423	79	22	the	the	DET
cblr-3423	79	23	part	part	NOUN
cblr-3423	79	24	of	of	ADP
cblr-3423	79	25	investors	investor	NOUN
cblr-3423	79	26	and	and	CCONJ
cblr-3423	79	27	cases	case	NOUN
cblr-3423	79	28	of	of	ADP
cblr-3423	79	29	outright	outright	ADJ
cblr-3423	79	30	fraud	fraud	NOUN
cblr-3423	79	31	on	on	ADP
cblr-3423	79	32	the	the	DET
cblr-3423	79	33	part	part	NOUN
cblr-3423	79	34	of	of	ADP
cblr-3423	79	35	promoters	promoter	NOUN
cblr-3423	79	36	.	.	PUNCT
cblr-3423	80	1	there	there	PRON
cblr-3423	80	2	are	be	VERB
cblr-3423	80	3	already	already	ADV
cblr-3423	80	4	numerous	numerous	ADJ
cblr-3423	80	5	examples	example	NOUN
cblr-3423	80	6	of	of	ADP
cblr-3423	80	7	both.10	both.10	PROPN
cblr-3423	80	8	therefore	therefore	ADV
cblr-3423	80	9	,	,	PUNCT
cblr-3423	80	10	digital	digital	ADJ
cblr-3423	80	11	assets	asset	NOUN
cblr-3423	80	12	pose	pose	VERB
cblr-3423	80	13	two	two	NUM
cblr-3423	80	14	fundamental	fundamental	ADJ
cblr-3423	80	15	problems	problem	NOUN
cblr-3423	80	16	to	to	ADP
cblr-3423	80	17	securities	security	NOUN
cblr-3423	80	18	regulators	regulator	NOUN
cblr-3423	80	19	.	.	PUNCT
cblr-3423	81	1	the	the	DET
cblr-3423	81	2	first	first	ADJ
cblr-3423	81	3	is	be	AUX
cblr-3423	81	4	an	an	DET
cblr-3423	81	5	information	information	NOUN
cblr-3423	81	6	asymmetry	asymmetry	NOUN
cblr-3423	81	7	problem	problem	NOUN
cblr-3423	81	8	;	;	PUNCT
cblr-3423	81	9	the	the	DET
cblr-3423	81	10	second	second	NOUN
cblr-3423	81	11	is	be	AUX
cblr-3423	81	12	a	a	DET
cblr-3423	81	13	police	police	NOUN
cblr-3423	81	14	power	power	NOUN
cblr-3423	81	15	problem	problem	NOUN
cblr-3423	81	16	.	.	PUNCT
cblr-3423	82	1	information	information	NOUN
cblr-3423	82	2	asymmetries	asymmetry	NOUN
cblr-3423	82	3	are	be	AUX
cblr-3423	82	4	the	the	DET
cblr-3423	82	5	animating	animate	VERB
cblr-3423	82	6	force	force	NOUN
cblr-3423	82	7	behind	behind	ADP
cblr-3423	82	8	most	most	ADJ
cblr-3423	82	9	securities	security	NOUN
cblr-3423	82	10	regulation	regulation	NOUN
cblr-3423	82	11	.	.	PUNCT
cblr-3423	83	1	the	the	DET
cblr-3423	83	2	three	three	NUM
cblr-3423	83	3	pillars	pillar	NOUN
cblr-3423	83	4	of	of	ADP
cblr-3423	83	5	modern	modern	ADJ
cblr-3423	83	6	securities	security	NOUN
cblr-3423	83	7	law	law	NOUN
cblr-3423	83	8	—	—	PUNCT
cblr-3423	83	9	mandatory	mandatory	ADJ
cblr-3423	83	10	disclosure	disclosure	NOUN
cblr-3423	83	11	,	,	PUNCT
cblr-3423	83	12	strict	strict	ADJ
cblr-3423	83	13	anti	anti	ADJ
cblr-3423	83	14	-	-	ADJ
cblr-3423	83	15	fraud	fraud	ADJ
cblr-3423	83	16	rules	rule	NOUN
cblr-3423	83	17	,	,	PUNCT
cblr-3423	83	18	and	and	CCONJ
cblr-3423	83	19	insider	insider	NOUN
cblr-3423	83	20	trading	trading	NOUN
cblr-3423	83	21	limitations	limitation	NOUN
cblr-3423	83	22	—	—	PUNCT
cblr-3423	83	23	are	be	AUX
cblr-3423	83	24	designed	design	VERB
cblr-3423	83	25	to	to	PART
cblr-3423	83	26	put	put	VERB
cblr-3423	83	27	traders	trader	NOUN
cblr-3423	83	28	on	on	ADP
cblr-3423	83	29	an	an	DET
cblr-3423	83	30	equal	equal	ADJ
cblr-3423	83	31	footing	footing	NOUN
cblr-3423	83	32	,	,	PUNCT
cblr-3423	83	33	regardless	regardless	ADV
cblr-3423	83	34	of	of	ADP
cblr-3423	83	35	whether	whether	SCONJ
cblr-3423	83	36	they	they	PRON
cblr-3423	83	37	are	be	AUX
cblr-3423	83	38	inside	inside	ADP
cblr-3423	83	39	or	or	CCONJ
cblr-3423	83	40	outside	outside	ADP
cblr-3423	83	41	of	of	ADP
cblr-3423	83	42	a	a	DET
cblr-3423	83	43	particular	particular	ADJ
cblr-3423	83	44	firm	firm	NOUN
cblr-3423	83	45	whose	whose	DET
cblr-3423	83	46	stock	stock	NOUN
cblr-3423	83	47	is	be	AUX
cblr-3423	83	48	being	be	AUX
cblr-3423	83	49	traded.11	traded.11	ADP
cblr-3423	83	50	this	this	PRON
cblr-3423	83	51	follows	follow	VERB
cblr-3423	83	52	from	from	ADP
cblr-3423	83	53	the	the	DET
cblr-3423	83	54	reality	reality	NOUN
cblr-3423	83	55	that	that	SCONJ
cblr-3423	83	56	market	market	NOUN
cblr-3423	83	57	forces	force	NOUN
cblr-3423	83	58	will	will	AUX
cblr-3423	83	59	not	not	PART
cblr-3423	83	60	provide	provide	VERB
cblr-3423	83	61	the	the	DET
cblr-3423	83	62	optimal	optimal	ADJ
cblr-3423	83	63	amount	amount	NOUN
cblr-3423	83	64	of	of	ADP
cblr-3423	83	65	information	information	NOUN
cblr-3423	83	66	,	,	PUNCT
cblr-3423	83	67	and	and	CCONJ
cblr-3423	83	68	so	so	ADV
cblr-3423	83	69	the	the	DET
cblr-3423	83	70	government	government	NOUN
cblr-3423	83	71	must	must	AUX
cblr-3423	83	72	instead	instead	ADV
cblr-3423	83	73	compel	compel	VERB
cblr-3423	83	74	it	it	PRON
cblr-3423	83	75	.	.	PUNCT
cblr-3423	84	1	the	the	DET
cblr-3423	84	2	antifraud	antifraud	PROPN
cblr-3423	84	3	rules	rule	VERB
cblr-3423	84	4	in	in	ADP
cblr-3423	84	5	turn	turn	NOUN
cblr-3423	84	6	are	be	AUX
cblr-3423	84	7	designed	design	VERB
cblr-3423	84	8	to	to	PART
cblr-3423	84	9	make	make	VERB
cblr-3423	84	10	any	any	DET
cblr-3423	84	11	disclosures	disclosure	NOUN
cblr-3423	84	12	credible	credible	ADJ
cblr-3423	84	13	.	.	PUNCT
cblr-3423	85	1	the	the	DET
cblr-3423	85	2	argument	argument	NOUN
cblr-3423	85	3	goes	go	VERB
cblr-3423	85	4	that	that	SCONJ
cblr-3423	85	5	in	in	ADP
cblr-3423	85	6	the	the	DET
cblr-3423	85	7	absence	absence	NOUN
cblr-3423	85	8	of	of	ADP
cblr-3423	85	9	a	a	DET
cblr-3423	85	10	way	way	NOUN
cblr-3423	85	11	for	for	SCONJ
cblr-3423	85	12	issuers	issuer	NOUN
cblr-3423	85	13	to	to	PART
cblr-3423	85	14	vouch	vouch	VERB
cblr-3423	85	15	for	for	ADP
cblr-3423	85	16	their	their	PRON
cblr-3423	85	17	disclosures	disclosure	NOUN
cblr-3423	85	18	,	,	PUNCT
cblr-3423	85	19	the	the	DET
cblr-3423	85	20	market	market	NOUN
cblr-3423	85	21	will	will	AUX
cblr-3423	85	22	have	have	VERB
cblr-3423	85	23	a	a	DET
cblr-3423	85	24	“	"	PUNCT
cblr-3423	85	25	lemons	lemon	NOUN
cblr-3423	85	26	”	"	PUNCT
cblr-3423	85	27	10	10	NUM
cblr-3423	85	28	see	see	VERB
cblr-3423	85	29	,	,	PUNCT
cblr-3423	85	30	e.g.	e.g.	ADV
cblr-3423	85	31	,	,	PUNCT
cblr-3423	85	32	sec	sec	PROPN
cblr-3423	85	33	v.	v.	PROPN
cblr-3423	85	34	shavers	shaver	NOUN
cblr-3423	85	35	,	,	PUNCT
cblr-3423	85	36	no	no	INTJ
cblr-3423	85	37	.	.	PUNCT
cblr-3423	86	1	4:13	4:13	NUM
cblr-3423	86	2	-	-	PUNCT
cblr-3423	86	3	cv-416	cv-416	NOUN
cblr-3423	86	4	,	,	PUNCT
cblr-3423	86	5	2014	2014	NUM
cblr-3423	86	6	wl	wl	NOUN
cblr-3423	86	7	4652121	4652121	NUM
cblr-3423	86	8	,	,	PUNCT
cblr-3423	86	9	at	at	ADP
cblr-3423	86	10	*	*	NOUN
cblr-3423	86	11	1	1	NUM
cblr-3423	86	12	(	(	PUNCT
cblr-3423	86	13	e.d	e.d	PROPN
cblr-3423	86	14	.	.	PROPN
cblr-3423	86	15	tex	tex	PROPN
cblr-3423	86	16	.	.	PROPN
cblr-3423	86	17	sept	sept	PROPN
cblr-3423	86	18	.	.	PROPN
cblr-3423	86	19	18	18	NUM
cblr-3423	86	20	,	,	PUNCT
cblr-3423	86	21	2014	2014	NUM
cblr-3423	86	22	)	)	PUNCT
cblr-3423	86	23	;	;	PUNCT
cblr-3423	86	24	michelle	michelle	PROPN
cblr-3423	86	25	fox	fox	PROPN
cblr-3423	86	26	,	,	PUNCT
cblr-3423	86	27	people	people	NOUN
cblr-3423	86	28	are	be	AUX
cblr-3423	86	29	taking	take	VERB
cblr-3423	86	30	out	out	ADP
cblr-3423	86	31	mortgages	mortgage	NOUN
cblr-3423	86	32	to	to	PART
cblr-3423	86	33	buy	buy	VERB
cblr-3423	86	34	bitcoin	bitcoin	NOUN
cblr-3423	86	35	,	,	PUNCT
cblr-3423	86	36	says	say	VERB
cblr-3423	86	37	securities	security	NOUN
cblr-3423	86	38	regulator	regulator	NOUN
cblr-3423	86	39	,	,	PUNCT
cblr-3423	86	40	cnbc	cnbc	PROPN
cblr-3423	86	41	(	(	PUNCT
cblr-3423	86	42	dec	dec	PROPN
cblr-3423	86	43	.	.	PROPN
cblr-3423	86	44	11	11	NUM
cblr-3423	86	45	,	,	PUNCT
cblr-3423	86	46	2017	2017	NUM
cblr-3423	86	47	)	)	PUNCT
cblr-3423	86	48	,	,	PUNCT
cblr-3423	86	49	https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buybitcoin-says-joseph-borg.html	https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buybitcoin-says-joseph-borg.html	PROPN
cblr-3423	87	1	[	[	X
cblr-3423	87	2	https://perma.cc/4q67-l2r4	https://perma.cc/4q67-l2r4	X
cblr-3423	87	3	]	]	X
cblr-3423	87	4	.	.	PUNCT
cblr-3423	88	1	11	11	NUM
cblr-3423	88	2	securities	security	NOUN
cblr-3423	88	3	act	act	NOUN
cblr-3423	88	4	of	of	ADP
cblr-3423	88	5	1933	1933	NUM
cblr-3423	88	6	,	,	PUNCT
cblr-3423	88	7	ch	ch	NOUN
cblr-3423	88	8	.	.	PROPN
cblr-3423	88	9	38	38	NUM
cblr-3423	88	10	,	,	PUNCT
cblr-3423	88	11	pub	pub	NOUN
cblr-3423	88	12	.	.	PUNCT
cblr-3423	89	1	l.	l.	PROPN
cblr-3423	89	2	no	no	INTJ
cblr-3423	89	3	.	.	PUNCT
cblr-3423	90	1	73	73	NUM
cblr-3423	90	2	-	-	SYM
cblr-3423	90	3	22	22	NUM
cblr-3423	90	4	,	,	PUNCT
cblr-3423	90	5	48	48	NUM
cblr-3423	90	6	stat	stat	NOUN
cblr-3423	90	7	.	.	PUNCT
cblr-3423	91	1	74	74	NUM
cblr-3423	91	2	(	(	PUNCT
cblr-3423	91	3	codified	codify	VERB
cblr-3423	91	4	as	as	SCONJ
cblr-3423	91	5	amended	amend	VERB
cblr-3423	91	6	at	at	ADP
cblr-3423	91	7	15	15	NUM
cblr-3423	91	8	u.s.c	u.s.c	ADJ
cblr-3423	91	9	.	.	PUNCT
cblr-3423	92	1	§	§	PROPN
cblr-3423	92	2	§	§	PROPN
cblr-3423	92	3	77a–77aa	77a–77aa	NUM
cblr-3423	92	4	(	(	PUNCT
cblr-3423	92	5	2012	2012	NUM
cblr-3423	92	6	)	)	PUNCT
cblr-3423	92	7	)	)	PUNCT
cblr-3423	92	8	(	(	PUNCT
cblr-3423	92	9	“	"	PUNCT
cblr-3423	92	10	to	to	PART
cblr-3423	92	11	provide	provide	VERB
cblr-3423	92	12	full	full	ADJ
cblr-3423	92	13	and	and	CCONJ
cblr-3423	92	14	fair	fair	ADJ
cblr-3423	92	15	disclosure	disclosure	NOUN
cblr-3423	92	16	of	of	ADP
cblr-3423	92	17	the	the	DET
cblr-3423	92	18	character	character	NOUN
cblr-3423	92	19	of	of	ADP
cblr-3423	92	20	securities	security	NOUN
cblr-3423	92	21	sold	sell	VERB
cblr-3423	92	22	in	in	ADP
cblr-3423	92	23	interstate	interstate	ADJ
cblr-3423	92	24	and	and	CCONJ
cblr-3423	92	25	foreign	foreign	ADJ
cblr-3423	92	26	commerce	commerce	NOUN
cblr-3423	92	27	and	and	CCONJ
cblr-3423	92	28	through	through	ADP
cblr-3423	92	29	the	the	DET
cblr-3423	92	30	mails	mail	NOUN
cblr-3423	92	31	,	,	PUNCT
cblr-3423	92	32	and	and	CCONJ
cblr-3423	92	33	to	to	PART
cblr-3423	92	34	prevent	prevent	VERB
cblr-3423	92	35	frauds	fraud	NOUN
cblr-3423	92	36	in	in	ADP
cblr-3423	92	37	the	the	DET
cblr-3423	92	38	sale	sale	NOUN
cblr-3423	92	39	thereof	thereof	ADV
cblr-3423	92	40	,	,	PUNCT
cblr-3423	92	41	and	and	CCONJ
cblr-3423	92	42	for	for	ADP
cblr-3423	92	43	other	other	ADJ
cblr-3423	92	44	purposes	purpose	NOUN
cblr-3423	92	45	.	.	PUNCT
cblr-3423	92	46	”	"	PUNCT
cblr-3423	92	47	)	)	PUNCT
cblr-3423	92	48	.	.	PUNCT
cblr-3423	93	1	448	448	NUM
cblr-3423	93	2	columbia	columbia	PROPN
cblr-3423	93	3	business	business	NOUN
cblr-3423	93	4	law	law	PROPN
cblr-3423	93	5	review	review	NOUN
cblr-3423	93	6	[	[	X
cblr-3423	93	7	vol	vol	NOUN
cblr-3423	93	8	.	.	NOUN
cblr-3423	93	9	2019	2019	NUM
cblr-3423	93	10	problem.12	problem.12	NOUN
cblr-3423	93	11	after	after	ADV
cblr-3423	93	12	all	all	ADV
cblr-3423	93	13	,	,	PUNCT
cblr-3423	93	14	if	if	SCONJ
cblr-3423	93	15	fraudsters	fraudster	NOUN
cblr-3423	93	16	can	can	AUX
cblr-3423	93	17	make	make	VERB
cblr-3423	93	18	promises	promise	NOUN
cblr-3423	93	19	as	as	ADV
cblr-3423	93	20	easily	easily	ADV
cblr-3423	93	21	as	as	ADP
cblr-3423	93	22	upstanding	upstanding	ADJ
cblr-3423	93	23	issuers	issuer	NOUN
cblr-3423	93	24	,	,	PUNCT
cblr-3423	93	25	then	then	ADV
cblr-3423	93	26	good	good	ADJ
cblr-3423	93	27	firms	firm	NOUN
cblr-3423	93	28	will	will	AUX
cblr-3423	93	29	leave	leave	VERB
cblr-3423	93	30	the	the	DET
cblr-3423	93	31	market	market	NOUN
cblr-3423	93	32	because	because	SCONJ
cblr-3423	93	33	investors	investor	NOUN
cblr-3423	93	34	will	will	AUX
cblr-3423	93	35	confuse	confuse	VERB
cblr-3423	93	36	them	they	PRON
cblr-3423	93	37	with	with	ADP
cblr-3423	93	38	bad	bad	ADJ
cblr-3423	93	39	actors	actor	NOUN
cblr-3423	93	40	.	.	PUNCT
cblr-3423	94	1	if	if	SCONJ
cblr-3423	94	2	opportunities	opportunity	NOUN
cblr-3423	94	3	for	for	ADP
cblr-3423	94	4	fraud	fraud	NOUN
cblr-3423	94	5	and	and	CCONJ
cblr-3423	94	6	exuberance	exuberance	NOUN
cblr-3423	94	7	are	be	AUX
cblr-3423	94	8	the	the	DET
cblr-3423	94	9	primary	primary	ADJ
cblr-3423	94	10	drivers	driver	NOUN
cblr-3423	94	11	of	of	ADP
cblr-3423	94	12	these	these	DET
cblr-3423	94	13	new	new	ADJ
cblr-3423	94	14	digital	digital	ADJ
cblr-3423	94	15	asset	asset	NOUN
cblr-3423	94	16	markets	market	NOUN
cblr-3423	94	17	,	,	PUNCT
cblr-3423	94	18	then	then	ADV
cblr-3423	94	19	the	the	DET
cblr-3423	94	20	sec	sec	PROPN
cblr-3423	94	21	has	have	VERB
cblr-3423	94	22	an	an	DET
cblr-3423	94	23	important	important	ADJ
cblr-3423	94	24	role	role	NOUN
cblr-3423	94	25	in	in	ADP
cblr-3423	94	26	making	make	VERB
cblr-3423	94	27	these	these	DET
cblr-3423	94	28	markets	market	NOUN
cblr-3423	94	29	credible	credible	ADJ
cblr-3423	94	30	and	and	CCONJ
cblr-3423	94	31	efficient	efficient	ADJ
cblr-3423	94	32	.	.	PUNCT
cblr-3423	95	1	the	the	DET
cblr-3423	95	2	second	second	ADJ
cblr-3423	95	3	issue	issue	NOUN
cblr-3423	95	4	is	be	AUX
cblr-3423	95	5	that	that	SCONJ
cblr-3423	95	6	even	even	ADV
cblr-3423	95	7	if	if	SCONJ
cblr-3423	95	8	investors	investor	NOUN
cblr-3423	95	9	have	have	VERB
cblr-3423	95	10	perfect	perfect	ADJ
cblr-3423	95	11	knowledge	knowledge	NOUN
cblr-3423	95	12	of	of	ADP
cblr-3423	95	13	the	the	DET
cblr-3423	95	14	assets	asset	NOUN
cblr-3423	95	15	they	they	PRON
cblr-3423	95	16	are	be	AUX
cblr-3423	95	17	purchasing	purchase	VERB
cblr-3423	95	18	,	,	PUNCT
cblr-3423	95	19	the	the	DET
cblr-3423	95	20	government	government	NOUN
cblr-3423	95	21	may	may	AUX
cblr-3423	95	22	still	still	ADV
cblr-3423	95	23	wish	wish	VERB
cblr-3423	95	24	to	to	PART
cblr-3423	95	25	prohibit	prohibit	VERB
cblr-3423	95	26	purchase	purchase	NOUN
cblr-3423	95	27	of	of	ADP
cblr-3423	95	28	these	these	DET
cblr-3423	95	29	instruments	instrument	NOUN
cblr-3423	95	30	.	.	PUNCT
cblr-3423	96	1	such	such	ADJ
cblr-3423	96	2	prohibitions	prohibition	NOUN
cblr-3423	96	3	can	can	AUX
cblr-3423	96	4	have	have	VERB
cblr-3423	96	5	any	any	DET
cblr-3423	96	6	number	number	NOUN
cblr-3423	96	7	of	of	ADP
cblr-3423	96	8	rationales	rationale	NOUN
cblr-3423	96	9	,	,	PUNCT
cblr-3423	96	10	including	include	VERB
cblr-3423	96	11	national	national	ADJ
cblr-3423	96	12	security	security	NOUN
cblr-3423	96	13	,	,	PUNCT
cblr-3423	96	14	tax	tax	NOUN
cblr-3423	96	15	enforcement	enforcement	NOUN
cblr-3423	96	16	,	,	PUNCT
cblr-3423	96	17	or	or	CCONJ
cblr-3423	96	18	paternalism	paternalism	NOUN
cblr-3423	96	19	.	.	PUNCT
cblr-3423	97	1	states	state	NOUN
cblr-3423	97	2	use	use	VERB
cblr-3423	97	3	their	their	PRON
cblr-3423	97	4	“	"	PUNCT
cblr-3423	97	5	police	police	NOUN
cblr-3423	97	6	power	power	NOUN
cblr-3423	97	7	”	"	PUNCT
cblr-3423	97	8	to	to	PART
cblr-3423	97	9	stop	stop	VERB
cblr-3423	97	10	gambling	gambling	NOUN
cblr-3423	97	11	and	and	CCONJ
cblr-3423	97	12	a	a	DET
cblr-3423	97	13	host	host	NOUN
cblr-3423	97	14	of	of	ADP
cblr-3423	97	15	other	other	ADJ
cblr-3423	97	16	activities	activity	NOUN
cblr-3423	97	17	they	they	PRON
cblr-3423	97	18	deem	deem	VERB
cblr-3423	97	19	socially	socially	ADV
cblr-3423	97	20	undesirable.13	undesirable.13	VERB
cblr-3423	97	21	the	the	DET
cblr-3423	97	22	line	line	NOUN
cblr-3423	97	23	between	between	ADP
cblr-3423	97	24	legitimate	legitimate	ADJ
cblr-3423	97	25	investment	investment	NOUN
cblr-3423	97	26	and	and	CCONJ
cblr-3423	97	27	illegal	illegal	ADJ
cblr-3423	97	28	gambling	gambling	NOUN
cblr-3423	97	29	is	be	AUX
cblr-3423	97	30	indeed	indeed	ADV
cblr-3423	97	31	hazy	hazy	ADJ
cblr-3423	97	32	and	and	CCONJ
cblr-3423	97	33	often	often	ADV
cblr-3423	97	34	depends	depend	VERB
cblr-3423	97	35	on	on	ADP
cblr-3423	97	36	social	social	ADJ
cblr-3423	97	37	or	or	CCONJ
cblr-3423	97	38	moral	moral	ADJ
cblr-3423	97	39	judgments	judgment	NOUN
cblr-3423	97	40	.	.	PUNCT
cblr-3423	98	1	after	after	ADV
cblr-3423	98	2	all	all	ADV
cblr-3423	98	3	,	,	PUNCT
cblr-3423	98	4	the	the	DET
cblr-3423	98	5	moral	moral	ADJ
cblr-3423	98	6	difference	difference	NOUN
cblr-3423	98	7	between	between	ADP
cblr-3423	98	8	betting	bet	VERB
cblr-3423	98	9	on	on	ADP
cblr-3423	98	10	whether	whether	SCONJ
cblr-3423	98	11	the	the	DET
cblr-3423	98	12	chicago	chicago	PROPN
cblr-3423	98	13	bears	bear	NOUN
cblr-3423	98	14	will	will	AUX
cblr-3423	98	15	make	make	VERB
cblr-3423	98	16	the	the	DET
cblr-3423	98	17	playoffs	playoff	NOUN
cblr-3423	98	18	and	and	CCONJ
cblr-3423	98	19	betting	bet	VERB
cblr-3423	98	20	on	on	ADP
cblr-3423	98	21	whether	whether	SCONJ
cblr-3423	98	22	general	general	ADJ
cblr-3423	98	23	electric	electric	NOUN
cblr-3423	98	24	will	will	AUX
cblr-3423	98	25	make	make	VERB
cblr-3423	98	26	their	their	PRON
cblr-3423	98	27	earnings	earning	NOUN
cblr-3423	98	28	target	target	NOUN
cblr-3423	98	29	for	for	ADP
cblr-3423	98	30	the	the	DET
cblr-3423	98	31	next	next	ADJ
cblr-3423	98	32	quarter	quarter	NOUN
cblr-3423	98	33	is	be	AUX
cblr-3423	98	34	slight	slight	ADJ
cblr-3423	98	35	.	.	PUNCT
cblr-3423	99	1	why	why	SCONJ
cblr-3423	99	2	the	the	DET
cblr-3423	99	3	latter	latter	ADJ
cblr-3423	99	4	is	be	AUX
cblr-3423	99	5	universally	universally	ADV
cblr-3423	99	6	permitted	permit	VERB
cblr-3423	99	7	and	and	CCONJ
cblr-3423	99	8	the	the	DET
cblr-3423	99	9	former	former	ADJ
cblr-3423	99	10	only	only	ADV
cblr-3423	99	11	in	in	ADP
cblr-3423	99	12	limited	limited	ADJ
cblr-3423	99	13	circumstances	circumstance	NOUN
cblr-3423	99	14	is	be	AUX
cblr-3423	99	15	likely	likely	ADJ
cblr-3423	99	16	because	because	SCONJ
cblr-3423	99	17	of	of	ADP
cblr-3423	99	18	a	a	DET
cblr-3423	99	19	view	view	NOUN
cblr-3423	99	20	by	by	ADP
cblr-3423	99	21	government	government	NOUN
cblr-3423	99	22	regulators	regulator	NOUN
cblr-3423	99	23	that	that	SCONJ
cblr-3423	99	24	betting	bet	VERB
cblr-3423	99	25	on	on	ADP
cblr-3423	99	26	stocks	stock	NOUN
cblr-3423	99	27	is	be	AUX
cblr-3423	99	28	“	"	PUNCT
cblr-3423	99	29	good	good	ADJ
cblr-3423	99	30	”	"	PUNCT
cblr-3423	99	31	for	for	ADP
cblr-3423	99	32	society	society	NOUN
cblr-3423	99	33	,	,	PUNCT
cblr-3423	99	34	while	while	SCONJ
cblr-3423	99	35	betting	bet	VERB
cblr-3423	99	36	on	on	ADP
cblr-3423	99	37	sports	sport	NOUN
cblr-3423	99	38	and	and	CCONJ
cblr-3423	99	39	so	so	ADV
cblr-3423	99	40	on	on	ADV
cblr-3423	99	41	is	be	AUX
cblr-3423	99	42	“	"	PUNCT
cblr-3423	99	43	bad	bad	ADJ
cblr-3423	99	44	”	"	PUNCT
cblr-3423	99	45	for	for	ADP
cblr-3423	99	46	society	society	NOUN
cblr-3423	99	47	.	.	PUNCT
cblr-3423	100	1	but	but	CCONJ
cblr-3423	100	2	,	,	PUNCT
cblr-3423	100	3	it	it	PRON
cblr-3423	100	4	is	be	AUX
cblr-3423	100	5	notable	notable	ADJ
cblr-3423	100	6	that	that	SCONJ
cblr-3423	100	7	this	this	DET
cblr-3423	100	8	police	police	NOUN
cblr-3423	100	9	power	power	NOUN
cblr-3423	100	10	is	be	AUX
cblr-3423	100	11	not	not	PART
cblr-3423	100	12	primarily	primarily	ADV
cblr-3423	100	13	enforced	enforce	VERB
cblr-3423	100	14	through	through	ADP
cblr-3423	100	15	securities	security	NOUN
cblr-3423	100	16	laws	law	NOUN
cblr-3423	100	17	.	.	PUNCT
cblr-3423	101	1	gambling	gambling	NOUN
cblr-3423	101	2	is	be	AUX
cblr-3423	101	3	banned	ban	VERB
cblr-3423	101	4	by	by	ADP
cblr-3423	101	5	other	other	ADJ
cblr-3423	101	6	laws	law	NOUN
cblr-3423	101	7	,	,	PUNCT
cblr-3423	101	8	with	with	ADP
cblr-3423	101	9	the	the	DET
cblr-3423	101	10	securities	security	NOUN
cblr-3423	101	11	laws	law	NOUN
cblr-3423	101	12	,	,	PUNCT
cblr-3423	101	13	in	in	ADP
cblr-3423	101	14	effect	effect	NOUN
cblr-3423	101	15	,	,	PUNCT
cblr-3423	101	16	providing	provide	VERB
cblr-3423	101	17	a	a	DET
cblr-3423	101	18	safe	safe	ADJ
cblr-3423	101	19	harbor	harbor	NOUN
cblr-3423	101	20	for	for	ADP
cblr-3423	101	21	trading	trading	NOUN
cblr-3423	101	22	in	in	ADP
cblr-3423	101	23	stocks	stock	NOUN
cblr-3423	101	24	and	and	CCONJ
cblr-3423	101	25	bonds	bond	NOUN
cblr-3423	101	26	.	.	PUNCT
cblr-3423	102	1	it	it	PRON
cblr-3423	102	2	is	be	AUX
cblr-3423	102	3	still	still	ADV
cblr-3423	102	4	too	too	ADV
cblr-3423	102	5	early	early	ADJ
cblr-3423	102	6	to	to	PART
cblr-3423	102	7	tell	tell	VERB
cblr-3423	102	8	exactly	exactly	ADV
cblr-3423	102	9	which	which	PRON
cblr-3423	102	10	of	of	ADP
cblr-3423	102	11	the	the	DET
cblr-3423	102	12	drivers	driver	NOUN
cblr-3423	102	13	of	of	ADP
cblr-3423	102	14	digital	digital	ADJ
cblr-3423	102	15	asset	asset	NOUN
cblr-3423	102	16	excitement	excitement	NOUN
cblr-3423	102	17	is	be	AUX
cblr-3423	102	18	dominant	dominant	ADJ
cblr-3423	102	19	.	.	PUNCT
cblr-3423	103	1	this	this	PRON
cblr-3423	103	2	puts	put	VERB
cblr-3423	103	3	regulatory	regulatory	ADJ
cblr-3423	103	4	bodies	body	NOUN
cblr-3423	103	5	in	in	ADP
cblr-3423	103	6	a	a	DET
cblr-3423	103	7	tough	tough	ADJ
cblr-3423	103	8	position	position	NOUN
cblr-3423	103	9	.	.	PUNCT
cblr-3423	104	1	specifically	specifically	ADV
cblr-3423	104	2	,	,	PUNCT
cblr-3423	104	3	these	these	DET
cblr-3423	104	4	new	new	ADJ
cblr-3423	104	5	assets	asset	NOUN
cblr-3423	104	6	pose	pose	VERB
cblr-3423	104	7	a	a	DET
cblr-3423	104	8	problem	problem	NOUN
cblr-3423	104	9	for	for	ADP
cblr-3423	104	10	the	the	DET
cblr-3423	104	11	sec	sec	PROPN
cblr-3423	104	12	.	.	PUNCT
cblr-3423	105	1	more	more	ADJ
cblr-3423	105	2	lax	lax	ADJ
cblr-3423	105	3	regulation	regulation	NOUN
cblr-3423	105	4	of	of	ADP
cblr-3423	105	5	digital	digital	ADJ
cblr-3423	105	6	assets	asset	NOUN
cblr-3423	105	7	may	may	AUX
cblr-3423	105	8	give	give	VERB
cblr-3423	105	9	cover	cover	NOUN
cblr-3423	105	10	to	to	ADP
cblr-3423	105	11	bad	bad	ADJ
cblr-3423	105	12	actors	actor	NOUN
cblr-3423	105	13	,	,	PUNCT
cblr-3423	105	14	while	while	SCONJ
cblr-3423	105	15	the	the	DET
cblr-3423	105	16	good	good	ADJ
cblr-3423	105	17	actors	actor	NOUN
cblr-3423	105	18	are	be	AUX
cblr-3423	105	19	forced	force	VERB
cblr-3423	105	20	to	to	PART
cblr-3423	105	21	contend	contend	VERB
cblr-3423	105	22	with	with	ADP
cblr-3423	105	23	antiquated	antiquated	ADJ
cblr-3423	105	24	securities	security	NOUN
cblr-3423	105	25	regulations	regulation	NOUN
cblr-3423	105	26	.	.	PUNCT
cblr-3423	106	1	there	there	PRON
cblr-3423	106	2	has	have	AUX
cblr-3423	106	3	been	be	AUX
cblr-3423	106	4	a	a	DET
cblr-3423	106	5	huge	huge	ADJ
cblr-3423	106	6	proliferation	proliferation	NOUN
cblr-3423	106	7	of	of	ADP
cblr-3423	106	8	digital	digital	ADJ
cblr-3423	106	9	assets	asset	NOUN
cblr-3423	106	10	,	,	PUNCT
cblr-3423	106	11	and	and	CCONJ
cblr-3423	106	12	both	both	CCONJ
cblr-3423	106	13	those	those	DET
cblr-3423	106	14	products	product	NOUN
cblr-3423	106	15	and	and	CCONJ
cblr-3423	106	16	the	the	DET
cblr-3423	106	17	markets	market	NOUN
cblr-3423	106	18	that	that	PRON
cblr-3423	106	19	trade	trade	VERB
cblr-3423	106	20	them	they	PRON
cblr-3423	106	21	are	be	AUX
cblr-3423	106	22	changing	change	VERB
cblr-3423	106	23	12	12	NUM
cblr-3423	106	24	see	see	NOUN
cblr-3423	106	25	generally	generally	ADV
cblr-3423	106	26	george	george	PROPN
cblr-3423	106	27	a.	a.	NOUN
cblr-3423	106	28	akerlof	akerlof	NOUN
cblr-3423	106	29	,	,	PUNCT
cblr-3423	106	30	the	the	DET
cblr-3423	106	31	market	market	NOUN
cblr-3423	106	32	for	for	ADP
cblr-3423	106	33	“	"	PUNCT
cblr-3423	106	34	lemons	lemon	NOUN
cblr-3423	106	35	”	"	PUNCT
cblr-3423	106	36	:	:	PUNCT
cblr-3423	106	37	quality	quality	NOUN
cblr-3423	106	38	uncertainty	uncertainty	NOUN
cblr-3423	106	39	and	and	CCONJ
cblr-3423	106	40	the	the	DET
cblr-3423	106	41	market	market	NOUN
cblr-3423	106	42	mechanism	mechanism	NOUN
cblr-3423	106	43	,	,	PUNCT
cblr-3423	106	44	84	84	NUM
cblr-3423	106	45	q.j	q.j	PROPN
cblr-3423	106	46	.	.	PROPN
cblr-3423	106	47	econ	econ	PROPN
cblr-3423	106	48	.	.	PUNCT
cblr-3423	107	1	488	488	NUM
cblr-3423	107	2	(	(	PUNCT
cblr-3423	107	3	1970	1970	NUM
cblr-3423	107	4	)	)	PUNCT
cblr-3423	107	5	.	.	PUNCT
cblr-3423	108	1	13	13	NUM
cblr-3423	108	2	see	see	VERB
cblr-3423	108	3	,	,	PUNCT
cblr-3423	108	4	e.g.	e.g.	ADV
cblr-3423	108	5	,	,	PUNCT
cblr-3423	108	6	utah	utah	PROPN
cblr-3423	108	7	code	code	PROPN
cblr-3423	108	8	ann	ann	PROPN
cblr-3423	108	9	.	.	PUNCT
cblr-3423	109	1	§	§	PROPN
cblr-3423	109	2	§	§	PROPN
cblr-3423	109	3	76	76	NUM
cblr-3423	109	4	-	-	SYM
cblr-3423	109	5	10	10	NUM
cblr-3423	109	6	-	-	PUNCT
cblr-3423	109	7	1101–09	1101–09	NUM
cblr-3423	109	8	(	(	PUNCT
cblr-3423	109	9	west	west	NOUN
cblr-3423	109	10	2012	2012	NUM
cblr-3423	109	11	)	)	PUNCT
cblr-3423	109	12	.	.	PUNCT
cblr-3423	110	1	no	no	INTJ
cblr-3423	110	2	.	.	NOUN
cblr-3423	111	1	2:443	2:443	NUM
cblr-3423	111	2	]	]	X
cblr-3423	111	3	a	a	DET
cblr-3423	111	4	regulatory	regulatory	ADJ
cblr-3423	111	5	classification	classification	NOUN
cblr-3423	111	6	of	of	ADP
cblr-3423	111	7	digital	digital	ADJ
cblr-3423	111	8	assets	asset	NOUN
cblr-3423	111	9	449	449	NUM
cblr-3423	111	10	rapidly	rapidly	ADV
cblr-3423	111	11	.	.	PUNCT
cblr-3423	112	1	it	it	PRON
cblr-3423	112	2	is	be	AUX
cblr-3423	112	3	unclear	unclear	ADJ
cblr-3423	112	4	when	when	SCONJ
cblr-3423	112	5	and	and	CCONJ
cblr-3423	112	6	if	if	SCONJ
cblr-3423	112	7	this	this	DET
cblr-3423	112	8	space	space	NOUN
cblr-3423	112	9	will	will	AUX
cblr-3423	112	10	stabilize	stabilize	VERB
cblr-3423	112	11	,	,	PUNCT
cblr-3423	112	12	but	but	CCONJ
cblr-3423	112	13	the	the	DET
cblr-3423	112	14	reality	reality	NOUN
cblr-3423	112	15	is	be	AUX
cblr-3423	112	16	that	that	SCONJ
cblr-3423	112	17	digital	digital	ADJ
cblr-3423	112	18	assets	asset	NOUN
cblr-3423	112	19	as	as	SCONJ
cblr-3423	112	20	traded	trade	VERB
cblr-3423	112	21	and	and	CCONJ
cblr-3423	112	22	marketed	market	VERB
cblr-3423	112	23	today	today	NOUN
cblr-3423	112	24	do	do	AUX
cblr-3423	112	25	not	not	PART
cblr-3423	112	26	fit	fit	VERB
cblr-3423	112	27	into	into	ADP
cblr-3423	112	28	the	the	DET
cblr-3423	112	29	regulatory	regulatory	ADJ
cblr-3423	112	30	dogmas	dogma	NOUN
cblr-3423	112	31	of	of	ADP
cblr-3423	112	32	the	the	DET
cblr-3423	112	33	quiet	quiet	ADJ
cblr-3423	112	34	past	past	NOUN
cblr-3423	112	35	.	.	PUNCT
cblr-3423	113	1	the	the	DET
cblr-3423	113	2	sec	sec	PROPN
cblr-3423	113	3	has	have	AUX
cblr-3423	113	4	entered	enter	VERB
cblr-3423	113	5	into	into	ADP
cblr-3423	113	6	the	the	DET
cblr-3423	113	7	fray	fray	NOUN
cblr-3423	113	8	largely	largely	ADV
cblr-3423	113	9	through	through	ADP
cblr-3423	113	10	enforcement	enforcement	NOUN
cblr-3423	113	11	actions	action	NOUN
cblr-3423	113	12	,	,	PUNCT
cblr-3423	113	13	consent	consent	NOUN
cblr-3423	113	14	orders	order	NOUN
cblr-3423	113	15	,	,	PUNCT
cblr-3423	113	16	and	and	CCONJ
cblr-3423	113	17	informal	informal	ADJ
cblr-3423	113	18	guidance.14	guidance.14	NOUN
cblr-3423	113	19	it	it	PRON
cblr-3423	113	20	has	have	AUX
cblr-3423	113	21	not	not	PART
cblr-3423	113	22	,	,	PUNCT
cblr-3423	113	23	however	however	ADV
cblr-3423	113	24	,	,	PUNCT
cblr-3423	113	25	announced	announce	VERB
cblr-3423	113	26	a	a	DET
cblr-3423	113	27	rule	rule	NOUN
cblr-3423	113	28	-	-	PUNCT
cblr-3423	113	29	based	base	VERB
cblr-3423	113	30	,	,	PUNCT
cblr-3423	113	31	operational	operational	ADJ
cblr-3423	113	32	test	test	NOUN
cblr-3423	113	33	for	for	ADP
cblr-3423	113	34	determining	determine	VERB
cblr-3423	113	35	whether	whether	SCONJ
cblr-3423	113	36	a	a	DET
cblr-3423	113	37	digital	digital	ADJ
cblr-3423	113	38	asset	asset	NOUN
cblr-3423	113	39	is	be	AUX
cblr-3423	113	40	a	a	DET
cblr-3423	113	41	security	security	NOUN
cblr-3423	113	42	(	(	PUNCT
cblr-3423	113	43	“	"	PUNCT
cblr-3423	113	44	investment	investment	NOUN
cblr-3423	113	45	contract	contract	NOUN
cblr-3423	113	46	”	"	PUNCT
cblr-3423	113	47	)	)	PUNCT
cblr-3423	113	48	under	under	ADP
cblr-3423	113	49	sections	section	NOUN
cblr-3423	113	50	2(a)(1	2(a)(1	NUM
cblr-3423	113	51	)	)	PUNCT
cblr-3423	113	52	and	and	CCONJ
cblr-3423	113	53	3(a)(10	3(a)(10	NUM
cblr-3423	113	54	)	)	PUNCT
cblr-3423	113	55	of	of	ADP
cblr-3423	113	56	the	the	DET
cblr-3423	113	57	securities	security	NOUN
cblr-3423	113	58	act	act	NOUN
cblr-3423	113	59	of	of	ADP
cblr-3423	113	60	1933	1933	NUM
cblr-3423	113	61	(	(	PUNCT
cblr-3423	113	62	the	the	DET
cblr-3423	113	63	“	"	PUNCT
cblr-3423	113	64	securities	security	NOUN
cblr-3423	113	65	act”).15	act”).15	VERB
cblr-3423	113	66	this	this	DET
cblr-3423	113	67	lack	lack	NOUN
cblr-3423	113	68	of	of	ADP
cblr-3423	113	69	a	a	DET
cblr-3423	113	70	bright	bright	ADJ
cblr-3423	113	71	-	-	PUNCT
cblr-3423	113	72	line	line	NOUN
cblr-3423	113	73	rule	rule	NOUN
cblr-3423	113	74	maintains	maintain	VERB
cblr-3423	113	75	discretion	discretion	NOUN
cblr-3423	113	76	and	and	CCONJ
cblr-3423	113	77	flexibility	flexibility	NOUN
cblr-3423	113	78	for	for	ADP
cblr-3423	113	79	regulators	regulator	NOUN
cblr-3423	113	80	.	.	PUNCT
cblr-3423	114	1	to	to	ADP
cblr-3423	114	2	this	this	DET
cblr-3423	114	3	end	end	NOUN
cblr-3423	114	4	,	,	PUNCT
cblr-3423	114	5	on	on	ADP
cblr-3423	114	6	april	april	PROPN
cblr-3423	114	7	3	3	NUM
cblr-3423	114	8	,	,	PUNCT
cblr-3423	114	9	2019	2019	NUM
cblr-3423	114	10	,	,	PUNCT
cblr-3423	114	11	the	the	DET
cblr-3423	114	12	sec	sec	PROPN
cblr-3423	114	13	’s	’s	PART
cblr-3423	114	14	strategic	strategic	ADJ
cblr-3423	114	15	hub	hub	NOUN
cblr-3423	114	16	for	for	ADP
cblr-3423	114	17	innovation	innovation	NOUN
cblr-3423	114	18	and	and	CCONJ
cblr-3423	114	19	financial	financial	ADJ
cblr-3423	114	20	technology	technology	NOUN
cblr-3423	114	21	issued	issue	VERB
cblr-3423	114	22	its	its	PRON
cblr-3423	114	23	framework	framework	NOUN
cblr-3423	114	24	for	for	ADP
cblr-3423	114	25	“	"	PUNCT
cblr-3423	114	26	investment	investment	NOUN
cblr-3423	114	27	contract	contract	NOUN
cblr-3423	114	28	”	"	PUNCT
cblr-3423	114	29	analysis	analysis	NOUN
cblr-3423	114	30	of	of	ADP
cblr-3423	114	31	digital	digital	ADJ
cblr-3423	114	32	assets	asset	NOUN
cblr-3423	114	33	(	(	PUNCT
cblr-3423	114	34	the	the	DET
cblr-3423	114	35	“	"	PUNCT
cblr-3423	114	36	framework”).16	framework”).16	NOUN
cblr-3423	114	37	it	it	PRON
cblr-3423	114	38	is	be	AUX
cblr-3423	114	39	not	not	PART
cblr-3423	114	40	“	"	PUNCT
cblr-3423	114	41	auer	auer	NOUN
cblr-3423	114	42	”	"	PUNCT
cblr-3423	114	43	job	job	NOUN
cblr-3423	114	44	to	to	PART
cblr-3423	114	45	determine	determine	VERB
cblr-3423	114	46	how	how	SCONJ
cblr-3423	114	47	much	much	ADJ
cblr-3423	114	48	weight	weight	NOUN
cblr-3423	114	49	to	to	PART
cblr-3423	114	50	give	give	VERB
cblr-3423	114	51	the	the	DET
cblr-3423	114	52	framework.17	framework.17	PROPN
cblr-3423	114	53	instead	instead	ADV
cblr-3423	114	54	,	,	PUNCT
cblr-3423	114	55	this	this	DET
cblr-3423	114	56	article	article	NOUN
cblr-3423	114	57	will	will	AUX
cblr-3423	114	58	note	note	VERB
cblr-3423	114	59	the	the	DET
cblr-3423	114	60	strong	strong	ADJ
cblr-3423	114	61	overlap	overlap	NOUN
cblr-3423	114	62	its	its	PRON
cblr-3423	114	63	analysis	analysis	NOUN
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cblr-3423	114	65	with	with	ADP
cblr-3423	114	66	the	the	DET
cblr-3423	114	67	framework.18	framework.18	PROPN
cblr-3423	114	68	14	14	NUM
cblr-3423	114	69	see	see	NOUN
cblr-3423	114	70	,	,	PUNCT
cblr-3423	114	71	e.g.	e.g.	ADV
cblr-3423	114	72	,	,	PUNCT
cblr-3423	114	73	carriereq	carriereq	PROPN
cblr-3423	114	74	,	,	PUNCT
cblr-3423	114	75	inc	inc	PROPN
cblr-3423	114	76	.	.	PROPN
cblr-3423	114	77	,	,	PUNCT
cblr-3423	114	78	securities	security	NOUN
cblr-3423	114	79	act	act	VERB
cblr-3423	114	80	release	release	VERB
cblr-3423	114	81	no	no	NOUN
cblr-3423	114	82	.	.	NOUN
cblr-3423	115	1	10575	10575	NUM
cblr-3423	115	2	,	,	PUNCT
cblr-3423	115	3	2018	2018	NUM
cblr-3423	115	4	wl	wl	NOUN
cblr-3423	115	5	6017664	6017664	NUM
cblr-3423	115	6	(	(	PUNCT
cblr-3423	115	7	nov	nov	PROPN
cblr-3423	115	8	.	.	PROPN
cblr-3423	115	9	16	16	NUM
cblr-3423	115	10	,	,	PUNCT
cblr-3423	115	11	2018	2018	NUM
cblr-3423	115	12	)	)	PUNCT
cblr-3423	115	13	,	,	PUNCT
cblr-3423	116	1	https://www.sec.gov/litigation/admin/2018/3310575.pdf	https://www.sec.gov/litigation/admin/2018/3310575.pdf	PROPN
cblr-3423	116	2	[	[	X
cblr-3423	116	3	https://perma.cc/nm4x-66vv	https://perma.cc/nm4x-66vv	NOUN
cblr-3423	116	4	]	]	X
cblr-3423	116	5	;	;	PUNCT
cblr-3423	116	6	paragon	paragon	NOUN
cblr-3423	116	7	coin	coin	PROPN
cblr-3423	116	8	,	,	PUNCT
cblr-3423	116	9	inc	inc	PROPN
cblr-3423	116	10	.	.	PROPN
cblr-3423	116	11	,	,	PUNCT
cblr-3423	116	12	securities	security	NOUN
cblr-3423	116	13	act	act	VERB
cblr-3423	116	14	release	release	VERB
cblr-3423	116	15	no	no	DET
cblr-3423	116	16	.	.	NOUN
cblr-3423	116	17	10574	10574	NUM
cblr-3423	116	18	,	,	PUNCT
cblr-3423	116	19	2018	2018	NUM
cblr-3423	116	20	wl	wl	NOUN
cblr-3423	116	21	6017663	6017663	NUM
cblr-3423	116	22	(	(	PUNCT
cblr-3423	116	23	nov	nov	PROPN
cblr-3423	116	24	.	.	PROPN
cblr-3423	116	25	16	16	NUM
cblr-3423	116	26	,	,	PUNCT
cblr-3423	116	27	2018	2018	NUM
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cblr-3423	116	29	,	,	PUNCT
cblr-3423	116	30	https://www.sec.gov/litigation/admin/2018/33-10574.pdf	https://www.sec.gov/litigation/admin/2018/33-10574.pdf	PROPN
cblr-3423	117	1	[	[	AUX
cblr-3423	117	2	https://perma.cc/	https://perma.cc/	VERB
cblr-3423	117	3	tj3d-93dl	tj3d-93dl	NOUN
cblr-3423	117	4	]	]	PUNCT
cblr-3423	117	5	.	.	PUNCT
cblr-3423	118	1	15	15	NUM
cblr-3423	118	2	see	see	VERB
cblr-3423	118	3	securities	security	NOUN
cblr-3423	118	4	act	act	NOUN
cblr-3423	118	5	of	of	ADP
cblr-3423	118	6	1933	1933	NUM
cblr-3423	118	7	§	§	PROPN
cblr-3423	118	8	§	§	PROPN
cblr-3423	118	9	2(a)(1	2(a)(1	NUM
cblr-3423	118	10	)	)	PUNCT
cblr-3423	118	11	,	,	PUNCT
cblr-3423	118	12	3(a)(10	3(a)(10	NUM
cblr-3423	118	13	)	)	PUNCT
cblr-3423	118	14	.	.	PUNCT
cblr-3423	119	1	16	16	NUM
cblr-3423	119	2	framework	framework	NOUN
cblr-3423	119	3	for	for	ADP
cblr-3423	119	4	“	"	PUNCT
cblr-3423	119	5	investment	investment	NOUN
cblr-3423	119	6	contract	contract	NOUN
cblr-3423	119	7	”	"	PUNCT
cblr-3423	119	8	analysis	analysis	NOUN
cblr-3423	119	9	of	of	ADP
cblr-3423	119	10	digital	digital	ADJ
cblr-3423	119	11	assets	asset	NOUN
cblr-3423	119	12	,	,	PUNCT
cblr-3423	119	13	u.s	u.s	PROPN
cblr-3423	119	14	.	.	PROPN
cblr-3423	119	15	sec	sec	PROPN
cblr-3423	119	16	.	.	PROPN
cblr-3423	119	17	&	&	CCONJ
cblr-3423	119	18	exchange	exchange	PROPN
cblr-3423	119	19	commission	commission	PROPN
cblr-3423	119	20	[	[	X
cblr-3423	119	21	hereinafter	hereinafter	NOUN
cblr-3423	119	22	framework	framework	NOUN
cblr-3423	119	23	]	]	PUNCT
cblr-3423	119	24	,	,	PUNCT
cblr-3423	119	25	https://www.sec.gov/corpfin/framework-investment-contract-analysisdigital-assets	https://www.sec.gov/corpfin/framework-investment-contract-analysisdigital-asset	VERB
cblr-3423	119	26	[	[	X
cblr-3423	119	27	https://perma.cc/99kd-xg4p	https://perma.cc/99kd-xg4p	X
cblr-3423	119	28	]	]	X
cblr-3423	119	29	(	(	PUNCT
cblr-3423	119	30	last	last	ADJ
cblr-3423	119	31	modified	modify	VERB
cblr-3423	119	32	apr	apr	NOUN
cblr-3423	119	33	.	.	PROPN
cblr-3423	120	1	3	3	NUM
cblr-3423	120	2	,	,	PUNCT
cblr-3423	120	3	2019	2019	NUM
cblr-3423	120	4	)	)	PUNCT
cblr-3423	120	5	.	.	PUNCT
cblr-3423	121	1	17	17	NUM
cblr-3423	121	2	see	see	VERB
cblr-3423	121	3	kisor	kisor	NOUN
cblr-3423	121	4	v.	v.	ADP
cblr-3423	121	5	shulkin	shulkin	PROPN
cblr-3423	121	6	,	,	PUNCT
cblr-3423	121	7	869	869	NUM
cblr-3423	121	8	f.3d	f.3d	NUM
cblr-3423	121	9	1360	1360	NUM
cblr-3423	121	10	(	(	PUNCT
cblr-3423	121	11	fed	fed	PROPN
cblr-3423	121	12	.	.	PUNCT
cblr-3423	121	13	cir	cir	PROPN
cblr-3423	121	14	.	.	PROPN
cblr-3423	121	15	2017	2017	NUM
cblr-3423	121	16	)	)	PUNCT
cblr-3423	121	17	,	,	PUNCT
cblr-3423	121	18	reh’g	reh’g	NOUN
cblr-3423	121	19	denied	deny	VERB
cblr-3423	121	20	,	,	PUNCT
cblr-3423	121	21	880	880	NUM
cblr-3423	121	22	f.3d	f.3d	NUM
cblr-3423	121	23	1378	1378	NUM
cblr-3423	121	24	(	(	PUNCT
cblr-3423	121	25	2018	2018	NUM
cblr-3423	121	26	)	)	PUNCT
cblr-3423	121	27	,	,	PUNCT
cblr-3423	121	28	cert	cert	NOUN
cblr-3423	121	29	.	.	PUNCT
cblr-3423	122	1	granted	grant	VERB
cblr-3423	122	2	139	139	NUM
cblr-3423	122	3	s.	s.	PROPN
cblr-3423	122	4	ct	ct	PROPN
cblr-3423	122	5	.	.	PUNCT
cblr-3423	123	1	657	657	NUM
cblr-3423	123	2	(	(	PUNCT
cblr-3423	123	3	2018	2018	NUM
cblr-3423	123	4	)	)	PUNCT
cblr-3423	123	5	(	(	PUNCT
cblr-3423	123	6	granting	grant	VERB
cblr-3423	123	7	certiorari	certiorari	NOUN
cblr-3423	123	8	to	to	PART
cblr-3423	123	9	review	review	VERB
cblr-3423	123	10	whether	whether	SCONJ
cblr-3423	123	11	the	the	DET
cblr-3423	123	12	court	court	NOUN
cblr-3423	123	13	should	should	AUX
cblr-3423	123	14	overrule	overrule	VERB
cblr-3423	123	15	auer	auer	PROPN
cblr-3423	123	16	v.	v.	ADP
cblr-3423	123	17	robbins	robbins	PROPN
cblr-3423	123	18	,	,	PUNCT
cblr-3423	123	19	519	519	NUM
cblr-3423	123	20	u.s	u.s	PROPN
cblr-3423	123	21	.	.	PROPN
cblr-3423	123	22	452	452	NUM
cblr-3423	123	23	(	(	PUNCT
cblr-3423	123	24	1997	1997	NUM
cblr-3423	123	25	)	)	PUNCT
cblr-3423	123	26	and	and	CCONJ
cblr-3423	123	27	bowles	bowles	PROPN
cblr-3423	123	28	v.	v.	PROPN
cblr-3423	123	29	seminole	seminole	PROPN
cblr-3423	123	30	rock	rock	PROPN
cblr-3423	123	31	&	&	CCONJ
cblr-3423	123	32	sand	sand	PROPN
cblr-3423	123	33	co.	co.	PROPN
cblr-3423	123	34	,	,	PUNCT
cblr-3423	123	35	325	325	NUM
cblr-3423	123	36	u.s	u.s	PROPN
cblr-3423	123	37	.	.	PROPN
cblr-3423	123	38	410	410	NUM
cblr-3423	123	39	(	(	PUNCT
cblr-3423	123	40	1945	1945	NUM
cblr-3423	123	41	)	)	PUNCT
cblr-3423	123	42	,	,	PUNCT
cblr-3423	123	43	two	two	NUM
cblr-3423	123	44	cases	case	NOUN
cblr-3423	123	45	that	that	PRON
cblr-3423	123	46	direct	direct	ADJ
cblr-3423	123	47	courts	court	NOUN
cblr-3423	123	48	to	to	PART
cblr-3423	123	49	defer	defer	VERB
cblr-3423	123	50	to	to	ADP
cblr-3423	123	51	an	an	DET
cblr-3423	123	52	agency	agency	NOUN
cblr-3423	123	53	’s	’s	PART
cblr-3423	123	54	reasonable	reasonable	ADJ
cblr-3423	123	55	interpretation	interpretation	NOUN
cblr-3423	123	56	of	of	ADP
cblr-3423	123	57	its	its	PRON
cblr-3423	123	58	own	own	ADJ
cblr-3423	123	59	ambiguous	ambiguous	ADJ
cblr-3423	123	60	regulation	regulation	NOUN
cblr-3423	123	61	)	)	PUNCT
cblr-3423	123	62	.	.	PUNCT
cblr-3423	124	1	18	18	NUM
cblr-3423	124	2	an	an	DET
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cblr-3423	124	5	of	of	ADP
cblr-3423	124	6	this	this	DET
cblr-3423	124	7	paper	paper	NOUN
cblr-3423	124	8	was	be	AUX
cblr-3423	124	9	published	publish	VERB
cblr-3423	124	10	on	on	ADP
cblr-3423	124	11	october	october	PROPN
cblr-3423	124	12	17	17	NUM
cblr-3423	124	13	,	,	PUNCT
cblr-3423	124	14	2018	2018	NUM
cblr-3423	124	15	.	.	PUNCT
cblr-3423	125	1	see	see	VERB
cblr-3423	125	2	m.	m.	PROPN
cblr-3423	125	3	todd	todd	PROPN
cblr-3423	125	4	henderson	henderson	PROPN
cblr-3423	125	5	&	&	CCONJ
cblr-3423	125	6	max	max	PROPN
cblr-3423	125	7	raskin	raskin	PROPN
cblr-3423	125	8	,	,	PUNCT
cblr-3423	125	9	a	a	DET
cblr-3423	125	10	regulatory	regulatory	ADJ
cblr-3423	125	11	classification	classification	NOUN
cblr-3423	125	12	of	of	ADP
cblr-3423	125	13	digital	digital	ADJ
cblr-3423	125	14	assets	asset	NOUN
cblr-3423	125	15	:	:	PUNCT
cblr-3423	125	16	towards	towards	ADP
cblr-3423	125	17	an	an	DET
cblr-3423	125	18	operational	operational	ADJ
cblr-3423	125	19	howey	howey	PROPN
cblr-3423	125	20	test	test	NOUN
cblr-3423	125	21	for	for	ADP
cblr-3423	125	22	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	125	23	,	,	PUNCT
cblr-3423	125	24	icos	icos	PROPN
cblr-3423	125	25	,	,	PUNCT
cblr-3423	125	26	and	and	CCONJ
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cblr-3423	125	28	digital	digital	ADJ
cblr-3423	125	29	assets	asset	NOUN
cblr-3423	125	30	(	(	PUNCT
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cblr-3423	125	32	.	.	PROPN
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cblr-3423	125	34	,	,	PUNCT
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cblr-3423	125	37	,	,	PUNCT
cblr-3423	126	1	https://papers.ssrn	https://papers.ssrn	PROPN
cblr-3423	126	2	.	.	PUNCT
cblr-3423	126	3	com	com	NOUN
cblr-3423	126	4	/	/	SYM
cblr-3423	126	5	sol3	sol3	NOUN
cblr-3423	126	6	/	/	SYM
cblr-3423	126	7	papers.cfm?abstract_id=3265295	papers.cfm?abstract_id=3265295	PROPN
cblr-3423	127	1	[	[	X
cblr-3423	127	2	https://perma.cc/l5ak-ncuw	https://perma.cc/l5ak-ncuw	X
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cblr-3423	127	4	;	;	PUNCT
cblr-3423	127	5	cf	cf	X
cblr-3423	127	6	.	.	PUNCT
cblr-3423	128	1	leibniz	leibniz	PROPN
cblr-3423	128	2	-	-	PUNCT
cblr-3423	128	3	newton	newton	PROPN
cblr-3423	128	4	calculus	calculus	PROPN
cblr-3423	128	5	controversy	controversy	PROPN
cblr-3423	128	6	,	,	PUNCT
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cblr-3423	128	8	,	,	PUNCT
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cblr-3423	128	10	columbia	columbia	PROPN
cblr-3423	128	11	business	business	NOUN
cblr-3423	128	12	law	law	PROPN
cblr-3423	128	13	review	review	NOUN
cblr-3423	129	1	[	[	X
cblr-3423	129	2	vol	vol	NOUN
cblr-3423	129	3	.	.	PUNCT
cblr-3423	129	4	2019	2019	NUM
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cblr-3423	129	9	differs	differ	VERB
cblr-3423	129	10	is	be	AUX
cblr-3423	129	11	in	in	ADP
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cblr-3423	129	13	proposal	proposal	NOUN
cblr-3423	129	14	of	of	ADP
cblr-3423	129	15	a	a	DET
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cblr-3423	129	17	,	,	PUNCT
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cblr-3423	129	19	-	-	PUNCT
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cblr-3423	129	27	to	to	ADP
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cblr-3423	129	31	a	a	DET
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cblr-3423	129	39	with	with	ADP
cblr-3423	129	40	respect	respect	NOUN
cblr-3423	129	41	to	to	ADP
cblr-3423	129	42	ex	ex	PRON
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cblr-3423	130	8	sec	sec	PROPN
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cblr-3423	130	17	the	the	DET
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cblr-3423	130	19	court	court	PROPN
cblr-3423	130	20	and	and	CCONJ
cblr-3423	130	21	the	the	DET
cblr-3423	130	22	sec	sec	PROPN
cblr-3423	130	23	use	use	NOUN
cblr-3423	130	24	to	to	PART
cblr-3423	130	25	evaluate	evaluate	VERB
cblr-3423	130	26	the	the	DET
cblr-3423	130	27	jurisdictional	jurisdictional	ADJ
cblr-3423	130	28	sections	section	NOUN
cblr-3423	130	29	of	of	ADP
cblr-3423	130	30	the	the	DET
cblr-3423	130	31	relevant	relevant	ADJ
cblr-3423	130	32	securities	security	NOUN
cblr-3423	130	33	statutes	statute	NOUN
cblr-3423	130	34	.	.	PUNCT
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cblr-3423	131	5	[	[	X
cblr-3423	131	6	a]n	a]n	NOUN
cblr-3423	131	7	investment	investment	NOUN
cblr-3423	131	8	contract	contract	NOUN
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cblr-3423	131	11	of	of	ADP
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cblr-3423	131	13	securities	security	NOUN
cblr-3423	131	14	act	act	PROPN
cblr-3423	131	15	means	mean	VERB
cblr-3423	131	16	a	a	DET
cblr-3423	131	17	contract	contract	NOUN
cblr-3423	131	18	,	,	PUNCT
cblr-3423	131	19	transaction	transaction	NOUN
cblr-3423	131	20	or	or	CCONJ
cblr-3423	131	21	scheme	scheme	VERB
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cblr-3423	131	23	a	a	DET
cblr-3423	131	24	person	person	NOUN
cblr-3423	131	25	invests	invest	VERB
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cblr-3423	131	27	money	money	NOUN
cblr-3423	131	28	in	in	ADP
cblr-3423	131	29	a	a	DET
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cblr-3423	131	31	enterprise	enterprise	NOUN
cblr-3423	131	32	and	and	CCONJ
cblr-3423	131	33	is	be	AUX
cblr-3423	131	34	led	lead	VERB
cblr-3423	131	35	to	to	PART
cblr-3423	131	36	expect	expect	VERB
cblr-3423	131	37	profits	profit	NOUN
cblr-3423	131	38	solely	solely	ADV
cblr-3423	131	39	from	from	ADP
cblr-3423	131	40	the	the	DET
cblr-3423	131	41	efforts	effort	NOUN
cblr-3423	131	42	of	of	ADP
cblr-3423	131	43	the	the	DET
cblr-3423	131	44	promoter	promoter	NOUN
cblr-3423	131	45	or	or	CCONJ
cblr-3423	131	46	a	a	DET
cblr-3423	131	47	third	third	ADJ
cblr-3423	131	48	party	party	NOUN
cblr-3423	131	49	,	,	PUNCT
cblr-3423	131	50	it	it	PRON
cblr-3423	131	51	being	be	AUX
cblr-3423	131	52	immaterial	immaterial	ADJ
cblr-3423	131	53	whether	whether	SCONJ
cblr-3423	131	54	the	the	DET
cblr-3423	131	55	shares	share	NOUN
cblr-3423	131	56	in	in	ADP
cblr-3423	131	57	the	the	DET
cblr-3423	131	58	enterprise	enterprise	NOUN
cblr-3423	131	59	are	be	AUX
cblr-3423	131	60	evidenced	evidence	VERB
cblr-3423	131	61	by	by	ADP
cblr-3423	131	62	formal	formal	ADJ
cblr-3423	131	63	certificates	certificate	NOUN
cblr-3423	131	64	or	or	CCONJ
cblr-3423	131	65	by	by	ADP
cblr-3423	131	66	nominal	nominal	ADJ
cblr-3423	131	67	interests	interest	NOUN
cblr-3423	131	68	in	in	ADP
cblr-3423	131	69	the	the	DET
cblr-3423	131	70	physical	physical	ADJ
cblr-3423	131	71	assets	asset	NOUN
cblr-3423	131	72	employed	employ	VERB
cblr-3423	131	73	in	in	ADP
cblr-3423	131	74	the	the	DET
cblr-3423	131	75	enterprise.20	enterprise.20	PROPN
cblr-3423	131	76	simply	simply	ADV
cblr-3423	131	77	stated	state	VERB
cblr-3423	131	78	,	,	PUNCT
cblr-3423	131	79	the	the	DET
cblr-3423	131	80	four	four	NUM
cblr-3423	131	81	prongs	prong	NOUN
cblr-3423	131	82	of	of	ADP
cblr-3423	131	83	the	the	DET
cblr-3423	131	84	howey	howey	PROPN
cblr-3423	131	85	test	test	NOUN
cblr-3423	131	86	that	that	PRON
cblr-3423	131	87	must	must	AUX
cblr-3423	131	88	be	be	AUX
cblr-3423	131	89	met	meet	VERB
cblr-3423	131	90	for	for	ADP
cblr-3423	131	91	jurisdiction	jurisdiction	NOUN
cblr-3423	131	92	are	be	AUX
cblr-3423	131	93	:	:	PUNCT
cblr-3423	131	94	(	(	PUNCT
cblr-3423	131	95	1	1	X
cblr-3423	131	96	)	)	PUNCT
cblr-3423	131	97	investment	investment	NOUN
cblr-3423	131	98	of	of	ADP
cblr-3423	131	99	money	money	NOUN
cblr-3423	131	100	;	;	PUNCT
cblr-3423	131	101	(	(	PUNCT
cblr-3423	131	102	2	2	X
cblr-3423	131	103	)	)	PUNCT
cblr-3423	131	104	efforts	effort	NOUN
cblr-3423	131	105	of	of	ADP
cblr-3423	131	106	others	other	NOUN
cblr-3423	131	107	;	;	PUNCT
cblr-3423	131	108	(	(	PUNCT
cblr-3423	131	109	3	3	X
cblr-3423	131	110	)	)	PUNCT
cblr-3423	131	111	expectation	expectation	NOUN
cblr-3423	131	112	of	of	ADP
cblr-3423	131	113	profits	profit	NOUN
cblr-3423	131	114	,	,	PUNCT
cblr-3423	131	115	and	and	CCONJ
cblr-3423	131	116	(	(	PUNCT
cblr-3423	131	117	4	4	X
cblr-3423	131	118	)	)	PUNCT
cblr-3423	131	119	common	common	ADJ
cblr-3423	131	120	enterprise.21	enterprise.21	NOUN
cblr-3423	131	121	this	this	DET
cblr-3423	131	122	article	article	NOUN
cblr-3423	131	123	’s	’s	PART
cblr-3423	131	124	two	two	NUM
cblr-3423	131	125	-	-	PUNCT
cblr-3423	131	126	step	step	NOUN
cblr-3423	131	127	proposal	proposal	NOUN
cblr-3423	131	128	offers	offer	VERB
cblr-3423	131	129	a	a	DET
cblr-3423	131	130	first	first	ADJ
cblr-3423	131	131	cut	cut	NOUN
cblr-3423	131	132	at	at	ADP
cblr-3423	131	133	how	how	SCONJ
cblr-3423	131	134	digital	digital	ADJ
cblr-3423	131	135	assets	asset	NOUN
cblr-3423	131	136	of	of	ADP
cblr-3423	131	137	various	various	ADJ
cblr-3423	131	138	types	type	NOUN
cblr-3423	131	139	might	might	AUX
cblr-3423	131	140	be	be	AUX
cblr-3423	131	141	categorized	categorize	VERB
cblr-3423	131	142	within	within	ADP
cblr-3423	131	143	this	this	DET
cblr-3423	131	144	familiar	familiar	ADJ
cblr-3423	131	145	howey	howey	PROPN
cblr-3423	131	146	framework	framework	NOUN
cblr-3423	131	147	.	.	PUNCT
cblr-3423	132	1	one	one	NUM
cblr-3423	132	2	part	part	NOUN
cblr-3423	132	3	of	of	ADP
cblr-3423	132	4	the	the	DET
cblr-3423	132	5	test	test	NOUN
cblr-3423	132	6	will	will	AUX
cblr-3423	132	7	be	be	AUX
cblr-3423	132	8	immediately	immediately	ADV
cblr-3423	132	9	useful	useful	ADJ
cblr-3423	132	10	and	and	CCONJ
cblr-3423	132	11	operational	operational	ADJ
cblr-3423	132	12	—	—	PUNCT
cblr-3423	132	13	called	call	VERB
cblr-3423	132	14	the	the	DET
cblr-3423	132	15	“	"	PUNCT
cblr-3423	132	16	bahamas	bahamas	PROPN
cblr-3423	132	17	test	test	NOUN
cblr-3423	132	18	”	"	PUNCT
cblr-3423	132	19	herein	herein	NOUN
cblr-3423	132	20	.	.	PUNCT
cblr-3423	133	1	it	it	PRON
cblr-3423	133	2	makes	make	VERB
cblr-3423	133	3	a	a	DET
cblr-3423	133	4	determination	determination	NOUN
cblr-3423	133	5	of	of	ADP
cblr-3423	133	6	whether	whether	SCONJ
cblr-3423	133	7	a	a	DET
cblr-3423	133	8	digital	digital	ADJ
cblr-3423	133	9	asset	asset	NOUN
cblr-3423	133	10	is	be	AUX
cblr-3423	133	11	sufficiently	sufficiently	ADV
cblr-3423	133	12	decentralized	decentralize	VERB
cblr-3423	133	13	such	such	ADJ
cblr-3423	133	14	that	that	SCONJ
cblr-3423	133	15	it	it	PRON
cblr-3423	133	16	does	do	AUX
cblr-3423	133	17	not	not	PART
cblr-3423	133	18	satisfy	satisfy	VERB
cblr-3423	133	19	the	the	DET
cblr-3423	133	20	“	"	PUNCT
cblr-3423	133	21	efforts	effort	NOUN
cblr-3423	133	22	of	of	ADP
cblr-3423	133	23	others	other	NOUN
cblr-3423	133	24	”	"	PUNCT
cblr-3423	133	25	prong	prong	NOUN
cblr-3423	133	26	of	of	ADP
cblr-3423	133	27	howey	howey	PROPN
cblr-3423	133	28	and	and	CCONJ
cblr-3423	133	29	is	be	AUX
cblr-3423	133	30	therefore	therefore	ADV
cblr-3423	133	31	not	not	PART
cblr-3423	133	32	a	a	DET
cblr-3423	133	33	security	security	NOUN
cblr-3423	133	34	.	.	PUNCT
cblr-3423	134	1	the	the	DET
cblr-3423	134	2	second	second	ADJ
cblr-3423	134	3	part	part	NOUN
cblr-3423	134	4	of	of	ADP
cblr-3423	134	5	the	the	DET
cblr-3423	134	6	test	test	NOUN
cblr-3423	134	7	,	,	PUNCT
cblr-3423	134	8	determining	determine	VERB
cblr-3423	134	9	whether	whether	SCONJ
cblr-3423	134	10	an	an	DET
cblr-3423	134	11	asset	asset	NOUN
cblr-3423	134	12	satisfies	satisfy	VERB
cblr-3423	134	13	the	the	DET
cblr-3423	134	14	“	"	PUNCT
cblr-3423	134	15	expectation	expectation	NOUN
cblr-3423	134	16	of	of	ADP
cblr-3423	134	17	profit	profit	NOUN
cblr-3423	134	18	”	"	PUNCT
cblr-3423	134	19	prong	prong	NOUN
cblr-3423	134	20	of	of	ADP
cblr-3423	134	21	howey	howey	PROPN
cblr-3423	134	22	,	,	PUNCT
cblr-3423	134	23	reveals	reveal	VERB
cblr-3423	134	24	the	the	DET
cblr-3423	134	25	problems	problem	NOUN
cblr-3423	134	26	with	with	ADP
cblr-3423	134	27	applying	apply	VERB
cblr-3423	134	28	the	the	DET
cblr-3423	134	29	existing	exist	VERB
cblr-3423	134	30	framework	framework	NOUN
cblr-3423	134	31	to	to	ADP
cblr-3423	134	32	icos	icos	PROPN
cblr-3423	134	33	and	and	CCONJ
cblr-3423	134	34	other	other	ADJ
cblr-3423	134	35	digital	digital	ADJ
cblr-3423	134	36	assets	asset	NOUN
cblr-3423	134	37	.	.	PUNCT
cblr-3423	135	1	https://en.wikipedia.org/wiki/leibniz%e2%80%93newton_calculus_contro	https://en.wikipedia.org/wiki/leibniz%e2%80%93newton_calculus_contro	ADJ
cblr-3423	135	2	versy	versy	NOUN
cblr-3423	136	1	[	[	X
cblr-3423	136	2	https://perma.cc/y339-skwr	https://perma.cc/y339-skwr	X
cblr-3423	136	3	]	]	X
cblr-3423	136	4	.	.	PUNCT
cblr-3423	137	1	19	19	NUM
cblr-3423	137	2	it	it	PRON
cblr-3423	137	3	is	be	AUX
cblr-3423	137	4	beyond	beyond	ADP
cblr-3423	137	5	the	the	DET
cblr-3423	137	6	scope	scope	NOUN
cblr-3423	137	7	of	of	ADP
cblr-3423	137	8	this	this	DET
cblr-3423	137	9	article	article	NOUN
cblr-3423	137	10	to	to	PART
cblr-3423	137	11	defend	defend	VERB
cblr-3423	137	12	such	such	DET
cblr-3423	137	13	an	an	DET
cblr-3423	137	14	approach	approach	NOUN
cblr-3423	137	15	.	.	PUNCT
cblr-3423	138	1	for	for	ADP
cblr-3423	138	2	such	such	DET
cblr-3423	138	3	a	a	DET
cblr-3423	138	4	defense	defense	NOUN
cblr-3423	138	5	,	,	PUNCT
cblr-3423	138	6	see	see	VERB
cblr-3423	138	7	antonin	antonin	PROPN
cblr-3423	138	8	scalia	scalia	PROPN
cblr-3423	138	9	,	,	PUNCT
cblr-3423	138	10	the	the	DET
cblr-3423	138	11	rule	rule	NOUN
cblr-3423	138	12	of	of	ADP
cblr-3423	138	13	law	law	NOUN
cblr-3423	138	14	as	as	ADP
cblr-3423	138	15	a	a	DET
cblr-3423	138	16	law	law	NOUN
cblr-3423	138	17	of	of	ADP
cblr-3423	138	18	rules	rule	NOUN
cblr-3423	138	19	,	,	PUNCT
cblr-3423	138	20	56	56	NUM
cblr-3423	138	21	u.	u.	NOUN
cblr-3423	138	22	chi	chi	PROPN
cblr-3423	138	23	.	.	PUNCT
cblr-3423	139	1	l.	l.	PROPN
cblr-3423	139	2	rev	rev	PROPN
cblr-3423	139	3	.	.	PROPN
cblr-3423	139	4	1175	1175	NUM
cblr-3423	139	5	(	(	PUNCT
cblr-3423	139	6	1989	1989	NUM
cblr-3423	139	7	)	)	PUNCT
cblr-3423	139	8	.	.	PUNCT
cblr-3423	140	1	20	20	NUM
cblr-3423	140	2	sec	sec	PROPN
cblr-3423	140	3	v.	v.	ADP
cblr-3423	140	4	w.	w.	PROPN
cblr-3423	140	5	j.	j.	PROPN
cblr-3423	140	6	howey	howey	PROPN
cblr-3423	140	7	co.	co.	PROPN
cblr-3423	140	8	,	,	PUNCT
cblr-3423	140	9	328	328	NUM
cblr-3423	140	10	u.s	u.s	PROPN
cblr-3423	140	11	.	.	PROPN
cblr-3423	140	12	293	293	NUM
cblr-3423	140	13	,	,	PUNCT
cblr-3423	140	14	298–99	298–99	NUM
cblr-3423	140	15	(	(	PUNCT
cblr-3423	140	16	1946	1946	NUM
cblr-3423	140	17	)	)	PUNCT
cblr-3423	140	18	.	.	PUNCT
cblr-3423	141	1	21	21	NUM
cblr-3423	141	2	see	see	VERB
cblr-3423	141	3	i	i	PRON
cblr-3423	141	4	d.	d.	PROPN
cblr-3423	141	5	no	no	INTJ
cblr-3423	141	6	.	.	PUNCT
cblr-3423	142	1	2:443	2:443	NUM
cblr-3423	142	2	]	]	X
cblr-3423	142	3	a	a	DET
cblr-3423	142	4	regulatory	regulatory	ADJ
cblr-3423	142	5	classification	classification	NOUN
cblr-3423	142	6	of	of	ADP
cblr-3423	142	7	digital	digital	ADJ
cblr-3423	142	8	assets	asset	NOUN
cblr-3423	142	9	451	451	NUM
cblr-3423	142	10	some	some	DET
cblr-3423	142	11	tokens	token	NOUN
cblr-3423	142	12	and	and	CCONJ
cblr-3423	142	13	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	142	14	—	—	PUNCT
cblr-3423	142	15	such	such	ADJ
cblr-3423	142	16	as	as	ADP
cblr-3423	142	17	bitcoin	bitcoin	NOUN
cblr-3423	142	18	—	—	PUNCT
cblr-3423	142	19	exist	exist	VERB
cblr-3423	142	20	on	on	ADP
cblr-3423	142	21	decentralized	decentralize	VERB
cblr-3423	142	22	,	,	PUNCT
cblr-3423	142	23	open	open	ADJ
cblr-3423	142	24	source	source	NOUN
cblr-3423	142	25	and	and	CCONJ
cblr-3423	142	26	permission	permission	NOUN
cblr-3423	142	27	-	-	PUNCT
cblr-3423	142	28	less	less	ADJ
cblr-3423	142	29	platforms	platform	NOUN
cblr-3423	142	30	where	where	SCONJ
cblr-3423	142	31	there	there	PRON
cblr-3423	142	32	are	be	VERB
cblr-3423	142	33	no	no	DET
cblr-3423	142	34	“	"	PUNCT
cblr-3423	142	35	others	other	NOUN
cblr-3423	142	36	”	"	PUNCT
cblr-3423	142	37	to	to	PART
cblr-3423	142	38	satisfy	satisfy	VERB
cblr-3423	142	39	the	the	DET
cblr-3423	142	40	final	final	ADJ
cblr-3423	142	41	prong	prong	NOUN
cblr-3423	142	42	of	of	ADP
cblr-3423	142	43	the	the	DET
cblr-3423	142	44	test	test	NOUN
cblr-3423	142	45	,	,	PUNCT
cblr-3423	142	46	even	even	ADV
cblr-3423	142	47	though	though	SCONJ
cblr-3423	142	48	they	they	PRON
cblr-3423	142	49	may	may	AUX
cblr-3423	142	50	be	be	AUX
cblr-3423	142	51	purchased	purchase	VERB
cblr-3423	142	52	with	with	ADP
cblr-3423	142	53	the	the	DET
cblr-3423	142	54	expectation	expectation	NOUN
cblr-3423	142	55	of	of	ADP
cblr-3423	142	56	profit	profit	NOUN
cblr-3423	142	57	.	.	PUNCT
cblr-3423	143	1	these	these	PRON
cblr-3423	143	2	are	be	AUX
cblr-3423	143	3	not	not	PART
cblr-3423	143	4	securities	security	NOUN
cblr-3423	143	5	under	under	ADP
cblr-3423	143	6	the	the	DET
cblr-3423	143	7	traditional	traditional	ADJ
cblr-3423	143	8	howey	howey	PROPN
cblr-3423	143	9	test	test	NOUN
cblr-3423	143	10	,	,	PUNCT
cblr-3423	143	11	and	and	CCONJ
cblr-3423	143	12	in	in	ADP
cblr-3423	143	13	our	our	PRON
cblr-3423	143	14	view	view	NOUN
cblr-3423	143	15	,	,	PUNCT
cblr-3423	143	16	they	they	PRON
cblr-3423	143	17	should	should	AUX
cblr-3423	143	18	not	not	PART
cblr-3423	143	19	be	be	AUX
cblr-3423	143	20	regulated	regulate	VERB
cblr-3423	143	21	as	as	ADP
cblr-3423	143	22	such	such	ADJ
cblr-3423	143	23	.	.	PUNCT
cblr-3423	144	1	the	the	DET
cblr-3423	144	2	challenge	challenge	NOUN
cblr-3423	144	3	comes	come	VERB
cblr-3423	144	4	in	in	ADP
cblr-3423	144	5	differentiating	differentiate	VERB
cblr-3423	144	6	between	between	ADP
cblr-3423	144	7	digital	digital	ADJ
cblr-3423	144	8	assets	asset	NOUN
cblr-3423	144	9	and	and	CCONJ
cblr-3423	144	10	tokens	token	NOUN
cblr-3423	144	11	that	that	PRON
cblr-3423	144	12	have	have	AUX
cblr-3423	144	13	been	be	AUX
cblr-3423	144	14	described	describe	VERB
cblr-3423	144	15	as	as	ADP
cblr-3423	144	16	“	"	PUNCT
cblr-3423	144	17	utility	utility	NOUN
cblr-3423	144	18	”	"	PUNCT
cblr-3423	144	19	or	or	CCONJ
cblr-3423	144	20	“	"	PUNCT
cblr-3423	144	21	consumptive	consumptive	NOUN
cblr-3423	144	22	”	"	PUNCT
cblr-3423	144	23	tokens	token	NOUN
cblr-3423	144	24	with	with	ADP
cblr-3423	144	25	those	those	PRON
cblr-3423	144	26	that	that	PRON
cblr-3423	144	27	have	have	AUX
cblr-3423	144	28	been	be	AUX
cblr-3423	144	29	described	describe	VERB
cblr-3423	144	30	as	as	ADP
cblr-3423	144	31	“	"	PUNCT
cblr-3423	144	32	investment	investment	NOUN
cblr-3423	144	33	”	"	PUNCT
cblr-3423	144	34	tokens	token	NOUN
cblr-3423	144	35	.	.	PUNCT
cblr-3423	145	1	the	the	DET
cblr-3423	145	2	currently	currently	ADV
cblr-3423	145	3	existing	exist	VERB
cblr-3423	145	4	spectrum	spectrum	NOUN
cblr-3423	145	5	is	be	AUX
cblr-3423	145	6	between	between	ADP
cblr-3423	145	7	purely	purely	ADV
cblr-3423	145	8	consumptive	consumptive	ADJ
cblr-3423	145	9	assets	asset	NOUN
cblr-3423	145	10	,	,	PUNCT
cblr-3423	145	11	mixed	mixed	ADJ
cblr-3423	145	12	-	-	PUNCT
cblr-3423	145	13	motive	motive	NOUN
cblr-3423	145	14	assets	asset	NOUN
cblr-3423	145	15	,	,	PUNCT
cblr-3423	145	16	and	and	CCONJ
cblr-3423	145	17	purely	purely	ADV
cblr-3423	145	18	investment	investment	NOUN
cblr-3423	145	19	assets	asset	NOUN
cblr-3423	145	20	.	.	PUNCT
cblr-3423	146	1	this	this	PRON
cblr-3423	146	2	has	have	VERB
cblr-3423	146	3	analogues	analogue	NOUN
cblr-3423	146	4	in	in	ADP
cblr-3423	146	5	case	case	NOUN
cblr-3423	146	6	law	law	NOUN
cblr-3423	146	7	—	—	PUNCT
cblr-3423	146	8	one	one	NUM
cblr-3423	146	9	simple	simple	ADJ
cblr-3423	146	10	example	example	NOUN
cblr-3423	146	11	is	be	AUX
cblr-3423	146	12	a	a	DET
cblr-3423	146	13	concert	concert	NOUN
cblr-3423	146	14	venue	venue	NOUN
cblr-3423	146	15	that	that	PRON
cblr-3423	146	16	sells	sell	VERB
cblr-3423	146	17	tickets	ticket	NOUN
cblr-3423	146	18	to	to	ADP
cblr-3423	146	19	a	a	DET
cblr-3423	146	20	reseller	reseller	NOUN
cblr-3423	146	21	who	who	PRON
cblr-3423	146	22	has	have	VERB
cblr-3423	146	23	no	no	DET
cblr-3423	146	24	intention	intention	NOUN
cblr-3423	146	25	of	of	ADP
cblr-3423	146	26	using	use	VERB
cblr-3423	146	27	them	they	PRON
cblr-3423	146	28	other	other	ADJ
cblr-3423	146	29	than	than	SCONJ
cblr-3423	146	30	to	to	PART
cblr-3423	146	31	sell	sell	VERB
cblr-3423	146	32	to	to	ADP
cblr-3423	146	33	the	the	DET
cblr-3423	146	34	final	final	ADJ
cblr-3423	146	35	consumers	consumer	NOUN
cblr-3423	146	36	.	.	PUNCT
cblr-3423	147	1	this	this	PRON
cblr-3423	147	2	is	be	AUX
cblr-3423	147	3	not	not	PART
cblr-3423	147	4	treated	treat	VERB
cblr-3423	147	5	as	as	ADP
cblr-3423	147	6	issuance	issuance	NOUN
cblr-3423	147	7	of	of	ADP
cblr-3423	147	8	a	a	DET
cblr-3423	147	9	security.22	security.22	NOUN
cblr-3423	147	10	this	this	DET
cblr-3423	147	11	article	article	NOUN
cblr-3423	147	12	’s	’s	PART
cblr-3423	147	13	goal	goal	NOUN
cblr-3423	147	14	is	be	AUX
cblr-3423	147	15	to	to	PART
cblr-3423	147	16	start	start	VERB
cblr-3423	147	17	—	—	PUNCT
cblr-3423	147	18	not	not	PART
cblr-3423	147	19	end	end	NOUN
cblr-3423	147	20	—	—	PUNCT
cblr-3423	147	21	the	the	DET
cblr-3423	147	22	conversation	conversation	NOUN
cblr-3423	147	23	about	about	ADP
cblr-3423	147	24	how	how	SCONJ
cblr-3423	147	25	to	to	PART
cblr-3423	147	26	categorize	categorize	VERB
cblr-3423	147	27	crypto	crypto	NOUN
cblr-3423	147	28	and	and	CCONJ
cblr-3423	147	29	other	other	ADJ
cblr-3423	147	30	digital	digital	ADJ
cblr-3423	147	31	assets	asset	NOUN
cblr-3423	147	32	.	.	PUNCT
cblr-3423	148	1	the	the	DET
cblr-3423	148	2	proposed	propose	VERB
cblr-3423	148	3	“	"	PUNCT
cblr-3423	148	4	substantial	substantial	ADJ
cblr-3423	148	5	steps	step	NOUN
cblr-3423	148	6	test”—to	test”—to	PART
cblr-3423	148	7	determine	determine	VERB
cblr-3423	148	8	whether	whether	SCONJ
cblr-3423	148	9	a	a	DET
cblr-3423	148	10	purchase	purchase	NOUN
cblr-3423	148	11	is	be	AUX
cblr-3423	148	12	made	make	VERB
cblr-3423	148	13	with	with	ADP
cblr-3423	148	14	an	an	DET
cblr-3423	148	15	expectation	expectation	NOUN
cblr-3423	148	16	of	of	ADP
cblr-3423	148	17	profit	profit	NOUN
cblr-3423	148	18	—	—	PUNCT
cblr-3423	148	19	is	be	AUX
cblr-3423	148	20	not	not	PART
cblr-3423	148	21	without	without	ADP
cblr-3423	148	22	its	its	PRON
cblr-3423	148	23	faults	fault	NOUN
cblr-3423	148	24	and	and	CCONJ
cblr-3423	148	25	may	may	AUX
cblr-3423	148	26	militate	militate	VERB
cblr-3423	148	27	towards	towards	ADP
cblr-3423	148	28	a	a	DET
cblr-3423	148	29	full	full	ADJ
cblr-3423	148	30	rethinking	rethinking	NOUN
cblr-3423	148	31	of	of	ADP
cblr-3423	148	32	howey	howey	PRON
cblr-3423	148	33	.	.	PUNCT
cblr-3423	149	1	this	this	DET
cblr-3423	149	2	article	article	NOUN
cblr-3423	149	3	begins	begin	VERB
cblr-3423	149	4	with	with	ADP
cblr-3423	149	5	a	a	DET
cblr-3423	149	6	brief	brief	ADJ
cblr-3423	149	7	description	description	NOUN
cblr-3423	149	8	of	of	ADP
cblr-3423	149	9	the	the	DET
cblr-3423	149	10	mechanics	mechanic	NOUN
cblr-3423	149	11	of	of	ADP
cblr-3423	149	12	digital	digital	ADJ
cblr-3423	149	13	assets	asset	NOUN
cblr-3423	149	14	and	and	CCONJ
cblr-3423	149	15	their	their	PRON
cblr-3423	149	16	limited	limited	ADJ
cblr-3423	149	17	regulatory	regulatory	ADJ
cblr-3423	149	18	history	history	NOUN
cblr-3423	149	19	.	.	PUNCT
cblr-3423	150	1	it	it	PRON
cblr-3423	150	2	then	then	ADV
cblr-3423	150	3	turns	turn	VERB
cblr-3423	150	4	to	to	ADP
cblr-3423	150	5	our	our	PRON
cblr-3423	150	6	proposed	propose	VERB
cblr-3423	150	7	howey	howey	PROPN
cblr-3423	150	8	test	test	PROPN
cblr-3423	150	9	for	for	ADP
cblr-3423	150	10	digital	digital	ADJ
cblr-3423	150	11	assets	asset	NOUN
cblr-3423	150	12	and	and	CCONJ
cblr-3423	150	13	examines	examine	VERB
cblr-3423	150	14	a	a	DET
cblr-3423	150	15	handful	handful	NOUN
cblr-3423	150	16	of	of	ADP
cblr-3423	150	17	cases	case	NOUN
cblr-3423	150	18	under	under	ADP
cblr-3423	150	19	the	the	DET
cblr-3423	150	20	two	two	NUM
cblr-3423	150	21	prongs	prong	NOUN
cblr-3423	150	22	.	.	PUNCT
cblr-3423	151	1	ii	ii	PROPN
cblr-3423	151	2	.	.	PUNCT
cblr-3423	152	1	a	a	DET
cblr-3423	152	2	brief	brief	ADJ
cblr-3423	152	3	technical	technical	NOUN
cblr-3423	152	4	aside	aside	ADP
cblr-3423	152	5	this	this	DET
cblr-3423	152	6	section	section	NOUN
cblr-3423	152	7	provides	provide	VERB
cblr-3423	152	8	a	a	DET
cblr-3423	152	9	brief	brief	ADJ
cblr-3423	152	10	background	background	NOUN
cblr-3423	152	11	on	on	ADP
cblr-3423	152	12	digital	digital	ADJ
cblr-3423	152	13	assets	asset	NOUN
cblr-3423	152	14	.	.	PUNCT
cblr-3423	153	1	the	the	DET
cblr-3423	153	2	goal	goal	NOUN
cblr-3423	153	3	here	here	ADV
cblr-3423	153	4	is	be	AUX
cblr-3423	153	5	to	to	PART
cblr-3423	153	6	provide	provide	VERB
cblr-3423	153	7	a	a	DET
cblr-3423	153	8	framework	framework	NOUN
cblr-3423	153	9	that	that	PRON
cblr-3423	153	10	will	will	AUX
cblr-3423	153	11	animate	animate	VERB
cblr-3423	153	12	the	the	DET
cblr-3423	153	13	regulatory	regulatory	ADJ
cblr-3423	153	14	analysis	analysis	NOUN
cblr-3423	153	15	,	,	PUNCT
cblr-3423	153	16	not	not	PART
cblr-3423	153	17	to	to	PART
cblr-3423	153	18	give	give	VERB
cblr-3423	153	19	an	an	DET
cblr-3423	153	20	encyclopedic	encyclopedic	ADJ
cblr-3423	153	21	account	account	NOUN
cblr-3423	153	22	of	of	ADP
cblr-3423	153	23	these	these	DET
cblr-3423	153	24	assets	asset	NOUN
cblr-3423	153	25	.	.	PUNCT
cblr-3423	154	1	the	the	DET
cblr-3423	154	2	section	section	NOUN
cblr-3423	154	3	begins	begin	VERB
cblr-3423	154	4	with	with	ADP
cblr-3423	154	5	the	the	DET
cblr-3423	154	6	concept	concept	NOUN
cblr-3423	154	7	of	of	ADP
cblr-3423	154	8	open	open	ADJ
cblr-3423	154	9	source	source	NOUN
cblr-3423	154	10	software	software	NOUN
cblr-3423	154	11	.	.	PUNCT
cblr-3423	155	1	the	the	DET
cblr-3423	155	2	hallmark	hallmark	NOUN
cblr-3423	155	3	of	of	ADP
cblr-3423	155	4	open	open	ADJ
cblr-3423	155	5	source	source	NOUN
cblr-3423	155	6	software	software	NOUN
cblr-3423	155	7	is	be	AUX
cblr-3423	155	8	that	that	SCONJ
cblr-3423	155	9	it	it	PRON
cblr-3423	155	10	has	have	VERB
cblr-3423	155	11	little	little	ADJ
cblr-3423	155	12	to	to	ADP
cblr-3423	155	13	no	no	DET
cblr-3423	155	14	intellectual	intellectual	ADJ
cblr-3423	155	15	property	property	NOUN
cblr-3423	155	16	protections.23	protections.23	PROPN
cblr-3423	155	17	the	the	DET
cblr-3423	155	18	code	code	NOUN
cblr-3423	155	19	can	can	AUX
cblr-3423	155	20	be	be	AUX
cblr-3423	155	21	copied	copy	VERB
cblr-3423	155	22	and	and	CCONJ
cblr-3423	155	23	modified	modify	VERB
cblr-3423	155	24	,	,	PUNCT
cblr-3423	155	25	and	and	CCONJ
cblr-3423	155	26	no	no	DET
cblr-3423	155	27	legal	legal	ADJ
cblr-3423	155	28	recourse	recourse	NOUN
cblr-3423	155	29	exists	exist	VERB
cblr-3423	155	30	to	to	ADP
cblr-3423	155	31	the	the	DET
cblr-3423	155	32	creator	creator	NOUN
cblr-3423	155	33	.	.	PUNCT
cblr-3423	156	1	a	a	DET
cblr-3423	156	2	plethora	plethora	NOUN
cblr-3423	156	3	of	of	ADP
cblr-3423	156	4	open	open	ADJ
cblr-3423	156	5	source	source	NOUN
cblr-3423	156	6	licenses	license	NOUN
cblr-3423	156	7	append	append	VERB
cblr-3423	156	8	to	to	ADP
cblr-3423	156	9	software	software	NOUN
cblr-3423	156	10	22	22	NUM
cblr-3423	156	11	other	other	ADJ
cblr-3423	156	12	examples	example	NOUN
cblr-3423	156	13	include	include	VERB
cblr-3423	156	14	personal	personal	ADJ
cblr-3423	156	15	seat	seat	NOUN
cblr-3423	156	16	licenses	license	NOUN
cblr-3423	156	17	and	and	CCONJ
cblr-3423	156	18	condominiums	condominium	NOUN
cblr-3423	156	19	.	.	PUNCT
cblr-3423	157	1	23	23	NUM
cblr-3423	157	2	see	see	VERB
cblr-3423	157	3	jacobsen	jacobsen	PROPN
cblr-3423	157	4	v.	v.	ADP
cblr-3423	157	5	katzer	katzer	PROPN
cblr-3423	157	6	,	,	PUNCT
cblr-3423	157	7	535	535	NUM
cblr-3423	157	8	f.3d	f.3d	NUM
cblr-3423	157	9	1373	1373	NUM
cblr-3423	157	10	,	,	PUNCT
cblr-3423	157	11	1378–79	1378–79	ADV
cblr-3423	157	12	(	(	PUNCT
cblr-3423	157	13	fed	fed	PROPN
cblr-3423	157	14	.	.	PUNCT
cblr-3423	157	15	cir	cir	PROPN
cblr-3423	157	16	.	.	PROPN
cblr-3423	157	17	2008	2008	NUM
cblr-3423	157	18	)	)	PUNCT
cblr-3423	157	19	.	.	PUNCT
cblr-3423	158	1	452	452	NUM
cblr-3423	158	2	columbia	columbia	PROPN
cblr-3423	158	3	business	business	NOUN
cblr-3423	158	4	law	law	PROPN
cblr-3423	158	5	review	review	NOUN
cblr-3423	158	6	[	[	X
cblr-3423	158	7	vol	vol	NOUN
cblr-3423	158	8	.	.	PUNCT
cblr-3423	158	9	2019	2019	NUM
cblr-3423	158	10	programs	program	NOUN
cblr-3423	158	11	.	.	PUNCT
cblr-3423	159	1	bitcoin	bitcoin	PROPN
cblr-3423	159	2	uses	use	VERB
cblr-3423	159	3	the	the	DET
cblr-3423	159	4	mit	mit	NOUN
cblr-3423	159	5	license,24	license,24	NOUN
cblr-3423	159	6	while	while	SCONJ
cblr-3423	159	7	ethereum	ethereum	NOUN
cblr-3423	159	8	uses	use	VERB
cblr-3423	159	9	the	the	DET
cblr-3423	159	10	free	free	ADJ
cblr-3423	159	11	software	software	PROPN
cblr-3423	159	12	foundation	foundation	PROPN
cblr-3423	159	13	’s	’s	PART
cblr-3423	159	14	license.25	license.25	PROPN
cblr-3423	159	15	bitcoin	bitcoin	NOUN
cblr-3423	159	16	’s	’s	PART
cblr-3423	159	17	license	license	NOUN
cblr-3423	159	18	grants	grant	NOUN
cblr-3423	159	19	permission	permission	NOUN
cblr-3423	159	20	,	,	PUNCT
cblr-3423	159	21	free	free	ADJ
cblr-3423	159	22	of	of	ADP
cblr-3423	159	23	charge	charge	NOUN
cblr-3423	159	24	,	,	PUNCT
cblr-3423	159	25	“	"	PUNCT
cblr-3423	159	26	to	to	PART
cblr-3423	159	27	use	use	VERB
cblr-3423	159	28	,	,	PUNCT
cblr-3423	159	29	copy	copy	NOUN
cblr-3423	159	30	,	,	PUNCT
cblr-3423	159	31	modify	modify	VERB
cblr-3423	159	32	,	,	PUNCT
cblr-3423	159	33	merge	merge	VERB
cblr-3423	159	34	,	,	PUNCT
cblr-3423	159	35	publish	publish	NOUN
cblr-3423	159	36	,	,	PUNCT
cblr-3423	159	37	distribute	distribute	VERB
cblr-3423	159	38	,	,	PUNCT
cblr-3423	159	39	sublicense	sublicense	NOUN
cblr-3423	159	40	,	,	PUNCT
cblr-3423	159	41	and/or	and/or	CCONJ
cblr-3423	159	42	sell	sell	VERB
cblr-3423	159	43	copies	copy	NOUN
cblr-3423	159	44	of	of	ADP
cblr-3423	159	45	the	the	DET
cblr-3423	159	46	[	[	NOUN
cblr-3423	159	47	bitcoin	bitcoin	ADJ
cblr-3423	159	48	software.]”26	software.]”26	NOUN
cblr-3423	159	49	individuals	individual	NOUN
cblr-3423	159	50	are	be	AUX
cblr-3423	159	51	free	free	ADJ
cblr-3423	159	52	to	to	PART
cblr-3423	159	53	run	run	VERB
cblr-3423	159	54	whatever	whatever	DET
cblr-3423	159	55	versions	version	NOUN
cblr-3423	159	56	of	of	ADP
cblr-3423	159	57	bitcoin	bitcoin	ADJ
cblr-3423	159	58	or	or	CCONJ
cblr-3423	159	59	ethereum	ethereum	NOUN
cblr-3423	159	60	software	software	NOUN
cblr-3423	159	61	they	they	PRON
cblr-3423	159	62	choose	choose	VERB
cblr-3423	159	63	to	to	PART
cblr-3423	159	64	run	run	VERB
cblr-3423	159	65	.	.	PUNCT
cblr-3423	160	1	through	through	ADP
cblr-3423	160	2	network	network	NOUN
cblr-3423	160	3	effects	effect	NOUN
cblr-3423	160	4	,	,	PUNCT
cblr-3423	160	5	however	however	ADV
cblr-3423	160	6	,	,	PUNCT
cblr-3423	160	7	consensus	consensus	NOUN
cblr-3423	160	8	is	be	AUX
cblr-3423	160	9	formed	form	VERB
cblr-3423	160	10	and	and	CCONJ
cblr-3423	160	11	dominant	dominant	ADJ
cblr-3423	160	12	versions	version	NOUN
cblr-3423	160	13	of	of	ADP
cblr-3423	160	14	software	software	NOUN
cblr-3423	160	15	emerge	emerge	VERB
cblr-3423	160	16	as	as	ADP
cblr-3423	160	17	a	a	DET
cblr-3423	160	18	result	result	NOUN
cblr-3423	160	19	of	of	ADP
cblr-3423	160	20	the	the	DET
cblr-3423	160	21	free	free	ADJ
cblr-3423	160	22	choices	choice	NOUN
cblr-3423	160	23	of	of	ADP
cblr-3423	160	24	network	network	NOUN
cblr-3423	160	25	participants	participant	NOUN
cblr-3423	160	26	.	.	PUNCT
cblr-3423	161	1	for	for	ADP
cblr-3423	161	2	instance	instance	NOUN
cblr-3423	161	3	,	,	PUNCT
cblr-3423	161	4	the	the	DET
cblr-3423	161	5	two	two	NUM
cblr-3423	161	6	most	most	ADV
cblr-3423	161	7	popular	popular	ADJ
cblr-3423	161	8	versions	version	NOUN
cblr-3423	161	9	of	of	ADP
cblr-3423	161	10	bitcoin	bitcoin	NOUN
cblr-3423	161	11	are	be	AUX
cblr-3423	161	12	the	the	DET
cblr-3423	161	13	original	original	ADJ
cblr-3423	161	14	bitcoin	bitcoin	NOUN
cblr-3423	161	15	network	network	NOUN
cblr-3423	161	16	and	and	CCONJ
cblr-3423	161	17	a	a	DET
cblr-3423	161	18	forked	forked	ADJ
cblr-3423	161	19	version	version	NOUN
cblr-3423	161	20	called	call	VERB
cblr-3423	161	21	bitcoin	bitcoin	PROPN
cblr-3423	161	22	cash.27	cash.27	PROPN
cblr-3423	161	23	the	the	DET
cblr-3423	161	24	most	most	ADV
cblr-3423	161	25	important	important	ADJ
cblr-3423	161	26	aspect	aspect	NOUN
cblr-3423	161	27	of	of	ADP
cblr-3423	161	28	open	open	ADJ
cblr-3423	161	29	source	source	NOUN
cblr-3423	161	30	software	software	NOUN
cblr-3423	161	31	is	be	AUX
cblr-3423	161	32	that	that	SCONJ
cblr-3423	161	33	it	it	PRON
cblr-3423	161	34	is	be	AUX
cblr-3423	161	35	predicated	predicate	VERB
cblr-3423	161	36	on	on	ADP
cblr-3423	161	37	voluntary	voluntary	ADJ
cblr-3423	161	38	choice	choice	NOUN
cblr-3423	161	39	.	.	PUNCT
cblr-3423	162	1	decisions	decision	NOUN
cblr-3423	162	2	made	make	VERB
cblr-3423	162	3	on	on	ADP
cblr-3423	162	4	which	which	PRON
cblr-3423	162	5	versions	version	NOUN
cblr-3423	162	6	of	of	ADP
cblr-3423	162	7	software	software	NOUN
cblr-3423	162	8	to	to	PART
cblr-3423	162	9	run	run	VERB
cblr-3423	162	10	are	be	AUX
cblr-3423	162	11	open	open	ADJ
cblr-3423	162	12	to	to	ADP
cblr-3423	162	13	anyone	anyone	PRON
cblr-3423	162	14	,	,	PUNCT
cblr-3423	162	15	and	and	CCONJ
cblr-3423	162	16	no	no	DET
cblr-3423	162	17	legal	legal	ADJ
cblr-3423	162	18	barriers	barrier	NOUN
cblr-3423	162	19	exist	exist	VERB
cblr-3423	162	20	to	to	PART
cblr-3423	162	21	participation	participation	VERB
cblr-3423	162	22	in	in	ADP
cblr-3423	162	23	a	a	DET
cblr-3423	162	24	network	network	NOUN
cblr-3423	162	25	.	.	PUNCT
cblr-3423	163	1	additionally	additionally	ADV
cblr-3423	163	2	,	,	PUNCT
cblr-3423	163	3	the	the	DET
cblr-3423	163	4	intellectual	intellectual	ADJ
cblr-3423	163	5	property	property	NOUN
cblr-3423	163	6	regime	regime	NOUN
cblr-3423	163	7	is	be	AUX
cblr-3423	163	8	much	much	ADV
cblr-3423	163	9	more	more	ADV
cblr-3423	163	10	liberal	liberal	ADJ
cblr-3423	163	11	,	,	PUNCT
cblr-3423	163	12	and	and	CCONJ
cblr-3423	163	13	there	there	PRON
cblr-3423	163	14	are	be	VERB
cblr-3423	163	15	fewer	few	ADJ
cblr-3423	163	16	claims	claim	NOUN
cblr-3423	163	17	which	which	PRON
cblr-3423	163	18	prevent	prevent	VERB
cblr-3423	163	19	the	the	DET
cblr-3423	163	20	creation	creation	NOUN
cblr-3423	163	21	of	of	ADP
cblr-3423	163	22	new	new	ADJ
cblr-3423	163	23	competitive	competitive	ADJ
cblr-3423	163	24	instruments	instrument	NOUN
cblr-3423	163	25	and	and	CCONJ
cblr-3423	163	26	networks	network	NOUN
cblr-3423	163	27	.	.	PUNCT
cblr-3423	164	1	a	a	DET
cblr-3423	164	2	second	second	ADJ
cblr-3423	164	3	technical	technical	ADJ
cblr-3423	164	4	aspect	aspect	NOUN
cblr-3423	164	5	worth	worth	ADJ
cblr-3423	164	6	discussing	discuss	VERB
cblr-3423	164	7	is	be	AUX
cblr-3423	164	8	the	the	DET
cblr-3423	164	9	number	number	NOUN
cblr-3423	164	10	of	of	ADP
cblr-3423	164	11	different	different	ADJ
cblr-3423	164	12	ways	way	NOUN
cblr-3423	164	13	to	to	PART
cblr-3423	164	14	categorize	categorize	VERB
cblr-3423	164	15	the	the	DET
cblr-3423	164	16	distribution	distribution	NOUN
cblr-3423	164	17	methods	method	NOUN
cblr-3423	164	18	of	of	ADP
cblr-3423	164	19	24	24	NUM
cblr-3423	164	20	bitcoin	bitcoin	NOUN
cblr-3423	164	21	/	/	SYM
cblr-3423	164	22	copying	copying	NOUN
cblr-3423	164	23	,	,	PUNCT
cblr-3423	164	24	github	github	NOUN
cblr-3423	164	25	,	,	PUNCT
cblr-3423	164	26	https://github.com/bitcoin/bitcoin/blob/	https://github.com/bitcoin/bitcoin/blob/	PROPN
cblr-3423	164	27	master	master	NOUN
cblr-3423	164	28	/	/	SYM
cblr-3423	164	29	copying	copying	NOUN
cblr-3423	164	30	[	[	X
cblr-3423	164	31	https://perma.cc/ejd5-r34	https://perma.cc/ejd5-r34	NOUN
cblr-3423	164	32	t	t	X
cblr-3423	164	33	]	]	PUNCT
cblr-3423	164	34	.	.	PUNCT
cblr-3423	165	1	25	25	NUM
cblr-3423	165	2	licensing	licensing	NOUN
cblr-3423	165	3	,	,	PUNCT
cblr-3423	165	4	github	github	NOUN
cblr-3423	165	5	,	,	PUNCT
cblr-3423	165	6	https://github.com/ethereum/wiki/wiki/	https://github.com/ethereum/wiki/wiki/	PRON
cblr-3423	165	7	licensing	licensing	NOUN
cblr-3423	165	8	[	[	X
cblr-3423	165	9	https://perma.cc/n7yw-ayqq	https://perma.cc/n7yw-ayqq	X
cblr-3423	165	10	]	]	X
cblr-3423	165	11	.	.	PUNCT
cblr-3423	166	1	but	but	CCONJ
cblr-3423	166	2	see	see	VERB
cblr-3423	166	3	matt	matt	PROPN
cblr-3423	166	4	savare	savare	PROPN
cblr-3423	166	5	,	,	PUNCT
cblr-3423	166	6	john	john	PROPN
cblr-3423	166	7	wintermute	wintermute	PROPN
cblr-3423	166	8	&	&	CCONJ
cblr-3423	166	9	shailley	shailley	PROPN
cblr-3423	166	10	singh	singh	PROPN
cblr-3423	166	11	,	,	PUNCT
cblr-3423	166	12	coders	coder	NOUN
cblr-3423	166	13	beware	beware	VERB
cblr-3423	166	14	:	:	PUNCT
cblr-3423	166	15	licensing	licensing	NOUN
cblr-3423	166	16	issues	issue	NOUN
cblr-3423	166	17	abound	abound	VERB
cblr-3423	166	18	for	for	ADP
cblr-3423	166	19	ether	ether	NOUN
cblr-3423	166	20	apps	app	NOUN
cblr-3423	166	21	,	,	PUNCT
cblr-3423	166	22	coindesk	coindesk	NOUN
cblr-3423	166	23	(	(	PUNCT
cblr-3423	166	24	dec	dec	PROPN
cblr-3423	166	25	.	.	PROPN
cblr-3423	166	26	6	6	NUM
cblr-3423	166	27	,	,	PUNCT
cblr-3423	166	28	2017	2017	NUM
cblr-3423	166	29	)	)	PUNCT
cblr-3423	166	30	,	,	PUNCT
cblr-3423	166	31	https://www.coindesk.com/codersbeware-licensing-issues-abound-ethereum-apps	https://www.coindesk.com/codersbeware-licensing-issues-abound-ethereum-app	VERB
cblr-3423	167	1	[	[	X
cblr-3423	167	2	https://perma.cc/t2pfxzg4	https://perma.cc/t2pfxzg4	X
cblr-3423	167	3	]	]	X
cblr-3423	167	4	)	)	PUNCT
cblr-3423	167	5	.	.	PUNCT
cblr-3423	168	1	26	26	NUM
cblr-3423	168	2	bitcoin	bitcoin	NOUN
cblr-3423	168	3	/	/	SYM
cblr-3423	168	4	copying	copying	NOUN
cblr-3423	168	5	,	,	PUNCT
cblr-3423	168	6	github	github	NOUN
cblr-3423	168	7	,	,	PUNCT
cblr-3423	168	8	https://github.com/bitcoin/bitcoin/blob/	https://github.com/bitcoin/bitcoin/blob/	PROPN
cblr-3423	168	9	master	master	NOUN
cblr-3423	168	10	/	/	SYM
cblr-3423	168	11	copying	copying	NOUN
cblr-3423	168	12	[	[	X
cblr-3423	168	13	https://perma.cc/ejd5-r34	https://perma.cc/ejd5-r34	NOUN
cblr-3423	168	14	t	t	X
cblr-3423	168	15	]	]	PUNCT
cblr-3423	168	16	.	.	PUNCT
cblr-3423	169	1	27	27	NUM
cblr-3423	169	2	a	a	DET
cblr-3423	169	3	“	"	PUNCT
cblr-3423	169	4	fork	fork	NOUN
cblr-3423	169	5	,	,	PUNCT
cblr-3423	169	6	”	"	PUNCT
cblr-3423	169	7	when	when	SCONJ
cblr-3423	169	8	referring	refer	VERB
cblr-3423	169	9	to	to	ADP
cblr-3423	169	10	digital	digital	ADJ
cblr-3423	169	11	assets	asset	NOUN
cblr-3423	169	12	,	,	PUNCT
cblr-3423	169	13	is	be	AUX
cblr-3423	169	14	a	a	DET
cblr-3423	169	15	change	change	NOUN
cblr-3423	169	16	in	in	ADP
cblr-3423	169	17	software	software	NOUN
cblr-3423	169	18	that	that	PRON
cblr-3423	169	19	not	not	PART
cblr-3423	169	20	all	all	DET
cblr-3423	169	21	parties	party	NOUN
cblr-3423	169	22	agree	agree	VERB
cblr-3423	169	23	to	to	ADP
cblr-3423	169	24	such	such	ADJ
cblr-3423	169	25	that	that	SCONJ
cblr-3423	169	26	two	two	NUM
cblr-3423	169	27	competing	compete	VERB
cblr-3423	169	28	versions	version	NOUN
cblr-3423	169	29	of	of	ADP
cblr-3423	169	30	a	a	DET
cblr-3423	169	31	network	network	NOUN
cblr-3423	169	32	are	be	AUX
cblr-3423	169	33	created	create	VERB
cblr-3423	169	34	.	.	PUNCT
cblr-3423	170	1	see	see	VERB
cblr-3423	170	2	,	,	PUNCT
cblr-3423	170	3	e.g.	e.g.	ADV
cblr-3423	170	4	,	,	PUNCT
cblr-3423	170	5	david	david	PROPN
cblr-3423	170	6	farmer	farmer	PROPN
cblr-3423	170	7	,	,	PUNCT
cblr-3423	170	8	what	what	PRON
cblr-3423	170	9	is	be	AUX
cblr-3423	170	10	a	a	DET
cblr-3423	170	11	bitcoin	bitcoin	ADJ
cblr-3423	170	12	fork	fork	NOUN
cblr-3423	170	13	?	?	PUNCT
cblr-3423	170	14	,	,	PUNCT
cblr-3423	170	15	coinbase	coinbase	PROPN
cblr-3423	170	16	blog	blog	PROPN
cblr-3423	170	17	(	(	PUNCT
cblr-3423	170	18	july	july	PROPN
cblr-3423	170	19	27	27	NUM
cblr-3423	170	20	,	,	PUNCT
cblr-3423	170	21	2017	2017	NUM
cblr-3423	170	22	)	)	PUNCT
cblr-3423	170	23	,	,	PUNCT
cblr-3423	170	24	https://blog.coinbase.com/what-is-a-bitcoin-forkcba07fe73ef1	https://blog.coinbase.com/what-is-a-bitcoin-forkcba07fe73ef1	PROPN
cblr-3423	170	25	(	(	PUNCT
cblr-3423	170	26	on	on	ADP
cblr-3423	170	27	file	file	NOUN
cblr-3423	170	28	with	with	ADP
cblr-3423	170	29	the	the	DET
cblr-3423	170	30	columbia	columbia	PROPN
cblr-3423	170	31	business	business	PROPN
cblr-3423	170	32	law	law	PROPN
cblr-3423	170	33	review	review	PROPN
cblr-3423	170	34	)	)	PUNCT
cblr-3423	170	35	.	.	PUNCT
cblr-3423	171	1	no	no	INTJ
cblr-3423	171	2	.	.	NOUN
cblr-3423	172	1	2:443	2:443	NUM
cblr-3423	172	2	]	]	X
cblr-3423	172	3	a	a	DET
cblr-3423	172	4	regulatory	regulatory	ADJ
cblr-3423	172	5	classification	classification	NOUN
cblr-3423	172	6	of	of	ADP
cblr-3423	172	7	digital	digital	ADJ
cblr-3423	172	8	assets	asset	NOUN
cblr-3423	172	9	453	453	NUM
cblr-3423	172	10	digital	digital	ADJ
cblr-3423	172	11	assets.28	assets.28	NOUN
cblr-3423	172	12	this	this	DET
cblr-3423	172	13	article	article	NOUN
cblr-3423	172	14	adopts	adopt	VERB
cblr-3423	172	15	the	the	DET
cblr-3423	172	16	bifurcated	bifurcated	ADJ
cblr-3423	172	17	typology	typology	NOUN
cblr-3423	172	18	of	of	ADP
cblr-3423	172	19	minting	minting	NOUN
cblr-3423	172	20	and	and	CCONJ
cblr-3423	172	21	mining	mining	NOUN
cblr-3423	172	22	discussed	discuss	VERB
cblr-3423	172	23	by	by	ADP
cblr-3423	172	24	cohney	cohney	NOUN
cblr-3423	172	25	et	et	PROPN
cblr-3423	172	26	al.29	al.29	PROPN
cblr-3423	172	27	assets	asset	NOUN
cblr-3423	172	28	that	that	PRON
cblr-3423	172	29	are	be	AUX
cblr-3423	172	30	minted	mint	VERB
cblr-3423	172	31	are	be	AUX
cblr-3423	172	32	“	"	PUNCT
cblr-3423	172	33	created	create	VERB
cblr-3423	172	34	through	through	ADP
cblr-3423	172	35	an	an	DET
cblr-3423	172	36	act	act	NOUN
cblr-3423	172	37	of	of	ADP
cblr-3423	172	38	founder	founder	NOUN
cblr-3423	172	39	fiat	fiat	NOUN
cblr-3423	172	40	.	.	PUNCT
cblr-3423	173	1	”30	”30	PROPN
cblr-3423	173	2	the	the	DET
cblr-3423	173	3	creator	creator	NOUN
cblr-3423	173	4	either	either	CCONJ
cblr-3423	173	5	uses	use	VERB
cblr-3423	173	6	a	a	DET
cblr-3423	173	7	blockchain	blockchain	NOUN
cblr-3423	173	8	or	or	CCONJ
cblr-3423	173	9	some	some	DET
cblr-3423	173	10	other	other	ADJ
cblr-3423	173	11	method	method	NOUN
cblr-3423	173	12	of	of	ADP
cblr-3423	173	13	issuance	issuance	NOUN
cblr-3423	173	14	to	to	PART
cblr-3423	173	15	create	create	VERB
cblr-3423	173	16	assets	asset	NOUN
cblr-3423	173	17	that	that	PRON
cblr-3423	173	18	are	be	AUX
cblr-3423	173	19	then	then	ADV
cblr-3423	173	20	sold	sell	VERB
cblr-3423	173	21	to	to	ADP
cblr-3423	173	22	buyers	buyer	NOUN
cblr-3423	173	23	,	,	PUNCT
cblr-3423	173	24	either	either	CCONJ
cblr-3423	173	25	using	use	VERB
cblr-3423	173	26	smart	smart	ADJ
cblr-3423	173	27	or	or	CCONJ
cblr-3423	173	28	more	more	ADV
cblr-3423	173	29	traditional	traditional	ADJ
cblr-3423	173	30	contracts	contract	NOUN
cblr-3423	173	31	.	.	PUNCT
cblr-3423	174	1	this	this	PRON
cblr-3423	174	2	is	be	AUX
cblr-3423	174	3	an	an	DET
cblr-3423	174	4	alternative	alternative	NOUN
cblr-3423	174	5	to	to	ADP
cblr-3423	174	6	mining	mining	NOUN
cblr-3423	174	7	,	,	PUNCT
cblr-3423	174	8	in	in	ADP
cblr-3423	174	9	which	which	PRON
cblr-3423	174	10	those	those	PRON
cblr-3423	174	11	participating	participate	VERB
cblr-3423	174	12	in	in	ADP
cblr-3423	174	13	a	a	DET
cblr-3423	174	14	network	network	NOUN
cblr-3423	174	15	receive	receive	VERB
cblr-3423	174	16	digital	digital	ADJ
cblr-3423	174	17	assets	asset	NOUN
cblr-3423	174	18	in	in	ADP
cblr-3423	174	19	exchange	exchange	NOUN
cblr-3423	174	20	for	for	ADP
cblr-3423	174	21	their	their	PRON
cblr-3423	174	22	involvement	involvement	NOUN
cblr-3423	174	23	in	in	ADP
cblr-3423	174	24	the	the	DET
cblr-3423	174	25	network.31	network.31	NOUN
cblr-3423	174	26	the	the	DET
cblr-3423	174	27	important	important	ADJ
cblr-3423	174	28	distinction	distinction	NOUN
cblr-3423	174	29	for	for	ADP
cblr-3423	174	30	below	below	ADV
cblr-3423	174	31	is	be	AUX
cblr-3423	174	32	that	that	SCONJ
cblr-3423	174	33	with	with	ADP
cblr-3423	174	34	minting	mint	VERB
cblr-3423	174	35	,	,	PUNCT
cblr-3423	174	36	the	the	DET
cblr-3423	174	37	creator	creator	NOUN
cblr-3423	174	38	has	have	VERB
cblr-3423	174	39	rights	right	NOUN
cblr-3423	174	40	and	and	CCONJ
cblr-3423	174	41	privileges	privilege	NOUN
cblr-3423	174	42	with	with	ADP
cblr-3423	174	43	respect	respect	NOUN
cblr-3423	174	44	to	to	ADP
cblr-3423	174	45	the	the	DET
cblr-3423	174	46	asset	asset	NOUN
cblr-3423	174	47	and	and	CCONJ
cblr-3423	174	48	network	network	NOUN
cblr-3423	174	49	that	that	PRON
cblr-3423	174	50	the	the	DET
cblr-3423	174	51	purchaser	purchaser	NOUN
cblr-3423	174	52	does	do	AUX
cblr-3423	174	53	not	not	PART
cblr-3423	174	54	have	have	VERB
cblr-3423	174	55	.	.	PUNCT
cblr-3423	175	1	finally	finally	ADV
cblr-3423	175	2	,	,	PUNCT
cblr-3423	175	3	digital	digital	ADJ
cblr-3423	175	4	assets	asset	NOUN
cblr-3423	175	5	can	can	AUX
cblr-3423	175	6	be	be	AUX
cblr-3423	175	7	issued	issue	VERB
cblr-3423	175	8	through	through	ADP
cblr-3423	175	9	a	a	DET
cblr-3423	175	10	number	number	NOUN
cblr-3423	175	11	of	of	ADP
cblr-3423	175	12	platforms	platform	NOUN
cblr-3423	175	13	that	that	PRON
cblr-3423	175	14	keep	keep	VERB
cblr-3423	175	15	track	track	NOUN
cblr-3423	175	16	of	of	ADP
cblr-3423	175	17	the	the	DET
cblr-3423	175	18	asset	asset	NOUN
cblr-3423	175	19	ownership	ownership	NOUN
cblr-3423	175	20	.	.	PUNCT
cblr-3423	176	1	decentralized	decentralize	VERB
cblr-3423	176	2	blockchains	blockchain	NOUN
cblr-3423	176	3	are	be	AUX
cblr-3423	176	4	one	one	NUM
cblr-3423	176	5	such	such	ADJ
cblr-3423	176	6	method	method	NOUN
cblr-3423	176	7	.	.	PUNCT
cblr-3423	177	1	no	no	DET
cblr-3423	177	2	single	single	ADJ
cblr-3423	177	3	individual	individual	NOUN
cblr-3423	177	4	or	or	CCONJ
cblr-3423	177	5	organization	organization	NOUN
cblr-3423	177	6	must	must	AUX
cblr-3423	177	7	hold	hold	VERB
cblr-3423	177	8	the	the	DET
cblr-3423	177	9	database	database	NOUN
cblr-3423	177	10	that	that	PRON
cblr-3423	177	11	holds	hold	VERB
cblr-3423	177	12	the	the	DET
cblr-3423	177	13	asset	asset	NOUN
cblr-3423	177	14	ownership	ownership	NOUN
cblr-3423	177	15	.	.	PUNCT
cblr-3423	178	1	instead	instead	ADV
cblr-3423	178	2	,	,	PUNCT
cblr-3423	178	3	the	the	DET
cblr-3423	178	4	database	database	NOUN
cblr-3423	178	5	exists	exist	VERB
cblr-3423	178	6	on	on	ADP
cblr-3423	178	7	all	all	PRON
cblr-3423	178	8	of	of	ADP
cblr-3423	178	9	the	the	DET
cblr-3423	178	10	nodes	node	NOUN
cblr-3423	178	11	in	in	ADP
cblr-3423	178	12	the	the	DET
cblr-3423	178	13	network	network	NOUN
cblr-3423	178	14	running	run	VERB
cblr-3423	178	15	the	the	DET
cblr-3423	178	16	software.32	software.32	VERB
cblr-3423	178	17	another	another	PRON
cblr-3423	178	18	,	,	PUNCT
cblr-3423	178	19	more	more	ADV
cblr-3423	178	20	traditional	traditional	ADJ
cblr-3423	178	21	method	method	NOUN
cblr-3423	178	22	of	of	ADP
cblr-3423	178	23	issuing	issue	VERB
cblr-3423	178	24	digital	digital	ADJ
cblr-3423	178	25	assets	asset	NOUN
cblr-3423	178	26	involves	involve	VERB
cblr-3423	178	27	centralized	centralized	ADJ
cblr-3423	178	28	databases	database	NOUN
cblr-3423	178	29	.	.	PUNCT
cblr-3423	179	1	here	here	ADV
cblr-3423	179	2	,	,	PUNCT
cblr-3423	179	3	a	a	DET
cblr-3423	179	4	single	single	ADJ
cblr-3423	179	5	entity	entity	NOUN
cblr-3423	179	6	or	or	CCONJ
cblr-3423	179	7	entities	entity	NOUN
cblr-3423	179	8	that	that	PRON
cblr-3423	179	9	have	have	VERB
cblr-3423	179	10	permission	permission	NOUN
cblr-3423	179	11	maintain	maintain	VERB
cblr-3423	179	12	the	the	DET
cblr-3423	179	13	database	database	NOUN
cblr-3423	179	14	.	.	PUNCT
cblr-3423	180	1	28	28	NUM
cblr-3423	180	2	e.g.	e.g.	ADV
cblr-3423	180	3	,	,	PUNCT
cblr-3423	180	4	peter	peter	PROPN
cblr-3423	180	5	van	van	PROPN
cblr-3423	180	6	valkenburgh	valkenburgh	PROPN
cblr-3423	180	7	,	,	PUNCT
cblr-3423	180	8	coin	coin	NOUN
cblr-3423	180	9	center	center	NOUN
cblr-3423	180	10	,	,	PUNCT
cblr-3423	180	11	framework	framework	NOUN
cblr-3423	180	12	for	for	ADP
cblr-3423	180	13	securities	security	NOUN
cblr-3423	180	14	regulation	regulation	NOUN
cblr-3423	180	15	of	of	ADP
cblr-3423	180	16	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	180	17	,	,	PUNCT
cblr-3423	180	18	11–17	11–17	NUM
cblr-3423	180	19	(	(	PUNCT
cblr-3423	180	20	2018	2018	NUM
cblr-3423	180	21	)	)	PUNCT
cblr-3423	180	22	,	,	PUNCT
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cblr-3423	181	1	[	[	X
cblr-3423	181	2	https://perma.cc/22fv-gpvz	https://perma.cc/22fv-gpvz	X
cblr-3423	181	3	]	]	X
cblr-3423	181	4	.	.	PUNCT
cblr-3423	182	1	29	29	NUM
cblr-3423	182	2	see	see	VERB
cblr-3423	182	3	shaanan	shaanan	NOUN
cblr-3423	182	4	cohsey	cohsey	NOUN
cblr-3423	182	5	,	,	PUNCT
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cblr-3423	182	7	a.	a.	PROPN
cblr-3423	182	8	hoffman	hoffman	PROPN
cblr-3423	182	9	,	,	PUNCT
cblr-3423	182	10	jeremy	jeremy	PROPN
cblr-3423	182	11	sklaroff	sklaroff	PROPN
cblr-3423	182	12	&	&	CCONJ
cblr-3423	182	13	david	david	PROPN
cblr-3423	182	14	a.	a.	PROPN
cblr-3423	182	15	wishnick	wishnick	PROPN
cblr-3423	182	16	,	,	PUNCT
cblr-3423	182	17	coin	coin	NOUN
cblr-3423	182	18	-	-	PUNCT
cblr-3423	182	19	operated	operate	VERB
cblr-3423	182	20	capitalism	capitalism	NOUN
cblr-3423	182	21	,	,	PUNCT
cblr-3423	182	22	119	119	NUM
cblr-3423	182	23	colum	colum	NOUN
cblr-3423	182	24	.	.	PUNCT
cblr-3423	183	1	l.	l.	PROPN
cblr-3423	183	2	rev	rev	PROPN
cblr-3423	183	3	.	.	PUNCT
cblr-3423	184	1	(	(	PUNCT
cblr-3423	184	2	forthcoming	forthcoming	ADJ
cblr-3423	184	3	2019	2019	NUM
cblr-3423	184	4	)	)	PUNCT
cblr-3423	184	5	(	(	PUNCT
cblr-3423	184	6	manuscript	manuscript	NOUN
cblr-3423	184	7	at	at	ADP
cblr-3423	184	8	29–30	29–30	NUM
cblr-3423	184	9	)	)	PUNCT
cblr-3423	184	10	.	.	PUNCT
cblr-3423	185	1	30	30	NUM
cblr-3423	186	1	i	i	PRON
cblr-3423	186	2	d.	d.	NOUN
cblr-3423	186	3	at	at	ADP
cblr-3423	186	4	30	30	NUM
cblr-3423	186	5	.	.	PUNCT
cblr-3423	186	6	31	31	NUM
cblr-3423	187	1	i	i	PRON
cblr-3423	187	2	d.	d.	PROPN
cblr-3423	187	3	at	at	ADP
cblr-3423	187	4	29	29	NUM
cblr-3423	187	5	n.91	n.91	PROPN
cblr-3423	187	6	.	.	PROPN
cblr-3423	187	7	32	32	NUM
cblr-3423	187	8	see	see	VERB
cblr-3423	187	9	daniel	daniel	PROPN
cblr-3423	187	10	cawrey	cawrey	PROPN
cblr-3423	187	11	,	,	PUNCT
cblr-3423	187	12	what	what	PRON
cblr-3423	187	13	are	be	AUX
cblr-3423	187	14	bitcoin	bitcoin	ADJ
cblr-3423	187	15	nodes	node	NOUN
cblr-3423	187	16	and	and	CCONJ
cblr-3423	187	17	why	why	SCONJ
cblr-3423	187	18	do	do	AUX
cblr-3423	187	19	we	we	PRON
cblr-3423	187	20	need	need	VERB
cblr-3423	187	21	them	they	PRON
cblr-3423	187	22	?	?	PUNCT
cblr-3423	187	23	,	,	PUNCT
cblr-3423	187	24	coindesk	coindesk	NOUN
cblr-3423	187	25	(	(	PUNCT
cblr-3423	187	26	may	may	PROPN
cblr-3423	187	27	9	9	NUM
cblr-3423	187	28	,	,	PUNCT
cblr-3423	187	29	2014	2014	NUM
cblr-3423	187	30	)	)	PUNCT
cblr-3423	187	31	,	,	PUNCT
cblr-3423	188	1	https://www.coindesk.com/bitcoin-nodesneed	https://www.coindesk.com/bitcoin-nodesneed	PROPN
cblr-3423	188	2	[	[	X
cblr-3423	188	3	https://perma.cc/yha5-me4x	https://perma.cc/yha5-me4x	X
cblr-3423	188	4	]	]	PUNCT
cblr-3423	188	5	.	.	PUNCT
cblr-3423	189	1	454	454	NUM
cblr-3423	189	2	columbia	columbia	PROPN
cblr-3423	189	3	business	business	NOUN
cblr-3423	189	4	law	law	PROPN
cblr-3423	189	5	review	review	NOUN
cblr-3423	189	6	[	[	X
cblr-3423	189	7	vol	vol	NOUN
cblr-3423	189	8	.	.	PUNCT
cblr-3423	189	9	2019	2019	NUM
cblr-3423	189	10	iii	iii	NOUN
cblr-3423	189	11	.	.	PUNCT
cblr-3423	190	1	sec	sec	PROPN
cblr-3423	190	2	stance	stance	NOUN
cblr-3423	190	3	and	and	CCONJ
cblr-3423	190	4	existing	exist	VERB
cblr-3423	190	5	jurisprudence	jurisprudence	NOUN
cblr-3423	190	6	the	the	DET
cblr-3423	190	7	sec	sec	PROPN
cblr-3423	190	8	has	have	AUX
cblr-3423	190	9	articulated	articulate	VERB
cblr-3423	190	10	its	its	PRON
cblr-3423	190	11	positions	position	NOUN
cblr-3423	190	12	on	on	ADP
cblr-3423	190	13	digital	digital	ADJ
cblr-3423	190	14	assets	asset	NOUN
cblr-3423	190	15	through	through	ADP
cblr-3423	190	16	informal	informal	ADJ
cblr-3423	190	17	guidance,33	guidance,33	PROPN
cblr-3423	190	18	enforcement	enforcement	NOUN
cblr-3423	190	19	actions,34	actions,34	NOUN
cblr-3423	190	20	and	and	CCONJ
cblr-3423	190	21	even	even	ADV
cblr-3423	190	22	a	a	DET
cblr-3423	190	23	website	website	NOUN
cblr-3423	190	24	that	that	PRON
cblr-3423	190	25	explains	explain	VERB
cblr-3423	190	26	the	the	DET
cblr-3423	190	27	perils	peril	NOUN
cblr-3423	190	28	of	of	ADP
cblr-3423	190	29	the	the	DET
cblr-3423	190	30	ico	ico	PROPN
cblr-3423	190	31	market	market	NOUN
cblr-3423	190	32	and	and	CCONJ
cblr-3423	190	33	relays	relay	VERB
cblr-3423	190	34	up	up	ADP
cblr-3423	190	35	-	-	PUNCT
cblr-3423	190	36	to	to	ADP
cblr-3423	190	37	-	-	PUNCT
cblr-3423	190	38	date	date	NOUN
cblr-3423	190	39	information.35	information.35	ADJ
cblr-3423	190	40	humorously,36	humorously,36	NOUN
cblr-3423	190	41	it	it	PRON
cblr-3423	190	42	also	also	ADV
cblr-3423	190	43	hosts	host	VERB
cblr-3423	190	44	a	a	DET
cblr-3423	190	45	website	website	NOUN
cblr-3423	190	46	promoting	promote	VERB
cblr-3423	190	47	its	its	PRON
cblr-3423	190	48	own	own	ADJ
cblr-3423	190	49	fake	fake	ADJ
cblr-3423	190	50	ico	ico	PROPN
cblr-3423	190	51	called	call	VERB
cblr-3423	190	52	howeycoin37	howeycoin37	NOUN
cblr-3423	190	53	to	to	PART
cblr-3423	190	54	demonstrate	demonstrate	VERB
cblr-3423	190	55	the	the	DET
cblr-3423	190	56	problems	problem	NOUN
cblr-3423	190	57	with	with	ADP
cblr-3423	190	58	parts	part	NOUN
cblr-3423	190	59	of	of	ADP
cblr-3423	190	60	the	the	DET
cblr-3423	190	61	market.38	market.38	NOUN
cblr-3423	190	62	to	to	ADP
cblr-3423	190	63	date	date	NOUN
cblr-3423	190	64	,	,	PUNCT
cblr-3423	190	65	there	there	PRON
cblr-3423	190	66	have	have	AUX
cblr-3423	190	67	been	be	AUX
cblr-3423	190	68	no	no	DET
cblr-3423	190	69	rulemakings	rulemaking	NOUN
cblr-3423	190	70	,	,	PUNCT
cblr-3423	190	71	either	either	CCONJ
cblr-3423	190	72	formal	formal	ADJ
cblr-3423	190	73	or	or	CCONJ
cblr-3423	190	74	informal	informal	ADJ
cblr-3423	190	75	.	.	PUNCT
cblr-3423	191	1	the	the	DET
cblr-3423	191	2	sec	sec	PROPN
cblr-3423	191	3	’s	’s	PART
cblr-3423	191	4	most	most	ADV
cblr-3423	191	5	significant	significant	ADJ
cblr-3423	191	6	policy	policy	NOUN
cblr-3423	191	7	statements	statement	NOUN
cblr-3423	191	8	on	on	ADP
cblr-3423	191	9	icos	icos	PROPN
cblr-3423	191	10	came	come	VERB
cblr-3423	191	11	in	in	ADP
cblr-3423	191	12	a	a	DET
cblr-3423	191	13	speech	speech	NOUN
cblr-3423	191	14	delivered	deliver	VERB
cblr-3423	191	15	by	by	ADP
cblr-3423	191	16	william	william	PROPN
cblr-3423	191	17	hinman	hinman	PROPN
cblr-3423	191	18	,	,	PUNCT
cblr-3423	191	19	director	director	NOUN
cblr-3423	191	20	of	of	ADP
cblr-3423	191	21	the	the	DET
cblr-3423	191	22	division	division	NOUN
cblr-3423	191	23	of	of	ADP
cblr-3423	191	24	corporation	corporation	NOUN
cblr-3423	191	25	finance	finance	NOUN
cblr-3423	191	26	and	and	CCONJ
cblr-3423	191	27	the	the	DET
cblr-3423	191	28	framework	framework	NOUN
cblr-3423	191	29	issued	issue	VERB
cblr-3423	191	30	in	in	ADP
cblr-3423	191	31	april	april	PROPN
cblr-3423	191	32	of	of	ADP
cblr-3423	191	33	2019.39	2019.39	NUM
cblr-3423	191	34	while	while	SCONJ
cblr-3423	191	35	other	other	ADJ
cblr-3423	191	36	commissioners	commissioner	NOUN
cblr-3423	191	37	spoke	speak	VERB
cblr-3423	191	38	out	out	ADP
cblr-3423	191	39	about	about	ADP
cblr-3423	191	40	various	various	ADJ
cblr-3423	191	41	issues	issue	NOUN
cblr-3423	191	42	in	in	ADP
cblr-3423	191	43	digital	digital	ADJ
cblr-3423	191	44	assets	asset	NOUN
cblr-3423	191	45	,	,	PUNCT
cblr-3423	191	46	hinman	hinman	NOUN
cblr-3423	191	47	was	be	AUX
cblr-3423	191	48	the	the	DET
cblr-3423	191	49	first	first	ADJ
cblr-3423	191	50	speaker	speaker	NOUN
cblr-3423	191	51	to	to	PART
cblr-3423	191	52	articulate	articulate	VERB
cblr-3423	191	53	a	a	DET
cblr-3423	191	54	cognizable	cognizable	ADJ
cblr-3423	191	55	legal	legal	ADJ
cblr-3423	191	56	standard	standard	NOUN
cblr-3423	191	57	for	for	ADP
cblr-3423	191	58	classifying	classify	VERB
cblr-3423	191	59	the	the	DET
cblr-3423	191	60	assets	asset	NOUN
cblr-3423	191	61	.	.	PUNCT
cblr-3423	192	1	the	the	DET
cblr-3423	192	2	speech	speech	NOUN
cblr-3423	192	3	sought	seek	VERB
cblr-3423	192	4	to	to	PART
cblr-3423	192	5	answer	answer	VERB
cblr-3423	192	6	the	the	DET
cblr-3423	192	7	following	follow	VERB
cblr-3423	192	8	question	question	NOUN
cblr-3423	192	9	:	:	PUNCT
cblr-3423	192	10	“	"	PUNCT
cblr-3423	192	11	[	[	X
cblr-3423	192	12	whether	whether	SCONJ
cblr-3423	192	13	]	]	X
cblr-3423	192	14	a	a	DET
cblr-3423	192	15	digital	digital	ADJ
cblr-3423	192	16	asset	asset	NOUN
cblr-3423	192	17	that	that	PRON
cblr-3423	192	18	was	be	AUX
cblr-3423	192	19	originally	originally	ADV
cblr-3423	192	20	offered	offer	VERB
cblr-3423	192	21	in	in	ADP
cblr-3423	192	22	a	a	DET
cblr-3423	192	23	securities	security	NOUN
cblr-3423	192	24	offering	offering	NOUN
cblr-3423	192	25	[	[	X
cblr-3423	192	26	could	could	AUX
cblr-3423	192	27	]	]	PART
cblr-3423	192	28	ever	ever	ADV
cblr-3423	192	29	be	be	AUX
cblr-3423	192	30	later	later	ADV
cblr-3423	192	31	sold	sell	VERB
cblr-3423	192	32	in	in	ADP
cblr-3423	192	33	a	a	DET
cblr-3423	192	34	manner	manner	NOUN
cblr-3423	192	35	that	that	PRON
cblr-3423	192	36	does	do	AUX
cblr-3423	192	37	not	not	PART
cblr-3423	192	38	constitute	constitute	VERB
cblr-3423	192	39	an	an	DET
cblr-3423	192	40	offering	offering	NOUN
cblr-3423	192	41	of	of	ADP
cblr-3423	192	42	a	a	DET
cblr-3423	192	43	security[.]”40	security[.]”40	PROPN
cblr-3423	192	44	first	first	ADJ
cblr-3423	192	45	,	,	PUNCT
cblr-3423	192	46	hinman	hinman	NOUN
cblr-3423	192	47	answers	answer	VERB
cblr-3423	192	48	that	that	SCONJ
cblr-3423	192	49	when	when	SCONJ
cblr-3423	192	50	terms	term	NOUN
cblr-3423	192	51	like	like	ADP
cblr-3423	192	52	“	"	PUNCT
cblr-3423	192	53	coin	coin	NOUN
cblr-3423	192	54	,	,	PUNCT
cblr-3423	192	55	”	"	PUNCT
cblr-3423	192	56	“	"	PUNCT
cblr-3423	192	57	token	token	VERB
cblr-3423	192	58	,	,	PUNCT
cblr-3423	192	59	”	"	PUNCT
cblr-3423	192	60	or	or	CCONJ
cblr-3423	192	61	33	33	NUM
cblr-3423	192	62	see	see	NOUN
cblr-3423	192	63	,	,	PUNCT
cblr-3423	192	64	e.g.	e.g.	ADV
cblr-3423	192	65	,	,	PUNCT
cblr-3423	192	66	framework	framework	NOUN
cblr-3423	192	67	,	,	PUNCT
cblr-3423	192	68	supra	supra	PROPN
cblr-3423	192	69	note	note	PROPN
cblr-3423	192	70	16	16	NUM
cblr-3423	192	71	;	;	PUNCT
cblr-3423	192	72	press	press	NOUN
cblr-3423	192	73	release	release	NOUN
cblr-3423	192	74	,	,	PUNCT
cblr-3423	192	75	sec	sec	PROPN
cblr-3423	192	76	,	,	PUNCT
cblr-3423	192	77	statement	statement	NOUN
cblr-3423	192	78	on	on	ADP
cblr-3423	192	79	digital	digital	ADJ
cblr-3423	192	80	asset	asset	NOUN
cblr-3423	192	81	securities	security	NOUN
cblr-3423	192	82	issuance	issuance	NOUN
cblr-3423	192	83	and	and	CCONJ
cblr-3423	192	84	trading	trading	NOUN
cblr-3423	192	85	(	(	PUNCT
cblr-3423	192	86	nov	nov	PROPN
cblr-3423	192	87	.	.	PROPN
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cblr-3423	192	89	,	,	PUNCT
cblr-3423	192	90	2018	2018	NUM
cblr-3423	192	91	)	)	PUNCT
cblr-3423	192	92	,	,	PUNCT
cblr-3423	192	93	https://www.sec.gov/news/public-statement/digital-asset-securitesissuuance-and-trading	https://www.sec.gov/news/public-statement/digital-asset-securitesissuuance-and-trade	VERB
cblr-3423	193	1	[	[	X
cblr-3423	193	2	https://perma.cc/2eh3-avjb	https://perma.cc/2eh3-avjb	X
cblr-3423	193	3	]	]	X
cblr-3423	193	4	.	.	PUNCT
cblr-3423	194	1	34	34	NUM
cblr-3423	194	2	see	see	VERB
cblr-3423	194	3	,	,	PUNCT
cblr-3423	194	4	e.g.	e.g.	ADV
cblr-3423	194	5	,	,	PUNCT
cblr-3423	194	6	supra	supra	PROPN
cblr-3423	194	7	note	note	NOUN
cblr-3423	194	8	14	14	NUM
cblr-3423	194	9	.	.	SYM
cblr-3423	194	10	35	35	NUM
cblr-3423	194	11	see	see	VERB
cblr-3423	194	12	generally	generally	ADV
cblr-3423	194	13	spotlight	spotlight	VERB
cblr-3423	194	14	on	on	ADP
cblr-3423	194	15	initial	initial	ADJ
cblr-3423	194	16	coin	coin	NOUN
cblr-3423	194	17	offerings	offering	NOUN
cblr-3423	194	18	(	(	PUNCT
cblr-3423	194	19	icos	icos	PROPN
cblr-3423	194	20	)	)	PUNCT
cblr-3423	194	21	,	,	PUNCT
cblr-3423	194	22	u.s	u.s	PROPN
cblr-3423	194	23	.	.	PROPN
cblr-3423	194	24	sec	sec	PROPN
cblr-3423	194	25	.	.	PROPN
cblr-3423	194	26	&	&	CCONJ
cblr-3423	194	27	exchange	exchange	PROPN
cblr-3423	194	28	commission	commission	PROPN
cblr-3423	194	29	,	,	PUNCT
cblr-3423	194	30	https://www.sec.gov/ico	https://www.sec.gov/ico	PROPN
cblr-3423	195	1	[	[	X
cblr-3423	195	2	https://perma.cc/q2gb3he4	https://perma.cc/q2gb3he4	X
cblr-3423	195	3	]	]	X
cblr-3423	195	4	(	(	PUNCT
cblr-3423	195	5	last	last	ADJ
cblr-3423	195	6	modified	modify	VERB
cblr-3423	195	7	feb	feb	PROPN
cblr-3423	195	8	.	.	PROPN
cblr-3423	195	9	7	7	NUM
cblr-3423	195	10	,	,	PUNCT
cblr-3423	195	11	2019	2019	NUM
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cblr-3423	195	13	.	.	PUNCT
cblr-3423	196	1	36	36	NUM
cblr-3423	196	2	this	this	DET
cblr-3423	196	3	article	article	NOUN
cblr-3423	196	4	uses	use	VERB
cblr-3423	196	5	this	this	DET
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cblr-3423	196	7	relatively	relatively	ADV
cblr-3423	196	8	speaking	speak	VERB
cblr-3423	196	9	.	.	PUNCT
cblr-3423	197	1	37	37	NUM
cblr-3423	197	2	howeycoins	howeycoin	VERB
cblr-3423	197	3	pre	pre	ADJ
cblr-3423	197	4	-	-	ADJ
cblr-3423	197	5	ico	ico	ADJ
cblr-3423	197	6	sale	sale	NOUN
cblr-3423	197	7	,	,	PUNCT
cblr-3423	197	8	u.s	u.s	PROPN
cblr-3423	197	9	.	.	PROPN
cblr-3423	197	10	sec	sec	PROPN
cblr-3423	197	11	.	.	PROPN
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cblr-3423	197	13	exchange	exchange	PROPN
cblr-3423	197	14	commission	commission	PROPN
cblr-3423	197	15	,	,	PUNCT
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cblr-3423	197	20	.	.	PUNCT
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cblr-3423	198	4	,	,	PUNCT
cblr-3423	198	5	sec	sec	PROPN
cblr-3423	198	6	,	,	PUNCT
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cblr-3423	198	8	sec	sec	PROPN
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cblr-3423	198	11	opportunity	opportunity	NOUN
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cblr-3423	198	13	wo	will	AUX
cblr-3423	198	14	n’t	not	PART
cblr-3423	198	15	want	want	VERB
cblr-3423	198	16	to	to	PART
cblr-3423	198	17	miss	miss	VERB
cblr-3423	198	18	:	:	PUNCT
cblr-3423	198	19	act	act	VERB
cblr-3423	198	20	now	now	ADV
cblr-3423	198	21	!	!	PUNCT
cblr-3423	199	1	(	(	PUNCT
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cblr-3423	199	3	16	16	NUM
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cblr-3423	199	7	,	,	PUNCT
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cblr-3423	200	1	[	[	X
cblr-3423	200	2	https://perma.cc/m5nf-vzhw	https://perma.cc/m5nf-vzhw	X
cblr-3423	200	3	]	]	PUNCT
cblr-3423	200	4	.	.	PUNCT
cblr-3423	201	1	39	39	NUM
cblr-3423	201	2	see	see	VERB
cblr-3423	201	3	framework	framework	NOUN
cblr-3423	201	4	,	,	PUNCT
cblr-3423	201	5	supra	supra	PROPN
cblr-3423	201	6	note	note	PROPN
cblr-3423	201	7	16	16	NUM
cblr-3423	201	8	;	;	PUNCT
cblr-3423	201	9	william	william	PROPN
cblr-3423	201	10	hinman	hinman	PROPN
cblr-3423	201	11	,	,	PUNCT
cblr-3423	201	12	dir	dir	PROPN
cblr-3423	201	13	.	.	PROPN
cblr-3423	201	14	,	,	PUNCT
cblr-3423	201	15	div	div	PROPN
cblr-3423	201	16	.	.	PROPN
cblr-3423	201	17	corp	corp	PROPN
cblr-3423	201	18	.	.	PROPN
cblr-3423	201	19	fin	fin	PROPN
cblr-3423	201	20	.	.	PROPN
cblr-3423	201	21	,	,	PUNCT
cblr-3423	201	22	sec	sec	PROPN
cblr-3423	201	23	,	,	PUNCT
cblr-3423	201	24	remarks	remark	VERB
cblr-3423	201	25	at	at	ADP
cblr-3423	201	26	the	the	DET
cblr-3423	201	27	yahoo	yahoo	PROPN
cblr-3423	201	28	finance	finance	NOUN
cblr-3423	201	29	all	all	DET
cblr-3423	201	30	markets	market	NOUN
cblr-3423	201	31	summit	summit	NOUN
cblr-3423	201	32	:	:	PUNCT
cblr-3423	201	33	crypto	crypto	PROPN
cblr-3423	201	34	(	(	PUNCT
cblr-3423	201	35	june	june	PROPN
cblr-3423	201	36	14	14	NUM
cblr-3423	201	37	,	,	PUNCT
cblr-3423	201	38	2018	2018	NUM
cblr-3423	201	39	)	)	PUNCT
cblr-3423	202	1	[	[	X
cblr-3423	202	2	hereinafter	hereinafter	NOUN
cblr-3423	202	3	hinman	hinman	NOUN
cblr-3423	202	4	speech	speech	PROPN
cblr-3423	202	5	]	]	PUNCT
cblr-3423	202	6	,	,	PUNCT
cblr-3423	202	7	https://www.sec.gov/news/	https://www.sec.gov/news/	PROPN
cblr-3423	202	8	speech	speech	NOUN
cblr-3423	202	9	/	/	SYM
cblr-3423	202	10	speech	speech	NOUN
cblr-3423	202	11	-	-	PUNCT
cblr-3423	202	12	hinman-061418	hinman-061418	NOUN
cblr-3423	202	13	[	[	X
cblr-3423	202	14	https://perma.cc/w7n4-rn8n	https://perma.cc/w7n4-rn8n	X
cblr-3423	202	15	]	]	X
cblr-3423	202	16	.	.	PUNCT
cblr-3423	203	1	40	40	NUM
cblr-3423	204	1	i	i	PRON
cblr-3423	204	2	d.	d.	PROPN
cblr-3423	204	3	http://www.sec.gov/ico	http://www.sec.gov/ico	PROPN
cblr-3423	204	4	no	no	INTJ
cblr-3423	204	5	.	.	NOUN
cblr-3423	204	6	2:443	2:443	NUM
cblr-3423	204	7	]	]	X
cblr-3423	204	8	a	a	DET
cblr-3423	204	9	regulatory	regulatory	ADJ
cblr-3423	204	10	classification	classification	NOUN
cblr-3423	204	11	of	of	ADP
cblr-3423	204	12	digital	digital	ADJ
cblr-3423	204	13	assets	asset	NOUN
cblr-3423	204	14	455	455	NUM
cblr-3423	204	15	“	"	PUNCT
cblr-3423	204	16	icos	icos	PROPN
cblr-3423	204	17	”	"	PUNCT
cblr-3423	204	18	are	be	AUX
cblr-3423	204	19	used	use	VERB
cblr-3423	204	20	in	in	ADP
cblr-3423	204	21	an	an	DET
cblr-3423	204	22	attempt	attempt	NOUN
cblr-3423	204	23	to	to	PART
cblr-3423	204	24	evade	evade	VERB
cblr-3423	204	25	registration	registration	NOUN
cblr-3423	204	26	requirements	requirement	NOUN
cblr-3423	204	27	,	,	PUNCT
cblr-3423	204	28	the	the	DET
cblr-3423	204	29	sec	sec	PROPN
cblr-3423	204	30	will	will	AUX
cblr-3423	204	31	treat	treat	VERB
cblr-3423	204	32	them	they	PRON
cblr-3423	204	33	simply	simply	ADV
cblr-3423	204	34	as	as	SCONJ
cblr-3423	204	35	securities	security	NOUN
cblr-3423	204	36	with	with	ADP
cblr-3423	204	37	a	a	DET
cblr-3423	204	38	straightforward	straightforward	ADJ
cblr-3423	204	39	howey	howey	NOUN
cblr-3423	204	40	analysis.41	analysis.41	PROPN
cblr-3423	204	41	there	there	PRON
cblr-3423	204	42	are	be	VERB
cblr-3423	204	43	numerous	numerous	ADJ
cblr-3423	204	44	examples	example	NOUN
cblr-3423	204	45	of	of	ADP
cblr-3423	204	46	these	these	DET
cblr-3423	204	47	types	type	NOUN
cblr-3423	204	48	of	of	ADP
cblr-3423	204	49	assets.42	assets.42	NOUN
cblr-3423	204	50	the	the	DET
cblr-3423	204	51	second	second	ADJ
cblr-3423	204	52	half	half	NOUN
cblr-3423	204	53	of	of	ADP
cblr-3423	204	54	the	the	DET
cblr-3423	204	55	speech	speech	NOUN
cblr-3423	204	56	,	,	PUNCT
cblr-3423	204	57	however	however	ADV
cblr-3423	204	58	,	,	PUNCT
cblr-3423	204	59	deals	deal	NOUN
cblr-3423	204	60	with	with	ADP
cblr-3423	204	61	instruments	instrument	NOUN
cblr-3423	204	62	that	that	PRON
cblr-3423	204	63	may	may	AUX
cblr-3423	204	64	not	not	PART
cblr-3423	204	65	be	be	AUX
cblr-3423	204	66	securities	security	NOUN
cblr-3423	204	67	:	:	PUNCT
cblr-3423	204	68	if	if	SCONJ
cblr-3423	204	69	the	the	DET
cblr-3423	204	70	network	network	NOUN
cblr-3423	204	71	on	on	ADP
cblr-3423	204	72	which	which	PRON
cblr-3423	204	73	the	the	DET
cblr-3423	204	74	token	token	NOUN
cblr-3423	204	75	or	or	CCONJ
cblr-3423	204	76	coin	coin	NOUN
cblr-3423	204	77	is	be	AUX
cblr-3423	204	78	to	to	PART
cblr-3423	204	79	function	function	VERB
cblr-3423	204	80	is	be	AUX
cblr-3423	204	81	sufficiently	sufficiently	ADV
cblr-3423	204	82	decentralized	decentralize	VERB
cblr-3423	204	83	–	–	PUNCT
cblr-3423	204	84	where	where	SCONJ
cblr-3423	204	85	purchasers	purchaser	NOUN
cblr-3423	204	86	would	would	AUX
cblr-3423	204	87	no	no	ADV
cblr-3423	204	88	longer	long	ADV
cblr-3423	204	89	reasonably	reasonably	ADV
cblr-3423	204	90	expect	expect	VERB
cblr-3423	204	91	a	a	DET
cblr-3423	204	92	person	person	NOUN
cblr-3423	204	93	or	or	CCONJ
cblr-3423	204	94	group	group	NOUN
cblr-3423	204	95	to	to	PART
cblr-3423	204	96	carry	carry	VERB
cblr-3423	204	97	out	out	ADP
cblr-3423	204	98	essential	essential	ADJ
cblr-3423	204	99	managerial	managerial	ADJ
cblr-3423	204	100	or	or	CCONJ
cblr-3423	204	101	entrepreneurial	entrepreneurial	ADJ
cblr-3423	204	102	efforts	effort	NOUN
cblr-3423	204	103	–	–	PUNCT
cblr-3423	204	104	the	the	DET
cblr-3423	204	105	assets	asset	NOUN
cblr-3423	204	106	may	may	AUX
cblr-3423	204	107	not	not	PART
cblr-3423	204	108	represent	represent	VERB
cblr-3423	204	109	an	an	DET
cblr-3423	204	110	investment	investment	NOUN
cblr-3423	204	111	contract	contract	NOUN
cblr-3423	204	112	.	.	PUNCT
cblr-3423	205	1	moreover	moreover	ADV
cblr-3423	205	2	,	,	PUNCT
cblr-3423	205	3	when	when	SCONJ
cblr-3423	205	4	the	the	DET
cblr-3423	205	5	efforts	effort	NOUN
cblr-3423	205	6	of	of	ADP
cblr-3423	205	7	the	the	DET
cblr-3423	205	8	third	third	ADJ
cblr-3423	205	9	party	party	NOUN
cblr-3423	205	10	are	be	AUX
cblr-3423	205	11	no	no	ADV
cblr-3423	205	12	longer	long	ADV
cblr-3423	205	13	a	a	DET
cblr-3423	205	14	key	key	ADJ
cblr-3423	205	15	factor	factor	NOUN
cblr-3423	205	16	for	for	ADP
cblr-3423	205	17	determining	determine	VERB
cblr-3423	205	18	the	the	DET
cblr-3423	205	19	enterprise	enterprise	NOUN
cblr-3423	205	20	’s	’s	PART
cblr-3423	205	21	success	success	NOUN
cblr-3423	205	22	,	,	PUNCT
cblr-3423	205	23	material	material	NOUN
cblr-3423	205	24	information	information	NOUN
cblr-3423	205	25	asymmetries	asymmetry	NOUN
cblr-3423	205	26	recede	recede	VERB
cblr-3423	205	27	.	.	PUNCT
cblr-3423	206	1	as	as	SCONJ
cblr-3423	206	2	a	a	DET
cblr-3423	206	3	network	network	NOUN
cblr-3423	206	4	becomes	becomes	AUX
cblr-3423	206	5	truly	truly	ADV
cblr-3423	206	6	decentralized	decentralize	VERB
cblr-3423	206	7	,	,	PUNCT
cblr-3423	206	8	the	the	DET
cblr-3423	206	9	ability	ability	NOUN
cblr-3423	206	10	to	to	PART
cblr-3423	206	11	identify	identify	VERB
cblr-3423	206	12	an	an	DET
cblr-3423	206	13	issuer	issuer	NOUN
cblr-3423	206	14	or	or	CCONJ
cblr-3423	206	15	promoter	promoter	NOUN
cblr-3423	206	16	to	to	PART
cblr-3423	206	17	make	make	VERB
cblr-3423	206	18	the	the	DET
cblr-3423	206	19	requisite	requisite	ADJ
cblr-3423	206	20	disclosures	disclosure	NOUN
cblr-3423	206	21	becomes	become	VERB
cblr-3423	206	22	difficult	difficult	ADJ
cblr-3423	206	23	,	,	PUNCT
cblr-3423	206	24	and	and	CCONJ
cblr-3423	206	25	less	less	ADV
cblr-3423	206	26	meaningful.43	meaningful.43	ADJ
cblr-3423	206	27	the	the	DET
cblr-3423	206	28	most	most	ADV
cblr-3423	206	29	notable	notable	ADJ
cblr-3423	206	30	asset	asset	NOUN
cblr-3423	206	31	to	to	PART
cblr-3423	206	32	meet	meet	VERB
cblr-3423	206	33	this	this	DET
cblr-3423	206	34	definition	definition	NOUN
cblr-3423	206	35	is	be	AUX
cblr-3423	206	36	bitcoin	bitcoin	ADJ
cblr-3423	206	37	.	.	PUNCT
cblr-3423	207	1	recognizing	recognize	VERB
cblr-3423	207	2	that	that	SCONJ
cblr-3423	207	3	such	such	ADJ
cblr-3423	207	4	“	"	PUNCT
cblr-3423	207	5	sufficiently	sufficiently	ADV
cblr-3423	207	6	decentralized	decentralize	VERB
cblr-3423	207	7	”	"	PUNCT
cblr-3423	207	8	digital	digital	ADJ
cblr-3423	207	9	assets	asset	NOUN
cblr-3423	207	10	may	may	AUX
cblr-3423	207	11	not	not	PART
cblr-3423	207	12	be	be	AUX
cblr-3423	207	13	securities	security	NOUN
cblr-3423	207	14	is	be	AUX
cblr-3423	207	15	an	an	DET
cblr-3423	207	16	important	important	ADJ
cblr-3423	207	17	foundational	foundational	ADJ
cblr-3423	207	18	principle	principle	NOUN
cblr-3423	207	19	.	.	PUNCT
cblr-3423	208	1	but	but	CCONJ
cblr-3423	208	2	this	this	PRON
cblr-3423	208	3	raises	raise	VERB
cblr-3423	208	4	a	a	DET
cblr-3423	208	5	second	second	ADJ
cblr-3423	208	6	question	question	NOUN
cblr-3423	208	7	:	:	PUNCT
cblr-3423	208	8	how	how	SCONJ
cblr-3423	208	9	can	can	AUX
cblr-3423	208	10	the	the	DET
cblr-3423	208	11	investment	investment	NOUN
cblr-3423	208	12	community	community	NOUN
cblr-3423	208	13	know	know	VERB
cblr-3423	208	14	what	what	PRON
cblr-3423	208	15	hinman	hinman	NOUN
cblr-3423	208	16	and	and	CCONJ
cblr-3423	208	17	the	the	DET
cblr-3423	208	18	sec	sec	PROPN
cblr-3423	208	19	mean	mean	NOUN
cblr-3423	208	20	by	by	ADP
cblr-3423	208	21	“	"	PUNCT
cblr-3423	208	22	sufficiently	sufficiently	ADV
cblr-3423	208	23	decentralized	decentralize	VERB
cblr-3423	208	24	”	"	PUNCT
cblr-3423	208	25	?	?	PUNCT
cblr-3423	209	1	no	no	DET
cblr-3423	209	2	operational	operational	ADJ
cblr-3423	209	3	test	test	NOUN
cblr-3423	209	4	has	have	AUX
cblr-3423	209	5	been	be	AUX
cblr-3423	209	6	offered	offer	VERB
cblr-3423	209	7	,	,	PUNCT
cblr-3423	209	8	which	which	PRON
cblr-3423	209	9	is	be	AUX
cblr-3423	209	10	why	why	SCONJ
cblr-3423	209	11	this	this	DET
cblr-3423	209	12	article	article	NOUN
cblr-3423	209	13	proposes	propose	VERB
cblr-3423	209	14	the	the	DET
cblr-3423	209	15	bahamas	bahamas	PROPN
cblr-3423	209	16	test	test	NOUN
cblr-3423	209	17	.	.	PUNCT
cblr-3423	210	1	the	the	DET
cblr-3423	210	2	framework	framework	NOUN
cblr-3423	210	3	focuses	focus	VERB
cblr-3423	210	4	on	on	ADP
cblr-3423	210	5	the	the	DET
cblr-3423	210	6	reasonable	reasonable	ADJ
cblr-3423	210	7	expectation	expectation	NOUN
cblr-3423	210	8	of	of	ADP
cblr-3423	210	9	profits	profit	NOUN
cblr-3423	210	10	and	and	CCONJ
cblr-3423	210	11	efforts	effort	NOUN
cblr-3423	210	12	of	of	ADP
cblr-3423	210	13	others	other	NOUN
cblr-3423	210	14	prongs	prong	NOUN
cblr-3423	210	15	of	of	ADP
cblr-3423	210	16	the	the	DET
cblr-3423	210	17	howey	howey	PROPN
cblr-3423	210	18	inquiry.44	inquiry.44	PROPN
cblr-3423	210	19	instead	instead	ADV
cblr-3423	210	20	of	of	ADP
cblr-3423	210	21	this	this	DET
cblr-3423	210	22	article	article	NOUN
cblr-3423	210	23	's	's	PART
cblr-3423	210	24	more	more	ADV
cblr-3423	210	25	rigid	rigid	ADJ
cblr-3423	210	26	rules	rule	NOUN
cblr-3423	210	27	-	-	PUNCT
cblr-3423	210	28	based	base	VERB
cblr-3423	210	29	approach	approach	NOUN
cblr-3423	210	30	,	,	PUNCT
cblr-3423	210	31	the	the	DET
cblr-3423	210	32	framework	framework	NOUN
cblr-3423	210	33	lists	list	VERB
cblr-3423	210	34	a	a	DET
cblr-3423	210	35	number	number	NOUN
cblr-3423	210	36	of	of	ADP
cblr-3423	210	37	characteristics	characteristic	NOUN
cblr-3423	210	38	for	for	ADP
cblr-3423	210	39	determining	determine	VERB
cblr-3423	210	40	whether	whether	SCONJ
cblr-3423	210	41	a	a	DET
cblr-3423	210	42	purchaser	purchaser	NOUN
cblr-3423	210	43	had	have	VERB
cblr-3423	210	44	a	a	DET
cblr-3423	210	45	reasonable	reasonable	ADJ
cblr-3423	210	46	expectation	expectation	NOUN
cblr-3423	210	47	of	of	ADP
cblr-3423	210	48	profit	profit	NOUN
cblr-3423	210	49	41	41	NUM
cblr-3423	210	50	see	see	VERB
cblr-3423	210	51	i	i	PRON
cblr-3423	210	52	d.	d.	PROPN
cblr-3423	210	53	42	42	NUM
cblr-3423	210	54	see	see	VERB
cblr-3423	210	55	,	,	PUNCT
cblr-3423	210	56	e.g.	e.g.	ADV
cblr-3423	210	57	,	,	PUNCT
cblr-3423	210	58	carriereq	carriereq	PROPN
cblr-3423	210	59	,	,	PUNCT
cblr-3423	210	60	inc	inc	PROPN
cblr-3423	210	61	.	.	PROPN
cblr-3423	210	62	,	,	PUNCT
cblr-3423	210	63	securities	security	NOUN
cblr-3423	210	64	act	act	VERB
cblr-3423	210	65	release	release	VERB
cblr-3423	210	66	no	no	NOUN
cblr-3423	210	67	.	.	NOUN
cblr-3423	211	1	10575	10575	NUM
cblr-3423	211	2	,	,	PUNCT
cblr-3423	211	3	2018	2018	NUM
cblr-3423	211	4	wl	wl	NOUN
cblr-3423	211	5	6017664	6017664	NUM
cblr-3423	211	6	(	(	PUNCT
cblr-3423	211	7	nov	nov	PROPN
cblr-3423	211	8	.	.	PROPN
cblr-3423	211	9	16	16	NUM
cblr-3423	211	10	,	,	PUNCT
cblr-3423	211	11	2018	2018	NUM
cblr-3423	211	12	)	)	PUNCT
cblr-3423	211	13	,	,	PUNCT
cblr-3423	212	1	https://www.sec.gov/litigation/admin/2018/3310575.pdf	https://www.sec.gov/litigation/admin/2018/3310575.pdf	PROPN
cblr-3423	212	2	[	[	X
cblr-3423	212	3	https://perma.cc/nm4x-66vv	https://perma.cc/nm4x-66vv	NOUN
cblr-3423	212	4	]	]	X
cblr-3423	212	5	;	;	PUNCT
cblr-3423	212	6	paragon	paragon	NOUN
cblr-3423	212	7	coin	coin	PROPN
cblr-3423	212	8	,	,	PUNCT
cblr-3423	212	9	inc	inc	PROPN
cblr-3423	212	10	.	.	PROPN
cblr-3423	212	11	,	,	PUNCT
cblr-3423	212	12	securities	security	NOUN
cblr-3423	212	13	act	act	VERB
cblr-3423	212	14	release	release	VERB
cblr-3423	212	15	no	no	DET
cblr-3423	212	16	.	.	NOUN
cblr-3423	212	17	10574	10574	NUM
cblr-3423	212	18	,	,	PUNCT
cblr-3423	212	19	2018	2018	NUM
cblr-3423	212	20	wl	wl	NOUN
cblr-3423	212	21	6017663	6017663	NUM
cblr-3423	212	22	(	(	PUNCT
cblr-3423	212	23	nov	nov	PROPN
cblr-3423	212	24	.	.	PROPN
cblr-3423	212	25	16	16	NUM
cblr-3423	212	26	,	,	PUNCT
cblr-3423	212	27	2018	2018	NUM
cblr-3423	212	28	)	)	PUNCT
cblr-3423	212	29	,	,	PUNCT
cblr-3423	212	30	https://www.sec.gov/litigation/admin/2018/33-10574.pdf	https://www.sec.gov/litigation/admin/2018/33-10574.pdf	PROPN
cblr-3423	213	1	[	[	AUX
cblr-3423	213	2	https://perma.cc/	https://perma.cc/	VERB
cblr-3423	213	3	tj3d-93dl	tj3d-93dl	NOUN
cblr-3423	213	4	]	]	PUNCT
cblr-3423	213	5	.	.	PUNCT
cblr-3423	214	1	43	43	NUM
cblr-3423	214	2	hinman	hinman	NOUN
cblr-3423	214	3	speech	speech	NOUN
cblr-3423	214	4	,	,	PUNCT
cblr-3423	214	5	supra	supra	PROPN
cblr-3423	214	6	note	note	NOUN
cblr-3423	214	7	39	39	NUM
cblr-3423	214	8	.	.	PUNCT
cblr-3423	215	1	44	44	NUM
cblr-3423	215	2	see	see	VERB
cblr-3423	215	3	framework	framework	NOUN
cblr-3423	215	4	,	,	PUNCT
cblr-3423	215	5	supra	supra	PROPN
cblr-3423	215	6	note	note	NOUN
cblr-3423	215	7	16	16	NUM
cblr-3423	215	8	.	.	PUNCT
cblr-3423	216	1	456	456	NUM
cblr-3423	216	2	columbia	columbia	PROPN
cblr-3423	216	3	business	business	PROPN
cblr-3423	216	4	law	law	PROPN
cblr-3423	216	5	review	review	NOUN
cblr-3423	216	6	[	[	X
cblr-3423	216	7	vol	vol	NOUN
cblr-3423	216	8	.	.	NOUN
cblr-3423	216	9	2019	2019	NUM
cblr-3423	216	10	derived	derive	VERB
cblr-3423	216	11	from	from	ADP
cblr-3423	216	12	the	the	DET
cblr-3423	216	13	efforts	effort	NOUN
cblr-3423	216	14	of	of	ADP
cblr-3423	216	15	others.45	others.45	NOUN
cblr-3423	216	16	in	in	ADP
cblr-3423	216	17	this	this	DET
cblr-3423	216	18	standards	standard	NOUN
cblr-3423	216	19	-	-	PUNCT
cblr-3423	216	20	based	base	VERB
cblr-3423	216	21	approach	approach	NOUN
cblr-3423	216	22	,	,	PUNCT
cblr-3423	216	23	"	"	PUNCT
cblr-3423	216	24	no	no	DET
cblr-3423	216	25	one	one	NUM
cblr-3423	216	26	of	of	ADP
cblr-3423	216	27	the	the	PRON
cblr-3423	216	28	.	.	PUNCT
cblr-3423	216	29	.	.	PUNCT
cblr-3423	216	30	.	.	PUNCT
cblr-3423	217	1	characteristics	characteristic	NOUN
cblr-3423	217	2	is	be	AUX
cblr-3423	217	3	necessarily	necessarily	ADV
cblr-3423	217	4	determinative	determinative	ADJ
cblr-3423	217	5	"	"	PUNCT
cblr-3423	217	6	but	but	CCONJ
cblr-3423	217	7	the	the	DET
cblr-3423	217	8	"	"	PUNCT
cblr-3423	217	9	stronger	strong	ADJ
cblr-3423	217	10	their	their	PRON
cblr-3423	217	11	presence	presence	NOUN
cblr-3423	217	12	"	"	PUNCT
cblr-3423	217	13	the	the	PRON
cblr-3423	217	14	more	more	ADV
cblr-3423	217	15	likely	likely	ADJ
cblr-3423	217	16	the	the	DET
cblr-3423	217	17	instrument	instrument	NOUN
cblr-3423	217	18	is	be	AUX
cblr-3423	217	19	a	a	DET
cblr-3423	217	20	security.46	security.46	NOUN
cblr-3423	217	21	the	the	DET
cblr-3423	217	22	framework	framework	NOUN
cblr-3423	217	23	then	then	ADV
cblr-3423	217	24	goes	go	VERB
cblr-3423	217	25	on	on	ADP
cblr-3423	217	26	to	to	PART
cblr-3423	217	27	provide	provide	VERB
cblr-3423	217	28	a	a	DET
cblr-3423	217	29	long	long	ADJ
cblr-3423	217	30	list	list	NOUN
cblr-3423	217	31	of	of	ADP
cblr-3423	217	32	such	such	ADJ
cblr-3423	217	33	characteristics	characteristic	NOUN
cblr-3423	217	34	.	.	PUNCT
cblr-3423	218	1	some	some	DET
cblr-3423	218	2	examples	example	NOUN
cblr-3423	218	3	of	of	ADP
cblr-3423	218	4	them	they	PRON
cblr-3423	218	5	are	be	AUX
cblr-3423	218	6	:	:	PUNCT
cblr-3423	218	7	•	•	ADP
cblr-3423	218	8	an	an	DET
cblr-3423	218	9	active	active	ADJ
cblr-3423	218	10	participant	participant	NOUN
cblr-3423	218	11	(	(	PUNCT
cblr-3423	218	12	“	"	PUNCT
cblr-3423	218	13	ap)47	ap)47	PROPN
cblr-3423	218	14	is	be	AUX
cblr-3423	218	15	responsible	responsible	ADJ
cblr-3423	218	16	for	for	ADP
cblr-3423	218	17	the	the	DET
cblr-3423	218	18	development	development	NOUN
cblr-3423	218	19	,	,	PUNCT
cblr-3423	218	20	improvement	improvement	NOUN
cblr-3423	218	21	(	(	PUNCT
cblr-3423	218	22	or	or	CCONJ
cblr-3423	218	23	enhancement	enhancement	NOUN
cblr-3423	218	24	)	)	PUNCT
cblr-3423	218	25	,	,	PUNCT
cblr-3423	218	26	operation	operation	NOUN
cblr-3423	218	27	,	,	PUNCT
cblr-3423	218	28	or	or	CCONJ
cblr-3423	218	29	promotion	promotion	NOUN
cblr-3423	218	30	of	of	ADP
cblr-3423	218	31	the	the	DET
cblr-3423	218	32	network	network	NOUN
cblr-3423	218	33	,	,	PUNCT
cblr-3423	218	34	particularly	particularly	ADV
cblr-3423	218	35	if	if	SCONJ
cblr-3423	218	36	purchasers	purchaser	NOUN
cblr-3423	218	37	of	of	ADP
cblr-3423	218	38	the	the	DET
cblr-3423	218	39	digital	digital	ADJ
cblr-3423	218	40	asset	asset	NOUN
cblr-3423	218	41	expect	expect	VERB
cblr-3423	218	42	an	an	DET
cblr-3423	218	43	ap	ap	NOUN
cblr-3423	218	44	to	to	PART
cblr-3423	218	45	be	be	AUX
cblr-3423	218	46	performing	perform	VERB
cblr-3423	218	47	or	or	CCONJ
cblr-3423	218	48	overseeing	oversee	VERB
cblr-3423	218	49	tasks	task	NOUN
cblr-3423	218	50	that	that	PRON
cblr-3423	218	51	are	be	AUX
cblr-3423	218	52	necessary	necessary	ADJ
cblr-3423	218	53	for	for	SCONJ
cblr-3423	218	54	the	the	DET
cblr-3423	218	55	network	network	NOUN
cblr-3423	218	56	or	or	CCONJ
cblr-3423	218	57	digital	digital	ADJ
cblr-3423	218	58	asset	asset	NOUN
cblr-3423	218	59	to	to	PART
cblr-3423	218	60	achieve	achieve	VERB
cblr-3423	218	61	or	or	CCONJ
cblr-3423	218	62	retain	retain	VERB
cblr-3423	218	63	its	its	PRON
cblr-3423	218	64	intended	intended	ADJ
cblr-3423	218	65	purpose	purpose	NOUN
cblr-3423	218	66	or	or	CCONJ
cblr-3423	218	67	functionality	functionality	NOUN
cblr-3423	218	68	.	.	PUNCT
cblr-3423	219	1	•	•	NOUN
cblr-3423	219	2	there	there	PRON
cblr-3423	219	3	are	be	VERB
cblr-3423	219	4	essential	essential	ADJ
cblr-3423	219	5	tasks	task	NOUN
cblr-3423	219	6	or	or	CCONJ
cblr-3423	219	7	responsibilities	responsibility	NOUN
cblr-3423	219	8	performed	perform	VERB
cblr-3423	219	9	and	and	CCONJ
cblr-3423	219	10	expected	expect	VERB
cblr-3423	219	11	to	to	PART
cblr-3423	219	12	be	be	AUX
cblr-3423	219	13	performed	perform	VERB
cblr-3423	219	14	by	by	ADP
cblr-3423	219	15	an	an	DET
cblr-3423	219	16	ap	ap	PROPN
cblr-3423	219	17	,	,	PUNCT
cblr-3423	219	18	rather	rather	ADV
cblr-3423	219	19	than	than	ADP
cblr-3423	219	20	an	an	DET
cblr-3423	219	21	unaffiliated	unaffiliated	ADJ
cblr-3423	219	22	,	,	PUNCT
cblr-3423	219	23	dispersed	disperse	VERB
cblr-3423	219	24	community	community	NOUN
cblr-3423	219	25	of	of	ADP
cblr-3423	219	26	network	network	NOUN
cblr-3423	219	27	users	user	NOUN
cblr-3423	219	28	(	(	PUNCT
cblr-3423	219	29	commonly	commonly	ADV
cblr-3423	219	30	known	know	VERB
cblr-3423	219	31	as	as	ADP
cblr-3423	219	32	a	a	DET
cblr-3423	219	33	"	"	PUNCT
cblr-3423	219	34	decentralized	decentralized	ADJ
cblr-3423	219	35	"	"	PUNCT
cblr-3423	219	36	network	network	NOUN
cblr-3423	219	37	)	)	PUNCT
cblr-3423	219	38	.	.	PUNCT
cblr-3423	220	1	•	•	NUM
cblr-3423	220	2	the	the	DET
cblr-3423	220	3	digital	digital	ADJ
cblr-3423	220	4	asset	asset	NOUN
cblr-3423	220	5	gives	give	VERB
cblr-3423	220	6	the	the	DET
cblr-3423	220	7	holder	holder	NOUN
cblr-3423	220	8	rights	right	NOUN
cblr-3423	220	9	to	to	PART
cblr-3423	220	10	share	share	VERB
cblr-3423	220	11	in	in	ADP
cblr-3423	220	12	the	the	DET
cblr-3423	220	13	enterprise	enterprise	NOUN
cblr-3423	220	14	's	's	PART
cblr-3423	220	15	income	income	NOUN
cblr-3423	220	16	or	or	CCONJ
cblr-3423	220	17	profits	profit	NOUN
cblr-3423	220	18	or	or	CCONJ
cblr-3423	220	19	to	to	PART
cblr-3423	220	20	realize	realize	VERB
cblr-3423	220	21	gain	gain	NOUN
cblr-3423	220	22	from	from	ADP
cblr-3423	220	23	capital	capital	NOUN
cblr-3423	220	24	appreciation	appreciation	NOUN
cblr-3423	220	25	of	of	ADP
cblr-3423	220	26	the	the	DET
cblr-3423	220	27	digital	digital	ADJ
cblr-3423	220	28	asset	asset	NOUN
cblr-3423	220	29	.	.	PUNCT
cblr-3423	221	1	•	•	NUM
cblr-3423	221	2	the	the	DET
cblr-3423	221	3	digital	digital	ADJ
cblr-3423	221	4	asset	asset	NOUN
cblr-3423	221	5	is	be	AUX
cblr-3423	221	6	transferable	transferable	ADJ
cblr-3423	221	7	or	or	CCONJ
cblr-3423	221	8	traded	trade	VERB
cblr-3423	221	9	on	on	ADP
cblr-3423	221	10	or	or	CCONJ
cblr-3423	221	11	through	through	ADP
cblr-3423	221	12	a	a	DET
cblr-3423	221	13	secondary	secondary	ADJ
cblr-3423	221	14	market	market	NOUN
cblr-3423	221	15	or	or	CCONJ
cblr-3423	221	16	platform	platform	NOUN
cblr-3423	221	17	,	,	PUNCT
cblr-3423	221	18	or	or	CCONJ
cblr-3423	221	19	is	be	AUX
cblr-3423	221	20	expected	expect	VERB
cblr-3423	221	21	to	to	PART
cblr-3423	221	22	be	be	AUX
cblr-3423	221	23	in	in	ADP
cblr-3423	221	24	the	the	DET
cblr-3423	221	25	future	future	NOUN
cblr-3423	221	26	.	.	PUNCT
cblr-3423	222	1	•	•	X
cblr-3423	222	2	there	there	PRON
cblr-3423	222	3	is	be	VERB
cblr-3423	222	4	little	little	ADJ
cblr-3423	222	5	apparent	apparent	ADJ
cblr-3423	222	6	correlation	correlation	NOUN
cblr-3423	222	7	between	between	ADP
cblr-3423	222	8	the	the	DET
cblr-3423	222	9	purchase	purchase	NOUN
cblr-3423	222	10	/	/	SYM
cblr-3423	222	11	offering	offer	VERB
cblr-3423	222	12	price	price	NOUN
cblr-3423	222	13	of	of	ADP
cblr-3423	222	14	the	the	DET
cblr-3423	222	15	digital	digital	ADJ
cblr-3423	222	16	asset	asset	NOUN
cblr-3423	222	17	and	and	CCONJ
cblr-3423	222	18	the	the	DET
cblr-3423	222	19	market	market	NOUN
cblr-3423	222	20	price	price	NOUN
cblr-3423	222	21	of	of	ADP
cblr-3423	222	22	the	the	DET
cblr-3423	222	23	particular	particular	ADJ
cblr-3423	222	24	goods	good	NOUN
cblr-3423	222	25	or	or	CCONJ
cblr-3423	222	26	services	service	NOUN
cblr-3423	222	27	that	that	PRON
cblr-3423	222	28	can	can	AUX
cblr-3423	222	29	be	be	AUX
cblr-3423	222	30	acquired	acquire	VERB
cblr-3423	222	31	in	in	ADP
cblr-3423	222	32	exchange	exchange	NOUN
cblr-3423	222	33	for	for	ADP
cblr-3423	222	34	the	the	DET
cblr-3423	222	35	digital	digital	ADJ
cblr-3423	222	36	asset.48	asset.48	NOUN
cblr-3423	222	37	the	the	DET
cblr-3423	222	38	above	above	ADJ
cblr-3423	222	39	is	be	AUX
cblr-3423	222	40	not	not	PART
cblr-3423	222	41	an	an	DET
cblr-3423	222	42	exhaustive	exhaustive	ADJ
cblr-3423	222	43	retelling	retelling	NOUN
cblr-3423	222	44	of	of	ADP
cblr-3423	222	45	the	the	DET
cblr-3423	222	46	framework	framework	NOUN
cblr-3423	222	47	's	's	PART
cblr-3423	222	48	list	list	NOUN
cblr-3423	222	49	and	and	CCONJ
cblr-3423	222	50	the	the	DET
cblr-3423	222	51	framework	framework	NOUN
cblr-3423	222	52	's	's	PART
cblr-3423	222	53	list	list	NOUN
cblr-3423	222	54	is	be	AUX
cblr-3423	222	55	not	not	PART
cblr-3423	222	56	exhaustive	exhaustive	ADJ
cblr-3423	222	57	45	45	NUM
cblr-3423	222	58	i	i	PROPN
cblr-3423	222	59	d.	d.	PROPN
cblr-3423	222	60	46	46	NUM
cblr-3423	223	1	i	i	PRON
cblr-3423	223	2	d.	d.	PROPN
cblr-3423	223	3	47	47	NUM
cblr-3423	223	4	the	the	DET
cblr-3423	223	5	framework	framework	NOUN
cblr-3423	223	6	defines	define	VERB
cblr-3423	223	7	this	this	PRON
cblr-3423	223	8	as	as	ADP
cblr-3423	223	9	“	"	PUNCT
cblr-3423	223	10	a	a	DET
cblr-3423	223	11	promoter	promoter	NOUN
cblr-3423	223	12	,	,	PUNCT
cblr-3423	223	13	sponsor	sponsor	NOUN
cblr-3423	223	14	,	,	PUNCT
cblr-3423	223	15	or	or	CCONJ
cblr-3423	223	16	other	other	ADJ
cblr-3423	223	17	third	third	ADJ
cblr-3423	223	18	party	party	NOUN
cblr-3423	223	19	(	(	PUNCT
cblr-3423	223	20	or	or	CCONJ
cblr-3423	223	21	affiliated	affiliated	ADJ
cblr-3423	223	22	group	group	NOUN
cblr-3423	223	23	of	of	ADP
cblr-3423	223	24	third	third	ADJ
cblr-3423	223	25	parties	party	NOUN
cblr-3423	223	26	)	)	PUNCT
cblr-3423	223	27	.	.	PUNCT
cblr-3423	223	28	”	"	PUNCT
cblr-3423	224	1	i	i	PRON
cblr-3423	224	2	d.	d.	PROPN
cblr-3423	224	3	48	48	NUM
cblr-3423	225	1	i	i	PRON
cblr-3423	225	2	d.	d.	PROPN
cblr-3423	225	3	no	no	INTJ
cblr-3423	225	4	.	.	PUNCT
cblr-3423	226	1	2:443	2:443	NUM
cblr-3423	226	2	]	]	X
cblr-3423	226	3	a	a	DET
cblr-3423	226	4	regulatory	regulatory	ADJ
cblr-3423	226	5	classification	classification	NOUN
cblr-3423	226	6	of	of	ADP
cblr-3423	226	7	digital	digital	ADJ
cblr-3423	226	8	assets	asset	NOUN
cblr-3423	226	9	457	457	NUM
cblr-3423	226	10	of	of	ADP
cblr-3423	226	11	all	all	DET
cblr-3423	226	12	things	thing	NOUN
cblr-3423	226	13	considered	consider	VERB
cblr-3423	226	14	.	.	PUNCT
cblr-3423	227	1	but	but	CCONJ
cblr-3423	227	2	this	this	PRON
cblr-3423	227	3	should	should	AUX
cblr-3423	227	4	give	give	VERB
cblr-3423	227	5	a	a	DET
cblr-3423	227	6	sense	sense	NOUN
cblr-3423	227	7	of	of	ADP
cblr-3423	227	8	the	the	DET
cblr-3423	227	9	flexible	flexible	ADJ
cblr-3423	227	10	standard	standard	NOUN
cblr-3423	227	11	reflected	reflect	VERB
cblr-3423	227	12	in	in	ADP
cblr-3423	227	13	the	the	DET
cblr-3423	227	14	framework	framework	NOUN
cblr-3423	227	15	.	.	PUNCT
cblr-3423	228	1	beyond	beyond	ADP
cblr-3423	228	2	the	the	DET
cblr-3423	228	3	speech	speech	NOUN
cblr-3423	228	4	and	and	CCONJ
cblr-3423	228	5	the	the	DET
cblr-3423	228	6	framework	framework	NOUN
cblr-3423	228	7	,	,	PUNCT
cblr-3423	228	8	federal	federal	ADJ
cblr-3423	228	9	courts	court	NOUN
cblr-3423	228	10	have	have	AUX
cblr-3423	228	11	opined	opine	VERB
cblr-3423	228	12	on	on	ADP
cblr-3423	228	13	whether	whether	SCONJ
cblr-3423	228	14	digital	digital	ADJ
cblr-3423	228	15	assets	asset	NOUN
cblr-3423	228	16	are	be	AUX
cblr-3423	228	17	securities	security	NOUN
cblr-3423	228	18	.	.	PUNCT
cblr-3423	229	1	one	one	NUM
cblr-3423	229	2	federal	federal	ADJ
cblr-3423	229	3	district	district	NOUN
cblr-3423	229	4	court	court	NOUN
cblr-3423	229	5	,	,	PUNCT
cblr-3423	229	6	for	for	ADP
cblr-3423	229	7	instance	instance	NOUN
cblr-3423	229	8	,	,	PUNCT
cblr-3423	229	9	found	find	VERB
cblr-3423	229	10	no	no	DET
cblr-3423	229	11	reason	reason	NOUN
cblr-3423	229	12	why	why	SCONJ
cblr-3423	229	13	howey	howey	PROPN
cblr-3423	229	14	can	can	AUX
cblr-3423	229	15	not	not	PART
cblr-3423	229	16	be	be	AUX
cblr-3423	229	17	applied	apply	VERB
cblr-3423	229	18	to	to	ADP
cblr-3423	229	19	digital	digital	ADJ
cblr-3423	229	20	assets	asset	NOUN
cblr-3423	229	21	and	and	CCONJ
cblr-3423	229	22	said	say	VERB
cblr-3423	229	23	that	that	SCONJ
cblr-3423	229	24	this	this	PRON
cblr-3423	229	25	was	be	AUX
cblr-3423	229	26	a	a	DET
cblr-3423	229	27	factual	factual	ADJ
cblr-3423	229	28	question.49	question.49	NOUN
cblr-3423	229	29	the	the	DET
cblr-3423	229	30	three	three	NUM
cblr-3423	229	31	most	most	ADV
cblr-3423	229	32	significant	significant	ADJ
cblr-3423	229	33	sec	sec	PROPN
cblr-3423	229	34	actions	action	NOUN
cblr-3423	229	35	thus	thus	ADV
cblr-3423	229	36	far	far	ADV
cblr-3423	229	37	are	be	AUX
cblr-3423	229	38	the	the	DET
cblr-3423	229	39	socalled	socalled	ADJ
cblr-3423	229	40	“	"	PUNCT
cblr-3423	229	41	dao	dao	NOUN
cblr-3423	229	42	report	report	NOUN
cblr-3423	229	43	”	"	PUNCT
cblr-3423	229	44	,	,	PUNCT
cblr-3423	229	45	an	an	DET
cblr-3423	229	46	early	early	ADJ
cblr-3423	229	47	cease	cease	NOUN
cblr-3423	229	48	-	-	PUNCT
cblr-3423	229	49	and	and	CCONJ
cblr-3423	229	50	-	-	PUNCT
cblr-3423	229	51	desist	desist	VERB
cblr-3423	229	52	order	order	NOUN
cblr-3423	229	53	against	against	ADP
cblr-3423	229	54	a	a	DET
cblr-3423	229	55	company	company	NOUN
cblr-3423	229	56	called	call	VERB
cblr-3423	229	57	munchee	munchee	NOUN
cblr-3423	229	58	,	,	PUNCT
cblr-3423	229	59	and	and	CCONJ
cblr-3423	229	60	a	a	DET
cblr-3423	229	61	no	no	DET
cblr-3423	229	62	-	-	PUNCT
cblr-3423	229	63	action	action	NOUN
cblr-3423	229	64	letter	letter	NOUN
cblr-3423	229	65	issued	issue	VERB
cblr-3423	229	66	following	follow	VERB
cblr-3423	229	67	the	the	DET
cblr-3423	229	68	release	release	NOUN
cblr-3423	229	69	of	of	ADP
cblr-3423	229	70	the	the	DET
cblr-3423	229	71	framework	framework	NOUN
cblr-3423	229	72	to	to	PART
cblr-3423	229	73	turnkey	turnkey	VERB
cblr-3423	229	74	jet	jet	NOUN
cblr-3423	229	75	,	,	PUNCT
cblr-3423	229	76	inc	inc	PROPN
cblr-3423	229	77	.	.	PROPN
cblr-3423	230	1	(	(	PUNCT
cblr-3423	230	2	“	"	PUNCT
cblr-3423	230	3	tkj”).50	tkj”).50	VERB
cblr-3423	230	4	the	the	DET
cblr-3423	230	5	decentralized	decentralize	VERB
cblr-3423	230	6	autonomous	autonomous	ADJ
cblr-3423	230	7	organization	organization	NOUN
cblr-3423	230	8	(	(	PUNCT
cblr-3423	230	9	“	"	PUNCT
cblr-3423	230	10	dao	dao	VERB
cblr-3423	230	11	”	"	PUNCT
cblr-3423	230	12	)	)	PUNCT
cblr-3423	230	13	report	report	NOUN
cblr-3423	230	14	,	,	PUNCT
cblr-3423	230	15	discussed	discuss	VERB
cblr-3423	230	16	in	in	ADP
cblr-3423	230	17	greater	great	ADJ
cblr-3423	230	18	detail	detail	NOUN
cblr-3423	230	19	below	below	ADV
cblr-3423	230	20	,	,	PUNCT
cblr-3423	230	21	declared	declare	VERB
cblr-3423	230	22	the	the	DET
cblr-3423	230	23	sale	sale	NOUN
cblr-3423	230	24	of	of	ADP
cblr-3423	230	25	shares	share	NOUN
cblr-3423	230	26	in	in	ADP
cblr-3423	230	27	a	a	DET
cblr-3423	230	28	company	company	NOUN
cblr-3423	230	29	run	run	VERB
cblr-3423	230	30	by	by	ADP
cblr-3423	230	31	computer	computer	NOUN
cblr-3423	230	32	code	code	NOUN
cblr-3423	230	33	a	a	DET
cblr-3423	230	34	security	security	NOUN
cblr-3423	230	35	offering	offering	NOUN
cblr-3423	230	36	,	,	PUNCT
cblr-3423	230	37	even	even	ADV
cblr-3423	230	38	though	though	SCONJ
cblr-3423	230	39	there	there	PRON
cblr-3423	230	40	were	be	VERB
cblr-3423	230	41	no	no	DET
cblr-3423	230	42	employees	employee	NOUN
cblr-3423	230	43	or	or	CCONJ
cblr-3423	230	44	human	human	ADJ
cblr-3423	230	45	issuers	issuer	NOUN
cblr-3423	230	46	of	of	ADP
cblr-3423	230	47	the	the	DET
cblr-3423	230	48	security	security	NOUN
cblr-3423	230	49	other	other	ADJ
cblr-3423	230	50	than	than	ADP
cblr-3423	230	51	the	the	DET
cblr-3423	230	52	code	code	NOUN
cblr-3423	230	53	that	that	PRON
cblr-3423	230	54	created	create	VERB
cblr-3423	230	55	the	the	DET
cblr-3423	230	56	autonomous	autonomous	ADJ
cblr-3423	230	57	corporation.51	corporation.51	NOUN
cblr-3423	230	58	the	the	DET
cblr-3423	230	59	munchee	munchee	NOUN
cblr-3423	230	60	order	order	NOUN
cblr-3423	230	61	,	,	PUNCT
cblr-3423	230	62	relying	rely	VERB
cblr-3423	230	63	on	on	ADP
cblr-3423	230	64	the	the	DET
cblr-3423	230	65	dao	dao	NOUN
cblr-3423	230	66	report	report	NOUN
cblr-3423	230	67	,	,	PUNCT
cblr-3423	230	68	found	find	VERB
cblr-3423	230	69	that	that	SCONJ
cblr-3423	230	70	the	the	DET
cblr-3423	230	71	company	company	NOUN
cblr-3423	230	72	’s	’s	PART
cblr-3423	230	73	selling	selling	NOUN
cblr-3423	230	74	of	of	ADP
cblr-3423	230	75	digital	digital	ADJ
cblr-3423	230	76	tokens	token	NOUN
cblr-3423	230	77	to	to	PART
cblr-3423	230	78	help	help	VERB
cblr-3423	230	79	fund	fund	VERB
cblr-3423	230	80	a	a	DET
cblr-3423	230	81	food	food	NOUN
cblr-3423	230	82	49	49	NUM
cblr-3423	230	83	united	united	PROPN
cblr-3423	230	84	states	states	PROPN
cblr-3423	230	85	v.	v.	ADP
cblr-3423	230	86	zaslavskiy	zaslavskiy	PROPN
cblr-3423	230	87	,	,	PUNCT
cblr-3423	230	88	no	no	INTJ
cblr-3423	230	89	.	.	PROPN
cblr-3423	230	90	17	17	NUM
cblr-3423	230	91	cr	cr	ADP
cblr-3423	230	92	647	647	NUM
cblr-3423	230	93	,	,	PUNCT
cblr-3423	230	94	2018	2018	NUM
cblr-3423	230	95	wl	wl	NOUN
cblr-3423	230	96	4346339	4346339	NUM
cblr-3423	230	97	,	,	PUNCT
cblr-3423	230	98	at	at	ADP
cblr-3423	230	99	*	*	NOUN
cblr-3423	230	100	5	5	NUM
cblr-3423	230	101	(	(	PUNCT
cblr-3423	230	102	e.d.n.y	e.d.n.y	PROPN
cblr-3423	230	103	.	.	PUNCT
cblr-3423	230	104	sept	sept	PROPN
cblr-3423	230	105	.	.	PROPN
cblr-3423	230	106	11	11	NUM
cblr-3423	230	107	,	,	PUNCT
cblr-3423	230	108	2018	2018	NUM
cblr-3423	230	109	)	)	PUNCT
cblr-3423	230	110	(	(	PUNCT
cblr-3423	230	111	“	"	PUNCT
cblr-3423	230	112	for	for	ADP
cblr-3423	230	113	present	present	ADJ
cblr-3423	230	114	purposes	purpose	NOUN
cblr-3423	230	115	,	,	PUNCT
cblr-3423	230	116	we	we	PRON
cblr-3423	230	117	conclude	conclude	VERB
cblr-3423	230	118	that	that	SCONJ
cblr-3423	230	119	[	[	X
cblr-3423	230	120	recoins	recoin	NOUN
cblr-3423	230	121	]	]	PUNCT
cblr-3423	230	122	are	be	AUX
cblr-3423	230	123	[	[	X
cblr-3423	230	124	investment	investment	NOUN
cblr-3423	230	125	contracts	contract	NOUN
cblr-3423	230	126	]	]	PUNCT
cblr-3423	230	127	.	.	PUNCT
cblr-3423	231	1	however	however	ADV
cblr-3423	231	2	,	,	PUNCT
cblr-3423	231	3	the	the	DET
cblr-3423	231	4	ultimate	ultimate	ADJ
cblr-3423	231	5	fact	fact	NOUN
cblr-3423	231	6	-	-	PUNCT
cblr-3423	231	7	finder	finder	NOUN
cblr-3423	231	8	will	will	AUX
cblr-3423	231	9	be	be	AUX
cblr-3423	231	10	required	require	VERB
cblr-3423	231	11	to	to	PART
cblr-3423	231	12	conduct	conduct	VERB
cblr-3423	231	13	an	an	DET
cblr-3423	231	14	independent	independent	ADJ
cblr-3423	231	15	howey	howey	PROPN
cblr-3423	231	16	analysis	analysis	NOUN
cblr-3423	231	17	based	base	VERB
cblr-3423	231	18	on	on	ADP
cblr-3423	231	19	the	the	DET
cblr-3423	231	20	evidence	evidence	NOUN
cblr-3423	231	21	presented	present	VERB
cblr-3423	231	22	at	at	ADP
cblr-3423	231	23	trial	trial	NOUN
cblr-3423	231	24	.	.	PUNCT
cblr-3423	231	25	”	"	PUNCT
cblr-3423	232	1	)	)	PUNCT
cblr-3423	232	2	(	(	PUNCT
cblr-3423	232	3	citation	citation	NOUN
cblr-3423	232	4	omitted	omit	VERB
cblr-3423	232	5	)	)	PUNCT
cblr-3423	232	6	.	.	PUNCT
cblr-3423	233	1	50	50	NUM
cblr-3423	233	2	report	report	NOUN
cblr-3423	233	3	of	of	ADP
cblr-3423	233	4	investigation	investigation	NOUN
cblr-3423	233	5	pursuant	pursuant	VERB
cblr-3423	233	6	to	to	ADP
cblr-3423	233	7	section	section	NOUN
cblr-3423	233	8	21(a	21(a	NUM
cblr-3423	233	9	)	)	PUNCT
cblr-3423	233	10	of	of	ADP
cblr-3423	233	11	the	the	DET
cblr-3423	233	12	securities	securities	PROPN
cblr-3423	233	13	exchange	exchange	PROPN
cblr-3423	233	14	act	act	NOUN
cblr-3423	233	15	of	of	ADP
cblr-3423	233	16	1934	1934	NUM
cblr-3423	233	17	:	:	PUNCT
cblr-3423	233	18	the	the	DET
cblr-3423	233	19	dao	dao	PROPN
cblr-3423	233	20	,	,	PUNCT
cblr-3423	233	21	securities	security	NOUN
cblr-3423	233	22	exchange	exchange	PROPN
cblr-3423	233	23	act	act	PROPN
cblr-3423	233	24	release	release	VERB
cblr-3423	233	25	no	no	PRON
cblr-3423	233	26	.	.	PUNCT
cblr-3423	233	27	81207	81207	NUM
cblr-3423	233	28	(	(	PUNCT
cblr-3423	233	29	jul	jul	PROPN
cblr-3423	233	30	.	.	PROPN
cblr-3423	233	31	25	25	NUM
cblr-3423	233	32	,	,	PUNCT
cblr-3423	233	33	2017	2017	NUM
cblr-3423	233	34	)	)	PUNCT
cblr-3423	234	1	[	[	X
cblr-3423	234	2	hereinafter	hereinafter	NOUN
cblr-3423	234	3	the	the	DET
cblr-3423	234	4	dao	dao	PROPN
cblr-3423	234	5	report	report	PROPN
cblr-3423	234	6	]	]	PUNCT
cblr-3423	234	7	,	,	PUNCT
cblr-3423	234	8	https://www.sec.gov/	https://www.sec.gov/	VERB
cblr-3423	234	9	litigation	litigation	NOUN
cblr-3423	234	10	/	/	SYM
cblr-3423	234	11	investreport/34	investreport/34	NOUN
cblr-3423	234	12	-	-	PUNCT
cblr-3423	234	13	81207.pdf	81207.pdf	NOUN
cblr-3423	234	14	[	[	X
cblr-3423	234	15	https://perma.cc/l5m7-zxv8	https://perma.cc/l5m7-zxv8	NOUN
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cblr-3423	234	17	;	;	PUNCT
cblr-3423	234	18	munchee	munchee	PROPN
cblr-3423	234	19	inc	inc	PROPN
cblr-3423	234	20	.	.	PROPN
cblr-3423	234	21	,	,	PUNCT
cblr-3423	234	22	securities	security	NOUN
cblr-3423	234	23	act	act	VERB
cblr-3423	234	24	release	release	VERB
cblr-3423	234	25	no	no	NOUN
cblr-3423	234	26	.	.	PUNCT
cblr-3423	234	27	10445	10445	NUM
cblr-3423	234	28	(	(	PUNCT
cblr-3423	234	29	dec	dec	PROPN
cblr-3423	234	30	.	.	PROPN
cblr-3423	234	31	11	11	NUM
cblr-3423	234	32	,	,	PUNCT
cblr-3423	234	33	2017	2017	NUM
cblr-3423	234	34	)	)	PUNCT
cblr-3423	235	1	[	[	X
cblr-3423	235	2	hereinafter	hereinafter	NOUN
cblr-3423	235	3	munchee	munchee	NOUN
cblr-3423	235	4	order	order	NOUN
cblr-3423	235	5	]	]	X
cblr-3423	235	6	,	,	PUNCT
cblr-3423	235	7	https://www.sec.gov/litigation/admin/2017/	https://www.sec.gov/litigation/admin/2017/	PROPN
cblr-3423	235	8	33-10445.pdf	33-10445.pdf	NUM
cblr-3423	236	1	[	[	X
cblr-3423	236	2	https://perma.cc/q4jy-rd2q	https://perma.cc/q4jy-rd2q	X
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cblr-3423	236	4	;	;	PUNCT
cblr-3423	236	5	turnkey	turnkey	NOUN
cblr-3423	236	6	jet	jet	PROPN
cblr-3423	236	7	,	,	PUNCT
cblr-3423	236	8	inc	inc	PROPN
cblr-3423	236	9	.	.	PROPN
cblr-3423	236	10	,	,	PUNCT
cblr-3423	236	11	sec	sec	PROPN
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cblr-3423	236	13	letter	letter	NOUN
cblr-3423	236	14	(	(	PUNCT
cblr-3423	236	15	apr	apr	NOUN
cblr-3423	236	16	.	.	PROPN
cblr-3423	236	17	3	3	NUM
cblr-3423	236	18	,	,	PUNCT
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cblr-3423	237	1	[	[	X
cblr-3423	237	2	hereinafter	hereinafter	NOUN
cblr-3423	237	3	turnkey	turnkey	NOUN
cblr-3423	237	4	jet	jet	NOUN
cblr-3423	237	5	no	no	DET
cblr-3423	237	6	-	-	PUNCT
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cblr-3423	237	8	letter	letter	NOUN
cblr-3423	237	9	]	]	PUNCT
cblr-3423	237	10	,	,	PUNCT
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cblr-3423	238	1	[	[	X
cblr-3423	239	1	https://perma.cc/8sz4-mwwh	https://perma.cc/8sz4-mwwh	X
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cblr-3423	239	3	.	.	PUNCT
cblr-3423	240	1	there	there	PRON
cblr-3423	240	2	have	have	AUX
cblr-3423	240	3	also	also	ADV
cblr-3423	240	4	been	be	AUX
cblr-3423	240	5	a	a	DET
cblr-3423	240	6	number	number	NOUN
cblr-3423	240	7	of	of	ADP
cblr-3423	240	8	other	other	ADJ
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cblr-3423	240	10	actions	action	NOUN
cblr-3423	240	11	.	.	PUNCT
cblr-3423	241	1	see	see	VERB
cblr-3423	241	2	e.g.	e.g.	ADV
cblr-3423	241	3	,	,	PUNCT
cblr-3423	241	4	press	press	NOUN
cblr-3423	241	5	release	release	NOUN
cblr-3423	241	6	,	,	PUNCT
cblr-3423	241	7	sec	sec	PROPN
cblr-3423	241	8	,	,	PUNCT
cblr-3423	241	9	sec	sec	PROPN
cblr-3423	241	10	charges	charge	VERB
cblr-3423	241	11	ico	ico	NOUN
cblr-3423	241	12	superstore	superstore	NOUN
cblr-3423	241	13	and	and	CCONJ
cblr-3423	241	14	owners	owner	NOUN
cblr-3423	241	15	with	with	ADP
cblr-3423	241	16	operating	operate	VERB
cblr-3423	241	17	as	as	ADP
cblr-3423	241	18	unregistered	unregistered	ADJ
cblr-3423	241	19	brokerdealers	brokerdealer	NOUN
cblr-3423	241	20	(	(	PUNCT
cblr-3423	241	21	sept	sept	PROPN
cblr-3423	241	22	.	.	PROPN
cblr-3423	241	23	11	11	NUM
cblr-3423	241	24	,	,	PUNCT
cblr-3423	241	25	2018	2018	NUM
cblr-3423	241	26	)	)	PUNCT
cblr-3423	241	27	,	,	PUNCT
cblr-3423	241	28	https://www.sec.gov/news/press-release/2018-185	https://www.sec.gov/news/press-release/2018-185	X
cblr-3423	242	1	[	[	X
cblr-3423	242	2	https://perma.cc/395p-37kr	https://perma.cc/395p-37kr	X
cblr-3423	242	3	]	]	X
cblr-3423	242	4	(	(	PUNCT
cblr-3423	242	5	detailing	detail	VERB
cblr-3423	242	6	the	the	DET
cblr-3423	242	7	first	first	ADJ
cblr-3423	242	8	action	action	NOUN
cblr-3423	242	9	against	against	ADP
cblr-3423	242	10	an	an	DET
cblr-3423	242	11	unregistered	unregistered	ADJ
cblr-3423	242	12	broker	broker	NOUN
cblr-3423	242	13	dealer	dealer	NOUN
cblr-3423	242	14	)	)	PUNCT
cblr-3423	242	15	.	.	PUNCT
cblr-3423	243	1	51	51	NUM
cblr-3423	243	2	see	see	VERB
cblr-3423	243	3	the	the	DET
cblr-3423	243	4	dao	dao	PROPN
cblr-3423	243	5	report	report	NOUN
cblr-3423	243	6	,	,	PUNCT
cblr-3423	243	7	supra	supra	PROPN
cblr-3423	243	8	note	note	VERB
cblr-3423	243	9	50	50	NUM
cblr-3423	243	10	;	;	PUNCT
cblr-3423	243	11	see	see	VERB
cblr-3423	243	12	also	also	ADV
cblr-3423	243	13	infra	infra	VERB
cblr-3423	243	14	part	part	NOUN
cblr-3423	243	15	iv.a.1.iii	iv.a.1.iii	PROPN
cblr-3423	243	16	.	.	PROPN
cblr-3423	244	1	458	458	NUM
cblr-3423	245	1	columbia	columbia	PROPN
cblr-3423	245	2	business	business	NOUN
cblr-3423	245	3	law	law	PROPN
cblr-3423	245	4	review	review	NOUN
cblr-3423	245	5	[	[	X
cblr-3423	245	6	vol	vol	NOUN
cblr-3423	245	7	.	.	NOUN
cblr-3423	245	8	2019	2019	NUM
cblr-3423	245	9	review	review	NOUN
cblr-3423	245	10	app	app	NOUN
cblr-3423	245	11	was	be	AUX
cblr-3423	245	12	an	an	DET
cblr-3423	245	13	unregistered	unregistered	ADJ
cblr-3423	245	14	security	security	NOUN
cblr-3423	245	15	offering.52	offering.52	NOUN
cblr-3423	245	16	this	this	PRON
cblr-3423	245	17	was	be	AUX
cblr-3423	245	18	in	in	ADP
cblr-3423	245	19	spite	spite	NOUN
cblr-3423	245	20	of	of	ADP
cblr-3423	245	21	the	the	DET
cblr-3423	245	22	fact	fact	NOUN
cblr-3423	245	23	that	that	SCONJ
cblr-3423	245	24	users	user	NOUN
cblr-3423	245	25	would	would	AUX
cblr-3423	245	26	be	be	AUX
cblr-3423	245	27	paid	pay	VERB
cblr-3423	245	28	in	in	ADP
cblr-3423	245	29	“	"	PUNCT
cblr-3423	245	30	mun	mun	PROPN
cblr-3423	245	31	token[s	token[s	PROPN
cblr-3423	245	32	]	]	PUNCT
cblr-3423	245	33	”	"	PUNCT
cblr-3423	245	34	for	for	ADP
cblr-3423	245	35	writing	write	VERB
cblr-3423	245	36	food	food	NOUN
cblr-3423	245	37	reviews	review	NOUN
cblr-3423	245	38	and	and	CCONJ
cblr-3423	245	39	that	that	SCONJ
cblr-3423	245	40	there	there	PRON
cblr-3423	245	41	was	be	VERB
cblr-3423	245	42	an	an	DET
cblr-3423	245	43	ecosystem	ecosystem	NOUN
cblr-3423	245	44	promised	promise	VERB
cblr-3423	245	45	that	that	PRON
cblr-3423	245	46	would	would	AUX
cblr-3423	245	47	allow	allow	VERB
cblr-3423	245	48	individuals	individual	NOUN
cblr-3423	245	49	to	to	PART
cblr-3423	245	50	spend	spend	VERB
cblr-3423	245	51	their	their	PRON
cblr-3423	245	52	mun	mun	PROPN
cblr-3423	245	53	tokens	token	NOUN
cblr-3423	245	54	,	,	PUNCT
cblr-3423	245	55	potentially	potentially	ADV
cblr-3423	245	56	even	even	ADV
cblr-3423	245	57	at	at	ADP
cblr-3423	245	58	restaurants.53	restaurants.53	PROPN
cblr-3423	245	59	the	the	DET
cblr-3423	245	60	sec	sec	PROPN
cblr-3423	245	61	’s	’s	PART
cblr-3423	245	62	reasoning	reasoning	NOUN
cblr-3423	245	63	focused	focus	VERB
cblr-3423	245	64	on	on	ADP
cblr-3423	245	65	(	(	PUNCT
cblr-3423	245	66	i	i	NOUN
cblr-3423	245	67	)	)	PUNCT
cblr-3423	245	68	the	the	DET
cblr-3423	245	69	reasonable	reasonable	ADJ
cblr-3423	245	70	expectation	expectation	NOUN
cblr-3423	245	71	of	of	ADP
cblr-3423	245	72	profits	profit	NOUN
cblr-3423	245	73	by	by	ADP
cblr-3423	245	74	purchasers	purchaser	NOUN
cblr-3423	245	75	and	and	CCONJ
cblr-3423	245	76	(	(	PUNCT
cblr-3423	245	77	ii	ii	NOUN
cblr-3423	245	78	)	)	PUNCT
cblr-3423	245	79	the	the	DET
cblr-3423	245	80	entrepreneurial	entrepreneurial	ADJ
cblr-3423	245	81	and	and	CCONJ
cblr-3423	245	82	managerial	managerial	ADJ
cblr-3423	245	83	efforts	effort	NOUN
cblr-3423	245	84	of	of	ADP
cblr-3423	245	85	munchee.54	munchee.54	NOUN
cblr-3423	245	86	for	for	ADP
cblr-3423	245	87	purposes	purpose	NOUN
cblr-3423	245	88	below	below	ADV
cblr-3423	245	89	,	,	PUNCT
cblr-3423	245	90	the	the	DET
cblr-3423	245	91	following	follow	VERB
cblr-3423	245	92	observation	observation	NOUN
cblr-3423	245	93	is	be	AUX
cblr-3423	245	94	important	important	ADJ
cblr-3423	245	95	:	:	PUNCT
cblr-3423	245	96	“	"	PUNCT
cblr-3423	245	97	at	at	ADP
cblr-3423	245	98	the	the	DET
cblr-3423	245	99	time	time	NOUN
cblr-3423	245	100	of	of	ADP
cblr-3423	245	101	the	the	DET
cblr-3423	245	102	offering	offering	NOUN
cblr-3423	245	103	and	and	CCONJ
cblr-3423	245	104	sale	sale	NOUN
cblr-3423	245	105	of	of	ADP
cblr-3423	245	106	mun	mun	PROPN
cblr-3423	245	107	tokens	tokens	PROPN
cblr-3423	245	108	,	,	PUNCT
cblr-3423	245	109	no	no	DET
cblr-3423	245	110	other	other	ADJ
cblr-3423	245	111	person	person	NOUN
cblr-3423	245	112	could	could	AUX
cblr-3423	245	113	make	make	VERB
cblr-3423	245	114	changes	change	NOUN
cblr-3423	245	115	to	to	ADP
cblr-3423	245	116	the	the	DET
cblr-3423	245	117	munchee	munchee	NOUN
cblr-3423	245	118	app	app	NOUN
cblr-3423	245	119	or	or	CCONJ
cblr-3423	245	120	was	be	AUX
cblr-3423	245	121	working	work	VERB
cblr-3423	245	122	to	to	PART
cblr-3423	245	123	create	create	VERB
cblr-3423	245	124	an	an	DET
cblr-3423	245	125	‘	'	PUNCT
cblr-3423	245	126	ecosystem	ecosystem	NOUN
cblr-3423	245	127	’	'	PUNCT
cblr-3423	245	128	to	to	PART
cblr-3423	245	129	create	create	VERB
cblr-3423	245	130	demand	demand	NOUN
cblr-3423	245	131	for	for	ADP
cblr-3423	245	132	mun	mun	PROPN
cblr-3423	245	133	tokens	tokens	PROPN
cblr-3423	245	134	.	.	PUNCT
cblr-3423	246	1	”55	”55	PROPN
cblr-3423	246	2	finally	finally	ADV
cblr-3423	246	3	,	,	PUNCT
cblr-3423	246	4	on	on	ADP
cblr-3423	246	5	the	the	DET
cblr-3423	246	6	same	same	ADJ
cblr-3423	246	7	day	day	NOUN
cblr-3423	246	8	the	the	DET
cblr-3423	246	9	framework	framework	NOUN
cblr-3423	246	10	was	be	AUX
cblr-3423	246	11	released	release	VERB
cblr-3423	246	12	,	,	PUNCT
cblr-3423	246	13	the	the	DET
cblr-3423	246	14	sec	sec	PROPN
cblr-3423	246	15	issued	issue	VERB
cblr-3423	246	16	a	a	DET
cblr-3423	246	17	no	no	DET
cblr-3423	246	18	-	-	PUNCT
cblr-3423	246	19	action	action	NOUN
cblr-3423	246	20	letter	letter	NOUN
cblr-3423	246	21	to	to	PART
cblr-3423	246	22	tkj.56	tkj.56	VERB
cblr-3423	246	23	the	the	DET
cblr-3423	246	24	letter	letter	NOUN
cblr-3423	246	25	says	say	VERB
cblr-3423	246	26	that	that	SCONJ
cblr-3423	246	27	the	the	DET
cblr-3423	246	28	company	company	NOUN
cblr-3423	246	29	’s	’s	PART
cblr-3423	246	30	tokens	token	NOUN
cblr-3423	246	31	as	as	SCONJ
cblr-3423	246	32	presented	present	VERB
cblr-3423	246	33	to	to	ADP
cblr-3423	246	34	the	the	DET
cblr-3423	246	35	sec	sec	PROPN
cblr-3423	246	36	are	be	AUX
cblr-3423	246	37	not	not	PART
cblr-3423	246	38	securities	security	NOUN
cblr-3423	246	39	and	and	CCONJ
cblr-3423	246	40	therefore	therefore	ADV
cblr-3423	246	41	are	be	AUX
cblr-3423	246	42	exempt	exempt	ADJ
cblr-3423	246	43	from	from	ADP
cblr-3423	246	44	registration	registration	NOUN
cblr-3423	246	45	under	under	ADP
cblr-3423	246	46	the	the	DET
cblr-3423	246	47	securities	security	NOUN
cblr-3423	246	48	and	and	CCONJ
cblr-3423	246	49	the	the	DET
cblr-3423	246	50	securities	securities	PROPN
cblr-3423	246	51	exchange	exchange	PROPN
cblr-3423	246	52	act	act	NOUN
cblr-3423	246	53	of	of	ADP
cblr-3423	246	54	1934.57	1934.57	NUM
cblr-3423	246	55	in	in	ADP
cblr-3423	246	56	making	make	VERB
cblr-3423	246	57	this	this	DET
cblr-3423	246	58	determination	determination	NOUN
cblr-3423	246	59	the	the	DET
cblr-3423	246	60	sec	sec	PROPN
cblr-3423	246	61	relied	rely	VERB
cblr-3423	246	62	on	on	ADP
cblr-3423	246	63	a	a	DET
cblr-3423	246	64	number	number	NOUN
cblr-3423	246	65	of	of	ADP
cblr-3423	246	66	factors	factor	NOUN
cblr-3423	246	67	including	include	VERB
cblr-3423	246	68	:	:	PUNCT
cblr-3423	246	69	•	•	NUM
cblr-3423	246	70	tkj	tkj	NOUN
cblr-3423	246	71	will	will	AUX
cblr-3423	246	72	not	not	PART
cblr-3423	246	73	use	use	VERB
cblr-3423	246	74	any	any	DET
cblr-3423	246	75	funds	fund	NOUN
cblr-3423	246	76	from	from	ADP
cblr-3423	246	77	token	token	ADJ
cblr-3423	246	78	sales	sale	NOUN
cblr-3423	246	79	to	to	PART
cblr-3423	246	80	develop	develop	VERB
cblr-3423	246	81	the	the	DET
cblr-3423	246	82	tkj	tkj	NOUN
cblr-3423	246	83	platform	platform	NOUN
cblr-3423	246	84	,	,	PUNCT
cblr-3423	246	85	network	network	NOUN
cblr-3423	246	86	,	,	PUNCT
cblr-3423	246	87	or	or	CCONJ
cblr-3423	246	88	app	app	NOUN
cblr-3423	246	89	,	,	PUNCT
cblr-3423	246	90	and	and	CCONJ
cblr-3423	246	91	each	each	PRON
cblr-3423	246	92	of	of	ADP
cblr-3423	246	93	these	these	PRON
cblr-3423	246	94	will	will	AUX
cblr-3423	246	95	be	be	AUX
cblr-3423	246	96	fully	fully	ADV
cblr-3423	246	97	developed	develop	VERB
cblr-3423	246	98	and	and	CCONJ
cblr-3423	246	99	operational	operational	ADJ
cblr-3423	246	100	at	at	ADP
cblr-3423	246	101	the	the	DET
cblr-3423	246	102	time	time	NOUN
cblr-3423	246	103	any	any	DET
cblr-3423	246	104	tokens	token	NOUN
cblr-3423	246	105	are	be	AUX
cblr-3423	246	106	sold	sell	VERB
cblr-3423	246	107	;	;	PUNCT
cblr-3423	246	108	•	•	ADP
cblr-3423	246	109	the	the	DET
cblr-3423	246	110	tokens	token	NOUN
cblr-3423	246	111	will	will	AUX
cblr-3423	246	112	be	be	AUX
cblr-3423	246	113	immediately	immediately	ADV
cblr-3423	246	114	usable	usable	ADJ
cblr-3423	246	115	for	for	ADP
cblr-3423	246	116	their	their	PRON
cblr-3423	246	117	intended	intend	VERB
cblr-3423	246	118	functionality	functionality	NOUN
cblr-3423	246	119	(	(	PUNCT
cblr-3423	246	120	purchasing	purchase	VERB
cblr-3423	246	121	air	air	NOUN
cblr-3423	246	122	charter	charter	NOUN
cblr-3423	246	123	services	service	NOUN
cblr-3423	246	124	)	)	PUNCT
cblr-3423	246	125	at	at	ADP
cblr-3423	246	126	the	the	DET
cblr-3423	246	127	time	time	NOUN
cblr-3423	246	128	they	they	PRON
cblr-3423	246	129	are	be	AUX
cblr-3423	246	130	sold	sell	VERB
cblr-3423	246	131	;	;	PUNCT
cblr-3423	246	132	•	•	NUM
cblr-3423	246	133	tkj	tkj	NOUN
cblr-3423	246	134	will	will	AUX
cblr-3423	246	135	restrict	restrict	VERB
cblr-3423	246	136	transfers	transfer	NOUN
cblr-3423	246	137	of	of	ADP
cblr-3423	246	138	tokens	token	NOUN
cblr-3423	246	139	to	to	ADP
cblr-3423	246	140	tkj	tkj	NOUN
cblr-3423	246	141	wallets	wallet	NOUN
cblr-3423	246	142	only	only	ADV
cblr-3423	246	143	,	,	PUNCT
cblr-3423	246	144	and	and	CCONJ
cblr-3423	246	145	not	not	PART
cblr-3423	246	146	to	to	PART
cblr-3423	246	147	wallets	wallet	VERB
cblr-3423	246	148	external	external	ADJ
cblr-3423	246	149	to	to	ADP
cblr-3423	246	150	the	the	DET
cblr-3423	246	151	platform	platform	NOUN
cblr-3423	246	152	;	;	PUNCT
cblr-3423	246	153	•	•	NUM
cblr-3423	246	154	tkj	tkj	NOUN
cblr-3423	246	155	will	will	AUX
cblr-3423	246	156	sell	sell	VERB
cblr-3423	246	157	tokens	token	NOUN
cblr-3423	246	158	at	at	ADP
cblr-3423	246	159	a	a	DET
cblr-3423	246	160	price	price	NOUN
cblr-3423	246	161	of	of	ADP
cblr-3423	246	162	one	one	NUM
cblr-3423	246	163	usd	usd	NOUN
cblr-3423	246	164	per	per	ADP
cblr-3423	246	165	token	token	NOUN
cblr-3423	246	166	throughout	throughout	ADP
cblr-3423	246	167	the	the	DET
cblr-3423	246	168	life	life	NOUN
cblr-3423	246	169	of	of	ADP
cblr-3423	246	170	the	the	DET
cblr-3423	246	171	program	program	NOUN
cblr-3423	246	172	,	,	PUNCT
cblr-3423	246	173	and	and	CCONJ
cblr-3423	246	174	each	each	DET
cblr-3423	246	175	token	token	VERB
cblr-3423	246	176	will	will	AUX
cblr-3423	246	177	represent	represent	VERB
cblr-3423	246	178	a	a	DET
cblr-3423	246	179	tkj	tkj	NOUN
cblr-3423	246	180	obligation	obligation	NOUN
cblr-3423	246	181	to	to	PART
cblr-3423	246	182	supply	supply	VERB
cblr-3423	246	183	air	air	NOUN
cblr-3423	246	184	charter	charter	NOUN
cblr-3423	246	185	52	52	NUM
cblr-3423	246	186	munchee	munchee	NOUN
cblr-3423	246	187	order	order	NOUN
cblr-3423	246	188	,	,	PUNCT
cblr-3423	246	189	supra	supra	PROPN
cblr-3423	246	190	note	note	NOUN
cblr-3423	246	191	50	50	NUM
cblr-3423	246	192	,	,	PUNCT
cblr-3423	246	193	at	at	ADP
cblr-3423	246	194	9–10	9–10	NOUN
cblr-3423	246	195	.	.	PUNCT
cblr-3423	247	1	53	53	NUM
cblr-3423	247	2	see	see	VERB
cblr-3423	247	3	i	i	PRON
cblr-3423	247	4	d.	d.	PROPN
cblr-3423	247	5	at	at	ADP
cblr-3423	247	6	7	7	NUM
cblr-3423	247	7	.	.	NUM
cblr-3423	247	8	54	54	NUM
cblr-3423	247	9	see	see	VERB
cblr-3423	247	10	i	i	PRON
cblr-3423	247	11	d.	d.	PROPN
cblr-3423	247	12	at	at	ADP
cblr-3423	247	13	5–7	5–7	NUM
cblr-3423	247	14	.	.	PUNCT
cblr-3423	248	1	55	55	NUM
cblr-3423	249	1	i	i	PRON
cblr-3423	249	2	d.	d.	VERB
cblr-3423	249	3	at	at	ADP
cblr-3423	249	4	9	9	NUM
cblr-3423	249	5	.	.	PUNCT
cblr-3423	249	6	56	56	NUM
cblr-3423	249	7	turnkey	turnkey	NOUN
cblr-3423	249	8	jet	jet	NOUN
cblr-3423	249	9	no	no	DET
cblr-3423	249	10	-	-	PUNCT
cblr-3423	249	11	action	action	NOUN
cblr-3423	249	12	letter	letter	NOUN
cblr-3423	249	13	,	,	PUNCT
cblr-3423	249	14	supra	supra	PROPN
cblr-3423	249	15	note	note	VERB
cblr-3423	249	16	50	50	NUM
cblr-3423	249	17	.	.	NUM
cblr-3423	249	18	57	57	NUM
cblr-3423	250	1	i	i	PRON
cblr-3423	250	2	d.	d.	PROPN
cblr-3423	250	3	no	no	INTJ
cblr-3423	250	4	.	.	PUNCT
cblr-3423	251	1	2:443	2:443	NUM
cblr-3423	251	2	]	]	X
cblr-3423	251	3	a	a	DET
cblr-3423	251	4	regulatory	regulatory	ADJ
cblr-3423	251	5	classification	classification	NOUN
cblr-3423	251	6	of	of	ADP
cblr-3423	251	7	digital	digital	ADJ
cblr-3423	251	8	assets	asset	NOUN
cblr-3423	251	9	459	459	NUM
cblr-3423	251	10	services	service	NOUN
cblr-3423	251	11	at	at	ADP
cblr-3423	251	12	a	a	DET
cblr-3423	251	13	value	value	NOUN
cblr-3423	251	14	of	of	ADP
cblr-3423	251	15	one	one	NUM
cblr-3423	251	16	usd	usd	NOUN
cblr-3423	251	17	per	per	ADP
cblr-3423	251	18	token	token	NOUN
cblr-3423	251	19	;	;	PUNCT
cblr-3423	251	20	•	•	ADP
cblr-3423	251	21	if	if	SCONJ
cblr-3423	251	22	tkj	tkj	NOUN
cblr-3423	251	23	offers	offer	VERB
cblr-3423	251	24	to	to	PART
cblr-3423	251	25	repurchase	repurchase	VERB
cblr-3423	251	26	tokens	token	NOUN
cblr-3423	251	27	,	,	PUNCT
cblr-3423	251	28	it	it	PRON
cblr-3423	251	29	will	will	AUX
cblr-3423	251	30	only	only	ADV
cblr-3423	251	31	do	do	VERB
cblr-3423	251	32	so	so	ADV
cblr-3423	251	33	at	at	ADP
cblr-3423	251	34	a	a	DET
cblr-3423	251	35	discount	discount	NOUN
cblr-3423	251	36	to	to	ADP
cblr-3423	251	37	the	the	DET
cblr-3423	251	38	face	face	NOUN
cblr-3423	251	39	value	value	NOUN
cblr-3423	251	40	of	of	ADP
cblr-3423	251	41	the	the	DET
cblr-3423	251	42	tokens	token	NOUN
cblr-3423	251	43	(	(	PUNCT
cblr-3423	251	44	one	one	NUM
cblr-3423	251	45	usd	usd	NOUN
cblr-3423	251	46	per	per	ADP
cblr-3423	251	47	token	token	NOUN
cblr-3423	251	48	)	)	PUNCT
cblr-3423	251	49	that	that	SCONJ
cblr-3423	251	50	the	the	DET
cblr-3423	251	51	holder	holder	NOUN
cblr-3423	251	52	seeks	seek	VERB
cblr-3423	251	53	to	to	PART
cblr-3423	251	54	resell	resell	VERB
cblr-3423	251	55	to	to	ADP
cblr-3423	251	56	tkj	tkj	NOUN
cblr-3423	251	57	,	,	PUNCT
cblr-3423	251	58	unless	unless	SCONJ
cblr-3423	251	59	a	a	DET
cblr-3423	251	60	court	court	NOUN
cblr-3423	251	61	within	within	ADP
cblr-3423	251	62	the	the	DET
cblr-3423	251	63	united	united	PROPN
cblr-3423	251	64	states	states	PROPN
cblr-3423	251	65	orders	order	VERB
cblr-3423	251	66	tkj	tkj	NOUN
cblr-3423	251	67	to	to	PART
cblr-3423	251	68	liquidate	liquidate	VERB
cblr-3423	251	69	the	the	DET
cblr-3423	251	70	tokens	token	NOUN
cblr-3423	251	71	;	;	PUNCT
cblr-3423	251	72	and	and	CCONJ
cblr-3423	251	73	•	•	NOUN
cblr-3423	251	74	the	the	DET
cblr-3423	251	75	token	token	NOUN
cblr-3423	251	76	is	be	AUX
cblr-3423	251	77	marketed	market	VERB
cblr-3423	251	78	in	in	ADP
cblr-3423	251	79	a	a	DET
cblr-3423	251	80	manner	manner	NOUN
cblr-3423	251	81	that	that	PRON
cblr-3423	251	82	emphasizes	emphasize	VERB
cblr-3423	251	83	the	the	DET
cblr-3423	251	84	functionality	functionality	NOUN
cblr-3423	251	85	of	of	ADP
cblr-3423	251	86	the	the	DET
cblr-3423	251	87	token	token	NOUN
cblr-3423	251	88	,	,	PUNCT
cblr-3423	251	89	and	and	CCONJ
cblr-3423	251	90	not	not	PART
cblr-3423	251	91	the	the	DET
cblr-3423	251	92	potential	potential	NOUN
cblr-3423	251	93	for	for	ADP
cblr-3423	251	94	the	the	DET
cblr-3423	251	95	increase	increase	NOUN
cblr-3423	251	96	in	in	ADP
cblr-3423	251	97	the	the	DET
cblr-3423	251	98	market	market	NOUN
cblr-3423	251	99	value	value	NOUN
cblr-3423	251	100	of	of	ADP
cblr-3423	251	101	the	the	DET
cblr-3423	251	102	token.58	token.58	NOUN
cblr-3423	251	103	as	as	SCONJ
cblr-3423	251	104	will	will	AUX
cblr-3423	251	105	be	be	AUX
cblr-3423	251	106	shown	show	VERB
cblr-3423	251	107	below	below	ADP
cblr-3423	251	108	,	,	PUNCT
cblr-3423	251	109	the	the	DET
cblr-3423	251	110	tests	test	NOUN
cblr-3423	251	111	proposed	propose	VERB
cblr-3423	251	112	by	by	ADP
cblr-3423	251	113	this	this	DET
cblr-3423	251	114	article	article	NOUN
cblr-3423	251	115	would	would	AUX
cblr-3423	251	116	reach	reach	VERB
cblr-3423	251	117	the	the	DET
cblr-3423	251	118	same	same	ADJ
cblr-3423	251	119	conclusion	conclusion	NOUN
cblr-3423	251	120	in	in	ADP
cblr-3423	251	121	a	a	DET
cblr-3423	251	122	more	more	ADV
cblr-3423	251	123	straightforward	straightforward	ADJ
cblr-3423	251	124	manner	manner	NOUN
cblr-3423	251	125	.	.	PUNCT
cblr-3423	252	1	iv	iv	X
cblr-3423	252	2	.	.	PUNCT
cblr-3423	253	1	howey	howey	PROPN
cblr-3423	253	2	for	for	ADP
cblr-3423	253	3	digital	digital	ADJ
cblr-3423	253	4	assets	asset	NOUN
cblr-3423	253	5	in	in	ADP
cblr-3423	253	6	applying	apply	VERB
cblr-3423	253	7	the	the	DET
cblr-3423	253	8	howey	howey	PROPN
cblr-3423	253	9	test	test	NOUN
cblr-3423	253	10	to	to	ADP
cblr-3423	253	11	digital	digital	ADJ
cblr-3423	253	12	assets	asset	NOUN
cblr-3423	253	13	,	,	PUNCT
cblr-3423	253	14	this	this	DET
cblr-3423	253	15	article	article	NOUN
cblr-3423	253	16	sets	set	VERB
cblr-3423	253	17	forth	forth	ADP
cblr-3423	253	18	a	a	DET
cblr-3423	253	19	decision	decision	NOUN
cblr-3423	253	20	tree	tree	NOUN
cblr-3423	253	21	that	that	PRON
cblr-3423	253	22	will	will	AUX
cblr-3423	253	23	be	be	AUX
cblr-3423	253	24	helpful	helpful	ADJ
cblr-3423	253	25	for	for	ADP
cblr-3423	253	26	determining	determine	VERB
cblr-3423	253	27	whether	whether	SCONJ
cblr-3423	253	28	a	a	DET
cblr-3423	253	29	particular	particular	ADJ
cblr-3423	253	30	digital	digital	ADJ
cblr-3423	253	31	asset	asset	NOUN
cblr-3423	253	32	is	be	AUX
cblr-3423	253	33	an	an	DET
cblr-3423	253	34	“	"	PUNCT
cblr-3423	253	35	investment	investment	NOUN
cblr-3423	253	36	contract	contract	NOUN
cblr-3423	253	37	”	"	PUNCT
cblr-3423	253	38	under	under	ADP
cblr-3423	253	39	howey	howey	PRON
cblr-3423	253	40	.	.	PUNCT
cblr-3423	254	1	when	when	SCONJ
cblr-3423	254	2	an	an	DET
cblr-3423	254	3	instrument	instrument	NOUN
cblr-3423	254	4	is	be	AUX
cblr-3423	254	5	presented	present	VERB
cblr-3423	254	6	and	and	CCONJ
cblr-3423	254	7	alleged	allege	VERB
cblr-3423	254	8	to	to	PART
cblr-3423	254	9	be	be	AUX
cblr-3423	254	10	a	a	DET
cblr-3423	254	11	security	security	NOUN
cblr-3423	254	12	,	,	PUNCT
cblr-3423	254	13	a	a	DET
cblr-3423	254	14	court	court	NOUN
cblr-3423	254	15	asks	ask	VERB
cblr-3423	254	16	if	if	SCONJ
cblr-3423	254	17	the	the	DET
cblr-3423	254	18	four	four	NUM
cblr-3423	254	19	howey	howey	ADJ
cblr-3423	254	20	factors	factor	NOUN
cblr-3423	254	21	are	be	AUX
cblr-3423	254	22	met	meet	VERB
cblr-3423	254	23	.	.	PUNCT
cblr-3423	255	1	this	this	DET
cblr-3423	255	2	article	article	NOUN
cblr-3423	255	3	deals	deal	VERB
cblr-3423	255	4	with	with	ADP
cblr-3423	255	5	two	two	NUM
cblr-3423	255	6	of	of	ADP
cblr-3423	255	7	those	those	DET
cblr-3423	255	8	factors	factor	NOUN
cblr-3423	255	9	and	and	CCONJ
cblr-3423	255	10	proposes	propose	VERB
cblr-3423	255	11	an	an	DET
cblr-3423	255	12	operational	operational	ADJ
cblr-3423	255	13	test	test	NOUN
cblr-3423	255	14	for	for	ADP
cblr-3423	255	15	helping	help	VERB
cblr-3423	255	16	a	a	DET
cblr-3423	255	17	court	court	NOUN
cblr-3423	255	18	answer	answer	VERB
cblr-3423	255	19	whether	whether	SCONJ
cblr-3423	255	20	the	the	DET
cblr-3423	255	21	factors	factor	NOUN
cblr-3423	255	22	have	have	AUX
cblr-3423	255	23	been	be	AUX
cblr-3423	255	24	met	meet	VERB
cblr-3423	255	25	.	.	PUNCT
cblr-3423	256	1	these	these	DET
cblr-3423	256	2	tests	test	NOUN
cblr-3423	256	3	are	be	AUX
cblr-3423	256	4	part	part	NOUN
cblr-3423	256	5	of	of	ADP
cblr-3423	256	6	the	the	DET
cblr-3423	256	7	howey	howey	PROPN
cblr-3423	256	8	decision	decision	NOUN
cblr-3423	256	9	tree	tree	NOUN
cblr-3423	256	10	.	.	PUNCT
cblr-3423	257	1	this	this	DET
cblr-3423	257	2	article	article	NOUN
cblr-3423	257	3	assumes	assume	VERB
cblr-3423	257	4	that	that	SCONJ
cblr-3423	257	5	there	there	PRON
cblr-3423	257	6	has	have	AUX
cblr-3423	257	7	been	be	AUX
cblr-3423	257	8	a	a	DET
cblr-3423	257	9	payment	payment	NOUN
cblr-3423	257	10	of	of	ADP
cblr-3423	257	11	value	value	NOUN
cblr-3423	257	12	in	in	ADP
cblr-3423	257	13	a	a	DET
cblr-3423	257	14	collective	collective	ADJ
cblr-3423	257	15	venture	venture	NOUN
cblr-3423	257	16	.	.	PUNCT
cblr-3423	258	1	in	in	ADP
cblr-3423	258	2	most	most	ADJ
cblr-3423	258	3	cases	case	NOUN
cblr-3423	258	4	of	of	ADP
cblr-3423	258	5	digital	digital	ADJ
cblr-3423	258	6	asset	asset	NOUN
cblr-3423	258	7	purchases	purchase	NOUN
cblr-3423	258	8	,	,	PUNCT
cblr-3423	258	9	this	this	PRON
cblr-3423	258	10	is	be	AUX
cblr-3423	258	11	the	the	DET
cblr-3423	258	12	case	case	NOUN
cblr-3423	258	13	;	;	PUNCT
cblr-3423	258	14	thus	thus	ADV
cblr-3423	258	15	,	,	PUNCT
cblr-3423	258	16	the	the	DET
cblr-3423	258	17	first	first	ADJ
cblr-3423	258	18	two	two	NUM
cblr-3423	258	19	prongs	prong	NOUN
cblr-3423	258	20	of	of	ADP
cblr-3423	258	21	the	the	DET
cblr-3423	258	22	test	test	NOUN
cblr-3423	258	23	under	under	ADP
cblr-3423	258	24	howey	howey	PRON
cblr-3423	258	25	—	—	PUNCT
cblr-3423	258	26	an	an	DET
cblr-3423	258	27	investment	investment	NOUN
cblr-3423	258	28	of	of	ADP
cblr-3423	258	29	money	money	NOUN
cblr-3423	258	30	in	in	ADP
cblr-3423	258	31	a	a	DET
cblr-3423	258	32	common	common	ADJ
cblr-3423	258	33	enterprise	enterprise	NOUN
cblr-3423	258	34	—	—	PUNCT
cblr-3423	258	35	are	be	AUX
cblr-3423	258	36	presumed	presume	VERB
cblr-3423	258	37	satisfied	satisfied	ADJ
cblr-3423	258	38	.	.	PUNCT
cblr-3423	259	1	the	the	DET
cblr-3423	259	2	first	first	ADJ
cblr-3423	259	3	step	step	NOUN
cblr-3423	259	4	of	of	ADP
cblr-3423	259	5	the	the	DET
cblr-3423	259	6	decision	decision	NOUN
cblr-3423	259	7	tree	tree	NOUN
cblr-3423	259	8	is	be	AUX
cblr-3423	259	9	to	to	PART
cblr-3423	259	10	determine	determine	VERB
cblr-3423	259	11	whether	whether	SCONJ
cblr-3423	259	12	the	the	DET
cblr-3423	259	13	asset	asset	NOUN
cblr-3423	259	14	is	be	AUX
cblr-3423	259	15	“	"	PUNCT
cblr-3423	259	16	sufficiently	sufficiently	ADV
cblr-3423	259	17	decentralized”59	decentralized”59	ADP
cblr-3423	259	18	such	such	ADJ
cblr-3423	259	19	that	that	SCONJ
cblr-3423	259	20	it	it	PRON
cblr-3423	259	21	does	do	AUX
cblr-3423	259	22	not	not	PART
cblr-3423	259	23	satisfy	satisfy	VERB
cblr-3423	259	24	the	the	DET
cblr-3423	259	25	“	"	PUNCT
cblr-3423	259	26	efforts	effort	NOUN
cblr-3423	259	27	of	of	ADP
cblr-3423	259	28	others	other	NOUN
cblr-3423	259	29	”	"	PUNCT
cblr-3423	259	30	prong	prong	NOUN
cblr-3423	259	31	of	of	ADP
cblr-3423	259	32	the	the	DET
cblr-3423	259	33	howey	howey	PROPN
cblr-3423	259	34	test	test	NOUN
cblr-3423	259	35	.	.	PUNCT
cblr-3423	260	1	this	this	DET
cblr-3423	260	2	standard	standard	NOUN
cblr-3423	260	3	was	be	AUX
cblr-3423	260	4	set	set	VERB
cblr-3423	260	5	forth	forth	ADP
cblr-3423	260	6	by	by	ADP
cblr-3423	260	7	sec	sec	PROPN
cblr-3423	260	8	director	director	NOUN
cblr-3423	260	9	william	william	PROPN
cblr-3423	260	10	hinman	hinman	PROPN
cblr-3423	260	11	in	in	ADP
cblr-3423	260	12	the	the	DET
cblr-3423	260	13	june	june	PROPN
cblr-3423	260	14	2018	2018	NUM
cblr-3423	260	15	speech	speech	NOUN
cblr-3423	260	16	discussed	discuss	VERB
cblr-3423	260	17	above.60	above.60	NOUN
cblr-3423	260	18	58	58	NUM
cblr-3423	261	1	i	i	PRON
cblr-3423	261	2	d.	d.	PROPN
cblr-3423	261	3	59	59	NUM
cblr-3423	261	4	hinman	hinman	NOUN
cblr-3423	261	5	speech	speech	NOUN
cblr-3423	261	6	,	,	PUNCT
cblr-3423	261	7	supra	supra	PROPN
cblr-3423	261	8	note	note	NOUN
cblr-3423	261	9	39	39	NUM
cblr-3423	261	10	.	.	PUNCT
cblr-3423	262	1	60	60	NUM
cblr-3423	262	2	see	see	VERB
cblr-3423	262	3	supra	supra	PROPN
cblr-3423	262	4	note	note	NOUN
cblr-3423	262	5	43	43	NUM
cblr-3423	262	6	and	and	CCONJ
cblr-3423	262	7	accompanying	accompany	VERB
cblr-3423	262	8	text	text	NOUN
cblr-3423	262	9	.	.	PUNCT
cblr-3423	263	1	460	460	NUM
cblr-3423	263	2	columbia	columbia	PROPN
cblr-3423	263	3	business	business	NOUN
cblr-3423	263	4	law	law	PROPN
cblr-3423	263	5	review	review	NOUN
cblr-3423	263	6	[	[	X
cblr-3423	263	7	vol	vol	NOUN
cblr-3423	263	8	.	.	PUNCT
cblr-3423	263	9	2019	2019	NUM
cblr-3423	263	10	thus	thus	ADV
cblr-3423	263	11	,	,	PUNCT
cblr-3423	263	12	if	if	SCONJ
cblr-3423	263	13	the	the	DET
cblr-3423	263	14	purchasers	purchaser	NOUN
cblr-3423	263	15	never	never	ADV
cblr-3423	263	16	expected	expect	VERB
cblr-3423	263	17	a	a	DET
cblr-3423	263	18	person	person	NOUN
cblr-3423	263	19	or	or	CCONJ
cblr-3423	263	20	group	group	NOUN
cblr-3423	263	21	to	to	PART
cblr-3423	263	22	carry	carry	VERB
cblr-3423	263	23	out	out	ADP
cblr-3423	263	24	such	such	ADJ
cblr-3423	263	25	efforts	effort	NOUN
cblr-3423	263	26	,	,	PUNCT
cblr-3423	263	27	then	then	ADV
cblr-3423	263	28	the	the	DET
cblr-3423	263	29	assets	asset	NOUN
cblr-3423	263	30	are	be	AUX
cblr-3423	263	31	“	"	PUNCT
cblr-3423	263	32	sufficiently	sufficiently	ADV
cblr-3423	263	33	decentralized	decentralize	VERB
cblr-3423	263	34	”	"	PUNCT
cblr-3423	263	35	and	and	CCONJ
cblr-3423	263	36	may	may	AUX
cblr-3423	263	37	not	not	PART
cblr-3423	263	38	represent	represent	VERB
cblr-3423	263	39	an	an	DET
cblr-3423	263	40	investment	investment	NOUN
cblr-3423	263	41	contract	contract	NOUN
cblr-3423	263	42	.	.	PUNCT
cblr-3423	264	1	below	below	ADP
cblr-3423	264	2	we	we	PRON
cblr-3423	264	3	propose	propose	VERB
cblr-3423	264	4	what	what	PRON
cblr-3423	264	5	we	we	PRON
cblr-3423	264	6	call	call	VERB
cblr-3423	264	7	the	the	DET
cblr-3423	264	8	“	"	PUNCT
cblr-3423	264	9	bahamas	bahamas	PROPN
cblr-3423	264	10	test	test	NOUN
cblr-3423	264	11	”	"	PUNCT
cblr-3423	264	12	for	for	ADP
cblr-3423	264	13	determining	determine	VERB
cblr-3423	264	14	sufficient	sufficient	ADJ
cblr-3423	264	15	decentralization	decentralization	NOUN
cblr-3423	264	16	.	.	PUNCT
cblr-3423	265	1	figure	figure	VERB
cblr-3423	265	2	1	1	NUM
cblr-3423	265	3	:	:	PUNCT
cblr-3423	265	4	a	a	DET
cblr-3423	265	5	decision	decision	NOUN
cblr-3423	265	6	tree	tree	NOUN
cblr-3423	265	7	for	for	ADP
cblr-3423	265	8	digital	digital	ADJ
cblr-3423	265	9	assets	asset	NOUN
cblr-3423	265	10	the	the	DET
cblr-3423	265	11	second	second	ADJ
cblr-3423	265	12	step	step	NOUN
cblr-3423	265	13	of	of	ADP
cblr-3423	265	14	the	the	DET
cblr-3423	265	15	decision	decision	NOUN
cblr-3423	265	16	tree	tree	NOUN
cblr-3423	265	17	applies	apply	VERB
cblr-3423	265	18	if	if	SCONJ
cblr-3423	265	19	the	the	DET
cblr-3423	265	20	asset	asset	NOUN
cblr-3423	265	21	is	be	AUX
cblr-3423	265	22	not	not	PART
cblr-3423	265	23	sufficiently	sufficiently	ADV
cblr-3423	265	24	decentralized	decentralize	VERB
cblr-3423	265	25	.	.	PUNCT
cblr-3423	266	1	this	this	DET
cblr-3423	266	2	step	step	NOUN
cblr-3423	266	3	determines	determine	VERB
cblr-3423	266	4	whether	whether	SCONJ
cblr-3423	266	5	the	the	DET
cblr-3423	266	6	investment	investment	NOUN
cblr-3423	266	7	is	be	AUX
cblr-3423	266	8	made	make	VERB
cblr-3423	266	9	with	with	ADP
cblr-3423	266	10	an	an	DET
cblr-3423	266	11	expectation	expectation	NOUN
cblr-3423	266	12	of	of	ADP
cblr-3423	266	13	profit	profit	NOUN
cblr-3423	266	14	.	.	PUNCT
cblr-3423	267	1	if	if	SCONJ
cblr-3423	267	2	it	it	PRON
cblr-3423	267	3	is	be	AUX
cblr-3423	267	4	not	not	PART
cblr-3423	267	5	made	make	VERB
cblr-3423	267	6	with	with	ADP
cblr-3423	267	7	expectation	expectation	NOUN
cblr-3423	267	8	of	of	ADP
cblr-3423	267	9	profit	profit	NOUN
cblr-3423	267	10	,	,	PUNCT
cblr-3423	267	11	then	then	ADV
cblr-3423	267	12	the	the	DET
cblr-3423	267	13	asset	asset	NOUN
cblr-3423	267	14	is	be	AUX
cblr-3423	267	15	not	not	PART
cblr-3423	267	16	a	a	DET
cblr-3423	267	17	security	security	NOUN
cblr-3423	267	18	.	.	PUNCT
cblr-3423	268	1	to	to	PART
cblr-3423	268	2	make	make	VERB
cblr-3423	268	3	this	this	DET
cblr-3423	268	4	determination	determination	NOUN
cblr-3423	268	5	,	,	PUNCT
cblr-3423	268	6	we	we	PRON
cblr-3423	268	7	consider	consider	VERB
cblr-3423	268	8	a	a	DET
cblr-3423	268	9	“	"	PUNCT
cblr-3423	268	10	substantial	substantial	ADJ
cblr-3423	268	11	steps	step	NOUN
cblr-3423	268	12	test	test	NOUN
cblr-3423	268	13	.	.	PUNCT
cblr-3423	268	14	”	"	PUNCT
cblr-3423	269	1	this	this	DET
cblr-3423	269	2	test	test	NOUN
cblr-3423	269	3	has	have	VERB
cblr-3423	269	4	its	its	PRON
cblr-3423	269	5	benefits	benefit	NOUN
cblr-3423	269	6	,	,	PUNCT
cblr-3423	269	7	but	but	CCONJ
cblr-3423	269	8	because	because	SCONJ
cblr-3423	269	9	of	of	ADP
cblr-3423	269	10	the	the	DET
cblr-3423	269	11	inherent	inherent	ADJ
cblr-3423	269	12	problems	problem	NOUN
cblr-3423	269	13	in	in	ADP
cblr-3423	269	14	determining	determine	VERB
cblr-3423	269	15	an	an	DET
cblr-3423	269	16	expectation	expectation	NOUN
cblr-3423	269	17	of	of	ADP
cblr-3423	269	18	profit	profit	NOUN
cblr-3423	269	19	,	,	PUNCT
cblr-3423	269	20	we	we	PRON
cblr-3423	269	21	are	be	AUX
cblr-3423	269	22	willing	willing	ADJ
cblr-3423	269	23	to	to	PART
cblr-3423	269	24	entertain	entertain	VERB
cblr-3423	269	25	a	a	DET
cblr-3423	269	26	full	full	ADJ
cblr-3423	269	27	rethinking	rethinking	NOUN
cblr-3423	269	28	of	of	ADP
cblr-3423	269	29	howey	howey	PROPN
cblr-3423	269	30	as	as	SCONJ
cblr-3423	269	31	opposed	oppose	VERB
cblr-3423	269	32	to	to	ADP
cblr-3423	269	33	the	the	DET
cblr-3423	269	34	imprecise	imprecise	ADV
cblr-3423	269	35	fit	fit	NOUN
cblr-3423	269	36	attempted	attempt	VERB
cblr-3423	269	37	here	here	ADV
cblr-3423	269	38	.	.	PUNCT
cblr-3423	270	1	generally	generally	ADV
cblr-3423	270	2	,	,	PUNCT
cblr-3423	270	3	the	the	DET
cblr-3423	270	4	first	first	ADJ
cblr-3423	270	5	step	step	NOUN
cblr-3423	270	6	asks	ask	VERB
cblr-3423	270	7	a	a	DET
cblr-3423	270	8	more	more	ADV
cblr-3423	270	9	straightforward	straightforward	ADJ
cblr-3423	270	10	question	question	NOUN
cblr-3423	270	11	than	than	ADP
cblr-3423	270	12	the	the	DET
cblr-3423	270	13	second	second	ADJ
cblr-3423	270	14	.	.	PUNCT
cblr-3423	271	1	expectation	expectation	NOUN
cblr-3423	271	2	of	of	ADP
cblr-3423	271	3	profit	profit	NOUN
cblr-3423	271	4	will	will	AUX
cblr-3423	271	5	necessarily	necessarily	ADV
cblr-3423	271	6	involve	involve	VERB
cblr-3423	271	7	casuistic	casuistic	ADJ
cblr-3423	271	8	determinations	determination	NOUN
cblr-3423	271	9	of	of	ADP
cblr-3423	271	10	borderline	borderline	NOUN
cblr-3423	271	11	cases	case	NOUN
cblr-3423	271	12	.	.	PUNCT
cblr-3423	272	1	a.	a.	NOUN
cblr-3423	272	2	efforts	effort	NOUN
cblr-3423	272	3	of	of	ADP
cblr-3423	272	4	others	other	NOUN
cblr-3423	272	5	prong	prong	VERB
cblr-3423	272	6	–	–	PUNCT
cblr-3423	272	7	the	the	DET
cblr-3423	272	8	“	"	PUNCT
cblr-3423	272	9	bahamas	bahamas	PROPN
cblr-3423	272	10	test	test	NOUN
cblr-3423	272	11	”	"	PUNCT
cblr-3423	272	12	the	the	DET
cblr-3423	272	13	first	first	ADJ
cblr-3423	272	14	step	step	NOUN
cblr-3423	272	15	toward	toward	ADP
cblr-3423	272	16	determining	determine	VERB
cblr-3423	272	17	whether	whether	SCONJ
cblr-3423	272	18	a	a	DET
cblr-3423	272	19	digital	digital	ADJ
cblr-3423	272	20	asset	asset	NOUN
cblr-3423	272	21	is	be	AUX
cblr-3423	272	22	a	a	DET
cblr-3423	272	23	security	security	NOUN
cblr-3423	272	24	is	be	AUX
cblr-3423	272	25	determining	determine	VERB
cblr-3423	272	26	whether	whether	SCONJ
cblr-3423	272	27	it	it	PRON
cblr-3423	272	28	is	be	AUX
cblr-3423	272	29	sufficiently	sufficiently	ADV
cblr-3423	272	30	decentralized	decentralize	VERB
cblr-3423	272	31	such	such	ADJ
cblr-3423	272	32	that	that	SCONJ
cblr-3423	272	33	there	there	PRON
cblr-3423	272	34	is	be	VERB
cblr-3423	272	35	no	no	DET
cblr-3423	272	36	“	"	PUNCT
cblr-3423	272	37	other	other	ADJ
cblr-3423	272	38	”	"	PUNCT
cblr-3423	272	39	to	to	PART
cblr-3423	272	40	satisfy	satisfy	VERB
cblr-3423	272	41	the	the	PRON
cblr-3423	272	42	“	"	PUNCT
cblr-3423	272	43	.	.	PUNCT
cblr-3423	272	44	.	.	PUNCT
cblr-3423	272	45	.	.	PUNCT
cblr-3423	273	1	with	with	ADP
cblr-3423	273	2	profits	profit	NOUN
cblr-3423	273	3	to	to	PART
cblr-3423	273	4	come	come	VERB
cblr-3423	273	5	solely	solely	ADV
cblr-3423	273	6	from	from	ADP
cblr-3423	273	7	the	the	DET
cblr-3423	273	8	efforts	effort	NOUN
cblr-3423	273	9	of	of	ADP
cblr-3423	273	10	others	other	NOUN
cblr-3423	273	11	.	.	PUNCT
cblr-3423	273	12	.	.	PUNCT
cblr-3423	273	13	.	.	PUNCT
cblr-3423	273	14	”	"	PUNCT
cblr-3423	273	15	prong	prong	PROPN
cblr-3423	273	16	no	no	NOUN
cblr-3423	273	17	.	.	NOUN
cblr-3423	273	18	2:443	2:443	NUM
cblr-3423	273	19	]	]	X
cblr-3423	273	20	a	a	DET
cblr-3423	273	21	regulatory	regulatory	ADJ
cblr-3423	273	22	classification	classification	NOUN
cblr-3423	273	23	of	of	ADP
cblr-3423	273	24	digital	digital	ADJ
cblr-3423	273	25	assets	asset	NOUN
cblr-3423	273	26	461	461	NUM
cblr-3423	273	27	of	of	ADP
cblr-3423	273	28	the	the	DET
cblr-3423	273	29	howey	howey	PROPN
cblr-3423	273	30	test.61	test.61	PROPN
cblr-3423	273	31	to	to	PART
cblr-3423	273	32	operationally	operationally	ADV
cblr-3423	273	33	answer	answer	VERB
cblr-3423	273	34	this	this	DET
cblr-3423	273	35	question	question	NOUN
cblr-3423	273	36	,	,	PUNCT
cblr-3423	273	37	this	this	DET
cblr-3423	273	38	article	article	NOUN
cblr-3423	273	39	proposes	propose	VERB
cblr-3423	273	40	a	a	DET
cblr-3423	273	41	“	"	PUNCT
cblr-3423	273	42	bahamas	bahamas	PROPN
cblr-3423	273	43	test	test	NOUN
cblr-3423	273	44	.	.	PUNCT
cblr-3423	273	45	”	"	PUNCT
cblr-3423	274	1	at	at	ADP
cblr-3423	274	2	a	a	DET
cblr-3423	274	3	high	high	ADJ
cblr-3423	274	4	level	level	NOUN
cblr-3423	274	5	,	,	PUNCT
cblr-3423	274	6	the	the	DET
cblr-3423	274	7	test	test	NOUN
cblr-3423	274	8	holds	hold	VERB
cblr-3423	274	9	that	that	SCONJ
cblr-3423	274	10	if	if	SCONJ
cblr-3423	274	11	the	the	DET
cblr-3423	274	12	instrument	instrument	NOUN
cblr-3423	274	13	is	be	AUX
cblr-3423	274	14	a	a	DET
cblr-3423	274	15	decentralized	decentralized	ADJ
cblr-3423	274	16	one	one	NOUN
cblr-3423	274	17	that	that	PRON
cblr-3423	274	18	is	be	AUX
cblr-3423	274	19	not	not	PART
cblr-3423	274	20	controlled	control	VERB
cblr-3423	274	21	by	by	ADP
cblr-3423	274	22	a	a	DET
cblr-3423	274	23	single	single	ADJ
cblr-3423	274	24	entity	entity	NOUN
cblr-3423	274	25	,	,	PUNCT
cblr-3423	274	26	then	then	ADV
cblr-3423	274	27	it	it	PRON
cblr-3423	274	28	is	be	AUX
cblr-3423	274	29	not	not	PART
cblr-3423	274	30	a	a	DET
cblr-3423	274	31	security	security	NOUN
cblr-3423	274	32	.	.	PUNCT
cblr-3423	275	1	this	this	PRON
cblr-3423	275	2	comports	comport	VERB
cblr-3423	275	3	with	with	ADP
cblr-3423	275	4	the	the	DET
cblr-3423	275	5	truism	truism	NOUN
cblr-3423	275	6	that	that	SCONJ
cblr-3423	275	7	,	,	PUNCT
cblr-3423	275	8	for	for	SCONJ
cblr-3423	275	9	an	an	DET
cblr-3423	275	10	investment	investment	NOUN
cblr-3423	275	11	contract	contract	NOUN
cblr-3423	275	12	to	to	PART
cblr-3423	275	13	exist	exist	VERB
cblr-3423	275	14	,	,	PUNCT
cblr-3423	275	15	there	there	PRON
cblr-3423	275	16	must	must	AUX
cblr-3423	275	17	be	be	AUX
cblr-3423	275	18	a	a	DET
cblr-3423	275	19	contract	contract	NOUN
cblr-3423	275	20	of	of	ADP
cblr-3423	275	21	some	some	DET
cblr-3423	275	22	sort	sort	NOUN
cblr-3423	275	23	,	,	PUNCT
cblr-3423	275	24	whether	whether	SCONJ
cblr-3423	275	25	implicit	implicit	ADJ
cblr-3423	275	26	or	or	CCONJ
cblr-3423	275	27	explicit	explicit	ADJ
cblr-3423	275	28	.	.	PUNCT
cblr-3423	276	1	if	if	SCONJ
cblr-3423	276	2	there	there	PRON
cblr-3423	276	3	is	be	VERB
cblr-3423	276	4	no	no	DET
cblr-3423	276	5	other	other	ADJ
cblr-3423	276	6	party	party	NOUN
cblr-3423	276	7	to	to	ADP
cblr-3423	276	8	the	the	DET
cblr-3423	276	9	contract	contract	NOUN
cblr-3423	276	10	or	or	CCONJ
cblr-3423	276	11	any	any	DET
cblr-3423	276	12	expectation	expectation	NOUN
cblr-3423	276	13	of	of	ADP
cblr-3423	276	14	performance	performance	NOUN
cblr-3423	276	15	,	,	PUNCT
cblr-3423	276	16	then	then	ADV
cblr-3423	276	17	there	there	PRON
cblr-3423	276	18	is	be	VERB
cblr-3423	276	19	no	no	DET
cblr-3423	276	20	contract	contract	NOUN
cblr-3423	276	21	.	.	PUNCT
cblr-3423	277	1	the	the	DET
cblr-3423	277	2	bahamas	bahamas	PROPN
cblr-3423	277	3	test	test	NOUN
cblr-3423	277	4	asks	ask	VERB
cblr-3423	277	5	:	:	PUNCT
cblr-3423	277	6	if	if	SCONJ
cblr-3423	277	7	there	there	PRON
cblr-3423	277	8	is	be	VERB
cblr-3423	277	9	a	a	DET
cblr-3423	277	10	minting	minting	NOUN
cblr-3423	277	11	and	and	CCONJ
cblr-3423	277	12	selling	selling	NOUN
cblr-3423	277	13	of	of	ADP
cblr-3423	277	14	an	an	DET
cblr-3423	277	15	instrument	instrument	NOUN
cblr-3423	277	16	,	,	PUNCT
cblr-3423	277	17	as	as	SCONJ
cblr-3423	277	18	opposed	oppose	VERB
cblr-3423	277	19	to	to	PART
cblr-3423	277	20	open	open	VERB
cblr-3423	277	21	mining	mining	NOUN
cblr-3423	277	22	of	of	ADP
cblr-3423	277	23	it	it	PRON
cblr-3423	277	24	,	,	PUNCT
cblr-3423	277	25	is	be	AUX
cblr-3423	277	26	there	there	PRON
cblr-3423	277	27	either	either	CCONJ
cblr-3423	277	28	an	an	DET
cblr-3423	277	29	explicit	explicit	ADJ
cblr-3423	277	30	or	or	CCONJ
cblr-3423	277	31	implicit	implicit	ADJ
cblr-3423	277	32	contract	contract	NOUN
cblr-3423	277	33	to	to	PART
cblr-3423	277	34	build	build	VERB
cblr-3423	277	35	and	and	CCONJ
cblr-3423	277	36	manage	manage	VERB
cblr-3423	277	37	software	software	NOUN
cblr-3423	277	38	such	such	ADJ
cblr-3423	277	39	that	that	SCONJ
cblr-3423	277	40	if	if	SCONJ
cblr-3423	277	41	there	there	PRON
cblr-3423	277	42	were	be	VERB
cblr-3423	277	43	a	a	DET
cblr-3423	277	44	breach	breach	NOUN
cblr-3423	277	45	of	of	ADP
cblr-3423	277	46	that	that	DET
cblr-3423	277	47	contract	contract	NOUN
cblr-3423	277	48	,	,	PUNCT
cblr-3423	277	49	the	the	DET
cblr-3423	277	50	project	project	NOUN
cblr-3423	277	51	would	would	AUX
cblr-3423	277	52	fail	fail	VERB
cblr-3423	277	53	?	?	PUNCT
cblr-3423	278	1	if	if	SCONJ
cblr-3423	278	2	there	there	PRON
cblr-3423	278	3	is	be	VERB
cblr-3423	278	4	no	no	DET
cblr-3423	278	5	such	such	ADJ
cblr-3423	278	6	sale	sale	NOUN
cblr-3423	278	7	or	or	CCONJ
cblr-3423	278	8	if	if	SCONJ
cblr-3423	278	9	there	there	PRON
cblr-3423	278	10	is	be	VERB
cblr-3423	278	11	no	no	DET
cblr-3423	278	12	such	such	ADJ
cblr-3423	278	13	obligation	obligation	NOUN
cblr-3423	278	14	,	,	PUNCT
cblr-3423	278	15	then	then	ADV
cblr-3423	278	16	the	the	DET
cblr-3423	278	17	“	"	PUNCT
cblr-3423	278	18	efforts	effort	NOUN
cblr-3423	278	19	of	of	ADP
cblr-3423	278	20	others	other	NOUN
cblr-3423	278	21	”	"	PUNCT
cblr-3423	278	22	prong	prong	NOUN
cblr-3423	278	23	of	of	ADP
cblr-3423	278	24	the	the	DET
cblr-3423	278	25	test	test	NOUN
cblr-3423	278	26	is	be	AUX
cblr-3423	278	27	not	not	PART
cblr-3423	278	28	satisfied	satisfied	ADJ
cblr-3423	278	29	and	and	CCONJ
cblr-3423	278	30	the	the	DET
cblr-3423	278	31	instrument	instrument	NOUN
cblr-3423	278	32	is	be	AUX
cblr-3423	278	33	not	not	PART
cblr-3423	278	34	a	a	DET
cblr-3423	278	35	security	security	NOUN
cblr-3423	278	36	.	.	PUNCT
cblr-3423	279	1	said	say	VERB
cblr-3423	279	2	differently	differently	ADV
cblr-3423	279	3	:	:	PUNCT
cblr-3423	279	4	if	if	SCONJ
cblr-3423	279	5	the	the	DET
cblr-3423	279	6	sellers	seller	NOUN
cblr-3423	279	7	fled	flee	VERB
cblr-3423	279	8	to	to	ADP
cblr-3423	279	9	the	the	DET
cblr-3423	279	10	bahamas	bahama	NOUN
cblr-3423	279	11	or	or	CCONJ
cblr-3423	279	12	ceased	cease	VERB
cblr-3423	279	13	to	to	PART
cblr-3423	279	14	show	show	VERB
cblr-3423	279	15	up	up	ADP
cblr-3423	279	16	to	to	ADP
cblr-3423	279	17	work	work	NOUN
cblr-3423	279	18	—	—	PUNCT
cblr-3423	279	19	like	like	ADP
cblr-3423	279	20	satoshi	satoshi	NOUN
cblr-3423	279	21	nakamoto	nakamoto	NOUN
cblr-3423	279	22	—	—	PUNCT
cblr-3423	279	23	would	would	AUX
cblr-3423	279	24	the	the	DET
cblr-3423	279	25	project	project	NOUN
cblr-3423	279	26	still	still	ADV
cblr-3423	279	27	be	be	AUX
cblr-3423	279	28	capable	capable	ADJ
cblr-3423	279	29	of	of	ADP
cblr-3423	279	30	existing?62	existing?62	PROPN
cblr-3423	279	31	if	if	SCONJ
cblr-3423	279	32	the	the	DET
cblr-3423	279	33	answer	answer	NOUN
cblr-3423	279	34	is	be	AUX
cblr-3423	279	35	“	"	PUNCT
cblr-3423	279	36	yes	yes	INTJ
cblr-3423	279	37	,	,	PUNCT
cblr-3423	279	38	”	"	PUNCT
cblr-3423	279	39	then	then	ADV
cblr-3423	279	40	the	the	DET
cblr-3423	279	41	risk	risk	NOUN
cblr-3423	279	42	of	of	ADP
cblr-3423	279	43	fraud	fraud	NOUN
cblr-3423	279	44	is	be	AUX
cblr-3423	279	45	sufficiently	sufficiently	ADV
cblr-3423	279	46	reduced	reduce	VERB
cblr-3423	279	47	such	such	ADJ
cblr-3423	279	48	that	that	SCONJ
cblr-3423	279	49	the	the	DET
cblr-3423	279	50	instrument	instrument	NOUN
cblr-3423	279	51	is	be	AUX
cblr-3423	279	52	not	not	PART
cblr-3423	279	53	a	a	DET
cblr-3423	279	54	security	security	NOUN
cblr-3423	279	55	.	.	PUNCT
cblr-3423	280	1	the	the	DET
cblr-3423	280	2	bahamas	bahamas	PROPN
cblr-3423	280	3	test	test	NOUN
cblr-3423	280	4	comports	comport	VERB
cblr-3423	280	5	with	with	ADP
cblr-3423	280	6	lower	low	ADJ
cblr-3423	280	7	courts	court	NOUN
cblr-3423	280	8	’	'	PUNCT
cblr-3423	280	9	jurisprudence	jurisprudence	NOUN
cblr-3423	280	10	regarding	regard	VERB
cblr-3423	280	11	the	the	DET
cblr-3423	280	12	“	"	PUNCT
cblr-3423	280	13	efforts	effort	NOUN
cblr-3423	280	14	of	of	ADP
cblr-3423	280	15	others	other	NOUN
cblr-3423	280	16	”	"	PUNCT
cblr-3423	280	17	prong	prong	NOUN
cblr-3423	280	18	of	of	ADP
cblr-3423	280	19	the	the	DET
cblr-3423	280	20	howey	howey	PROPN
cblr-3423	280	21	test	test	NOUN
cblr-3423	280	22	.	.	PUNCT
cblr-3423	281	1	a	a	DET
cblr-3423	281	2	literal	literal	ADJ
cblr-3423	281	3	reading	reading	NOUN
cblr-3423	281	4	of	of	ADP
cblr-3423	281	5	howey	howey	PROPN
cblr-3423	281	6	’s	’s	PART
cblr-3423	281	7	stipulation	stipulation	NOUN
cblr-3423	281	8	that	that	SCONJ
cblr-3423	281	9	the	the	DET
cblr-3423	281	10	expectation	expectation	NOUN
cblr-3423	281	11	of	of	ADP
cblr-3423	281	12	profit	profit	NOUN
cblr-3423	281	13	must	must	AUX
cblr-3423	281	14	come	come	VERB
cblr-3423	281	15	“	"	PUNCT
cblr-3423	281	16	solely	solely	ADV
cblr-3423	281	17	through	through	ADP
cblr-3423	281	18	the	the	DET
cblr-3423	281	19	efforts	effort	NOUN
cblr-3423	281	20	of	of	ADP
cblr-3423	281	21	the	the	DET
cblr-3423	281	22	promoter	promoter	NOUN
cblr-3423	281	23	or	or	CCONJ
cblr-3423	281	24	of	of	ADP
cblr-3423	281	25	someone	someone	PRON
cblr-3423	281	26	other	other	ADJ
cblr-3423	281	27	than	than	ADP
cblr-3423	281	28	themselves,”63	themselves,”63	PRON
cblr-3423	281	29	would	would	AUX
cblr-3423	281	30	suggest	suggest	VERB
cblr-3423	281	31	that	that	SCONJ
cblr-3423	281	32	any	any	DET
cblr-3423	281	33	minor	minor	ADJ
cblr-3423	281	34	participation	participation	NOUN
cblr-3423	281	35	by	by	ADP
cblr-3423	281	36	the	the	DET
cblr-3423	281	37	purchaser	purchaser	NOUN
cblr-3423	281	38	could	could	AUX
cblr-3423	281	39	render	render	VERB
cblr-3423	281	40	the	the	DET
cblr-3423	281	41	asset	asset	NOUN
cblr-3423	281	42	not	not	PART
cblr-3423	281	43	a	a	DET
cblr-3423	281	44	security	security	NOUN
cblr-3423	281	45	.	.	PUNCT
cblr-3423	282	1	instead	instead	ADV
cblr-3423	282	2	,	,	PUNCT
cblr-3423	282	3	lower	low	ADJ
cblr-3423	282	4	courts	court	NOUN
cblr-3423	282	5	have	have	AUX
cblr-3423	282	6	interpreted	interpret	VERB
cblr-3423	282	7	the	the	DET
cblr-3423	282	8	language	language	NOUN
cblr-3423	282	9	more	more	ADV
cblr-3423	282	10	broadly	broadly	ADV
cblr-3423	282	11	.	.	PUNCT
cblr-3423	283	1	for	for	ADP
cblr-3423	283	2	instance	instance	NOUN
cblr-3423	283	3	,	,	PUNCT
cblr-3423	283	4	in	in	ADP
cblr-3423	283	5	a	a	DET
cblr-3423	283	6	widely	widely	ADV
cblr-3423	283	7	-	-	PUNCT
cblr-3423	283	8	adopted	adopt	VERB
cblr-3423	283	9	explication	explication	NOUN
cblr-3423	283	10	,	,	PUNCT
cblr-3423	283	11	the	the	DET
cblr-3423	283	12	ninth	ninth	ADJ
cblr-3423	283	13	circuit	circuit	NOUN
cblr-3423	283	14	articulated	articulate	VERB
cblr-3423	283	15	the	the	DET
cblr-3423	283	16	standard	standard	NOUN
cblr-3423	283	17	as	as	ADP
cblr-3423	283	18	“	"	PUNCT
cblr-3423	283	19	whether	whether	SCONJ
cblr-3423	283	20	the	the	DET
cblr-3423	283	21	efforts	effort	NOUN
cblr-3423	283	22	made	make	VERB
cblr-3423	283	23	by	by	ADP
cblr-3423	283	24	those	those	PRON
cblr-3423	283	25	other	other	ADJ
cblr-3423	283	26	than	than	ADP
cblr-3423	283	27	the	the	DET
cblr-3423	283	28	investor	investor	NOUN
cblr-3423	283	29	are	be	AUX
cblr-3423	283	30	the	the	DET
cblr-3423	283	31	undeniably	undeniably	ADV
cblr-3423	283	32	significant	significant	ADJ
cblr-3423	283	33	ones	one	NOUN
cblr-3423	283	34	,	,	PUNCT
cblr-3423	283	35	those	those	DET
cblr-3423	283	36	essential	essential	ADJ
cblr-3423	283	37	61	61	NUM
cblr-3423	283	38	sec	sec	PROPN
cblr-3423	283	39	v.	v.	ADP
cblr-3423	283	40	w.	w.	PROPN
cblr-3423	283	41	j.	j.	PROPN
cblr-3423	283	42	howey	howey	PROPN
cblr-3423	283	43	co.	co.	PROPN
cblr-3423	283	44	,	,	PUNCT
cblr-3423	283	45	328	328	NUM
cblr-3423	283	46	u.s	u.s	PROPN
cblr-3423	283	47	.	.	PROPN
cblr-3423	283	48	293	293	NUM
cblr-3423	283	49	,	,	PUNCT
cblr-3423	283	50	301	301	NUM
cblr-3423	283	51	(	(	PUNCT
cblr-3423	283	52	1946	1946	NUM
cblr-3423	283	53	)	)	PUNCT
cblr-3423	283	54	.	.	PUNCT
cblr-3423	284	1	62	62	NUM
cblr-3423	284	2	see	see	VERB
cblr-3423	284	3	infra	infra	NOUN
cblr-3423	284	4	section	section	NOUN
cblr-3423	284	5	iv.a.1.i	iv.a.1.i	NOUN
cblr-3423	284	6	(	(	PUNCT
cblr-3423	284	7	discussing	discuss	VERB
cblr-3423	284	8	the	the	DET
cblr-3423	284	9	background	background	NOUN
cblr-3423	284	10	of	of	ADP
cblr-3423	284	11	satoshi	satoshi	PROPN
cblr-3423	284	12	nakamoto	nakamoto	PROPN
cblr-3423	284	13	)	)	PUNCT
cblr-3423	284	14	.	.	PUNCT
cblr-3423	285	1	63	63	NUM
cblr-3423	285	2	howey	howey	PROPN
cblr-3423	285	3	,	,	PUNCT
cblr-3423	285	4	328	328	NUM
cblr-3423	285	5	u.s	u.s	PROPN
cblr-3423	285	6	.	.	PROPN
cblr-3423	285	7	at	at	ADP
cblr-3423	285	8	298	298	NUM
cblr-3423	285	9	(	(	PUNCT
cblr-3423	285	10	emphasis	emphasis	NOUN
cblr-3423	285	11	added	add	VERB
cblr-3423	285	12	)	)	PUNCT
cblr-3423	285	13	.	.	PUNCT
cblr-3423	286	1	462	462	NUM
cblr-3423	286	2	columbia	columbia	PROPN
cblr-3423	286	3	business	business	PROPN
cblr-3423	286	4	law	law	PROPN
cblr-3423	286	5	review	review	NOUN
cblr-3423	286	6	[	[	X
cblr-3423	286	7	vol	vol	NOUN
cblr-3423	286	8	.	.	NOUN
cblr-3423	286	9	2019	2019	NUM
cblr-3423	286	10	managerial	managerial	ADJ
cblr-3423	286	11	efforts	effort	NOUN
cblr-3423	286	12	which	which	PRON
cblr-3423	286	13	affect	affect	VERB
cblr-3423	286	14	the	the	DET
cblr-3423	286	15	failure	failure	NOUN
cblr-3423	286	16	or	or	CCONJ
cblr-3423	286	17	success	success	NOUN
cblr-3423	286	18	of	of	ADP
cblr-3423	286	19	the	the	DET
cblr-3423	286	20	enterprise	enterprise	NOUN
cblr-3423	286	21	.	.	PUNCT
cblr-3423	287	1	”64	”64	PROPN
cblr-3423	287	2	if	if	SCONJ
cblr-3423	287	3	read	read	VERB
cblr-3423	287	4	too	too	ADV
cblr-3423	287	5	literally	literally	ADV
cblr-3423	287	6	,	,	PUNCT
cblr-3423	287	7	this	this	DET
cblr-3423	287	8	text	text	NOUN
cblr-3423	287	9	conflicts	conflict	NOUN
cblr-3423	287	10	with	with	ADP
cblr-3423	287	11	both	both	CCONJ
cblr-3423	287	12	common	common	ADJ
cblr-3423	287	13	sense	sense	NOUN
cblr-3423	287	14	and	and	CCONJ
cblr-3423	287	15	hinman	hinman	NOUN
cblr-3423	287	16	’s	’s	PART
cblr-3423	287	17	articulation	articulation	NOUN
cblr-3423	287	18	that	that	SCONJ
cblr-3423	287	19	sufficiently	sufficiently	ADV
cblr-3423	287	20	decentralized	decentralize	VERB
cblr-3423	287	21	assets	asset	NOUN
cblr-3423	287	22	are	be	AUX
cblr-3423	287	23	not	not	PART
cblr-3423	287	24	securities	security	NOUN
cblr-3423	287	25	.	.	PUNCT
cblr-3423	288	1	so	so	ADV
cblr-3423	288	2	long	long	ADV
cblr-3423	288	3	as	as	SCONJ
cblr-3423	288	4	there	there	PRON
cblr-3423	288	5	are	be	VERB
cblr-3423	288	6	significant	significant	ADJ
cblr-3423	288	7	efforts	effort	NOUN
cblr-3423	288	8	made	make	VERB
cblr-3423	288	9	by	by	ADP
cblr-3423	288	10	others	other	NOUN
cblr-3423	288	11	,	,	PUNCT
cblr-3423	288	12	for	for	ADP
cblr-3423	288	13	example	example	NOUN
cblr-3423	288	14	,	,	PUNCT
cblr-3423	288	15	individuals	individual	NOUN
cblr-3423	288	16	other	other	ADJ
cblr-3423	288	17	than	than	ADP
cblr-3423	288	18	the	the	DET
cblr-3423	288	19	investor	investor	NOUN
cblr-3423	288	20	who	who	PRON
cblr-3423	288	21	coded	code	VERB
cblr-3423	288	22	the	the	DET
cblr-3423	288	23	protocol	protocol	NOUN
cblr-3423	288	24	,	,	PUNCT
cblr-3423	288	25	then	then	ADV
cblr-3423	288	26	every	every	DET
cblr-3423	288	27	non	non	ADJ
cblr-3423	288	28	-	-	ADJ
cblr-3423	288	29	autarkic	autarkic	ADJ
cblr-3423	288	30	network	network	NOUN
cblr-3423	288	31	would	would	AUX
cblr-3423	288	32	satisfy	satisfy	VERB
cblr-3423	288	33	the	the	DET
cblr-3423	288	34	“	"	PUNCT
cblr-3423	288	35	efforts	effort	NOUN
cblr-3423	288	36	of	of	ADP
cblr-3423	288	37	others	other	NOUN
cblr-3423	288	38	”	"	PUNCT
cblr-3423	288	39	prong.65	prong.65	ADP
cblr-3423	288	40	a	a	DET
cblr-3423	288	41	more	more	ADV
cblr-3423	288	42	natural	natural	ADJ
cblr-3423	288	43	reading	reading	NOUN
cblr-3423	288	44	,	,	PUNCT
cblr-3423	288	45	however	however	ADV
cblr-3423	288	46	,	,	PUNCT
cblr-3423	288	47	would	would	AUX
cblr-3423	288	48	be	be	AUX
cblr-3423	288	49	to	to	PART
cblr-3423	288	50	focus	focus	VERB
cblr-3423	288	51	on	on	ADP
cblr-3423	288	52	the	the	DET
cblr-3423	288	53	concept	concept	NOUN
cblr-3423	288	54	of	of	ADP
cblr-3423	288	55	managerial	managerial	ADJ
cblr-3423	288	56	efforts	effort	NOUN
cblr-3423	288	57	.	.	PUNCT
cblr-3423	289	1	indeed	indeed	ADV
cblr-3423	289	2	,	,	PUNCT
cblr-3423	289	3	the	the	DET
cblr-3423	289	4	supreme	supreme	PROPN
cblr-3423	289	5	court	court	PROPN
cblr-3423	289	6	in	in	ADP
cblr-3423	289	7	united	united	PROPN
cblr-3423	289	8	housing	housing	PROPN
cblr-3423	289	9	foundation	foundation	PROPN
cblr-3423	289	10	v.	v.	PROPN
cblr-3423	289	11	forman	forman	PROPN
cblr-3423	289	12	stated	state	VERB
cblr-3423	289	13	that	that	SCONJ
cblr-3423	289	14	the	the	DET
cblr-3423	289	15	efforts	effort	NOUN
cblr-3423	289	16	must	must	AUX
cblr-3423	289	17	be	be	AUX
cblr-3423	289	18	“	"	PUNCT
cblr-3423	289	19	entrepreneurial	entrepreneurial	ADJ
cblr-3423	289	20	or	or	CCONJ
cblr-3423	289	21	managerial	managerial	ADJ
cblr-3423	289	22	.	.	PUNCT
cblr-3423	290	1	”66	”66	NOUN
cblr-3423	290	2	“	"	PUNCT
cblr-3423	290	3	managerial	managerial	ADJ
cblr-3423	290	4	”	"	PUNCT
cblr-3423	290	5	implies	imply	VERB
cblr-3423	290	6	a	a	DET
cblr-3423	290	7	kind	kind	NOUN
cblr-3423	290	8	of	of	ADP
cblr-3423	290	9	special	special	ADJ
cblr-3423	290	10	position	position	NOUN
cblr-3423	290	11	,	,	PUNCT
cblr-3423	290	12	either	either	CCONJ
cblr-3423	290	13	as	as	ADP
cblr-3423	290	14	a	a	DET
cblr-3423	290	15	fiduciary	fiduciary	ADJ
cblr-3423	290	16	or	or	CCONJ
cblr-3423	290	17	simply	simply	ADV
cblr-3423	290	18	one	one	NUM
cblr-3423	290	19	with	with	ADP
cblr-3423	290	20	additional	additional	ADJ
cblr-3423	290	21	privileges	privilege	NOUN
cblr-3423	290	22	,	,	PUNCT
cblr-3423	290	23	responsibilities	responsibility	NOUN
cblr-3423	290	24	,	,	PUNCT
cblr-3423	290	25	and	and	CCONJ
cblr-3423	290	26	abilities	ability	NOUN
cblr-3423	290	27	.	.	PUNCT
cblr-3423	291	1	in	in	ADP
cblr-3423	291	2	a	a	DET
cblr-3423	291	3	sufficiently	sufficiently	ADV
cblr-3423	291	4	decentralized	decentralize	VERB
cblr-3423	291	5	network	network	NOUN
cblr-3423	291	6	,	,	PUNCT
cblr-3423	291	7	none	none	NOUN
cblr-3423	291	8	of	of	ADP
cblr-3423	291	9	those	those	DET
cblr-3423	291	10	managerial	managerial	ADJ
cblr-3423	291	11	or	or	CCONJ
cblr-3423	291	12	entrepreneurial	entrepreneurial	ADJ
cblr-3423	291	13	efforts	effort	NOUN
cblr-3423	291	14	are	be	AUX
cblr-3423	291	15	present	present	ADJ
cblr-3423	291	16	because	because	SCONJ
cblr-3423	291	17	there	there	PRON
cblr-3423	291	18	are	be	VERB
cblr-3423	291	19	no	no	DET
cblr-3423	291	20	managers	manager	NOUN
cblr-3423	291	21	or	or	CCONJ
cblr-3423	291	22	entrepreneurs.67	entrepreneurs.67	VERB
cblr-3423	291	23	there	there	PRON
cblr-3423	291	24	are	be	VERB
cblr-3423	291	25	simply	simply	ADV
cblr-3423	291	26	co	co	ADJ
cblr-3423	291	27	-	-	VERB
cblr-3423	291	28	equals	equal	VERB
cblr-3423	291	29	exerting	exert	VERB
cblr-3423	291	30	effort	effort	NOUN
cblr-3423	291	31	,	,	PUNCT
cblr-3423	291	32	but	but	CCONJ
cblr-3423	291	33	none	none	NOUN
cblr-3423	291	34	under	under	ADP
cblr-3423	291	35	a	a	DET
cblr-3423	291	36	requirement	requirement	NOUN
cblr-3423	291	37	to	to	PART
cblr-3423	291	38	do	do	AUX
cblr-3423	291	39	64	64	NUM
cblr-3423	291	40	sec	sec	PROPN
cblr-3423	291	41	v.	v.	PROPN
cblr-3423	291	42	glenn	glenn	PROPN
cblr-3423	291	43	w.	w.	PROPN
cblr-3423	291	44	turner	turner	PROPN
cblr-3423	291	45	enters	enter	VERB
cblr-3423	291	46	.	.	PUNCT
cblr-3423	291	47	,	,	PUNCT
cblr-3423	291	48	inc	inc	PROPN
cblr-3423	291	49	.	.	PROPN
cblr-3423	291	50	,	,	PUNCT
cblr-3423	291	51	474	474	NUM
cblr-3423	291	52	f.2d	f.2d	ADP
cblr-3423	291	53	476	476	NUM
cblr-3423	291	54	,	,	PUNCT
cblr-3423	291	55	482	482	NUM
cblr-3423	291	56	(	(	PUNCT
cblr-3423	291	57	9th	9th	ADJ
cblr-3423	291	58	cir	cir	NOUN
cblr-3423	291	59	.	.	PROPN
cblr-3423	291	60	1973	1973	NUM
cblr-3423	291	61	)	)	PUNCT
cblr-3423	291	62	.	.	PUNCT
cblr-3423	292	1	65	65	NUM
cblr-3423	292	2	for	for	ADP
cblr-3423	292	3	instance	instance	NOUN
cblr-3423	292	4	,	,	PUNCT
cblr-3423	292	5	the	the	DET
cblr-3423	292	6	open	open	ADJ
cblr-3423	292	7	source	source	NOUN
cblr-3423	292	8	bitcoin	bitcoin	NOUN
cblr-3423	292	9	network	network	NOUN
cblr-3423	292	10	has	have	VERB
cblr-3423	292	11	over	over	ADP
cblr-3423	292	12	600	600	NUM
cblr-3423	292	13	contributors	contributor	NOUN
cblr-3423	292	14	who	who	PRON
cblr-3423	292	15	have	have	AUX
cblr-3423	292	16	written	write	VERB
cblr-3423	292	17	code	code	NOUN
cblr-3423	292	18	for	for	ADP
cblr-3423	292	19	the	the	DET
cblr-3423	292	20	software	software	NOUN
cblr-3423	292	21	.	.	PUNCT
cblr-3423	293	1	see	see	VERB
cblr-3423	293	2	bitcoin	bitcoin	NOUN
cblr-3423	293	3	core	core	NOUN
cblr-3423	293	4	integration	integration	NOUN
cblr-3423	293	5	/	/	SYM
cblr-3423	293	6	staging	staging	NOUN
cblr-3423	293	7	tree	tree	NOUN
cblr-3423	293	8	,	,	PUNCT
cblr-3423	293	9	github	github	PROPN
cblr-3423	293	10	,	,	PUNCT
cblr-3423	293	11	https://github.com/bitcoin/bitcoin	https://github.com/bitcoin/bitcoin	VERB
cblr-3423	294	1	[	[	X
cblr-3423	294	2	https://perma.cc/eg58-n8bf	https://perma.cc/eg58-n8bf	NOUN
cblr-3423	294	3	]	]	X
cblr-3423	294	4	.	.	PUNCT
cblr-3423	295	1	these	these	DET
cblr-3423	295	2	contributors	contributor	NOUN
cblr-3423	295	3	are	be	AUX
cblr-3423	295	4	by	by	ADP
cblr-3423	295	5	no	no	DET
cblr-3423	295	6	means	mean	NOUN
cblr-3423	295	7	united	unite	VERB
cblr-3423	295	8	in	in	ADP
cblr-3423	295	9	any	any	DET
cblr-3423	295	10	coherent	coherent	ADJ
cblr-3423	295	11	manner	manner	NOUN
cblr-3423	295	12	.	.	PUNCT
cblr-3423	296	1	the	the	DET
cblr-3423	296	2	vast	vast	ADJ
cblr-3423	296	3	majority	majority	NOUN
cblr-3423	296	4	of	of	ADP
cblr-3423	296	5	them	they	PRON
cblr-3423	296	6	have	have	VERB
cblr-3423	296	7	no	no	DET
cblr-3423	296	8	connection	connection	NOUN
cblr-3423	296	9	to	to	ADP
cblr-3423	296	10	satoshi	satoshi	PROPN
cblr-3423	296	11	nakamoto	nakamoto	NOUN
cblr-3423	296	12	and	and	CCONJ
cblr-3423	296	13	probably	probably	ADV
cblr-3423	296	14	would	would	AUX
cblr-3423	296	15	not	not	PART
cblr-3423	296	16	recognize	recognize	VERB
cblr-3423	296	17	each	each	DET
cblr-3423	296	18	other	other	ADJ
cblr-3423	296	19	while	while	SCONJ
cblr-3423	296	20	walking	walk	VERB
cblr-3423	296	21	down	down	ADP
cblr-3423	296	22	the	the	DET
cblr-3423	296	23	street	street	NOUN
cblr-3423	296	24	.	.	PUNCT
cblr-3423	297	1	66	66	NUM
cblr-3423	297	2	united	united	PROPN
cblr-3423	297	3	hous	hous	PROPN
cblr-3423	297	4	.	.	PUNCT
cblr-3423	298	1	found	find	VERB
cblr-3423	298	2	.	.	PROPN
cblr-3423	298	3	,	,	PUNCT
cblr-3423	298	4	inc	inc	PROPN
cblr-3423	298	5	.	.	PROPN
cblr-3423	298	6	v.	v.	PROPN
cblr-3423	298	7	forman	forman	PROPN
cblr-3423	298	8	,	,	PUNCT
cblr-3423	298	9	421	421	NUM
cblr-3423	298	10	u.s	u.s	PROPN
cblr-3423	298	11	.	.	PROPN
cblr-3423	298	12	837	837	NUM
cblr-3423	298	13	,	,	PUNCT
cblr-3423	298	14	852	852	NUM
cblr-3423	298	15	(	(	PUNCT
cblr-3423	298	16	1975	1975	NUM
cblr-3423	298	17	)	)	PUNCT
cblr-3423	298	18	.	.	PUNCT
cblr-3423	299	1	67	67	NUM
cblr-3423	299	2	entrepreneur	entrepreneur	NOUN
cblr-3423	299	3	is	be	AUX
cblr-3423	299	4	a	a	DET
cblr-3423	299	5	term	term	NOUN
cblr-3423	299	6	of	of	ADP
cblr-3423	299	7	art	art	NOUN
cblr-3423	299	8	.	.	PUNCT
cblr-3423	300	1	according	accord	VERB
cblr-3423	300	2	to	to	ADP
cblr-3423	300	3	economist	economist	PROPN
cblr-3423	300	4	ludwig	ludwig	PROPN
cblr-3423	300	5	von	von	PROPN
cblr-3423	300	6	mises	mises	PROPN
cblr-3423	300	7	,	,	PUNCT
cblr-3423	300	8	it	it	PRON
cblr-3423	300	9	implies	imply	VERB
cblr-3423	300	10	acting	act	VERB
cblr-3423	300	11	in	in	ADP
cblr-3423	300	12	the	the	DET
cblr-3423	300	13	face	face	NOUN
cblr-3423	300	14	of	of	ADP
cblr-3423	300	15	uncertainty	uncertainty	NOUN
cblr-3423	300	16	to	to	PART
cblr-3423	300	17	allocate	allocate	VERB
cblr-3423	300	18	resources	resource	NOUN
cblr-3423	300	19	in	in	ADP
cblr-3423	300	20	more	more	ADJ
cblr-3423	300	21	productive	productive	ADJ
cblr-3423	300	22	manners	manner	NOUN
cblr-3423	300	23	.	.	PUNCT
cblr-3423	301	1	1	1	NUM
cblr-3423	301	2	ludwig	ludwig	PROPN
cblr-3423	301	3	von	von	PROPN
cblr-3423	301	4	mises	mises	PROPN
cblr-3423	301	5	,	,	PUNCT
cblr-3423	301	6	human	human	ADJ
cblr-3423	301	7	action	action	NOUN
cblr-3423	301	8	:	:	PUNCT
cblr-3423	301	9	a	a	DET
cblr-3423	301	10	treatise	treatise	NOUN
cblr-3423	301	11	on	on	ADP
cblr-3423	301	12	economics	economic	NOUN
cblr-3423	301	13	290–91	290–91	NUM
cblr-3423	301	14	(	(	PUNCT
cblr-3423	301	15	bettina	bettina	PROPN
cblr-3423	301	16	bien	bien	PROPN
cblr-3423	301	17	greaves	greave	VERB
cblr-3423	301	18	ed	ed	NOUN
cblr-3423	301	19	.	.	PROPN
cblr-3423	301	20	,	,	PUNCT
cblr-3423	301	21	4th	4th	ADJ
cblr-3423	301	22	ed	ed	NOUN
cblr-3423	301	23	.	.	PROPN
cblr-3423	301	24	2007	2007	NUM
cblr-3423	301	25	)	)	PUNCT
cblr-3423	301	26	.	.	PUNCT
cblr-3423	302	1	the	the	DET
cblr-3423	302	2	entrepreneur	entrepreneur	NOUN
cblr-3423	302	3	is	be	AUX
cblr-3423	302	4	not	not	PART
cblr-3423	302	5	the	the	DET
cblr-3423	302	6	capitalist	capitalist	NOUN
cblr-3423	302	7	,	,	PUNCT
cblr-3423	302	8	but	but	CCONJ
cblr-3423	302	9	instead	instead	ADV
cblr-3423	302	10	has	have	VERB
cblr-3423	302	11	some	some	DET
cblr-3423	302	12	kind	kind	NOUN
cblr-3423	302	13	of	of	ADP
cblr-3423	302	14	contractual	contractual	ADJ
cblr-3423	302	15	arrangement	arrangement	NOUN
cblr-3423	302	16	with	with	ADP
cblr-3423	302	17	the	the	DET
cblr-3423	302	18	capitalist	capitalist	NOUN
cblr-3423	302	19	who	who	PRON
cblr-3423	302	20	is	be	AUX
cblr-3423	302	21	risking	risk	VERB
cblr-3423	302	22	her	her	PRON
cblr-3423	302	23	capital	capital	NOUN
cblr-3423	302	24	.	.	PUNCT
cblr-3423	303	1	in	in	ADP
cblr-3423	303	2	a	a	DET
cblr-3423	303	3	sufficiently	sufficiently	ADV
cblr-3423	303	4	decentralized	decentralize	VERB
cblr-3423	303	5	network	network	NOUN
cblr-3423	303	6	where	where	SCONJ
cblr-3423	303	7	there	there	PRON
cblr-3423	303	8	are	be	VERB
cblr-3423	303	9	no	no	DET
cblr-3423	303	10	implied	implied	ADJ
cblr-3423	303	11	or	or	CCONJ
cblr-3423	303	12	explicit	explicit	ADJ
cblr-3423	303	13	contracts	contract	NOUN
cblr-3423	303	14	,	,	PUNCT
cblr-3423	303	15	those	those	PRON
cblr-3423	303	16	risking	risk	VERB
cblr-3423	303	17	their	their	PRON
cblr-3423	303	18	money	money	NOUN
cblr-3423	303	19	do	do	AUX
cblr-3423	303	20	not	not	PART
cblr-3423	303	21	give	give	VERB
cblr-3423	303	22	it	it	PRON
cblr-3423	303	23	to	to	ADP
cblr-3423	303	24	entrepreneurs	entrepreneur	NOUN
cblr-3423	303	25	or	or	CCONJ
cblr-3423	303	26	managers	manager	NOUN
cblr-3423	303	27	with	with	ADP
cblr-3423	303	28	an	an	DET
cblr-3423	303	29	expectation	expectation	NOUN
cblr-3423	303	30	of	of	ADP
cblr-3423	303	31	performance	performance	NOUN
cblr-3423	303	32	.	.	PUNCT
cblr-3423	304	1	no	no	INTJ
cblr-3423	304	2	.	.	NOUN
cblr-3423	305	1	2:443	2:443	NUM
cblr-3423	305	2	]	]	X
cblr-3423	305	3	a	a	DET
cblr-3423	305	4	regulatory	regulatory	ADJ
cblr-3423	305	5	classification	classification	NOUN
cblr-3423	305	6	of	of	ADP
cblr-3423	305	7	digital	digital	ADJ
cblr-3423	305	8	assets	asset	NOUN
cblr-3423	305	9	463	463	NUM
cblr-3423	305	10	so	so	ADV
cblr-3423	305	11	,	,	PUNCT
cblr-3423	305	12	and	and	CCONJ
cblr-3423	305	13	with	with	ADP
cblr-3423	305	14	the	the	DET
cblr-3423	305	15	success	success	NOUN
cblr-3423	305	16	of	of	ADP
cblr-3423	305	17	the	the	DET
cblr-3423	305	18	enterprise	enterprise	NOUN
cblr-3423	305	19	not	not	PART
cblr-3423	305	20	hinging	hinge	VERB
cblr-3423	305	21	on	on	ADP
cblr-3423	305	22	any	any	DET
cblr-3423	305	23	one	one	NUM
cblr-3423	305	24	individual.68	individual.68	NOUN
cblr-3423	305	25	there	there	PRON
cblr-3423	305	26	are	be	VERB
cblr-3423	305	27	two	two	NUM
cblr-3423	305	28	further	further	ADJ
cblr-3423	305	29	issues	issue	NOUN
cblr-3423	305	30	to	to	PART
cblr-3423	305	31	explain	explain	VERB
cblr-3423	305	32	with	with	ADP
cblr-3423	305	33	respect	respect	NOUN
cblr-3423	305	34	to	to	ADP
cblr-3423	305	35	the	the	DET
cblr-3423	305	36	“	"	PUNCT
cblr-3423	305	37	efforts	effort	NOUN
cblr-3423	305	38	of	of	ADP
cblr-3423	305	39	others	other	NOUN
cblr-3423	305	40	”	"	PUNCT
cblr-3423	305	41	prong	prong	NOUN
cblr-3423	305	42	—	—	PUNCT
cblr-3423	305	43	the	the	DET
cblr-3423	305	44	difference	difference	NOUN
cblr-3423	305	45	between	between	ADP
cblr-3423	305	46	minting	minting	NOUN
cblr-3423	305	47	and	and	CCONJ
cblr-3423	305	48	mining	mining	NOUN
cblr-3423	305	49	and	and	CCONJ
cblr-3423	305	50	the	the	DET
cblr-3423	305	51	issue	issue	NOUN
cblr-3423	305	52	of	of	ADP
cblr-3423	305	53	contractual	contractual	ADJ
cblr-3423	305	54	privity	privity	NOUN
cblr-3423	305	55	.	.	PUNCT
cblr-3423	306	1	first	first	ADV
cblr-3423	306	2	,	,	PUNCT
cblr-3423	306	3	there	there	PRON
cblr-3423	306	4	should	should	AUX
cblr-3423	306	5	be	be	AUX
cblr-3423	306	6	a	a	DET
cblr-3423	306	7	fundamental	fundamental	ADJ
cblr-3423	306	8	difference	difference	NOUN
cblr-3423	306	9	between	between	ADP
cblr-3423	306	10	how	how	SCONJ
cblr-3423	306	11	the	the	DET
cblr-3423	306	12	securities	security	NOUN
cblr-3423	306	13	laws	law	NOUN
cblr-3423	306	14	view	view	VERB
cblr-3423	306	15	minting	mint	VERB
cblr-3423	306	16	and	and	CCONJ
cblr-3423	306	17	mining	mining	NOUN
cblr-3423	306	18	.	.	PUNCT
cblr-3423	307	1	when	when	SCONJ
cblr-3423	307	2	a	a	DET
cblr-3423	307	3	token	token	NOUN
cblr-3423	307	4	is	be	AUX
cblr-3423	307	5	minted	mint	VERB
cblr-3423	307	6	,	,	PUNCT
cblr-3423	307	7	the	the	DET
cblr-3423	307	8	minter	minter	PROPN
cblr-3423	307	9	is	be	AUX
cblr-3423	307	10	in	in	ADP
cblr-3423	307	11	a	a	DET
cblr-3423	307	12	special	special	ADJ
cblr-3423	307	13	position	position	NOUN
cblr-3423	307	14	compared	compare	VERB
cblr-3423	307	15	with	with	ADP
cblr-3423	307	16	the	the	DET
cblr-3423	307	17	purchaser	purchaser	NOUN
cblr-3423	307	18	.	.	PUNCT
cblr-3423	308	1	he	he	PRON
cblr-3423	308	2	has	have	VERB
cblr-3423	308	3	the	the	DET
cblr-3423	308	4	unilateral	unilateral	ADJ
cblr-3423	308	5	ability	ability	NOUN
cblr-3423	308	6	to	to	PART
cblr-3423	308	7	change	change	VERB
cblr-3423	308	8	the	the	DET
cblr-3423	308	9	economic	economic	ADJ
cblr-3423	308	10	nature	nature	NOUN
cblr-3423	308	11	of	of	ADP
cblr-3423	308	12	the	the	DET
cblr-3423	308	13	asset	asset	NOUN
cblr-3423	308	14	.	.	PUNCT
cblr-3423	309	1	this	this	PRON
cblr-3423	309	2	could	could	AUX
cblr-3423	309	3	include	include	VERB
cblr-3423	309	4	changing	change	VERB
cblr-3423	309	5	the	the	DET
cblr-3423	309	6	supply	supply	NOUN
cblr-3423	309	7	or	or	CCONJ
cblr-3423	309	8	some	some	DET
cblr-3423	309	9	other	other	ADJ
cblr-3423	309	10	characteristic	characteristic	NOUN
cblr-3423	309	11	of	of	ADP
cblr-3423	309	12	the	the	DET
cblr-3423	309	13	asset	asset	NOUN
cblr-3423	309	14	.	.	PUNCT
cblr-3423	310	1	on	on	ADP
cblr-3423	310	2	the	the	DET
cblr-3423	310	3	other	other	ADJ
cblr-3423	310	4	hand	hand	NOUN
cblr-3423	310	5	,	,	PUNCT
cblr-3423	310	6	when	when	SCONJ
cblr-3423	310	7	a	a	DET
cblr-3423	310	8	token	token	NOUN
cblr-3423	310	9	is	be	AUX
cblr-3423	310	10	openly	openly	ADV
cblr-3423	310	11	mined	mine	VERB
cblr-3423	310	12	,	,	PUNCT
cblr-3423	310	13	then	then	ADV
cblr-3423	310	14	there	there	PRON
cblr-3423	310	15	is	be	VERB
cblr-3423	310	16	no	no	DET
cblr-3423	310	17	technical	technical	ADJ
cblr-3423	310	18	distinction	distinction	NOUN
cblr-3423	310	19	between	between	ADP
cblr-3423	310	20	promoter	promoter	NOUN
cblr-3423	310	21	and	and	CCONJ
cblr-3423	310	22	participator	participator	NOUN
cblr-3423	310	23	as	as	SCONJ
cblr-3423	310	24	both	both	PRON
cblr-3423	310	25	are	be	AUX
cblr-3423	310	26	on	on	ADP
cblr-3423	310	27	even	even	ADV
cblr-3423	310	28	footing.69	footing.69	NOUN
cblr-3423	310	29	they	they	PRON
cblr-3423	310	30	are	be	AUX
cblr-3423	310	31	interacting	interact	VERB
cblr-3423	310	32	with	with	ADP
cblr-3423	310	33	code	code	NOUN
cblr-3423	310	34	that	that	PRON
cblr-3423	310	35	can	can	AUX
cblr-3423	310	36	only	only	ADV
cblr-3423	310	37	be	be	AUX
cblr-3423	310	38	changed	change	VERB
cblr-3423	310	39	through	through	ADP
cblr-3423	310	40	consensus.70	consensus.70	PROPN
cblr-3423	310	41	if	if	SCONJ
cblr-3423	310	42	the	the	DET
cblr-3423	310	43	investor	investor	NOUN
cblr-3423	310	44	is	be	AUX
cblr-3423	310	45	in	in	ADP
cblr-3423	310	46	the	the	DET
cblr-3423	310	47	exact	exact	ADJ
cblr-3423	310	48	same	same	ADJ
cblr-3423	310	49	position	position	NOUN
cblr-3423	310	50	as	as	ADP
cblr-3423	310	51	the	the	DET
cblr-3423	310	52	promoter	promoter	NOUN
cblr-3423	310	53	,	,	PUNCT
cblr-3423	310	54	then	then	ADV
cblr-3423	310	55	the	the	DET
cblr-3423	310	56	stated	state	VERB
cblr-3423	310	57	information	information	NOUN
cblr-3423	310	58	asymmetry	asymmetry	NOUN
cblr-3423	310	59	rationale	rationale	NOUN
cblr-3423	310	60	falls	fall	VERB
cblr-3423	310	61	away.71	away.71	PROPN
cblr-3423	310	62	68	68	NUM
cblr-3423	310	63	it	it	PRON
cblr-3423	310	64	could	could	AUX
cblr-3423	310	65	be	be	AUX
cblr-3423	310	66	said	say	VERB
cblr-3423	310	67	that	that	SCONJ
cblr-3423	310	68	decentralization	decentralization	NOUN
cblr-3423	310	69	of	of	ADP
cblr-3423	310	70	ownership	ownership	NOUN
cblr-3423	310	71	of	of	ADP
cblr-3423	310	72	the	the	DET
cblr-3423	310	73	asset	asset	NOUN
cblr-3423	310	74	is	be	AUX
cblr-3423	310	75	enough	enough	ADJ
cblr-3423	310	76	to	to	PART
cblr-3423	310	77	establish	establish	VERB
cblr-3423	310	78	decentralization	decentralization	NOUN
cblr-3423	310	79	.	.	PUNCT
cblr-3423	311	1	this	this	PRON
cblr-3423	311	2	is	be	AUX
cblr-3423	311	3	incorrect	incorrect	ADJ
cblr-3423	311	4	because	because	SCONJ
cblr-3423	311	5	most	most	ADJ
cblr-3423	311	6	publicly	publicly	ADV
cblr-3423	311	7	traded	trade	VERB
cblr-3423	311	8	companies	company	NOUN
cblr-3423	311	9	have	have	VERB
cblr-3423	311	10	ownership	ownership	NOUN
cblr-3423	311	11	that	that	PRON
cblr-3423	311	12	is	be	AUX
cblr-3423	311	13	decentralized	decentralize	VERB
cblr-3423	311	14	throughout	throughout	ADP
cblr-3423	311	15	the	the	DET
cblr-3423	311	16	public	public	NOUN
cblr-3423	311	17	.	.	PUNCT
cblr-3423	312	1	indeed	indeed	ADV
cblr-3423	312	2	,	,	PUNCT
cblr-3423	312	3	that	that	PRON
cblr-3423	312	4	is	be	AUX
cblr-3423	312	5	one	one	NUM
cblr-3423	312	6	of	of	ADP
cblr-3423	312	7	the	the	DET
cblr-3423	312	8	points	point	NOUN
cblr-3423	312	9	of	of	ADP
cblr-3423	312	10	public	public	ADJ
cblr-3423	312	11	market	market	NOUN
cblr-3423	312	12	capital	capital	NOUN
cblr-3423	312	13	formation	formation	NOUN
cblr-3423	312	14	.	.	PUNCT
cblr-3423	313	1	instead	instead	ADV
cblr-3423	313	2	,	,	PUNCT
cblr-3423	313	3	in	in	ADP
cblr-3423	313	4	determining	determine	VERB
cblr-3423	313	5	decentralization	decentralization	NOUN
cblr-3423	313	6	,	,	PUNCT
cblr-3423	313	7	one	one	PRON
cblr-3423	313	8	should	should	AUX
cblr-3423	313	9	look	look	VERB
cblr-3423	313	10	towards	towards	ADP
cblr-3423	313	11	the	the	DET
cblr-3423	313	12	centralization	centralization	NOUN
cblr-3423	313	13	of	of	ADP
cblr-3423	313	14	the	the	DET
cblr-3423	313	15	organizational	organizational	ADJ
cblr-3423	313	16	entity	entity	NOUN
cblr-3423	313	17	.	.	PUNCT
cblr-3423	314	1	69	69	NUM
cblr-3423	315	1	this	this	PRON
cblr-3423	315	2	is	be	AUX
cblr-3423	315	3	not	not	PART
cblr-3423	315	4	to	to	PART
cblr-3423	315	5	say	say	VERB
cblr-3423	315	6	that	that	SCONJ
cblr-3423	315	7	minted	mint	VERB
cblr-3423	315	8	digital	digital	ADJ
cblr-3423	315	9	assets	asset	NOUN
cblr-3423	315	10	are	be	AUX
cblr-3423	315	11	categorically	categorically	ADV
cblr-3423	315	12	“	"	PUNCT
cblr-3423	315	13	bad	bad	ADJ
cblr-3423	315	14	”	"	PUNCT
cblr-3423	315	15	and	and	CCONJ
cblr-3423	315	16	mined	mine	VERB
cblr-3423	315	17	digital	digital	ADJ
cblr-3423	315	18	assets	asset	NOUN
cblr-3423	315	19	are	be	AUX
cblr-3423	315	20	categorically	categorically	ADV
cblr-3423	315	21	“	"	PUNCT
cblr-3423	315	22	good	good	ADJ
cblr-3423	315	23	.	.	PUNCT
cblr-3423	315	24	”	"	PUNCT
cblr-3423	316	1	there	there	PRON
cblr-3423	316	2	can	can	AUX
cblr-3423	316	3	certainly	certainly	ADV
cblr-3423	316	4	be	be	AUX
cblr-3423	316	5	bad	bad	ADJ
cblr-3423	316	6	actors	actor	NOUN
cblr-3423	316	7	that	that	PRON
cblr-3423	316	8	establish	establish	VERB
cblr-3423	316	9	a	a	DET
cblr-3423	316	10	mined	mine	VERB
cblr-3423	316	11	digital	digital	ADJ
cblr-3423	316	12	asset	asset	NOUN
cblr-3423	316	13	to	to	PART
cblr-3423	316	14	make	make	VERB
cblr-3423	316	15	a	a	DET
cblr-3423	316	16	quick	quick	ADJ
cblr-3423	316	17	buck	buck	NOUN
cblr-3423	316	18	and	and	CCONJ
cblr-3423	316	19	there	there	PRON
cblr-3423	316	20	can	can	AUX
cblr-3423	316	21	certainly	certainly	ADV
cblr-3423	316	22	be	be	AUX
cblr-3423	316	23	good	good	ADJ
cblr-3423	316	24	actors	actor	NOUN
cblr-3423	316	25	who	who	PRON
cblr-3423	316	26	mint	mint	VERB
cblr-3423	316	27	digital	digital	ADJ
cblr-3423	316	28	assets	asset	NOUN
cblr-3423	316	29	,	,	PUNCT
cblr-3423	316	30	creating	create	VERB
cblr-3423	316	31	a	a	DET
cblr-3423	316	32	healthy	healthy	ADJ
cblr-3423	316	33	and	and	CCONJ
cblr-3423	316	34	vibrant	vibrant	ADJ
cblr-3423	316	35	community	community	NOUN
cblr-3423	316	36	.	.	PUNCT
cblr-3423	317	1	what	what	PRON
cblr-3423	317	2	is	be	AUX
cblr-3423	317	3	relevant	relevant	ADJ
cblr-3423	317	4	,	,	PUNCT
cblr-3423	317	5	however	however	ADV
cblr-3423	317	6	,	,	PUNCT
cblr-3423	317	7	is	be	AUX
cblr-3423	317	8	the	the	DET
cblr-3423	317	9	reach	reach	NOUN
cblr-3423	317	10	of	of	ADP
cblr-3423	317	11	the	the	DET
cblr-3423	317	12	securities	security	NOUN
cblr-3423	317	13	laws	law	NOUN
cblr-3423	317	14	.	.	PUNCT
cblr-3423	318	1	a	a	DET
cblr-3423	318	2	diamond	diamond	NOUN
cblr-3423	318	3	miner	miner	NOUN
cblr-3423	318	4	who	who	PRON
cblr-3423	318	5	sells	sell	VERB
cblr-3423	318	6	fake	fake	ADJ
cblr-3423	318	7	diamonds	diamond	NOUN
cblr-3423	318	8	is	be	AUX
cblr-3423	318	9	not	not	PART
cblr-3423	318	10	selling	sell	VERB
cblr-3423	318	11	securities	security	NOUN
cblr-3423	318	12	simply	simply	ADV
cblr-3423	318	13	because	because	SCONJ
cblr-3423	318	14	he	he	PRON
cblr-3423	318	15	is	be	AUX
cblr-3423	318	16	defrauding	defraud	VERB
cblr-3423	318	17	purchasers	purchaser	NOUN
cblr-3423	318	18	who	who	PRON
cblr-3423	318	19	may	may	AUX
cblr-3423	318	20	be	be	AUX
cblr-3423	318	21	investing	invest	VERB
cblr-3423	318	22	money	money	NOUN
cblr-3423	318	23	with	with	ADP
cblr-3423	318	24	an	an	DET
cblr-3423	318	25	expectation	expectation	NOUN
cblr-3423	318	26	of	of	ADP
cblr-3423	318	27	profit	profit	NOUN
cblr-3423	318	28	.	.	PUNCT
cblr-3423	319	1	70	70	NUM
cblr-3423	319	2	viz	viz	NUM
cblr-3423	319	3	.	.	PUNCT
cblr-3423	320	1	consensus	consensus	NOUN
cblr-3423	320	2	is	be	AUX
cblr-3423	320	3	the	the	DET
cblr-3423	320	4	mechanism	mechanism	NOUN
cblr-3423	320	5	for	for	ADP
cblr-3423	320	6	making	make	VERB
cblr-3423	320	7	changes	change	NOUN
cblr-3423	320	8	to	to	ADP
cblr-3423	320	9	the	the	DET
cblr-3423	320	10	characteristics	characteristic	NOUN
cblr-3423	320	11	of	of	ADP
cblr-3423	320	12	the	the	DET
cblr-3423	320	13	token	token	ADJ
cblr-3423	320	14	,	,	PUNCT
cblr-3423	320	15	not	not	PART
cblr-3423	320	16	unilateral	unilateral	ADJ
cblr-3423	320	17	action	action	NOUN
cblr-3423	320	18	.	.	PUNCT
cblr-3423	321	1	satoshi	satoshi	PROPN
cblr-3423	321	2	could	could	AUX
cblr-3423	321	3	have	have	AUX
cblr-3423	321	4	unilaterally	unilaterally	ADV
cblr-3423	321	5	changed	change	VERB
cblr-3423	321	6	the	the	DET
cblr-3423	321	7	supply	supply	NOUN
cblr-3423	321	8	to	to	ADP
cblr-3423	321	9	forty	forty	NUM
cblr-3423	321	10	-	-	PUNCT
cblr-3423	321	11	two	two	NUM
cblr-3423	321	12	million	million	NUM
cblr-3423	321	13	by	by	ADP
cblr-3423	321	14	pushing	push	VERB
cblr-3423	321	15	to	to	ADP
cblr-3423	321	16	the	the	DET
cblr-3423	321	17	github	github	NOUN
cblr-3423	321	18	,	,	PUNCT
cblr-3423	321	19	but	but	CCONJ
cblr-3423	321	20	people	people	NOUN
cblr-3423	321	21	could	could	AUX
cblr-3423	321	22	choose	choose	VERB
cblr-3423	321	23	not	not	PART
cblr-3423	321	24	to	to	PART
cblr-3423	321	25	run	run	VERB
cblr-3423	321	26	this	this	DET
cblr-3423	321	27	version	version	NOUN
cblr-3423	321	28	of	of	ADP
cblr-3423	321	29	the	the	DET
cblr-3423	321	30	code	code	NOUN
cblr-3423	321	31	.	.	PUNCT
cblr-3423	322	1	this	this	PRON
cblr-3423	322	2	is	be	AUX
cblr-3423	322	3	different	different	ADJ
cblr-3423	322	4	from	from	ADP
cblr-3423	322	5	a	a	DET
cblr-3423	322	6	situation	situation	NOUN
cblr-3423	322	7	where	where	SCONJ
cblr-3423	322	8	individuals	individual	NOUN
cblr-3423	322	9	own	own	VERB
cblr-3423	322	10	tokens	token	NOUN
cblr-3423	322	11	and	and	CCONJ
cblr-3423	322	12	more	more	ADJ
cblr-3423	322	13	are	be	AUX
cblr-3423	322	14	minted	mint	VERB
cblr-3423	322	15	in	in	ADP
cblr-3423	322	16	a	a	DET
cblr-3423	322	17	closed	closed	ADJ
cblr-3423	322	18	-	-	PUNCT
cblr-3423	322	19	source	source	NOUN
cblr-3423	322	20	environment	environment	NOUN
cblr-3423	322	21	without	without	ADP
cblr-3423	322	22	a	a	DET
cblr-3423	322	23	choice	choice	NOUN
cblr-3423	322	24	not	not	PART
cblr-3423	322	25	to	to	PART
cblr-3423	322	26	run	run	VERB
cblr-3423	322	27	the	the	DET
cblr-3423	322	28	code	code	NOUN
cblr-3423	322	29	.	.	PUNCT
cblr-3423	323	1	although	although	SCONJ
cblr-3423	323	2	erc-20	erc-20	PRON
cblr-3423	323	3	is	be	AUX
cblr-3423	323	4	not	not	PART
cblr-3423	323	5	closed	closed	ADJ
cblr-3423	323	6	source	source	NOUN
cblr-3423	323	7	—	—	PUNCT
cblr-3423	323	8	anyone	anyone	PRON
cblr-3423	323	9	could	could	AUX
cblr-3423	323	10	create	create	VERB
cblr-3423	323	11	another	another	DET
cblr-3423	323	12	version	version	NOUN
cblr-3423	323	13	of	of	ADP
cblr-3423	323	14	a	a	DET
cblr-3423	323	15	token	token	NOUN
cblr-3423	323	16	with	with	ADP
cblr-3423	323	17	less	less	ADJ
cblr-3423	323	18	supply	supply	NOUN
cblr-3423	323	19	—	—	PUNCT
cblr-3423	323	20	but	but	CCONJ
cblr-3423	323	21	the	the	DET
cblr-3423	323	22	promoter	promoter	NOUN
cblr-3423	323	23	can	can	AUX
cblr-3423	323	24	say	say	VERB
cblr-3423	323	25	that	that	SCONJ
cblr-3423	323	26	that	that	PRON
cblr-3423	323	27	token	token	NOUN
cblr-3423	323	28	can	can	AUX
cblr-3423	323	29	no	no	ADV
cblr-3423	323	30	longer	long	ADV
cblr-3423	323	31	interact	interact	VERB
cblr-3423	323	32	with	with	ADP
cblr-3423	323	33	her	her	PRON
cblr-3423	323	34	infrastructure	infrastructure	NOUN
cblr-3423	323	35	.	.	PUNCT
cblr-3423	324	1	71	71	NUM
cblr-3423	324	2	pre	pre	ADJ
cblr-3423	324	3	-	-	ADJ
cblr-3423	324	4	mining	mining	ADJ
cblr-3423	324	5	rights	right	NOUN
cblr-3423	324	6	at	at	ADP
cblr-3423	324	7	first	first	ADJ
cblr-3423	324	8	blush	blush	NOUN
cblr-3423	324	9	may	may	AUX
cblr-3423	324	10	appear	appear	VERB
cblr-3423	324	11	to	to	PART
cblr-3423	324	12	pose	pose	VERB
cblr-3423	324	13	a	a	DET
cblr-3423	324	14	wrinkle	wrinkle	NOUN
cblr-3423	324	15	to	to	ADP
cblr-3423	324	16	this	this	DET
cblr-3423	324	17	articulation	articulation	NOUN
cblr-3423	324	18	.	.	PUNCT
cblr-3423	325	1	in	in	ADP
cblr-3423	325	2	such	such	DET
cblr-3423	325	3	a	a	DET
cblr-3423	325	4	situation	situation	NOUN
cblr-3423	325	5	,	,	PUNCT
cblr-3423	325	6	there	there	PRON
cblr-3423	325	7	is	be	VERB
cblr-3423	325	8	open	open	ADJ
cblr-3423	325	9	mining	mining	NOUN
cblr-3423	325	10	of	of	ADP
cblr-3423	325	11	the	the	DET
cblr-3423	325	12	asset	asset	NOUN
cblr-3423	325	13	,	,	PUNCT
cblr-3423	325	14	but	but	CCONJ
cblr-3423	325	15	ab	ab	PROPN
cblr-3423	325	16	464	464	NUM
cblr-3423	325	17	columbia	columbia	PROPN
cblr-3423	325	18	business	business	NOUN
cblr-3423	325	19	law	law	PROPN
cblr-3423	325	20	review	review	NOUN
cblr-3423	326	1	[	[	X
cblr-3423	326	2	vol	vol	NOUN
cblr-3423	326	3	.	.	NOUN
cblr-3423	326	4	2019	2019	NUM
cblr-3423	326	5	that	that	PRON
cblr-3423	326	6	is	be	AUX
cblr-3423	326	7	why	why	SCONJ
cblr-3423	326	8	this	this	DET
cblr-3423	326	9	article	article	NOUN
cblr-3423	326	10	proposes	propose	VERB
cblr-3423	326	11	two	two	NUM
cblr-3423	326	12	distinct	distinct	ADJ
cblr-3423	326	13	conclusions	conclusion	NOUN
cblr-3423	326	14	.	.	PUNCT
cblr-3423	327	1	first	first	ADV
cblr-3423	327	2	,	,	PUNCT
cblr-3423	327	3	assets	asset	NOUN
cblr-3423	327	4	that	that	PRON
cblr-3423	327	5	are	be	AUX
cblr-3423	327	6	mined	mine	VERB
cblr-3423	327	7	in	in	ADP
cblr-3423	327	8	an	an	DET
cblr-3423	327	9	open	open	ADJ
cblr-3423	327	10	process	process	NOUN
cblr-3423	327	11	where	where	SCONJ
cblr-3423	327	12	anyone	anyone	PRON
cblr-3423	327	13	can	can	AUX
cblr-3423	327	14	participate	participate	VERB
cblr-3423	327	15	should	should	AUX
cblr-3423	327	16	be	be	AUX
cblr-3423	327	17	considered	consider	VERB
cblr-3423	327	18	prima	prima	NOUN
cblr-3423	327	19	facie	facie	NOUN
cblr-3423	327	20	sufficiently	sufficiently	ADV
cblr-3423	327	21	decentralized	decentralize	VERB
cblr-3423	327	22	.	.	PUNCT
cblr-3423	328	1	in	in	ADP
cblr-3423	328	2	such	such	DET
cblr-3423	328	3	a	a	DET
cblr-3423	328	4	case	case	NOUN
cblr-3423	328	5	,	,	PUNCT
cblr-3423	328	6	there	there	PRON
cblr-3423	328	7	is	be	VERB
cblr-3423	328	8	an	an	DET
cblr-3423	328	9	exchange	exchange	NOUN
cblr-3423	328	10	not	not	PART
cblr-3423	328	11	of	of	ADP
cblr-3423	328	12	money	money	NOUN
cblr-3423	328	13	,	,	PUNCT
cblr-3423	328	14	but	but	CCONJ
cblr-3423	328	15	of	of	ADP
cblr-3423	328	16	computing	compute	VERB
cblr-3423	328	17	resources	resource	NOUN
cblr-3423	328	18	for	for	ADP
cblr-3423	328	19	the	the	DET
cblr-3423	328	20	digital	digital	ADJ
cblr-3423	328	21	asset	asset	NOUN
cblr-3423	328	22	.	.	PUNCT
cblr-3423	329	1	this	this	PRON
cblr-3423	329	2	fails	fail	VERB
cblr-3423	329	3	the	the	DET
cblr-3423	329	4	first	first	ADJ
cblr-3423	329	5	element	element	NOUN
cblr-3423	329	6	of	of	ADP
cblr-3423	329	7	the	the	DET
cblr-3423	329	8	howey	howey	PROPN
cblr-3423	329	9	test	test	NOUN
cblr-3423	329	10	—	—	PUNCT
cblr-3423	329	11	that	that	SCONJ
cblr-3423	329	12	there	there	PRON
cblr-3423	329	13	must	must	AUX
cblr-3423	329	14	be	be	AUX
cblr-3423	329	15	an	an	DET
cblr-3423	329	16	investment	investment	NOUN
cblr-3423	329	17	of	of	ADP
cblr-3423	329	18	money.72	money.72	NOUN
cblr-3423	329	19	presales	presale	NOUN
cblr-3423	329	20	,	,	PUNCT
cblr-3423	329	21	icos	icos	PROPN
cblr-3423	329	22	,	,	PUNCT
cblr-3423	329	23	and	and	CCONJ
cblr-3423	329	24	their	their	PRON
cblr-3423	329	25	ilk	ilk	NOUN
cblr-3423	329	26	,	,	PUNCT
cblr-3423	329	27	on	on	ADP
cblr-3423	329	28	the	the	DET
cblr-3423	329	29	other	other	ADJ
cblr-3423	329	30	hand	hand	NOUN
cblr-3423	329	31	,	,	PUNCT
cblr-3423	329	32	should	should	AUX
cblr-3423	329	33	presumptively	presumptively	ADV
cblr-3423	329	34	fail	fail	VERB
cblr-3423	329	35	the	the	DET
cblr-3423	329	36	“	"	PUNCT
cblr-3423	329	37	efforts	effort	NOUN
cblr-3423	329	38	of	of	ADP
cblr-3423	329	39	others	other	NOUN
cblr-3423	329	40	”	"	PUNCT
cblr-3423	329	41	prong	prong	NOUN
cblr-3423	329	42	of	of	ADP
cblr-3423	329	43	the	the	DET
cblr-3423	329	44	test	test	NOUN
cblr-3423	329	45	because	because	SCONJ
cblr-3423	329	46	there	there	PRON
cblr-3423	329	47	is	be	VERB
cblr-3423	329	48	an	an	DET
cblr-3423	329	49	exchange	exchange	NOUN
cblr-3423	329	50	of	of	ADP
cblr-3423	329	51	money	money	NOUN
cblr-3423	329	52	not	not	PART
cblr-3423	329	53	for	for	ADP
cblr-3423	329	54	an	an	DET
cblr-3423	329	55	asset	asset	NOUN
cblr-3423	329	56	,	,	PUNCT
cblr-3423	329	57	but	but	CCONJ
cblr-3423	329	58	for	for	ADP
cblr-3423	329	59	a	a	DET
cblr-3423	329	60	promise	promise	NOUN
cblr-3423	329	61	to	to	PART
cblr-3423	329	62	create	create	VERB
cblr-3423	329	63	an	an	DET
cblr-3423	329	64	asset	asset	NOUN
cblr-3423	329	65	or	or	CCONJ
cblr-3423	329	66	network	network	NOUN
cblr-3423	329	67	that	that	PRON
cblr-3423	329	68	will	will	AUX
cblr-3423	329	69	make	make	VERB
cblr-3423	329	70	such	such	DET
cblr-3423	329	71	an	an	DET
cblr-3423	329	72	asset	asset	NOUN
cblr-3423	329	73	valuable.73	valuable.73	NOUN
cblr-3423	329	74	this	this	PRON
cblr-3423	329	75	has	have	VERB
cblr-3423	329	76	analogues	analogue	NOUN
cblr-3423	329	77	in	in	ADP
cblr-3423	329	78	extant	extant	ADJ
cblr-3423	329	79	case	case	NOUN
cblr-3423	330	1	law.74	law.74	NOUN
cblr-3423	330	2	initio	initio	PROPN
cblr-3423	330	3	the	the	DET
cblr-3423	330	4	protocol	protocol	NOUN
cblr-3423	330	5	included	include	VERB
cblr-3423	330	6	already	already	ADV
cblr-3423	330	7	-	-	PUNCT
cblr-3423	330	8	allocated	allocate	VERB
cblr-3423	330	9	coins	coin	NOUN
cblr-3423	330	10	that	that	PRON
cblr-3423	330	11	were	be	AUX
cblr-3423	330	12	reserved	reserve	VERB
cblr-3423	330	13	by	by	ADP
cblr-3423	330	14	the	the	DET
cblr-3423	330	15	promoter	promoter	NOUN
cblr-3423	330	16	for	for	ADP
cblr-3423	330	17	the	the	DET
cblr-3423	330	18	ownership	ownership	NOUN
cblr-3423	330	19	of	of	ADP
cblr-3423	330	20	pre	pre	ADJ
cblr-3423	330	21	-	-	ADJ
cblr-3423	330	22	mine	mine	ADJ
cblr-3423	330	23	purchasers	purchaser	NOUN
cblr-3423	330	24	.	.	PUNCT
cblr-3423	331	1	on	on	ADP
cblr-3423	331	2	the	the	DET
cblr-3423	331	3	one	one	NUM
cblr-3423	331	4	hand	hand	NOUN
cblr-3423	331	5	,	,	PUNCT
cblr-3423	331	6	a	a	DET
cblr-3423	331	7	privileged	privileged	ADJ
cblr-3423	331	8	group	group	NOUN
cblr-3423	331	9	is	be	AUX
cblr-3423	331	10	going	go	VERB
cblr-3423	331	11	to	to	PART
cblr-3423	331	12	have	have	VERB
cblr-3423	331	13	certain	certain	ADJ
cblr-3423	331	14	rights	right	NOUN
cblr-3423	331	15	that	that	PRON
cblr-3423	331	16	others	other	NOUN
cblr-3423	331	17	do	do	AUX
cblr-3423	331	18	not	not	PART
cblr-3423	331	19	have	have	VERB
cblr-3423	331	20	,	,	PUNCT
cblr-3423	331	21	which	which	PRON
cblr-3423	331	22	would	would	AUX
cblr-3423	331	23	abut	abut	VERB
cblr-3423	331	24	the	the	DET
cblr-3423	331	25	open	open	ADJ
cblr-3423	331	26	source	source	NOUN
cblr-3423	331	27	nature	nature	NOUN
cblr-3423	331	28	of	of	ADP
cblr-3423	331	29	mining	mining	NOUN
cblr-3423	331	30	.	.	PUNCT
cblr-3423	332	1	this	this	PRON
cblr-3423	332	2	would	would	AUX
cblr-3423	332	3	be	be	AUX
cblr-3423	332	4	covered	cover	VERB
cblr-3423	332	5	by	by	ADP
cblr-3423	332	6	the	the	DET
cblr-3423	332	7	first	first	ADJ
cblr-3423	332	8	part	part	NOUN
cblr-3423	332	9	of	of	ADP
cblr-3423	332	10	the	the	DET
cblr-3423	332	11	bahamas	bahamas	PROPN
cblr-3423	332	12	test	test	NOUN
cblr-3423	332	13	,	,	PUNCT
cblr-3423	332	14	requiring	require	VERB
cblr-3423	332	15	open	open	ADJ
cblr-3423	332	16	mining	mining	NOUN
cblr-3423	332	17	.	.	PUNCT
cblr-3423	333	1	on	on	ADP
cblr-3423	333	2	the	the	DET
cblr-3423	333	3	other	other	ADJ
cblr-3423	333	4	hand	hand	NOUN
cblr-3423	333	5	,	,	PUNCT
cblr-3423	333	6	if	if	SCONJ
cblr-3423	333	7	the	the	DET
cblr-3423	333	8	privileges	privilege	NOUN
cblr-3423	333	9	are	be	AUX
cblr-3423	333	10	openly	openly	ADV
cblr-3423	333	11	known	know	VERB
cblr-3423	333	12	then	then	ADV
cblr-3423	333	13	that	that	PRON
cblr-3423	333	14	would	would	AUX
cblr-3423	333	15	qualify	qualify	VERB
cblr-3423	333	16	as	as	ADP
cblr-3423	333	17	open	open	ADJ
cblr-3423	333	18	,	,	PUNCT
cblr-3423	333	19	or	or	CCONJ
cblr-3423	333	20	at	at	ADP
cblr-3423	333	21	least	least	ADJ
cblr-3423	333	22	transparent	transparent	ADJ
cblr-3423	333	23	,	,	PUNCT
cblr-3423	333	24	mining	mining	NOUN
cblr-3423	333	25	.	.	PUNCT
cblr-3423	334	1	it	it	PRON
cblr-3423	334	2	is	be	AUX
cblr-3423	334	3	unlikely	unlikely	ADJ
cblr-3423	334	4	that	that	SCONJ
cblr-3423	334	5	the	the	DET
cblr-3423	334	6	sec	sec	PROPN
cblr-3423	334	7	would	would	AUX
cblr-3423	334	8	view	view	VERB
cblr-3423	334	9	this	this	PRON
cblr-3423	334	10	as	as	ADP
cblr-3423	334	11	anything	anything	PRON
cblr-3423	334	12	other	other	ADJ
cblr-3423	334	13	than	than	ADP
cblr-3423	334	14	a	a	DET
cblr-3423	334	15	workaround	workaround	NOUN
cblr-3423	334	16	to	to	ADP
cblr-3423	334	17	the	the	DET
cblr-3423	334	18	securities	security	NOUN
cblr-3423	334	19	laws	law	NOUN
cblr-3423	334	20	,	,	PUNCT
cblr-3423	334	21	and	and	CCONJ
cblr-3423	334	22	thus	thus	ADV
cblr-3423	334	23	the	the	DET
cblr-3423	334	24	bahamas	bahamas	PROPN
cblr-3423	334	25	test	test	NOUN
cblr-3423	334	26	would	would	AUX
cblr-3423	334	27	not	not	PART
cblr-3423	334	28	likely	likely	ADV
cblr-3423	334	29	allow	allow	VERB
cblr-3423	334	30	the	the	DET
cblr-3423	334	31	sale	sale	NOUN
cblr-3423	334	32	of	of	ADP
cblr-3423	334	33	pre	pre	ADJ
cblr-3423	334	34	-	-	ADJ
cblr-3423	334	35	mining	mining	ADJ
cblr-3423	334	36	rights	right	NOUN
cblr-3423	334	37	to	to	PART
cblr-3423	334	38	fall	fall	VERB
cblr-3423	334	39	outside	outside	ADP
cblr-3423	334	40	of	of	ADP
cblr-3423	334	41	the	the	DET
cblr-3423	334	42	sec	sec	PROPN
cblr-3423	334	43	’s	’s	PART
cblr-3423	334	44	jurisdiction	jurisdiction	NOUN
cblr-3423	334	45	.	.	PUNCT
cblr-3423	335	1	72	72	NUM
cblr-3423	335	2	see	see	VERB
cblr-3423	335	3	,	,	PUNCT
cblr-3423	335	4	e.g.	e.g.	ADV
cblr-3423	335	5	,	,	PUNCT
cblr-3423	335	6	sec	sec	PROPN
cblr-3423	335	7	v.	v.	ADP
cblr-3423	335	8	blockvest	blockv	ADJ
cblr-3423	335	9	,	,	PUNCT
cblr-3423	335	10	llc	llc	PROPN
cblr-3423	335	11	,	,	PUNCT
cblr-3423	335	12	no	no	DET
cblr-3423	335	13	18	18	NUM
cblr-3423	335	14	-	-	PUNCT
cblr-3423	335	15	cv-2287	cv-2287	NOUN
cblr-3423	335	16	,	,	PUNCT
cblr-3423	335	17	2019	2019	NUM
cblr-3423	335	18	wl	wl	NOUN
cblr-3423	335	19	625163	625163	NUM
cblr-3423	335	20	,	,	PUNCT
cblr-3423	335	21	at	at	ADP
cblr-3423	335	22	*	*	NUM
cblr-3423	335	23	7	7	NUM
cblr-3423	335	24	(	(	PUNCT
cblr-3423	335	25	s.d	s.d	PROPN
cblr-3423	335	26	.	.	PROPN
cblr-3423	335	27	cal	cal	PROPN
cblr-3423	335	28	.	.	PUNCT
cblr-3423	336	1	feb	feb	PROPN
cblr-3423	336	2	.	.	PROPN
cblr-3423	336	3	14	14	NUM
cblr-3423	336	4	,	,	PUNCT
cblr-3423	336	5	2019	2019	NUM
cblr-3423	336	6	)	)	PUNCT
cblr-3423	336	7	(	(	PUNCT
cblr-3423	336	8	finding	find	VERB
cblr-3423	336	9	that	that	SCONJ
cblr-3423	336	10	a	a	DET
cblr-3423	336	11	company	company	NOUN
cblr-3423	336	12	’s	’s	PART
cblr-3423	336	13	offer	offer	NOUN
cblr-3423	336	14	to	to	PART
cblr-3423	336	15	exchange	exchange	VERB
cblr-3423	336	16	its	its	PRON
cblr-3423	336	17	own	own	ADJ
cblr-3423	336	18	tokens	token	NOUN
cblr-3423	336	19	for	for	ADP
cblr-3423	336	20	potential	potential	ADJ
cblr-3423	336	21	investors	investor	NOUN
cblr-3423	336	22	’	'	PUNCT
cblr-3423	336	23	digital	digital	ADJ
cblr-3423	336	24	currencies	currency	NOUN
cblr-3423	336	25	satisfied	satisfy	VERB
cblr-3423	336	26	the	the	DET
cblr-3423	336	27	first	first	ADJ
cblr-3423	336	28	prong	prong	NOUN
cblr-3423	336	29	of	of	ADP
cblr-3423	336	30	the	the	DET
cblr-3423	336	31	howey	howey	PROPN
cblr-3423	336	32	test	test	NOUN
cblr-3423	336	33	)	)	PUNCT
cblr-3423	336	34	.	.	PUNCT
cblr-3423	337	1	73	73	NUM
cblr-3423	337	2	see	see	VERB
cblr-3423	337	3	coinbase	coinbase	NOUN
cblr-3423	337	4	,	,	PUNCT
cblr-3423	337	5	a	a	DET
cblr-3423	337	6	securities	security	NOUN
cblr-3423	337	7	law	law	NOUN
cblr-3423	337	8	framework	framework	NOUN
cblr-3423	337	9	for	for	ADP
cblr-3423	337	10	blockchain	blockchain	PROPN
cblr-3423	337	11	tokens	tokens	PROPN
cblr-3423	337	12	16	16	NUM
cblr-3423	337	13	(	(	PUNCT
cblr-3423	337	14	2016	2016	NUM
cblr-3423	337	15	)	)	PUNCT
cblr-3423	337	16	,	,	PUNCT
cblr-3423	337	17	https://www.coinbase.com/legal/securities-lawframework.pdf	https://www.coinbase.com/legal/securities-lawframework.pdf	PUNCT
cblr-3423	338	1	[	[	X
cblr-3423	338	2	https://perma.cc/hn7c-bn3v	https://perma.cc/hn7c-bn3v	X
cblr-3423	338	3	]	]	X
cblr-3423	338	4	(	(	PUNCT
cblr-3423	338	5	“	"	PUNCT
cblr-3423	338	6	this	this	PRON
cblr-3423	338	7	may	may	AUX
cblr-3423	338	8	similarly	similarly	ADV
cblr-3423	338	9	apply	apply	VERB
cblr-3423	338	10	in	in	ADP
cblr-3423	338	11	the	the	DET
cblr-3423	338	12	case	case	NOUN
cblr-3423	338	13	of	of	ADP
cblr-3423	338	14	a	a	DET
cblr-3423	338	15	presale	presale	NOUN
cblr-3423	338	16	made	make	VERB
cblr-3423	338	17	prior	prior	ADV
cblr-3423	338	18	to	to	ADP
cblr-3423	338	19	the	the	DET
cblr-3423	338	20	launch	launch	NOUN
cblr-3423	338	21	of	of	ADP
cblr-3423	338	22	the	the	DET
cblr-3423	338	23	system	system	NOUN
cblr-3423	338	24	.	.	PUNCT
cblr-3423	339	1	for	for	ADP
cblr-3423	339	2	example	example	NOUN
cblr-3423	339	3	,	,	PUNCT
cblr-3423	339	4	one	one	NUM
cblr-3423	339	5	court	court	NOUN
cblr-3423	339	6	has	have	AUX
cblr-3423	339	7	found	find	VERB
cblr-3423	339	8	that	that	SCONJ
cblr-3423	339	9	a	a	DET
cblr-3423	339	10	purchase	purchase	NOUN
cblr-3423	339	11	agreement	agreement	NOUN
cblr-3423	339	12	that	that	PRON
cblr-3423	339	13	was	be	AUX
cblr-3423	339	14	entered	enter	VERB
cblr-3423	339	15	into	into	ADP
cblr-3423	339	16	prior	prior	ADV
cblr-3423	339	17	to	to	ADP
cblr-3423	339	18	the	the	DET
cblr-3423	339	19	construction	construction	NOUN
cblr-3423	339	20	of	of	ADP
cblr-3423	339	21	a	a	DET
cblr-3423	339	22	resort	resort	NOUN
cblr-3423	339	23	community	community	NOUN
cblr-3423	339	24	demonstrated	demonstrate	VERB
cblr-3423	339	25	a	a	DET
cblr-3423	339	26	common	common	ADJ
cblr-3423	339	27	enterprise	enterprise	NOUN
cblr-3423	339	28	.	.	PUNCT
cblr-3423	340	1	this	this	PRON
cblr-3423	340	2	was	be	AUX
cblr-3423	340	3	in	in	ADP
cblr-3423	340	4	part	part	NOUN
cblr-3423	340	5	because	because	SCONJ
cblr-3423	340	6	the	the	DET
cblr-3423	340	7	construction	construction	NOUN
cblr-3423	340	8	company	company	NOUN
cblr-3423	340	9	was	be	AUX
cblr-3423	340	10	pooling	pool	VERB
cblr-3423	340	11	presale	presale	NOUN
cblr-3423	340	12	purchase	purchase	NOUN
cblr-3423	340	13	commitments	commitment	NOUN
cblr-3423	340	14	in	in	ADP
cblr-3423	340	15	order	order	NOUN
cblr-3423	340	16	to	to	PART
cblr-3423	340	17	obtain	obtain	VERB
cblr-3423	340	18	financing	financing	NOUN
cblr-3423	340	19	to	to	PART
cblr-3423	340	20	fund	fund	VERB
cblr-3423	340	21	the	the	DET
cblr-3423	340	22	project	project	NOUN
cblr-3423	340	23	,	,	PUNCT
cblr-3423	340	24	and	and	CCONJ
cblr-3423	340	25	thus	thus	ADV
cblr-3423	340	26	the	the	DET
cblr-3423	340	27	completion	completion	NOUN
cblr-3423	340	28	of	of	ADP
cblr-3423	340	29	the	the	DET
cblr-3423	340	30	project	project	NOUN
cblr-3423	340	31	was	be	AUX
cblr-3423	340	32	dependent	dependent	ADJ
cblr-3423	340	33	on	on	ADP
cblr-3423	340	34	generating	generate	VERB
cblr-3423	340	35	sufficient	sufficient	ADJ
cblr-3423	340	36	investor	investor	NOUN
cblr-3423	340	37	interest	interest	NOUN
cblr-3423	340	38	.	.	PUNCT
cblr-3423	340	39	”	"	PUNCT
cblr-3423	340	40	)	)	PUNCT
cblr-3423	340	41	;	;	PUNCT
cblr-3423	340	42	see	see	VERB
cblr-3423	340	43	also	also	ADV
cblr-3423	340	44	wooldridge	wooldridge	PROPN
cblr-3423	340	45	homes	homes	PROPN
cblr-3423	340	46	,	,	PUNCT
cblr-3423	340	47	inc	inc	PROPN
cblr-3423	340	48	.	.	PROPN
cblr-3423	340	49	v.	v.	ADP
cblr-3423	340	50	bronze	bronze	NOUN
cblr-3423	340	51	tree	tree	PROPN
cblr-3423	340	52	,	,	PUNCT
cblr-3423	340	53	inc	inc	PROPN
cblr-3423	340	54	.	.	PROPN
cblr-3423	340	55	,	,	PUNCT
cblr-3423	340	56	558	558	NUM
cblr-3423	340	57	f.	f.	PROPN
cblr-3423	340	58	supp	supp	PROPN
cblr-3423	340	59	.	.	PUNCT
cblr-3423	341	1	1085	1085	NUM
cblr-3423	341	2	(	(	PUNCT
cblr-3423	341	3	d.	d.	PROPN
cblr-3423	341	4	colo	colo	PROPN
cblr-3423	341	5	.	.	PUNCT
cblr-3423	341	6	1983	1983	NUM
cblr-3423	341	7	)	)	PUNCT
cblr-3423	341	8	.	.	PUNCT
cblr-3423	342	1	74	74	NUM
cblr-3423	342	2	see	see	VERB
cblr-3423	342	3	silver	silver	ADJ
cblr-3423	342	4	hills	hill	NOUN
cblr-3423	342	5	country	country	NOUN
cblr-3423	342	6	club	club	NOUN
cblr-3423	342	7	v.	v.	ADP
cblr-3423	342	8	sobieski	sobieski	PROPN
cblr-3423	342	9	,	,	PUNCT
cblr-3423	342	10	55	55	NUM
cblr-3423	342	11	cal	cal	NOUN
cblr-3423	342	12	.	.	PUNCT
cblr-3423	343	1	2d	2d	NOUN
cblr-3423	343	2	811	811	NUM
cblr-3423	343	3	(	(	PUNCT
cblr-3423	343	4	1961	1961	NUM
cblr-3423	343	5	)	)	PUNCT
cblr-3423	343	6	;	;	PUNCT
cblr-3423	343	7	all	all	DET
cblr-3423	343	8	seasons	season	NOUN
cblr-3423	343	9	resorts	resort	NOUN
cblr-3423	343	10	,	,	PUNCT
cblr-3423	343	11	inc	inc	PROPN
cblr-3423	343	12	.	.	PROPN
cblr-3423	344	1	v.	v.	PROPN
cblr-3423	344	2	abrams	abrams	PROPN
cblr-3423	344	3	,	,	PUNCT
cblr-3423	344	4	68	68	NUM
cblr-3423	344	5	n.y.2d	n.y.2d	NUM
cblr-3423	344	6	81	81	NUM
cblr-3423	344	7	(	(	PUNCT
cblr-3423	344	8	1986	1986	NUM
cblr-3423	344	9	)	)	PUNCT
cblr-3423	344	10	;	;	PUNCT
cblr-3423	344	11	see	see	VERB
cblr-3423	344	12	also	also	ADV
cblr-3423	344	13	van	van	PROPN
cblr-3423	344	14	valkenburgh	valkenburgh	PROPN
cblr-3423	344	15	,	,	PUNCT
cblr-3423	344	16	supra	supra	PROPN
cblr-3423	344	17	note	note	PROPN
cblr-3423	344	18	28	28	NUM
cblr-3423	344	19	,	,	PUNCT
cblr-3423	344	20	at	at	ADP
cblr-3423	344	21	49	49	NUM
cblr-3423	344	22	(	(	PUNCT
cblr-3423	344	23	“	"	PUNCT
cblr-3423	344	24	the	the	DET
cblr-3423	344	25	information	information	NOUN
cblr-3423	344	26	asymmetries	asymmetry	NOUN
cblr-3423	344	27	inherent	inherent	ADJ
cblr-3423	344	28	in	in	ADP
cblr-3423	344	29	a	a	DET
cblr-3423	344	30	token	token	ADJ
cblr-3423	344	31	pre	pre	ADJ
cblr-3423	344	32	-	-	ADJ
cblr-3423	344	33	sale	sale	ADJ
cblr-3423	344	34	agreement	agreement	NOUN
cblr-3423	344	35	are	be	AUX
cblr-3423	344	36	by	by	ADP
cblr-3423	344	37	-	-	PUNCT
cblr-3423	344	38	necessity	necessity	NOUN
cblr-3423	344	39	more	more	ADV
cblr-3423	344	40	pronounced	pronounced	ADJ
cblr-3423	344	41	than	than	ADP
cblr-3423	344	42	a	a	DET
cblr-3423	344	43	sale	sale	NOUN
cblr-3423	344	44	of	of	ADP
cblr-3423	344	45	a	a	DET
cblr-3423	344	46	token	token	VERB
cblr-3423	344	47	powered	power	VERB
cblr-3423	344	48	by	by	ADP
cblr-3423	344	49	a	a	DET
cblr-3423	344	50	running	running	ADJ
cblr-3423	344	51	decentralized	decentralize	VERB
cblr-3423	344	52	network	network	NOUN
cblr-3423	344	53	.	.	PUNCT
cblr-3423	344	54	”	"	PUNCT
cblr-3423	344	55	)	)	PUNCT
cblr-3423	344	56	.	.	PUNCT
cblr-3423	345	1	no	no	INTJ
cblr-3423	345	2	.	.	NOUN
cblr-3423	346	1	2:443	2:443	NUM
cblr-3423	346	2	]	]	X
cblr-3423	346	3	a	a	DET
cblr-3423	346	4	regulatory	regulatory	ADJ
cblr-3423	346	5	classification	classification	NOUN
cblr-3423	346	6	of	of	ADP
cblr-3423	346	7	digital	digital	ADJ
cblr-3423	346	8	assets	asset	NOUN
cblr-3423	346	9	465	465	NUM
cblr-3423	346	10	the	the	DET
cblr-3423	346	11	second	second	ADJ
cblr-3423	346	12	issue	issue	NOUN
cblr-3423	346	13	is	be	AUX
cblr-3423	346	14	that	that	PRON
cblr-3423	346	15	of	of	ADP
cblr-3423	346	16	privity	privity	NOUN
cblr-3423	346	17	and	and	CCONJ
cblr-3423	346	18	disclaiming	disclaim	VERB
cblr-3423	346	19	liability	liability	NOUN
cblr-3423	346	20	.	.	PUNCT
cblr-3423	347	1	many	many	ADJ
cblr-3423	347	2	icos	icos	PROPN
cblr-3423	347	3	include	include	VERB
cblr-3423	347	4	warranty	warranty	NOUN
cblr-3423	347	5	disclaimers	disclaimer	NOUN
cblr-3423	347	6	or	or	CCONJ
cblr-3423	347	7	promises	promise	NOUN
cblr-3423	347	8	to	to	PART
cblr-3423	347	9	actually	actually	ADV
cblr-3423	347	10	build	build	VERB
cblr-3423	347	11	the	the	DET
cblr-3423	347	12	project	project	NOUN
cblr-3423	347	13	to	to	ADP
cblr-3423	347	14	completion	completion	NOUN
cblr-3423	347	15	.	.	PUNCT
cblr-3423	348	1	however	however	ADV
cblr-3423	348	2	,	,	PUNCT
cblr-3423	348	3	this	this	DET
cblr-3423	348	4	kind	kind	NOUN
cblr-3423	348	5	of	of	ADP
cblr-3423	348	6	disclaimer	disclaimer	NOUN
cblr-3423	348	7	can	can	AUX
cblr-3423	348	8	not	not	PART
cblr-3423	348	9	be	be	AUX
cblr-3423	348	10	the	the	DET
cblr-3423	348	11	final	final	ADJ
cblr-3423	348	12	word	word	NOUN
cblr-3423	348	13	when	when	SCONJ
cblr-3423	348	14	a	a	DET
cblr-3423	348	15	court	court	NOUN
cblr-3423	348	16	or	or	CCONJ
cblr-3423	348	17	regulator	regulator	NOUN
cblr-3423	348	18	determines	determine	VERB
cblr-3423	348	19	whether	whether	SCONJ
cblr-3423	348	20	there	there	PRON
cblr-3423	348	21	is	be	VERB
cblr-3423	348	22	an	an	DET
cblr-3423	348	23	explicit	explicit	ADJ
cblr-3423	348	24	or	or	CCONJ
cblr-3423	348	25	implicit	implicit	ADJ
cblr-3423	348	26	promise	promise	NOUN
cblr-3423	348	27	to	to	PART
cblr-3423	348	28	build	build	VERB
cblr-3423	348	29	.	.	PUNCT
cblr-3423	349	1	that	that	PRON
cblr-3423	349	2	is	be	AUX
cblr-3423	349	3	because	because	SCONJ
cblr-3423	349	4	implicit	implicit	ADJ
cblr-3423	349	5	promises	promise	NOUN
cblr-3423	349	6	exist	exist	VERB
cblr-3423	349	7	even	even	ADV
cblr-3423	349	8	if	if	SCONJ
cblr-3423	349	9	they	they	PRON
cblr-3423	349	10	are	be	AUX
cblr-3423	349	11	disclaimed	disclaim	VERB
cblr-3423	349	12	;	;	PUNCT
cblr-3423	349	13	it	it	PRON
cblr-3423	349	14	is	be	AUX
cblr-3423	349	15	a	a	DET
cblr-3423	349	16	settled	settle	VERB
cblr-3423	349	17	principle	principle	NOUN
cblr-3423	349	18	of	of	ADP
cblr-3423	349	19	law	law	NOUN
cblr-3423	349	20	that	that	SCONJ
cblr-3423	349	21	disclaimers	disclaimer	NOUN
cblr-3423	349	22	are	be	AUX
cblr-3423	349	23	not	not	PART
cblr-3423	349	24	the	the	DET
cblr-3423	349	25	final	final	ADJ
cblr-3423	349	26	word	word	NOUN
cblr-3423	349	27	on	on	ADP
cblr-3423	349	28	whether	whether	SCONJ
cblr-3423	349	29	liability	liability	NOUN
cblr-3423	349	30	exists.75	exists.75	PROPN
cblr-3423	349	31	suppose	suppose	VERB
cblr-3423	349	32	for	for	ADP
cblr-3423	349	33	instance	instance	NOUN
cblr-3423	349	34	that	that	SCONJ
cblr-3423	349	35	the	the	DET
cblr-3423	349	36	promoters	promoter	NOUN
cblr-3423	349	37	of	of	ADP
cblr-3423	349	38	a	a	DET
cblr-3423	349	39	project	project	NOUN
cblr-3423	349	40	called	call	VERB
cblr-3423	349	41	colacoin76	colacoin76	NOUN
cblr-3423	349	42	promote	promote	VERB
cblr-3423	349	43	that	that	SCONJ
cblr-3423	349	44	their	their	PRON
cblr-3423	349	45	coins	coin	NOUN
cblr-3423	349	46	will	will	AUX
cblr-3423	349	47	be	be	AUX
cblr-3423	349	48	used	use	VERB
cblr-3423	349	49	to	to	PART
cblr-3423	349	50	interact	interact	VERB
cblr-3423	349	51	with	with	ADP
cblr-3423	349	52	colacoin	colacoin	NOUN
cblr-3423	349	53	vending	vending	NOUN
cblr-3423	349	54	machines	machine	NOUN
cblr-3423	349	55	.	.	PUNCT
cblr-3423	349	56	were	be	AUX
cblr-3423	349	57	the	the	DET
cblr-3423	349	58	promoters	promoter	NOUN
cblr-3423	349	59	to	to	PART
cblr-3423	349	60	abscond	abscond	VERB
cblr-3423	349	61	before	before	ADP
cblr-3423	349	62	creating	create	VERB
cblr-3423	349	63	any	any	DET
cblr-3423	349	64	such	such	ADJ
cblr-3423	349	65	machines	machine	NOUN
cblr-3423	349	66	—	—	PUNCT
cblr-3423	349	67	even	even	ADV
cblr-3423	349	68	though	though	SCONJ
cblr-3423	349	69	they	they	PRON
cblr-3423	349	70	might	might	AUX
cblr-3423	349	71	attempt	attempt	VERB
cblr-3423	349	72	to	to	PART
cblr-3423	349	73	disclaim	disclaim	VERB
cblr-3423	349	74	any	any	DET
cblr-3423	349	75	responsibility	responsibility	NOUN
cblr-3423	349	76	with	with	ADP
cblr-3423	349	77	respect	respect	NOUN
cblr-3423	349	78	to	to	ADP
cblr-3423	349	79	actually	actually	ADV
cblr-3423	349	80	building	build	VERB
cblr-3423	349	81	and	and	CCONJ
cblr-3423	349	82	stocking	stock	VERB
cblr-3423	349	83	the	the	DET
cblr-3423	349	84	vending	vending	NOUN
cblr-3423	349	85	machines	machine	NOUN
cblr-3423	349	86	—	—	PUNCT
cblr-3423	349	87	a	a	DET
cblr-3423	349	88	court	court	NOUN
cblr-3423	349	89	would	would	AUX
cblr-3423	349	90	quickly	quickly	ADV
cblr-3423	349	91	look	look	VERB
cblr-3423	349	92	past	past	ADP
cblr-3423	349	93	such	such	ADJ
cblr-3423	349	94	disclaimer	disclaimer	NOUN
cblr-3423	349	95	.	.	PUNCT
cblr-3423	350	1	looking	look	VERB
cblr-3423	350	2	past	past	ADP
cblr-3423	350	3	this	this	PRON
cblr-3423	350	4	would	would	AUX
cblr-3423	350	5	not	not	PART
cblr-3423	350	6	be	be	AUX
cblr-3423	350	7	based	base	VERB
cblr-3423	350	8	on	on	ADP
cblr-3423	350	9	a	a	DET
cblr-3423	350	10	subjective	subjective	ADJ
cblr-3423	350	11	expectation	expectation	NOUN
cblr-3423	350	12	of	of	ADP
cblr-3423	350	13	the	the	DET
cblr-3423	350	14	purchaser	purchaser	NOUN
cblr-3423	350	15	of	of	ADP
cblr-3423	350	16	the	the	DET
cblr-3423	350	17	security	security	NOUN
cblr-3423	350	18	,	,	PUNCT
cblr-3423	350	19	but	but	CCONJ
cblr-3423	350	20	rather	rather	ADV
cblr-3423	350	21	on	on	ADP
cblr-3423	350	22	the	the	DET
cblr-3423	350	23	objective	objective	ADJ
cblr-3423	350	24	actions	action	NOUN
cblr-3423	350	25	of	of	ADP
cblr-3423	350	26	the	the	DET
cblr-3423	350	27	seller	seller	NOUN
cblr-3423	350	28	in	in	ADP
cblr-3423	350	29	marketing	market	VERB
cblr-3423	350	30	the	the	DET
cblr-3423	350	31	coin	coin	NOUN
cblr-3423	350	32	.	.	PUNCT
cblr-3423	351	1	the	the	DET
cblr-3423	351	2	central	central	ADJ
cblr-3423	351	3	point	point	NOUN
cblr-3423	351	4	of	of	ADP
cblr-3423	351	5	this	this	DET
cblr-3423	351	6	inquiry	inquiry	NOUN
cblr-3423	351	7	into	into	ADP
cblr-3423	351	8	the	the	DET
cblr-3423	351	9	seller	seller	NOUN
cblr-3423	351	10	’s	’s	PART
cblr-3423	351	11	objective	objective	ADJ
cblr-3423	351	12	actions	action	NOUN
cblr-3423	351	13	is	be	AUX
cblr-3423	351	14	whether	whether	SCONJ
cblr-3423	351	15	there	there	PRON
cblr-3423	351	16	was	be	VERB
cblr-3423	351	17	a	a	DET
cblr-3423	351	18	product	product	NOUN
cblr-3423	351	19	or	or	CCONJ
cblr-3423	351	20	service	service	NOUN
cblr-3423	351	21	implied	imply	VERB
cblr-3423	351	22	in	in	ADP
cblr-3423	351	23	marketing	market	VERB
cblr-3423	351	24	the	the	DET
cblr-3423	351	25	coin	coin	NOUN
cblr-3423	351	26	that	that	PRON
cblr-3423	351	27	would	would	AUX
cblr-3423	351	28	necessarily	necessarily	ADV
cblr-3423	351	29	require	require	VERB
cblr-3423	351	30	actions	action	NOUN
cblr-3423	351	31	of	of	ADP
cblr-3423	351	32	the	the	DET
cblr-3423	351	33	promoter	promoter	NOUN
cblr-3423	351	34	to	to	PART
cblr-3423	351	35	complete	complete	VERB
cblr-3423	351	36	.	.	PUNCT
cblr-3423	352	1	one	one	NUM
cblr-3423	352	2	key	key	ADJ
cblr-3423	352	3	factor	factor	NOUN
cblr-3423	352	4	in	in	ADP
cblr-3423	352	5	the	the	DET
cblr-3423	352	6	above	above	ADJ
cblr-3423	352	7	analysis	analysis	NOUN
cblr-3423	352	8	is	be	AUX
cblr-3423	352	9	whether	whether	SCONJ
cblr-3423	352	10	there	there	PRON
cblr-3423	352	11	are	be	VERB
cblr-3423	352	12	technical	technical	ADJ
cblr-3423	352	13	barriers	barrier	NOUN
cblr-3423	352	14	to	to	ADP
cblr-3423	352	15	entry	entry	NOUN
cblr-3423	352	16	to	to	ADP
cblr-3423	352	17	participation	participation	NOUN
cblr-3423	352	18	in	in	ADP
cblr-3423	352	19	the	the	DET
cblr-3423	352	20	projectnetwork	projectnetwork	NOUN
cblr-3423	352	21	.	.	PUNCT
cblr-3423	353	1	the	the	DET
cblr-3423	353	2	sec	sec	PROPN
cblr-3423	353	3	weighed	weigh	VERB
cblr-3423	353	4	the	the	DET
cblr-3423	353	5	existence	existence	NOUN
cblr-3423	353	6	of	of	ADP
cblr-3423	353	7	such	such	ADJ
cblr-3423	353	8	barriers	barrier	NOUN
cblr-3423	353	9	in	in	ADP
cblr-3423	353	10	the	the	DET
cblr-3423	353	11	munchee	munchee	NOUN
cblr-3423	353	12	order	order	NOUN
cblr-3423	353	13	above	above	ADP
cblr-3423	353	14	when	when	SCONJ
cblr-3423	353	15	they	they	PRON
cblr-3423	353	16	found	find	VERB
cblr-3423	353	17	it	it	PRON
cblr-3423	353	18	relevant	relevant	ADJ
cblr-3423	353	19	that	that	SCONJ
cblr-3423	353	20	“	"	PUNCT
cblr-3423	353	21	no	no	DET
cblr-3423	353	22	other	other	ADJ
cblr-3423	353	23	person	person	NOUN
cblr-3423	353	24	could	could	AUX
cblr-3423	353	25	make	make	VERB
cblr-3423	353	26	changes	change	NOUN
cblr-3423	353	27	to	to	ADP
cblr-3423	353	28	the	the	DET
cblr-3423	353	29	munchee	munchee	NOUN
cblr-3423	353	30	app[.]”77	app[.]”77	NOUN
cblr-3423	353	31	if	if	SCONJ
cblr-3423	353	32	there	there	PRON
cblr-3423	353	33	are	be	VERB
cblr-3423	353	34	no	no	DET
cblr-3423	353	35	technical	technical	ADJ
cblr-3423	353	36	barriers	barrier	NOUN
cblr-3423	353	37	,	,	PUNCT
cblr-3423	353	38	however	however	ADV
cblr-3423	353	39	,	,	PUNCT
cblr-3423	353	40	and	and	CCONJ
cblr-3423	353	41	anyone	anyone	PRON
cblr-3423	353	42	can	can	AUX
cblr-3423	353	43	make	make	VERB
cblr-3423	353	44	changes	change	NOUN
cblr-3423	353	45	to	to	ADP
cblr-3423	353	46	the	the	DET
cblr-3423	353	47	project	project	NOUN
cblr-3423	353	48	-	-	PUNCT
cblr-3423	353	49	application	application	NOUN
cblr-3423	353	50	or	or	CCONJ
cblr-3423	353	51	network	network	NOUN
cblr-3423	353	52	,	,	PUNCT
cblr-3423	353	53	then	then	ADV
cblr-3423	353	54	there	there	PRON
cblr-3423	353	55	is	be	VERB
cblr-3423	353	56	much	much	ADV
cblr-3423	353	57	less	less	ADJ
cblr-3423	353	58	of	of	ADP
cblr-3423	353	59	a	a	DET
cblr-3423	353	60	reason	reason	NOUN
cblr-3423	353	61	to	to	PART
cblr-3423	353	62	think	think	VERB
cblr-3423	353	63	the	the	DET
cblr-3423	353	64	instrument	instrument	NOUN
cblr-3423	353	65	is	be	AUX
cblr-3423	353	66	centralized	centralize	VERB
cblr-3423	353	67	.	.	PUNCT
cblr-3423	354	1	there	there	PRON
cblr-3423	354	2	can	can	AUX
cblr-3423	354	3	be	be	AUX
cblr-3423	354	4	both	both	ADV
cblr-3423	354	5	formal	formal	ADJ
cblr-3423	354	6	and	and	CCONJ
cblr-3423	354	7	economic	economic	ADJ
cblr-3423	354	8	barriers	barrier	NOUN
cblr-3423	354	9	to	to	ADP
cblr-3423	354	10	entry	entry	NOUN
cblr-3423	354	11	in	in	ADP
cblr-3423	354	12	any	any	DET
cblr-3423	354	13	market.78	market.78	NOUN
cblr-3423	354	14	a	a	DET
cblr-3423	354	15	formal	formal	ADJ
cblr-3423	354	16	barrier	barrier	NOUN
cblr-3423	354	17	to	to	ADP
cblr-3423	354	18	entry	entry	NOUN
cblr-3423	354	19	would	would	AUX
cblr-3423	354	20	be	be	AUX
cblr-3423	354	21	ex	ex	X
cblr-3423	354	22	ante	ante	NOUN
cblr-3423	354	23	75	75	NUM
cblr-3423	354	24	for	for	ADP
cblr-3423	354	25	example	example	NOUN
cblr-3423	354	26	,	,	PUNCT
cblr-3423	354	27	a	a	DET
cblr-3423	354	28	defendant	defendant	NOUN
cblr-3423	354	29	manufacturer	manufacturer	NOUN
cblr-3423	354	30	can	can	AUX
cblr-3423	354	31	not	not	PART
cblr-3423	354	32	disclaim	disclaim	VERB
cblr-3423	354	33	product	product	NOUN
cblr-3423	354	34	liability	liability	NOUN
cblr-3423	354	35	,	,	PUNCT
cblr-3423	354	36	and	and	CCONJ
cblr-3423	354	37	a	a	DET
cblr-3423	354	38	merchant	merchant	NOUN
cblr-3423	354	39	can	can	AUX
cblr-3423	354	40	not	not	PART
cblr-3423	354	41	simply	simply	ADV
cblr-3423	354	42	disclaim	disclaim	VERB
cblr-3423	354	43	implied	implied	ADJ
cblr-3423	354	44	warranty	warranty	NOUN
cblr-3423	354	45	of	of	ADP
cblr-3423	354	46	merchantability	merchantability	NOUN
cblr-3423	354	47	.	.	PUNCT
cblr-3423	355	1	76	76	NUM
cblr-3423	355	2	see	see	VERB
cblr-3423	355	3	cohsey	cohsey	NOUN
cblr-3423	355	4	et	et	PROPN
cblr-3423	355	5	al	al	PROPN
cblr-3423	355	6	.	.	PROPN
cblr-3423	355	7	,	,	PUNCT
cblr-3423	355	8	supra	supra	PROPN
cblr-3423	355	9	note	note	PROPN
cblr-3423	355	10	29	29	NUM
cblr-3423	355	11	,	,	PUNCT
cblr-3423	355	12	at	at	ADP
cblr-3423	355	13	10–11	10–11	NUM
cblr-3423	355	14	.	.	PUNCT
cblr-3423	356	1	77	77	NUM
cblr-3423	356	2	munchee	munchee	NOUN
cblr-3423	356	3	order	order	NOUN
cblr-3423	356	4	,	,	PUNCT
cblr-3423	356	5	supra	supra	PROPN
cblr-3423	356	6	note	note	NOUN
cblr-3423	356	7	50	50	NUM
cblr-3423	356	8	,	,	PUNCT
cblr-3423	356	9	at	at	ADP
cblr-3423	356	10	9	9	NUM
cblr-3423	356	11	.	.	X
cblr-3423	356	12	78	78	NUM
cblr-3423	356	13	see	see	VERB
cblr-3423	356	14	generally	generally	ADV
cblr-3423	356	15	joe	joe	PROPN
cblr-3423	356	16	s.	s.	PROPN
cblr-3423	356	17	bain	bain	PROPN
cblr-3423	356	18	,	,	PUNCT
cblr-3423	356	19	barriers	barrier	NOUN
cblr-3423	356	20	to	to	ADP
cblr-3423	356	21	new	new	ADJ
cblr-3423	356	22	competition	competition	NOUN
cblr-3423	356	23	:	:	PUNCT
cblr-3423	356	24	their	their	PRON
cblr-3423	356	25	character	character	NOUN
cblr-3423	356	26	and	and	CCONJ
cblr-3423	356	27	consequences	consequence	NOUN
cblr-3423	356	28	in	in	ADP
cblr-3423	356	29	manufacturing	manufacturing	NOUN
cblr-3423	356	30	industries	industry	NOUN
cblr-3423	356	31	(	(	PUNCT
cblr-3423	356	32	1956	1956	NUM
cblr-3423	356	33	)	)	PUNCT
cblr-3423	356	34	.	.	PUNCT
cblr-3423	357	1	466	466	NUM
cblr-3423	357	2	columbia	columbia	PROPN
cblr-3423	357	3	business	business	NOUN
cblr-3423	357	4	law	law	PROPN
cblr-3423	357	5	review	review	NOUN
cblr-3423	357	6	[	[	X
cblr-3423	357	7	vol	vol	NOUN
cblr-3423	357	8	.	.	NOUN
cblr-3423	357	9	2019	2019	NUM
cblr-3423	357	10	regulation	regulation	NOUN
cblr-3423	357	11	or	or	CCONJ
cblr-3423	357	12	grants	grant	NOUN
cblr-3423	357	13	of	of	ADP
cblr-3423	357	14	exclusivity	exclusivity	NOUN
cblr-3423	357	15	by	by	ADP
cblr-3423	357	16	the	the	DET
cblr-3423	357	17	government	government	NOUN
cblr-3423	357	18	.	.	PUNCT
cblr-3423	358	1	an	an	DET
cblr-3423	358	2	economic	economic	ADJ
cblr-3423	358	3	barrier	barrier	NOUN
cblr-3423	358	4	to	to	ADP
cblr-3423	358	5	entry	entry	NOUN
cblr-3423	358	6	,	,	PUNCT
cblr-3423	358	7	on	on	ADP
cblr-3423	358	8	the	the	DET
cblr-3423	358	9	other	other	ADJ
cblr-3423	358	10	hand	hand	NOUN
cblr-3423	358	11	,	,	PUNCT
cblr-3423	358	12	is	be	AUX
cblr-3423	358	13	something	something	PRON
cblr-3423	358	14	like	like	ADP
cblr-3423	358	15	imposing	impose	VERB
cblr-3423	358	16	high	high	ADJ
cblr-3423	358	17	upfront	upfront	ADJ
cblr-3423	358	18	capital	capital	NOUN
cblr-3423	358	19	requirements	requirement	NOUN
cblr-3423	358	20	in	in	ADP
cblr-3423	358	21	an	an	DET
cblr-3423	358	22	industry	industry	NOUN
cblr-3423	358	23	with	with	ADP
cblr-3423	358	24	economies	economy	NOUN
cblr-3423	358	25	of	of	ADP
cblr-3423	358	26	scale	scale	NOUN
cblr-3423	358	27	,	,	PUNCT
cblr-3423	358	28	which	which	PRON
cblr-3423	358	29	makes	make	VERB
cblr-3423	358	30	it	it	PRON
cblr-3423	358	31	costlier	costly	ADJ
cblr-3423	358	32	for	for	SCONJ
cblr-3423	358	33	a	a	DET
cblr-3423	358	34	newcomer	newcomer	NOUN
cblr-3423	358	35	to	to	PART
cblr-3423	358	36	enter	enter	VERB
cblr-3423	358	37	the	the	DET
cblr-3423	358	38	market	market	NOUN
cblr-3423	358	39	.	.	PUNCT
cblr-3423	359	1	economic	economic	ADJ
cblr-3423	359	2	barriers	barrier	NOUN
cblr-3423	359	3	can	can	AUX
cblr-3423	359	4	be	be	AUX
cblr-3423	359	5	efficient	efficient	ADJ
cblr-3423	359	6	barriers	barrier	NOUN
cblr-3423	359	7	but	but	CCONJ
cblr-3423	359	8	are	be	AUX
cblr-3423	359	9	not	not	PART
cblr-3423	359	10	by	by	ADP
cblr-3423	359	11	any	any	DET
cblr-3423	359	12	means	mean	NOUN
cblr-3423	359	13	necessarily	necessarily	ADV
cblr-3423	359	14	pernicious	pernicious	ADJ
cblr-3423	359	15	or	or	CCONJ
cblr-3423	359	16	welfare	welfare	NOUN
cblr-3423	359	17	-	-	PUNCT
cblr-3423	359	18	decreasing	decreasing	NOUN
cblr-3423	359	19	.	.	PUNCT
cblr-3423	360	1	the	the	DET
cblr-3423	360	2	formal	formal	ADJ
cblr-3423	360	3	definition	definition	NOUN
cblr-3423	360	4	of	of	ADP
cblr-3423	360	5	barriers	barrier	NOUN
cblr-3423	360	6	,	,	PUNCT
cblr-3423	360	7	however	however	ADV
cblr-3423	360	8	,	,	PUNCT
cblr-3423	360	9	is	be	AUX
cblr-3423	360	10	the	the	DET
cblr-3423	360	11	one	one	NUM
cblr-3423	360	12	that	that	PRON
cblr-3423	360	13	the	the	DET
cblr-3423	360	14	sec	sec	PROPN
cblr-3423	360	15	adopted	adopt	VERB
cblr-3423	360	16	in	in	ADP
cblr-3423	360	17	munchee	munchee	NOUN
cblr-3423	360	18	—	—	PUNCT
cblr-3423	360	19	it	it	PRON
cblr-3423	360	20	referred	refer	VERB
cblr-3423	360	21	to	to	ADP
cblr-3423	360	22	investors	investor	NOUN
cblr-3423	360	23	’	’	PART
cblr-3423	360	24	reliance	reliance	NOUN
cblr-3423	360	25	on	on	ADP
cblr-3423	360	26	the	the	DET
cblr-3423	360	27	promoters	promoter	NOUN
cblr-3423	360	28	’	'	PUNCT
cblr-3423	360	29	stated	state	VERB
cblr-3423	360	30	ability	ability	NOUN
cblr-3423	360	31	to	to	PART
cblr-3423	360	32	create	create	VERB
cblr-3423	360	33	an	an	DET
cblr-3423	360	34	ecosystem	ecosystem	NOUN
cblr-3423	360	35	that	that	PRON
cblr-3423	360	36	only	only	ADV
cblr-3423	360	37	the	the	DET
cblr-3423	360	38	company	company	NOUN
cblr-3423	360	39	itself	itself	PRON
cblr-3423	360	40	would	would	AUX
cblr-3423	360	41	be	be	AUX
cblr-3423	360	42	able	able	ADJ
cblr-3423	360	43	to	to	PART
cblr-3423	360	44	create.79	create.79	VERB
cblr-3423	360	45	others	other	NOUN
cblr-3423	360	46	were	be	AUX
cblr-3423	360	47	not	not	PART
cblr-3423	360	48	allowed	allow	VERB
cblr-3423	360	49	to	to	PART
cblr-3423	360	50	run	run	VERB
cblr-3423	360	51	the	the	DET
cblr-3423	360	52	munchee	munchee	NOUN
cblr-3423	360	53	software	software	NOUN
cblr-3423	360	54	or	or	CCONJ
cblr-3423	360	55	contribute	contribute	VERB
cblr-3423	360	56	to	to	ADP
cblr-3423	360	57	the	the	DET
cblr-3423	360	58	project	project	NOUN
cblr-3423	360	59	.	.	PUNCT
cblr-3423	361	1	this	this	PRON
cblr-3423	361	2	is	be	AUX
cblr-3423	361	3	not	not	PART
cblr-3423	361	4	the	the	DET
cblr-3423	361	5	case	case	NOUN
cblr-3423	361	6	with	with	ADP
cblr-3423	361	7	the	the	DET
cblr-3423	361	8	decentralized	decentralize	VERB
cblr-3423	361	9	bitcoin	bitcoin	NOUN
cblr-3423	361	10	network	network	NOUN
cblr-3423	361	11	,	,	PUNCT
cblr-3423	361	12	where	where	SCONJ
cblr-3423	361	13	there	there	PRON
cblr-3423	361	14	are	be	VERB
cblr-3423	361	15	no	no	DET
cblr-3423	361	16	formal	formal	ADJ
cblr-3423	361	17	barriers	barrier	NOUN
cblr-3423	361	18	to	to	ADP
cblr-3423	361	19	entry	entry	NOUN
cblr-3423	361	20	,	,	PUNCT
cblr-3423	361	21	but	but	CCONJ
cblr-3423	361	22	solely	solely	ADV
cblr-3423	361	23	economic	economic	ADJ
cblr-3423	361	24	ones	one	NOUN
cblr-3423	361	25	.	.	PUNCT
cblr-3423	362	1	even	even	ADV
cblr-3423	362	2	though	though	SCONJ
cblr-3423	362	3	mining	mining	NOUN
cblr-3423	362	4	bitcoin	bitcoin	NOUN
cblr-3423	362	5	today	today	NOUN
cblr-3423	362	6	is	be	AUX
cblr-3423	362	7	a	a	DET
cblr-3423	362	8	much	much	ADV
cblr-3423	362	9	more	more	ADV
cblr-3423	362	10	expensive	expensive	ADJ
cblr-3423	362	11	proposition	proposition	NOUN
cblr-3423	362	12	than	than	SCONJ
cblr-3423	362	13	it	it	PRON
cblr-3423	362	14	was	be	AUX
cblr-3423	362	15	when	when	SCONJ
cblr-3423	362	16	it	it	PRON
cblr-3423	362	17	was	be	AUX
cblr-3423	362	18	still	still	ADV
cblr-3423	362	19	possible	possible	ADJ
cblr-3423	362	20	to	to	PART
cblr-3423	362	21	do	do	VERB
cblr-3423	362	22	on	on	ADP
cblr-3423	362	23	central	central	ADJ
cblr-3423	362	24	processing	processing	NOUN
cblr-3423	362	25	units	unit	NOUN
cblr-3423	362	26	(	(	PUNCT
cblr-3423	362	27	cpus	cpus	PROPN
cblr-3423	362	28	)	)	PUNCT
cblr-3423	362	29	,	,	PUNCT
cblr-3423	362	30	there	there	PRON
cblr-3423	362	31	are	be	VERB
cblr-3423	362	32	still	still	ADV
cblr-3423	362	33	no	no	DET
cblr-3423	362	34	formal	formal	ADJ
cblr-3423	362	35	barriers	barrier	NOUN
cblr-3423	362	36	to	to	ADP
cblr-3423	362	37	mining	mining	NOUN
cblr-3423	362	38	,	,	PUNCT
cblr-3423	362	39	nor	nor	CCONJ
cblr-3423	362	40	other	other	ADJ
cblr-3423	362	41	formal	formal	ADJ
cblr-3423	362	42	barriers	barrier	NOUN
cblr-3423	362	43	to	to	PART
cblr-3423	362	44	enter	enter	VERB
cblr-3423	362	45	the	the	DET
cblr-3423	362	46	network.80	network.80	NOUN
cblr-3423	362	47	the	the	DET
cblr-3423	362	48	promoter	promoter	NOUN
cblr-3423	362	49	is	be	AUX
cblr-3423	362	50	not	not	PART
cblr-3423	362	51	in	in	ADP
cblr-3423	362	52	any	any	DET
cblr-3423	362	53	privileged	privileged	ADJ
cblr-3423	362	54	position	position	NOUN
cblr-3423	362	55	relative	relative	ADJ
cblr-3423	362	56	to	to	ADP
cblr-3423	362	57	investors	investor	NOUN
cblr-3423	362	58	,	,	PUNCT
cblr-3423	362	59	except	except	SCONJ
cblr-3423	362	60	perhaps	perhaps	ADV
cblr-3423	362	61	that	that	SCONJ
cblr-3423	362	62	she	she	PRON
cblr-3423	362	63	has	have	AUX
cblr-3423	362	64	earlier	early	ADJ
cblr-3423	362	65	knowledge	knowledge	NOUN
cblr-3423	362	66	of	of	ADP
cblr-3423	362	67	the	the	DET
cblr-3423	362	68	project	project	NOUN
cblr-3423	362	69	and	and	CCONJ
cblr-3423	362	70	thus	thus	ADV
cblr-3423	362	71	could	could	AUX
cblr-3423	362	72	have	have	AUX
cblr-3423	362	73	mined	mine	VERB
cblr-3423	362	74	without	without	ADP
cblr-3423	362	75	others	other	NOUN
cblr-3423	362	76	having	having	AUX
cblr-3423	362	77	heard	hear	VERB
cblr-3423	362	78	about	about	ADP
cblr-3423	362	79	it.81	it.81	NOUN
cblr-3423	362	80	this	this	DET
cblr-3423	362	81	contrast	contrast	NOUN
cblr-3423	362	82	between	between	ADP
cblr-3423	362	83	the	the	DET
cblr-3423	362	84	accessibility	accessibility	NOUN
cblr-3423	362	85	of	of	ADP
cblr-3423	362	86	munchee	munchee	NOUN
cblr-3423	362	87	and	and	CCONJ
cblr-3423	362	88	bitcoin	bitcoin	PROPN
cblr-3423	362	89	illustrates	illustrate	VERB
cblr-3423	362	90	a	a	DET
cblr-3423	362	91	central	central	ADJ
cblr-3423	362	92	point	point	NOUN
cblr-3423	362	93	:	:	PUNCT
cblr-3423	362	94	formal	formal	ADJ
cblr-3423	362	95	barriers	barrier	NOUN
cblr-3423	362	96	to	to	ADP
cblr-3423	362	97	entry	entry	NOUN
cblr-3423	362	98	are	be	AUX
cblr-3423	362	99	what	what	PRON
cblr-3423	362	100	authorities	authority	NOUN
cblr-3423	362	101	should	should	AUX
cblr-3423	362	102	look	look	VERB
cblr-3423	362	103	at	at	ADP
cblr-3423	362	104	when	when	SCONJ
cblr-3423	362	105	evaluating	evaluate	VERB
cblr-3423	362	106	sufficient	sufficient	ADJ
cblr-3423	362	107	decentralization	decentralization	NOUN
cblr-3423	362	108	.	.	PUNCT
cblr-3423	363	1	79	79	NUM
cblr-3423	363	2	munchee	munchee	NOUN
cblr-3423	363	3	order	order	NOUN
cblr-3423	363	4	,	,	PUNCT
cblr-3423	363	5	supra	supra	PROPN
cblr-3423	363	6	note	note	NOUN
cblr-3423	363	7	50	50	NUM
cblr-3423	363	8	,	,	PUNCT
cblr-3423	363	9	at	at	ADP
cblr-3423	363	10	8–9	8–9	PROPN
cblr-3423	363	11	.	.	PROPN
cblr-3423	363	12	80	80	NUM
cblr-3423	363	13	cade	cade	NOUN
cblr-3423	363	14	metz	metz	PROPN
cblr-3423	363	15	,	,	PUNCT
cblr-3423	363	16	why	why	SCONJ
cblr-3423	363	17	a.i	a.i	PROPN
cblr-3423	363	18	.	.	PROPN
cblr-3423	363	19	and	and	CCONJ
cblr-3423	363	20	cryptocurrency	cryptocurrency	NOUN
cblr-3423	363	21	are	be	AUX
cblr-3423	363	22	making	make	VERB
cblr-3423	363	23	one	one	NUM
cblr-3423	363	24	type	type	NOUN
cblr-3423	363	25	of	of	ADP
cblr-3423	363	26	computer	computer	NOUN
cblr-3423	363	27	chip	chip	NOUN
cblr-3423	363	28	scarce	scarce	NOUN
cblr-3423	363	29	,	,	PUNCT
cblr-3423	363	30	n.y	n.y	PROPN
cblr-3423	363	31	.	.	PROPN
cblr-3423	363	32	times	times	PROPN
cblr-3423	363	33	(	(	PUNCT
cblr-3423	363	34	may	may	PROPN
cblr-3423	363	35	8	8	NUM
cblr-3423	363	36	,	,	PUNCT
cblr-3423	363	37	2018	2018	NUM
cblr-3423	363	38	)	)	PUNCT
cblr-3423	363	39	,	,	PUNCT
cblr-3423	363	40	https://www.nytimes	https://www.nytime	NOUN
cblr-3423	363	41	.	.	PUNCT
cblr-3423	364	1	com/2018/05/08	com/2018/05/08	PUNCT
cblr-3423	364	2	/	/	SYM
cblr-3423	364	3	technology	technology	NOUN
cblr-3423	364	4	/	/	SYM
cblr-3423	364	5	gpu	gpu	NOUN
cblr-3423	364	6	-	-	NOUN
cblr-3423	364	7	chip	chip	NOUN
cblr-3423	364	8	-	-	PUNCT
cblr-3423	364	9	shortage.html	shortage.html	NOUN
cblr-3423	364	10	[	[	X
cblr-3423	364	11	https://perma.cc/vy	https://perma.cc/vy	VERB
cblr-3423	364	12	r9	r9	NOUN
cblr-3423	364	13	-	-	PUNCT
cblr-3423	364	14	yqpt	yqpt	ADJ
cblr-3423	364	15	]	]	X
cblr-3423	364	16	.	.	PUNCT
cblr-3423	365	1	81	81	NUM
cblr-3423	365	2	if	if	SCONJ
cblr-3423	365	3	the	the	DET
cblr-3423	365	4	promoter	promoter	NOUN
cblr-3423	365	5	tries	try	VERB
cblr-3423	365	6	to	to	PART
cblr-3423	365	7	hide	hide	VERB
cblr-3423	365	8	her	her	PRON
cblr-3423	365	9	intentions	intention	NOUN
cblr-3423	365	10	and	and	CCONJ
cblr-3423	365	11	mine	mine	PRON
cblr-3423	365	12	such	such	ADJ
cblr-3423	365	13	that	that	SCONJ
cblr-3423	365	14	it	it	PRON
cblr-3423	365	15	becomes	become	VERB
cblr-3423	365	16	functionally	functionally	ADV
cblr-3423	365	17	the	the	DET
cblr-3423	365	18	same	same	ADJ
cblr-3423	365	19	as	as	ADP
cblr-3423	365	20	minting	mint	VERB
cblr-3423	365	21	,	,	PUNCT
cblr-3423	365	22	this	this	DET
cblr-3423	365	23	case	case	NOUN
cblr-3423	365	24	seems	seem	VERB
cblr-3423	365	25	like	like	ADP
cblr-3423	365	26	a	a	DET
cblr-3423	365	27	concert	concert	NOUN
cblr-3423	365	28	promoter	promoter	NOUN
cblr-3423	365	29	who	who	PRON
cblr-3423	365	30	does	do	AUX
cblr-3423	365	31	not	not	PART
cblr-3423	365	32	tell	tell	VERB
cblr-3423	365	33	anyone	anyone	PRON
cblr-3423	365	34	who	who	PRON
cblr-3423	365	35	the	the	DET
cblr-3423	365	36	concert	concert	NOUN
cblr-3423	365	37	is	be	AUX
cblr-3423	365	38	so	so	SCONJ
cblr-3423	365	39	that	that	SCONJ
cblr-3423	365	40	she	she	PRON
cblr-3423	365	41	can	can	AUX
cblr-3423	365	42	buy	buy	VERB
cblr-3423	365	43	the	the	DET
cblr-3423	365	44	tickets	ticket	NOUN
cblr-3423	365	45	ahead	ahead	ADV
cblr-3423	365	46	of	of	ADP
cblr-3423	365	47	time	time	NOUN
cblr-3423	365	48	.	.	PUNCT
cblr-3423	366	1	however	however	ADV
cblr-3423	366	2	,	,	PUNCT
cblr-3423	366	3	if	if	SCONJ
cblr-3423	366	4	the	the	DET
cblr-3423	366	5	network	network	NOUN
cblr-3423	366	6	is	be	AUX
cblr-3423	366	7	open	open	ADJ
cblr-3423	366	8	,	,	PUNCT
cblr-3423	366	9	then	then	ADV
cblr-3423	366	10	the	the	DET
cblr-3423	366	11	future	future	ADJ
cblr-3423	366	12	participants	participant	NOUN
cblr-3423	366	13	would	would	AUX
cblr-3423	366	14	have	have	VERB
cblr-3423	366	15	knowledge	knowledge	NOUN
cblr-3423	366	16	of	of	ADP
cblr-3423	366	17	the	the	DET
cblr-3423	366	18	activity	activity	NOUN
cblr-3423	366	19	before	before	ADP
cblr-3423	366	20	their	their	PRON
cblr-3423	366	21	buy	buy	NOUN
cblr-3423	366	22	-	-	PUNCT
cblr-3423	366	23	in	in	NOUN
cblr-3423	366	24	.	.	PUNCT
cblr-3423	367	1	to	to	PART
cblr-3423	367	2	analogize	analogize	VERB
cblr-3423	367	3	to	to	ADP
cblr-3423	367	4	the	the	DET
cblr-3423	367	5	concert	concert	NOUN
cblr-3423	367	6	promoter	promoter	NOUN
cblr-3423	367	7	—	—	PUNCT
cblr-3423	367	8	there	there	PRON
cblr-3423	367	9	would	would	AUX
cblr-3423	367	10	be	be	AUX
cblr-3423	367	11	a	a	DET
cblr-3423	367	12	ledger	ledger	NOUN
cblr-3423	367	13	showing	show	VERB
cblr-3423	367	14	that	that	SCONJ
cblr-3423	367	15	tickets	ticket	NOUN
cblr-3423	367	16	were	be	AUX
cblr-3423	367	17	already	already	ADV
cblr-3423	367	18	owned	own	VERB
cblr-3423	367	19	by	by	ADP
cblr-3423	367	20	the	the	DET
cblr-3423	367	21	promoter	promoter	NOUN
cblr-3423	367	22	herself	herself	PRON
cblr-3423	367	23	.	.	PUNCT
cblr-3423	368	1	the	the	DET
cblr-3423	368	2	decision	decision	NOUN
cblr-3423	368	3	to	to	PART
cblr-3423	368	4	then	then	ADV
cblr-3423	368	5	participate	participate	VERB
cblr-3423	368	6	is	be	AUX
cblr-3423	368	7	on	on	ADP
cblr-3423	368	8	the	the	DET
cblr-3423	368	9	purchaser	purchaser	NOUN
cblr-3423	368	10	and	and	CCONJ
cblr-3423	368	11	the	the	DET
cblr-3423	368	12	fact	fact	NOUN
cblr-3423	368	13	that	that	SCONJ
cblr-3423	368	14	an	an	DET
cblr-3423	368	15	individual	individual	NOUN
cblr-3423	368	16	owns	own	VERB
cblr-3423	368	17	a	a	DET
cblr-3423	368	18	high	high	ADJ
cblr-3423	368	19	proportion	proportion	NOUN
cblr-3423	368	20	of	of	ADP
cblr-3423	368	21	the	the	DET
cblr-3423	368	22	outstanding	outstanding	ADJ
cblr-3423	368	23	issue	issue	NOUN
cblr-3423	368	24	is	be	AUX
cblr-3423	368	25	something	something	PRON
cblr-3423	368	26	that	that	PRON
cblr-3423	368	27	the	the	DET
cblr-3423	368	28	participant	participant	NOUN
cblr-3423	368	29	can	can	AUX
cblr-3423	368	30	weigh	weigh	VERB
cblr-3423	368	31	.	.	PUNCT
cblr-3423	369	1	no	no	INTJ
cblr-3423	369	2	.	.	NOUN
cblr-3423	370	1	2:443	2:443	NUM
cblr-3423	370	2	]	]	X
cblr-3423	370	3	a	a	DET
cblr-3423	370	4	regulatory	regulatory	ADJ
cblr-3423	370	5	classification	classification	NOUN
cblr-3423	370	6	of	of	ADP
cblr-3423	370	7	digital	digital	ADJ
cblr-3423	370	8	assets	asset	NOUN
cblr-3423	370	9	467	467	NUM
cblr-3423	370	10	a	a	DET
cblr-3423	370	11	counterargument	counterargument	NOUN
cblr-3423	370	12	is	be	AUX
cblr-3423	370	13	that	that	SCONJ
cblr-3423	370	14	economic	economic	ADJ
cblr-3423	370	15	barriers	barrier	NOUN
cblr-3423	370	16	to	to	ADP
cblr-3423	370	17	entry	entry	NOUN
cblr-3423	370	18	can	can	AUX
cblr-3423	370	19	be	be	AUX
cblr-3423	370	20	as	as	ADV
cblr-3423	370	21	powerful	powerful	ADJ
cblr-3423	370	22	as	as	ADP
cblr-3423	370	23	formal	formal	ADJ
cblr-3423	370	24	ones	one	NOUN
cblr-3423	370	25	,	,	PUNCT
cblr-3423	370	26	and	and	CCONJ
cblr-3423	370	27	should	should	AUX
cblr-3423	370	28	also	also	ADV
cblr-3423	370	29	factor	factor	VERB
cblr-3423	370	30	into	into	ADP
cblr-3423	370	31	the	the	DET
cblr-3423	370	32	decentralization	decentralization	NOUN
cblr-3423	370	33	analysis	analysis	NOUN
cblr-3423	370	34	.	.	PUNCT
cblr-3423	371	1	this	this	PRON
cblr-3423	371	2	suggests	suggest	VERB
cblr-3423	371	3	a	a	DET
cblr-3423	371	4	more	more	ADV
cblr-3423	371	5	expansive	expansive	ADJ
cblr-3423	371	6	definition	definition	NOUN
cblr-3423	371	7	of	of	ADP
cblr-3423	371	8	monopoly	monopoly	NOUN
cblr-3423	371	9	and	and	CCONJ
cblr-3423	371	10	centralization	centralization	NOUN
cblr-3423	371	11	than	than	ADP
cblr-3423	371	12	the	the	DET
cblr-3423	371	13	formal	formal	ADJ
cblr-3423	371	14	barriers	barrier	NOUN
cblr-3423	371	15	definition	definition	NOUN
cblr-3423	371	16	.	.	PUNCT
cblr-3423	372	1	such	such	ADJ
cblr-3423	372	2	arguments	argument	NOUN
cblr-3423	372	3	are	be	AUX
cblr-3423	372	4	premised	premise	VERB
cblr-3423	372	5	on	on	ADP
cblr-3423	372	6	a	a	DET
cblr-3423	372	7	weak	weak	ADJ
cblr-3423	372	8	conception	conception	NOUN
cblr-3423	372	9	of	of	ADP
cblr-3423	372	10	voluntariness	voluntariness	ADJ
cblr-3423	372	11	—	—	PUNCT
cblr-3423	372	12	the	the	DET
cblr-3423	372	13	thought	thought	NOUN
cblr-3423	372	14	being	be	AUX
cblr-3423	372	15	that	that	SCONJ
cblr-3423	372	16	an	an	DET
cblr-3423	372	17	individual	individual	NOUN
cblr-3423	372	18	no	no	PRON
cblr-3423	372	19	more	more	ADJ
cblr-3423	372	20	“	"	PUNCT
cblr-3423	372	21	chooses	choose	NOUN
cblr-3423	372	22	”	"	PUNCT
cblr-3423	372	23	to	to	PART
cblr-3423	372	24	use	use	VERB
cblr-3423	372	25	a	a	DET
cblr-3423	372	26	popular	popular	ADJ
cblr-3423	372	27	social	social	ADJ
cblr-3423	372	28	network	network	NOUN
cblr-3423	372	29	like	like	ADP
cblr-3423	372	30	facebook	facebook	PROPN
cblr-3423	372	31	than	than	SCONJ
cblr-3423	372	32	she	she	PRON
cblr-3423	372	33	chooses	choose	VERB
cblr-3423	372	34	to	to	PART
cblr-3423	372	35	eat	eat	VERB
cblr-3423	372	36	every	every	DET
cblr-3423	372	37	day	day	NOUN
cblr-3423	372	38	.	.	PUNCT
cblr-3423	373	1	similarly	similarly	ADV
cblr-3423	373	2	,	,	PUNCT
cblr-3423	373	3	the	the	DET
cblr-3423	373	4	critic	critic	NOUN
cblr-3423	373	5	would	would	AUX
cblr-3423	373	6	say	say	VERB
cblr-3423	373	7	that	that	DET
cblr-3423	373	8	participation	participation	NOUN
cblr-3423	373	9	in	in	ADP
cblr-3423	373	10	the	the	DET
cblr-3423	373	11	most	most	ADV
cblr-3423	373	12	popular	popular	ADJ
cblr-3423	373	13	cryptocurrency	cryptocurrency	NOUN
cblr-3423	373	14	network	network	NOUN
cblr-3423	373	15	at	at	ADP
cblr-3423	373	16	the	the	DET
cblr-3423	373	17	time	time	NOUN
cblr-3423	373	18	,	,	PUNCT
cblr-3423	373	19	like	like	ADP
cblr-3423	373	20	bitcoin	bitcoin	NOUN
cblr-3423	373	21	,	,	PUNCT
cblr-3423	373	22	is	be	AUX
cblr-3423	373	23	not	not	PART
cblr-3423	373	24	voluntary	voluntary	ADJ
cblr-3423	373	25	because	because	SCONJ
cblr-3423	373	26	economic	economic	ADJ
cblr-3423	373	27	and	and	CCONJ
cblr-3423	373	28	social	social	ADJ
cblr-3423	373	29	pressures	pressure	NOUN
cblr-3423	373	30	have	have	AUX
cblr-3423	373	31	made	make	VERB
cblr-3423	373	32	it	it	PRON
cblr-3423	373	33	the	the	DET
cblr-3423	373	34	dominant	dominant	ADJ
cblr-3423	373	35	,	,	PUNCT
cblr-3423	373	36	unavoidable	unavoidable	ADJ
cblr-3423	373	37	,	,	PUNCT
cblr-3423	373	38	player	player	NOUN
cblr-3423	373	39	.	.	PUNCT
cblr-3423	374	1	the	the	DET
cblr-3423	374	2	response	response	NOUN
cblr-3423	374	3	first	first	ADV
cblr-3423	374	4	is	be	AUX
cblr-3423	374	5	that	that	SCONJ
cblr-3423	374	6	the	the	DET
cblr-3423	374	7	history	history	NOUN
cblr-3423	374	8	of	of	ADP
cblr-3423	374	9	american	american	ADJ
cblr-3423	374	10	business	business	NOUN
cblr-3423	374	11	—	—	PUNCT
cblr-3423	374	12	and	and	CCONJ
cblr-3423	374	13	especially	especially	ADV
cblr-3423	374	14	the	the	DET
cblr-3423	374	15	history	history	NOUN
cblr-3423	374	16	of	of	ADP
cblr-3423	374	17	the	the	DET
cblr-3423	374	18	software	software	NOUN
cblr-3423	374	19	industry	industry	NOUN
cblr-3423	374	20	with	with	ADP
cblr-3423	374	21	its	its	PRON
cblr-3423	374	22	low	low	ADJ
cblr-3423	374	23	barriers	barrier	NOUN
cblr-3423	374	24	to	to	ADP
cblr-3423	374	25	entry	entry	NOUN
cblr-3423	374	26	—	—	PUNCT
cblr-3423	374	27	has	have	AUX
cblr-3423	374	28	shown	show	VERB
cblr-3423	374	29	that	that	SCONJ
cblr-3423	374	30	so	so	ADV
cblr-3423	374	31	long	long	ADV
cblr-3423	374	32	as	as	SCONJ
cblr-3423	374	33	free	free	ADJ
cblr-3423	374	34	entry	entry	NOUN
cblr-3423	374	35	is	be	AUX
cblr-3423	374	36	possible	possible	ADJ
cblr-3423	374	37	,	,	PUNCT
cblr-3423	374	38	there	there	PRON
cblr-3423	374	39	is	be	VERB
cblr-3423	374	40	rarely	rarely	ADV
cblr-3423	374	41	an	an	DET
cblr-3423	374	42	entity	entity	NOUN
cblr-3423	374	43	that	that	PRON
cblr-3423	374	44	maintains	maintain	VERB
cblr-3423	374	45	its	its	PRON
cblr-3423	374	46	dominance	dominance	NOUN
cblr-3423	374	47	for	for	ADP
cblr-3423	374	48	long	long	ADV
cblr-3423	374	49	,	,	PUNCT
cblr-3423	374	50	particularly	particularly	ADV
cblr-3423	374	51	if	if	SCONJ
cblr-3423	374	52	it	it	PRON
cblr-3423	374	53	is	be	AUX
cblr-3423	374	54	harming	harm	VERB
cblr-3423	374	55	the	the	DET
cblr-3423	374	56	market	market	NOUN
cblr-3423	374	57	or	or	CCONJ
cblr-3423	374	58	behaving	behave	VERB
cblr-3423	374	59	badly	badly	ADV
cblr-3423	374	60	more	more	ADV
cblr-3423	374	61	generally.82	generally.82	ADJ
cblr-3423	374	62	in	in	ADP
cblr-3423	374	63	other	other	ADJ
cblr-3423	374	64	words	word	NOUN
cblr-3423	374	65	,	,	PUNCT
cblr-3423	374	66	robust	robust	ADJ
cblr-3423	374	67	market	market	NOUN
cblr-3423	374	68	forces	force	NOUN
cblr-3423	374	69	provide	provide	VERB
cblr-3423	374	70	a	a	DET
cblr-3423	374	71	powerful	powerful	ADJ
cblr-3423	374	72	check	check	NOUN
cblr-3423	374	73	on	on	ADP
cblr-3423	374	74	supposed	suppose	VERB
cblr-3423	374	75	centralized	centralized	ADJ
cblr-3423	374	76	monopolies	monopoly	NOUN
cblr-3423	374	77	.	.	PUNCT
cblr-3423	375	1	if	if	SCONJ
cblr-3423	375	2	,	,	PUNCT
cblr-3423	375	3	for	for	ADP
cblr-3423	375	4	instance	instance	NOUN
cblr-3423	375	5	,	,	PUNCT
cblr-3423	375	6	satoshi	satoshi	PROPN
cblr-3423	375	7	nakamoto	nakamoto	PROPN
cblr-3423	375	8	were	be	AUX
cblr-3423	375	9	to	to	PART
cblr-3423	375	10	have	have	AUX
cblr-3423	375	11	suggested	suggest	VERB
cblr-3423	375	12	new	new	ADJ
cblr-3423	375	13	code	code	NOUN
cblr-3423	375	14	early	early	ADV
cblr-3423	375	15	on	on	ADP
cblr-3423	375	16	that	that	PRON
cblr-3423	375	17	would	would	AUX
cblr-3423	375	18	have	have	AUX
cblr-3423	375	19	increased	increase	VERB
cblr-3423	375	20	his	his	PRON
cblr-3423	375	21	share	share	NOUN
cblr-3423	375	22	of	of	ADP
cblr-3423	375	23	bitcoins	bitcoin	NOUN
cblr-3423	375	24	,	,	PUNCT
cblr-3423	375	25	it	it	PRON
cblr-3423	375	26	is	be	AUX
cblr-3423	375	27	hard	hard	ADJ
cblr-3423	375	28	to	to	PART
cblr-3423	375	29	imagine	imagine	VERB
cblr-3423	375	30	the	the	DET
cblr-3423	375	31	community	community	NOUN
cblr-3423	375	32	approving	approve	VERB
cblr-3423	375	33	.	.	PUNCT
cblr-3423	376	1	there	there	PRON
cblr-3423	376	2	are	be	VERB
cblr-3423	376	3	examples	example	NOUN
cblr-3423	376	4	where	where	SCONJ
cblr-3423	376	5	miners	miner	NOUN
cblr-3423	376	6	and	and	CCONJ
cblr-3423	376	7	others	other	NOUN
cblr-3423	376	8	have	have	AUX
cblr-3423	376	9	resisted	resist	VERB
cblr-3423	376	10	forks	fork	NOUN
cblr-3423	376	11	even	even	ADV
cblr-3423	376	12	though	though	SCONJ
cblr-3423	376	13	influential	influential	ADJ
cblr-3423	376	14	groups	group	NOUN
cblr-3423	376	15	supported	support	VERB
cblr-3423	376	16	them.83	them.83	ADJ
cblr-3423	376	17	this	this	DET
cblr-3423	376	18	behavior	behavior	NOUN
cblr-3423	376	19	is	be	AUX
cblr-3423	376	20	akin	akin	ADJ
cblr-3423	376	21	to	to	ADP
cblr-3423	376	22	the	the	DET
cblr-3423	376	23	market	market	NOUN
cblr-3423	376	24	’s	’s	PART
cblr-3423	376	25	reaction	reaction	NOUN
cblr-3423	376	26	to	to	ADP
cblr-3423	376	27	an	an	DET
cblr-3423	376	28	industry	industry	NOUN
cblr-3423	376	29	leader	leader	NOUN
cblr-3423	376	30	’s	’s	PART
cblr-3423	376	31	misstep	misstep	NOUN
cblr-3423	376	32	.	.	PUNCT
cblr-3423	377	1	economic	economic	ADJ
cblr-3423	377	2	barriers	barrier	NOUN
cblr-3423	377	3	to	to	ADP
cblr-3423	377	4	entry	entry	NOUN
cblr-3423	377	5	can	can	AUX
cblr-3423	377	6	be	be	AUX
cblr-3423	377	7	efficient	efficient	ADJ
cblr-3423	377	8	if	if	SCONJ
cblr-3423	377	9	they	they	PRON
cblr-3423	377	10	are	be	AUX
cblr-3423	377	11	the	the	DET
cblr-3423	377	12	result	result	NOUN
cblr-3423	377	13	of	of	ADP
cblr-3423	377	14	natural	natural	ADJ
cblr-3423	377	15	benefits	benefit	NOUN
cblr-3423	377	16	of	of	ADP
cblr-3423	377	17	bigness	bigness	NOUN
cblr-3423	377	18	,	,	PUNCT
cblr-3423	377	19	such	such	ADJ
cblr-3423	377	20	as	as	ADP
cblr-3423	377	21	economies	economy	NOUN
cblr-3423	377	22	of	of	ADP
cblr-3423	377	23	scale	scale	NOUN
cblr-3423	377	24	or	or	CCONJ
cblr-3423	377	25	network	network	NOUN
cblr-3423	377	26	effects	effect	NOUN
cblr-3423	377	27	.	.	PUNCT
cblr-3423	378	1	these	these	DET
cblr-3423	378	2	82	82	NUM
cblr-3423	378	3	see	see	NOUN
cblr-3423	378	4	,	,	PUNCT
cblr-3423	378	5	e.g.	e.g.	ADV
cblr-3423	378	6	,	,	PUNCT
cblr-3423	378	7	jeffrey	jeffrey	PROPN
cblr-3423	378	8	dorfman	dorfman	PROPN
cblr-3423	378	9	,	,	PUNCT
cblr-3423	378	10	what	what	PRON
cblr-3423	378	11	antitrust	antitrust	NOUN
cblr-3423	378	12	should	should	AUX
cblr-3423	378	13	look	look	VERB
cblr-3423	378	14	like	like	ADP
cblr-3423	378	15	in	in	ADP
cblr-3423	378	16	a	a	DET
cblr-3423	378	17	world	world	NOUN
cblr-3423	378	18	of	of	ADP
cblr-3423	378	19	low	low	ADJ
cblr-3423	378	20	entry	entry	NOUN
cblr-3423	378	21	barriers	barrier	NOUN
cblr-3423	378	22	,	,	PUNCT
cblr-3423	378	23	forbes	forbes	PROPN
cblr-3423	378	24	(	(	PUNCT
cblr-3423	378	25	oct	oct	PROPN
cblr-3423	378	26	.	.	PROPN
cblr-3423	378	27	24	24	NUM
cblr-3423	378	28	,	,	PUNCT
cblr-3423	378	29	2016	2016	NUM
cblr-3423	378	30	)	)	PUNCT
cblr-3423	378	31	,	,	PUNCT
cblr-3423	378	32	https://www.forbes.com/sites/jeffreydorfman/2016/10/24/what-shouldantitrust-look-like-in-a-world-of-low-entry-barriers/#195a5da11b46	https://www.forbes.com/sites/jeffreydorfman/2016/10/24/what-shouldantitrust-look-like-in-a-world-of-low-entry-barriers/#195a5da11b46	NOUN
cblr-3423	379	1	[	[	X
cblr-3423	379	2	https://perma.cc/7hmz-kasl	https://perma.cc/7hmz-kasl	X
cblr-3423	379	3	]	]	X
cblr-3423	379	4	.	.	PUNCT
cblr-3423	380	1	83	83	NUM
cblr-3423	380	2	see	see	VERB
cblr-3423	380	3	nathaniel	nathaniel	PROPN
cblr-3423	380	4	popper	popper	PROPN
cblr-3423	380	5	,	,	PUNCT
cblr-3423	380	6	some	some	DET
cblr-3423	380	7	bitcoin	bitcoin	ADJ
cblr-3423	380	8	backers	backer	NOUN
cblr-3423	380	9	are	be	AUX
cblr-3423	380	10	defecting	defect	VERB
cblr-3423	380	11	to	to	PART
cblr-3423	380	12	create	create	VERB
cblr-3423	380	13	a	a	DET
cblr-3423	380	14	rival	rival	ADJ
cblr-3423	380	15	currency	currency	NOUN
cblr-3423	380	16	,	,	PUNCT
cblr-3423	380	17	n.y	n.y	PROPN
cblr-3423	380	18	.	.	PROPN
cblr-3423	380	19	times	times	PROPN
cblr-3423	380	20	(	(	PUNCT
cblr-3423	380	21	july	july	PROPN
cblr-3423	380	22	25	25	NUM
cblr-3423	380	23	,	,	PUNCT
cblr-3423	380	24	2017	2017	NUM
cblr-3423	380	25	)	)	PUNCT
cblr-3423	380	26	,	,	PUNCT
cblr-3423	380	27	https://www.nytimes.com/	https://www.nytimes.com/	ADJ
cblr-3423	380	28	2017/07/25	2017/07/25	ADJ
cblr-3423	380	29	/	/	SYM
cblr-3423	380	30	business	business	NOUN
cblr-3423	380	31	/	/	SYM
cblr-3423	380	32	dealbook	dealbook	NOUN
cblr-3423	380	33	/	/	SYM
cblr-3423	380	34	bitcoin	bitcoin	NOUN
cblr-3423	380	35	-	-	PUNCT
cblr-3423	380	36	cash	cash	NOUN
cblr-3423	380	37	-	-	PUNCT
cblr-3423	380	38	split.html	split.html	VERB
cblr-3423	380	39	[	[	X
cblr-3423	380	40	https://perma	https://perma	X
cblr-3423	380	41	.	.	PUNCT
cblr-3423	380	42	cc/793q	cc/793q	VERB
cblr-3423	380	43	-	-	PUNCT
cblr-3423	380	44	u35	u35	PRON
cblr-3423	380	45	m	m	NOUN
cblr-3423	380	46	]	]	X
cblr-3423	380	47	.	.	PUNCT
cblr-3423	381	1	468	468	NUM
cblr-3423	381	2	columbia	columbia	PROPN
cblr-3423	381	3	business	business	PROPN
cblr-3423	381	4	law	law	PROPN
cblr-3423	381	5	review	review	NOUN
cblr-3423	381	6	[	[	X
cblr-3423	381	7	vol	vol	NOUN
cblr-3423	381	8	.	.	PUNCT
cblr-3423	381	9	2019	2019	NUM
cblr-3423	381	10	effects	effect	NOUN
cblr-3423	381	11	are	be	AUX
cblr-3423	381	12	not	not	PART
cblr-3423	381	13	enough	enough	ADJ
cblr-3423	381	14	to	to	PART
cblr-3423	381	15	overcome	overcome	VERB
cblr-3423	381	16	either	either	CCONJ
cblr-3423	381	17	corporate	corporate	ADJ
cblr-3423	381	18	sins	sin	NOUN
cblr-3423	381	19	of	of	ADP
cblr-3423	381	20	commission84	commission84	NOUN
cblr-3423	381	21	or	or	CCONJ
cblr-3423	381	22	omission.85	omission.85	NOUN
cblr-3423	381	23	a	a	DET
cblr-3423	381	24	second	second	ADJ
cblr-3423	381	25	response	response	NOUN
cblr-3423	381	26	to	to	ADP
cblr-3423	381	27	this	this	DET
cblr-3423	381	28	critique	critique	NOUN
cblr-3423	381	29	of	of	ADP
cblr-3423	381	30	the	the	DET
cblr-3423	381	31	definition	definition	NOUN
cblr-3423	381	32	of	of	ADP
cblr-3423	381	33	centralization	centralization	NOUN
cblr-3423	381	34	is	be	AUX
cblr-3423	381	35	that	that	SCONJ
cblr-3423	381	36	viewing	view	VERB
cblr-3423	381	37	consent	consent	NOUN
cblr-3423	381	38	in	in	ADP
cblr-3423	381	39	terms	term	NOUN
cblr-3423	381	40	of	of	ADP
cblr-3423	381	41	legal	legal	ADJ
cblr-3423	381	42	and	and	CCONJ
cblr-3423	381	43	technical	technical	ADJ
cblr-3423	381	44	terms	term	NOUN
cblr-3423	381	45	is	be	AUX
cblr-3423	381	46	a	a	DET
cblr-3423	381	47	clearer	clear	ADJ
cblr-3423	381	48	line	line	NOUN
cblr-3423	381	49	that	that	PRON
cblr-3423	381	50	better	well	ADJ
cblr-3423	381	51	comports	comport	VERB
cblr-3423	381	52	with	with	ADP
cblr-3423	381	53	society	society	NOUN
cblr-3423	381	54	’s	’s	PART
cblr-3423	381	55	general	general	ADJ
cblr-3423	381	56	notions	notion	NOUN
cblr-3423	381	57	of	of	ADP
cblr-3423	381	58	consent	consent	NOUN
cblr-3423	381	59	.	.	PUNCT
cblr-3423	382	1	individuals	individual	NOUN
cblr-3423	382	2	may	may	AUX
cblr-3423	382	3	think	think	VERB
cblr-3423	382	4	using	use	VERB
cblr-3423	382	5	facebook	facebook	PROPN
cblr-3423	382	6	is	be	AUX
cblr-3423	382	7	not	not	PART
cblr-3423	382	8	a	a	DET
cblr-3423	382	9	free	free	ADJ
cblr-3423	382	10	choice	choice	NOUN
cblr-3423	382	11	because	because	SCONJ
cblr-3423	382	12	they	they	PRON
cblr-3423	382	13	are	be	AUX
cblr-3423	382	14	forced	force	VERB
cblr-3423	382	15	into	into	ADP
cblr-3423	382	16	doing	do	VERB
cblr-3423	382	17	it	it	PRON
cblr-3423	382	18	as	as	ADP
cblr-3423	382	19	a	a	DET
cblr-3423	382	20	result	result	NOUN
cblr-3423	382	21	of	of	ADP
cblr-3423	382	22	the	the	DET
cblr-3423	382	23	network	network	NOUN
cblr-3423	382	24	effects	effect	NOUN
cblr-3423	382	25	(	(	PUNCT
cblr-3423	382	26	i.e.	i.e.	X
cblr-3423	382	27	“	"	PUNCT
cblr-3423	382	28	all	all	DET
cblr-3423	382	29	my	my	PRON
cblr-3423	382	30	friends	friend	NOUN
cblr-3423	382	31	are	be	AUX
cblr-3423	382	32	using	use	VERB
cblr-3423	382	33	it	it	PRON
cblr-3423	382	34	”	"	PUNCT
cblr-3423	382	35	)	)	PUNCT
cblr-3423	382	36	,	,	PUNCT
cblr-3423	382	37	but	but	CCONJ
cblr-3423	382	38	legally	legally	ADV
cblr-3423	382	39	speaking	speak	VERB
cblr-3423	382	40	,	,	PUNCT
cblr-3423	382	41	this	this	PRON
cblr-3423	382	42	is	be	AUX
cblr-3423	382	43	at	at	ADP
cblr-3423	382	44	worst	bad	ADJ
cblr-3423	382	45	damnum	damnum	ADJ
cblr-3423	382	46	absque	absque	ADJ
cblr-3423	382	47	injuria	injuria	NOUN
cblr-3423	382	48	—	—	PUNCT
cblr-3423	382	49	a	a	DET
cblr-3423	382	50	loss	loss	NOUN
cblr-3423	382	51	without	without	ADP
cblr-3423	382	52	a	a	DET
cblr-3423	382	53	legally	legally	ADV
cblr-3423	382	54	cognizable	cognizable	ADJ
cblr-3423	382	55	injury	injury	NOUN
cblr-3423	382	56	.	.	PUNCT
cblr-3423	383	1	too	too	ADV
cblr-3423	383	2	broad	broad	ADJ
cblr-3423	383	3	a	a	DET
cblr-3423	383	4	definition	definition	NOUN
cblr-3423	383	5	of	of	ADP
cblr-3423	383	6	involuntary	involuntary	ADJ
cblr-3423	383	7	action	action	NOUN
cblr-3423	383	8	could	could	AUX
cblr-3423	383	9	lead	lead	VERB
cblr-3423	383	10	to	to	ADP
cblr-3423	383	11	a	a	DET
cblr-3423	383	12	legal	legal	ADJ
cblr-3423	383	13	regime	regime	NOUN
cblr-3423	383	14	where	where	SCONJ
cblr-3423	383	15	every	every	DET
cblr-3423	383	16	contract	contract	NOUN
cblr-3423	383	17	and	and	CCONJ
cblr-3423	383	18	agreement	agreement	NOUN
cblr-3423	383	19	is	be	AUX
cblr-3423	383	20	open	open	ADJ
cblr-3423	383	21	to	to	ADP
cblr-3423	383	22	rescission	rescission	NOUN
cblr-3423	383	23	,	,	PUNCT
cblr-3423	383	24	injecting	inject	VERB
cblr-3423	383	25	uncertainty	uncertainty	NOUN
cblr-3423	383	26	and	and	CCONJ
cblr-3423	383	27	chaos	chaos	NOUN
cblr-3423	383	28	into	into	ADP
cblr-3423	383	29	society	society	NOUN
cblr-3423	383	30	.	.	PUNCT
cblr-3423	384	1	one	one	NUM
cblr-3423	384	2	potential	potential	ADJ
cblr-3423	384	3	objection	objection	NOUN
cblr-3423	384	4	to	to	ADP
cblr-3423	384	5	this	this	DET
cblr-3423	384	6	test	test	NOUN
cblr-3423	384	7	is	be	AUX
cblr-3423	384	8	that	that	SCONJ
cblr-3423	384	9	the	the	DET
cblr-3423	384	10	binary	binary	ADJ
cblr-3423	384	11	nature	nature	NOUN
cblr-3423	384	12	of	of	ADP
cblr-3423	384	13	this	this	DET
cblr-3423	384	14	bahamas	bahama	NOUN
cblr-3423	384	15	inquiry	inquiry	NOUN
cblr-3423	384	16	is	be	AUX
cblr-3423	384	17	inferior	inferior	ADJ
cblr-3423	384	18	to	to	ADP
cblr-3423	384	19	evaluating	evaluate	VERB
cblr-3423	384	20	a	a	DET
cblr-3423	384	21	promoter	promoter	NOUN
cblr-3423	384	22	shirking	shirk	VERB
cblr-3423	384	23	his	his	PRON
cblr-3423	384	24	managerial	managerial	ADJ
cblr-3423	384	25	activity	activity	NOUN
cblr-3423	384	26	on	on	ADP
cblr-3423	384	27	a	a	DET
cblr-3423	384	28	sliding	slide	VERB
cblr-3423	384	29	scale	scale	NOUN
cblr-3423	384	30	.	.	PUNCT
cblr-3423	385	1	for	for	ADP
cblr-3423	385	2	instance	instance	NOUN
cblr-3423	385	3	,	,	PUNCT
cblr-3423	385	4	a	a	DET
cblr-3423	385	5	sliding	slide	VERB
cblr-3423	385	6	scale	scale	NOUN
cblr-3423	385	7	would	would	AUX
cblr-3423	385	8	treat	treat	VERB
cblr-3423	385	9	differently	differently	ADV
cblr-3423	385	10	a	a	DET
cblr-3423	385	11	promoter	promoter	NOUN
cblr-3423	385	12	who	who	PRON
cblr-3423	385	13	flees	flee	VERB
cblr-3423	385	14	when	when	SCONJ
cblr-3423	385	15	there	there	PRON
cblr-3423	385	16	is	be	VERB
cblr-3423	385	17	a	a	DET
cblr-3423	385	18	ninety	ninety	NUM
cblr-3423	385	19	percent	percent	NOUN
cblr-3423	385	20	chance	chance	NOUN
cblr-3423	385	21	of	of	ADP
cblr-3423	385	22	the	the	DET
cblr-3423	385	23	project	project	NOUN
cblr-3423	385	24	’s	’s	PART
cblr-3423	385	25	success	success	NOUN
cblr-3423	385	26	than	than	ADP
cblr-3423	385	27	one	one	NUM
cblr-3423	385	28	who	who	PRON
cblr-3423	385	29	flees	flee	VERB
cblr-3423	385	30	when	when	SCONJ
cblr-3423	385	31	there	there	PRON
cblr-3423	385	32	is	be	VERB
cblr-3423	385	33	a	a	DET
cblr-3423	385	34	ten	ten	NUM
cblr-3423	385	35	percent	percent	NOUN
cblr-3423	385	36	chance	chance	NOUN
cblr-3423	385	37	of	of	ADP
cblr-3423	385	38	success	success	NOUN
cblr-3423	385	39	.	.	PUNCT
cblr-3423	386	1	in	in	ADP
cblr-3423	386	2	the	the	DET
cblr-3423	386	3	latter	latter	ADJ
cblr-3423	386	4	,	,	PUNCT
cblr-3423	386	5	the	the	DET
cblr-3423	386	6	intuition	intuition	NOUN
cblr-3423	386	7	would	would	AUX
cblr-3423	386	8	be	be	AUX
cblr-3423	386	9	that	that	SCONJ
cblr-3423	386	10	the	the	DET
cblr-3423	386	11	promoter	promoter	NOUN
cblr-3423	386	12	does	do	AUX
cblr-3423	386	13	not	not	PART
cblr-3423	386	14	“	"	PUNCT
cblr-3423	386	15	deserve	deserve	VERB
cblr-3423	386	16	”	"	PUNCT
cblr-3423	386	17	a	a	DET
cblr-3423	386	18	big	big	ADJ
cblr-3423	386	19	chunk	chunk	NOUN
cblr-3423	386	20	of	of	ADP
cblr-3423	386	21	the	the	DET
cblr-3423	386	22	investment	investment	NOUN
cblr-3423	386	23	if	if	SCONJ
cblr-3423	386	24	he	he	PRON
cblr-3423	386	25	dramatically	dramatically	ADV
cblr-3423	386	26	reduces	reduce	VERB
cblr-3423	386	27	the	the	DET
cblr-3423	386	28	probability	probability	NOUN
cblr-3423	386	29	of	of	ADP
cblr-3423	386	30	the	the	DET
cblr-3423	386	31	project	project	NOUN
cblr-3423	386	32	’s	’s	PART
cblr-3423	386	33	success	success	NOUN
cblr-3423	386	34	.	.	PUNCT
cblr-3423	387	1	the	the	DET
cblr-3423	387	2	trouble	trouble	NOUN
cblr-3423	387	3	with	with	ADP
cblr-3423	387	4	this	this	DET
cblr-3423	387	5	argument	argument	NOUN
cblr-3423	387	6	is	be	AUX
cblr-3423	387	7	that	that	SCONJ
cblr-3423	387	8	it	it	PRON
cblr-3423	387	9	fails	fail	VERB
cblr-3423	387	10	to	to	PART
cblr-3423	387	11	appreciate	appreciate	VERB
cblr-3423	387	12	the	the	DET
cblr-3423	387	13	fundamental	fundamental	ADJ
cblr-3423	387	14	difference	difference	NOUN
cblr-3423	387	15	between	between	ADP
cblr-3423	387	16	open	open	ADJ
cblr-3423	387	17	source	source	NOUN
cblr-3423	387	18	projects	project	NOUN
cblr-3423	387	19	and	and	CCONJ
cblr-3423	387	20	traditional	traditional	ADJ
cblr-3423	387	21	companies	company	NOUN
cblr-3423	387	22	.	.	PUNCT
cblr-3423	388	1	the	the	DET
cblr-3423	388	2	nature	nature	NOUN
cblr-3423	388	3	of	of	ADP
cblr-3423	388	4	open	open	ADJ
cblr-3423	388	5	source	source	NOUN
cblr-3423	388	6	software	software	NOUN
cblr-3423	388	7	projects	project	NOUN
cblr-3423	388	8	is	be	AUX
cblr-3423	388	9	that	that	SCONJ
cblr-3423	388	10	there	there	PRON
cblr-3423	388	11	is	be	VERB
cblr-3423	388	12	no	no	DET
cblr-3423	388	13	inherent	inherent	ADJ
cblr-3423	388	14	ownership	ownership	NOUN
cblr-3423	388	15	over	over	ADP
cblr-3423	388	16	the	the	DET
cblr-3423	388	17	codebase	codebase	NOUN
cblr-3423	388	18	,	,	PUNCT
cblr-3423	388	19	and	and	CCONJ
cblr-3423	388	20	it	it	PRON
cblr-3423	388	21	is	be	AUX
cblr-3423	388	22	one	one	NUM
cblr-3423	388	23	of	of	ADP
cblr-3423	388	24	the	the	DET
cblr-3423	388	25	norms	norm	NOUN
cblr-3423	388	26	of	of	ADP
cblr-3423	388	27	the	the	DET
cblr-3423	388	28	open	open	ADJ
cblr-3423	388	29	source	source	NOUN
cblr-3423	388	30	software	software	NOUN
cblr-3423	388	31	community	community	NOUN
cblr-3423	388	32	that	that	SCONJ
cblr-3423	388	33	there	there	PRON
cblr-3423	388	34	is	be	VERB
cblr-3423	388	35	a	a	DET
cblr-3423	388	36	decentralized	decentralized	ADJ
cblr-3423	388	37	ownership	ownership	NOUN
cblr-3423	388	38	84	84	NUM
cblr-3423	388	39	joe	joe	PROPN
cblr-3423	388	40	nocera	nocera	PROPN
cblr-3423	388	41	,	,	PUNCT
cblr-3423	388	42	opinion	opinion	NOUN
cblr-3423	388	43	,	,	PUNCT
cblr-3423	388	44	the	the	DET
cblr-3423	388	45	inside	inside	ADJ
cblr-3423	388	46	history	history	NOUN
cblr-3423	388	47	of	of	ADP
cblr-3423	388	48	the	the	DET
cblr-3423	388	49	‘	'	PUNCT
cblr-3423	388	50	new	new	ADJ
cblr-3423	388	51	coke	coke	NOUN
cblr-3423	388	52	’	'	PUNCT
cblr-3423	388	53	debacle	debacle	PROPN
cblr-3423	388	54	,	,	PUNCT
cblr-3423	388	55	bloomberg	bloomberg	PROPN
cblr-3423	388	56	(	(	PUNCT
cblr-3423	388	57	nov	nov	PROPN
cblr-3423	388	58	.	.	PROPN
cblr-3423	388	59	3	3	NUM
cblr-3423	388	60	,	,	PUNCT
cblr-3423	388	61	2017	2017	NUM
cblr-3423	388	62	)	)	PUNCT
cblr-3423	388	63	,	,	PUNCT
cblr-3423	388	64	https://www.bloomberg.com/opinion/articles/	https://www.bloomberg.com/opinion/articles/	PROPN
cblr-3423	388	65	2017	2017	NUM
cblr-3423	388	66	-	-	SYM
cblr-3423	388	67	11	11	NUM
cblr-3423	388	68	-	-	PUNCT
cblr-3423	388	69	03	03	NUM
cblr-3423	388	70	/	/	SYM
cblr-3423	388	71	the	the	DET
cblr-3423	388	72	-	-	PUNCT
cblr-3423	388	73	inside	inside	NOUN
cblr-3423	388	74	-	-	PUNCT
cblr-3423	388	75	history	history	NOUN
cblr-3423	388	76	-	-	PUNCT
cblr-3423	388	77	of	of	ADP
cblr-3423	388	78	-	-	PUNCT
cblr-3423	388	79	the	the	DET
cblr-3423	388	80	-	-	PUNCT
cblr-3423	388	81	new	new	ADJ
cblr-3423	388	82	-	-	PUNCT
cblr-3423	388	83	coke	coke	NOUN
cblr-3423	388	84	-	-	PUNCT
cblr-3423	388	85	debacle	debacle	NOUN
cblr-3423	388	86	(	(	PUNCT
cblr-3423	388	87	on	on	ADP
cblr-3423	388	88	file	file	NOUN
cblr-3423	388	89	with	with	ADP
cblr-3423	388	90	the	the	DET
cblr-3423	388	91	columbia	columbia	PROPN
cblr-3423	388	92	business	business	PROPN
cblr-3423	388	93	law	law	PROPN
cblr-3423	388	94	review	review	PROPN
cblr-3423	388	95	)	)	PUNCT
cblr-3423	388	96	.	.	PUNCT
cblr-3423	389	1	85	85	NUM
cblr-3423	389	2	jluo	jluo	PROPN
cblr-3423	389	3	,	,	PUNCT
cblr-3423	389	4	the	the	DET
cblr-3423	389	5	rise	rise	NOUN
cblr-3423	389	6	and	and	CCONJ
cblr-3423	389	7	fall	fall	VERB
cblr-3423	389	8	(	(	PUNCT
cblr-3423	389	9	and	and	CCONJ
cblr-3423	389	10	rise	rise	VERB
cblr-3423	389	11	again	again	ADV
cblr-3423	389	12	?	?	PUNCT
cblr-3423	389	13	)	)	PUNCT
cblr-3423	389	14	of	of	ADP
cblr-3423	389	15	blackberry	blackberry	PROPN
cblr-3423	389	16	,	,	PUNCT
cblr-3423	389	17	harv	harv	PROPN
cblr-3423	389	18	.	.	PUNCT
cblr-3423	390	1	bus	bus	NOUN
cblr-3423	390	2	.	.	PUNCT
cblr-3423	391	1	sch	sch	INTJ
cblr-3423	391	2	.	.	PUNCT
cblr-3423	392	1	(	(	PUNCT
cblr-3423	392	2	feb	feb	PROPN
cblr-3423	392	3	.	.	PROPN
cblr-3423	392	4	1	1	NUM
cblr-3423	392	5	,	,	PUNCT
cblr-3423	392	6	2018	2018	NUM
cblr-3423	392	7	)	)	PUNCT
cblr-3423	392	8	,	,	PUNCT
cblr-3423	392	9	https://digit.hbs.org/submission/the-rise-and-fall-andrise-again-of-blackberry/	https://digit.hbs.org/submission/the-rise-and-fall-andrise-again-of-blackberry/	X
cblr-3423	393	1	[	[	X
cblr-3423	393	2	https://perma.cc/d3e6-zwjx	https://perma.cc/d3e6-zwjx	X
cblr-3423	393	3	]	]	PUNCT
cblr-3423	393	4	.	.	PUNCT
cblr-3423	394	1	no	no	INTJ
cblr-3423	394	2	.	.	NOUN
cblr-3423	395	1	2:443	2:443	NUM
cblr-3423	395	2	]	]	X
cblr-3423	395	3	a	a	DET
cblr-3423	395	4	regulatory	regulatory	ADJ
cblr-3423	395	5	classification	classification	NOUN
cblr-3423	395	6	of	of	ADP
cblr-3423	395	7	digital	digital	ADJ
cblr-3423	395	8	assets	asset	NOUN
cblr-3423	395	9	469	469	NUM
cblr-3423	395	10	structure.86	structure.86	NOUN
cblr-3423	395	11	in	in	ADP
cblr-3423	395	12	a	a	DET
cblr-3423	395	13	traditional	traditional	ADJ
cblr-3423	395	14	company	company	NOUN
cblr-3423	395	15	,	,	PUNCT
cblr-3423	395	16	there	there	PRON
cblr-3423	395	17	are	be	VERB
cblr-3423	395	18	both	both	DET
cblr-3423	395	19	duties	duty	NOUN
cblr-3423	395	20	of	of	ADP
cblr-3423	395	21	care	care	NOUN
cblr-3423	395	22	and	and	CCONJ
cblr-3423	395	23	loyalty	loyalty	NOUN
cblr-3423	395	24	that	that	PRON
cblr-3423	395	25	are	be	AUX
cblr-3423	395	26	legally	legally	ADV
cblr-3423	395	27	cognizable	cognizable	ADJ
cblr-3423	395	28	;	;	PUNCT
cblr-3423	395	29	no	no	DET
cblr-3423	395	30	similar	similar	ADJ
cblr-3423	395	31	norms	norm	NOUN
cblr-3423	395	32	or	or	CCONJ
cblr-3423	395	33	duties	duty	NOUN
cblr-3423	395	34	are	be	AUX
cblr-3423	395	35	legally	legally	ADV
cblr-3423	395	36	,	,	PUNCT
cblr-3423	395	37	or	or	CCONJ
cblr-3423	395	38	even	even	ADV
cblr-3423	395	39	morally	morally	ADV
cblr-3423	395	40	,	,	PUNCT
cblr-3423	395	41	assumed	assume	VERB
cblr-3423	395	42	in	in	ADP
cblr-3423	395	43	the	the	DET
cblr-3423	395	44	very	very	ADV
cblr-3423	395	45	libertarian	libertarian	ADJ
cblr-3423	395	46	ethos	ethos	NOUN
cblr-3423	395	47	of	of	ADP
cblr-3423	395	48	open	open	ADJ
cblr-3423	395	49	source	source	NOUN
cblr-3423	395	50	projects.87	projects.87	VERB
cblr-3423	395	51	the	the	DET
cblr-3423	395	52	bahamas	bahamas	PROPN
cblr-3423	395	53	test	test	NOUN
cblr-3423	395	54	is	be	AUX
cblr-3423	395	55	therefore	therefore	ADV
cblr-3423	395	56	well	well	ADV
cblr-3423	395	57	-	-	PUNCT
cblr-3423	395	58	tailored	tailor	VERB
cblr-3423	395	59	to	to	ADP
cblr-3423	395	60	the	the	DET
cblr-3423	395	61	realities	reality	NOUN
cblr-3423	395	62	of	of	ADP
cblr-3423	395	63	open	open	ADJ
cblr-3423	395	64	source	source	NOUN
cblr-3423	395	65	digital	digital	ADJ
cblr-3423	395	66	assets	asset	NOUN
cblr-3423	395	67	because	because	SCONJ
cblr-3423	395	68	it	it	PRON
cblr-3423	395	69	incorporates	incorporate	VERB
cblr-3423	395	70	a	a	DET
cblr-3423	395	71	workable	workable	ADJ
cblr-3423	395	72	definition	definition	NOUN
cblr-3423	395	73	of	of	ADP
cblr-3423	395	74	consent	consent	NOUN
cblr-3423	395	75	and	and	CCONJ
cblr-3423	395	76	emphasizes	emphasize	VERB
cblr-3423	395	77	only	only	ADV
cblr-3423	395	78	technical	technical	ADJ
cblr-3423	395	79	barriers	barrier	NOUN
cblr-3423	395	80	to	to	ADP
cblr-3423	395	81	entry	entry	NOUN
cblr-3423	395	82	.	.	PUNCT
cblr-3423	396	1	1	1	X
cblr-3423	396	2	.	.	X
cblr-3423	396	3	applying	apply	VERB
cblr-3423	396	4	the	the	DET
cblr-3423	396	5	bahamas	bahama	NOUN
cblr-3423	396	6	test	test	NOUN
cblr-3423	396	7	this	this	DET
cblr-3423	396	8	section	section	NOUN
cblr-3423	396	9	considers	consider	VERB
cblr-3423	396	10	the	the	DET
cblr-3423	396	11	decentralized	decentralized	ADJ
cblr-3423	396	12	status	status	NOUN
cblr-3423	396	13	of	of	ADP
cblr-3423	396	14	three	three	NUM
cblr-3423	396	15	networks	network	NOUN
cblr-3423	396	16	under	under	ADP
cblr-3423	396	17	the	the	DET
cblr-3423	396	18	bahamas	bahamas	PROPN
cblr-3423	396	19	test	test	NOUN
cblr-3423	396	20	:	:	PUNCT
cblr-3423	396	21	bitcoin,88	bitcoin,88	NOUN
cblr-3423	396	22	ethereum,89	ethereum,89	ADJ
cblr-3423	396	23	86	86	NUM
cblr-3423	396	24	certain	certain	ADJ
cblr-3423	396	25	aspects	aspect	NOUN
cblr-3423	396	26	of	of	ADP
cblr-3423	396	27	an	an	DET
cblr-3423	396	28	open	open	ADJ
cblr-3423	396	29	source	source	NOUN
cblr-3423	396	30	project	project	NOUN
cblr-3423	396	31	may	may	AUX
cblr-3423	396	32	be	be	AUX
cblr-3423	396	33	closed	close	VERB
cblr-3423	396	34	source	source	NOUN
cblr-3423	396	35	.	.	PUNCT
cblr-3423	397	1	if	if	SCONJ
cblr-3423	397	2	it	it	PRON
cblr-3423	397	3	is	be	AUX
cblr-3423	397	4	possible	possible	ADJ
cblr-3423	397	5	to	to	PART
cblr-3423	397	6	sever	sever	VERB
cblr-3423	397	7	those	those	DET
cblr-3423	397	8	aspects	aspect	NOUN
cblr-3423	397	9	from	from	ADP
cblr-3423	397	10	the	the	DET
cblr-3423	397	11	project	project	NOUN
cblr-3423	397	12	itself	itself	PRON
cblr-3423	397	13	,	,	PUNCT
cblr-3423	397	14	then	then	ADV
cblr-3423	397	15	they	they	PRON
cblr-3423	397	16	should	should	AUX
cblr-3423	397	17	be	be	AUX
cblr-3423	397	18	analyzed	analyze	VERB
cblr-3423	397	19	under	under	ADP
cblr-3423	397	20	a	a	DET
cblr-3423	397	21	different	different	ADJ
cblr-3423	397	22	rubric	rubric	NOUN
cblr-3423	397	23	than	than	ADP
cblr-3423	397	24	the	the	DET
cblr-3423	397	25	open	open	ADJ
cblr-3423	397	26	source	source	NOUN
cblr-3423	397	27	parts	part	NOUN
cblr-3423	397	28	.	.	PUNCT
cblr-3423	398	1	87	87	NUM
cblr-3423	399	1	but	but	CCONJ
cblr-3423	399	2	see	see	VERB
cblr-3423	399	3	angela	angela	PROPN
cblr-3423	399	4	walch	walch	PROPN
cblr-3423	399	5	,	,	PUNCT
cblr-3423	399	6	in	in	ADP
cblr-3423	399	7	code(rs	code(rs	NOUN
cblr-3423	399	8	)	)	PUNCT
cblr-3423	399	9	we	we	PRON
cblr-3423	399	10	trust	trust	VERB
cblr-3423	399	11	:	:	PUNCT
cblr-3423	400	1	software	software	NOUN
cblr-3423	400	2	developers	developer	NOUN
cblr-3423	400	3	as	as	ADP
cblr-3423	400	4	fiduciaries	fiduciary	NOUN
cblr-3423	400	5	in	in	ADP
cblr-3423	400	6	public	public	ADJ
cblr-3423	400	7	blockchains	blockchain	NOUN
cblr-3423	400	8	,	,	PUNCT
cblr-3423	400	9	in	in	ADP
cblr-3423	400	10	the	the	DET
cblr-3423	400	11	blockchain	blockchain	PROPN
cblr-3423	400	12	revolution	revolution	PROPN
cblr-3423	400	13	:	:	PUNCT
cblr-3423	400	14	legal	legal	ADJ
cblr-3423	400	15	&	&	CCONJ
cblr-3423	400	16	policy	policy	NOUN
cblr-3423	400	17	challenges	challenge	NOUN
cblr-3423	400	18	(	(	PUNCT
cblr-3423	401	1	georgios	georgios	PROPN
cblr-3423	401	2	dimitropoulos	dimitropoulos	PROPN
cblr-3423	401	3	et	et	PROPN
cblr-3423	401	4	al	al	PROPN
cblr-3423	401	5	.	.	PUNCT
cblr-3423	401	6	eds	eds	PROPN
cblr-3423	401	7	.	.	PUNCT
cblr-3423	401	8	)	)	PUNCT
cblr-3423	402	1	(	(	PUNCT
cblr-3423	402	2	forthcoming	forthcome	VERB
cblr-3423	402	3	2019	2019	NUM
cblr-3423	402	4	)	)	PUNCT
cblr-3423	402	5	,	,	PUNCT
cblr-3423	402	6	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3203198	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3203198	PROPN
cblr-3423	403	1	[	[	X
cblr-3423	403	2	https://perma.cc/84uf-z9fl	https://perma.cc/84uf-z9fl	X
cblr-3423	403	3	]	]	PUNCT
cblr-3423	403	4	.	.	PUNCT
cblr-3423	404	1	walch	walch	PROPN
cblr-3423	404	2	argues	argue	VERB
cblr-3423	404	3	that	that	SCONJ
cblr-3423	404	4	a	a	DET
cblr-3423	404	5	fiduciary	fiduciary	ADJ
cblr-3423	404	6	duty	duty	NOUN
cblr-3423	404	7	can	can	AUX
cblr-3423	404	8	exist	exist	VERB
cblr-3423	404	9	in	in	ADP
cblr-3423	404	10	open	open	ADJ
cblr-3423	404	11	source	source	NOUN
cblr-3423	404	12	projects	project	NOUN
cblr-3423	404	13	.	.	PUNCT
cblr-3423	405	1	i	i	PRON
cblr-3423	405	2	d.	d.	PROPN
cblr-3423	405	3	at	at	ADP
cblr-3423	405	4	3	3	NUM
cblr-3423	405	5	.	.	PUNCT
cblr-3423	406	1	one	one	NUM
cblr-3423	406	2	of	of	ADP
cblr-3423	406	3	the	the	DET
cblr-3423	406	4	criteria	criterion	NOUN
cblr-3423	406	5	she	she	PRON
cblr-3423	406	6	uses	use	VERB
cblr-3423	406	7	to	to	PART
cblr-3423	406	8	determine	determine	VERB
cblr-3423	406	9	if	if	SCONJ
cblr-3423	406	10	there	there	PRON
cblr-3423	406	11	is	be	VERB
cblr-3423	406	12	a	a	DET
cblr-3423	406	13	fiduciary	fiduciary	ADJ
cblr-3423	406	14	duty	duty	NOUN
cblr-3423	406	15	is	be	AUX
cblr-3423	406	16	whether	whether	SCONJ
cblr-3423	406	17	there	there	PRON
cblr-3423	406	18	is	be	VERB
cblr-3423	406	19	an	an	DET
cblr-3423	406	20	entrustment	entrustment	NOUN
cblr-3423	406	21	of	of	ADP
cblr-3423	406	22	either	either	DET
cblr-3423	406	23	property	property	NOUN
cblr-3423	406	24	or	or	CCONJ
cblr-3423	406	25	power	power	NOUN
cblr-3423	406	26	.	.	PUNCT
cblr-3423	407	1	see	see	VERB
cblr-3423	407	2	i	i	PRON
cblr-3423	407	3	d.	d.	PROPN
cblr-3423	407	4	at	at	ADP
cblr-3423	407	5	10	10	NUM
cblr-3423	407	6	.	.	PUNCT
cblr-3423	408	1	she	she	PRON
cblr-3423	408	2	claims	claim	VERB
cblr-3423	408	3	that	that	SCONJ
cblr-3423	408	4	a	a	DET
cblr-3423	408	5	duty	duty	NOUN
cblr-3423	408	6	exists	exist	VERB
cblr-3423	408	7	in	in	ADP
cblr-3423	408	8	certain	certain	ADJ
cblr-3423	408	9	open	open	ADJ
cblr-3423	408	10	source	source	NOUN
cblr-3423	408	11	projects	project	NOUN
cblr-3423	408	12	because	because	SCONJ
cblr-3423	408	13	certain	certain	ADJ
cblr-3423	408	14	core	core	NOUN
cblr-3423	408	15	developers	developer	NOUN
cblr-3423	408	16	can	can	AUX
cblr-3423	408	17	have	have	VERB
cblr-3423	408	18	significant	significant	ADJ
cblr-3423	408	19	power	power	NOUN
cblr-3423	408	20	and	and	CCONJ
cblr-3423	408	21	control	control	NOUN
cblr-3423	408	22	over	over	ADP
cblr-3423	408	23	the	the	DET
cblr-3423	408	24	property	property	NOUN
cblr-3423	408	25	of	of	ADP
cblr-3423	408	26	the	the	DET
cblr-3423	408	27	network	network	NOUN
cblr-3423	408	28	.	.	PUNCT
cblr-3423	409	1	i	i	PRON
cblr-3423	409	2	d.	d.	PROPN
cblr-3423	409	3	at	at	ADP
cblr-3423	409	4	3	3	NUM
cblr-3423	409	5	.	.	PUNCT
cblr-3423	410	1	the	the	DET
cblr-3423	410	2	trouble	trouble	NOUN
cblr-3423	410	3	with	with	ADP
cblr-3423	410	4	this	this	DET
cblr-3423	410	5	argument	argument	NOUN
cblr-3423	410	6	is	be	AUX
cblr-3423	410	7	that	that	SCONJ
cblr-3423	410	8	mere	mere	ADJ
cblr-3423	410	9	exercise	exercise	NOUN
cblr-3423	410	10	of	of	ADP
cblr-3423	410	11	power	power	NOUN
cblr-3423	410	12	does	do	AUX
cblr-3423	410	13	not	not	PART
cblr-3423	410	14	create	create	VERB
cblr-3423	410	15	a	a	DET
cblr-3423	410	16	fiduciary	fiduciary	NOUN
cblr-3423	410	17	.	.	PUNCT
cblr-3423	411	1	it	it	PRON
cblr-3423	411	2	is	be	AUX
cblr-3423	411	3	the	the	DET
cblr-3423	411	4	entrustment	entrustment	NOUN
cblr-3423	411	5	of	of	ADP
cblr-3423	411	6	that	that	DET
cblr-3423	411	7	power	power	NOUN
cblr-3423	411	8	.	.	PUNCT
cblr-3423	412	1	for	for	ADP
cblr-3423	412	2	example	example	NOUN
cblr-3423	412	3	,	,	PUNCT
cblr-3423	412	4	individuals	individual	NOUN
cblr-3423	412	5	who	who	PRON
cblr-3423	412	6	agreed	agree	VERB
cblr-3423	412	7	to	to	PART
cblr-3423	412	8	participate	participate	VERB
cblr-3423	412	9	in	in	ADP
cblr-3423	412	10	an	an	DET
cblr-3423	412	11	open	open	ADJ
cblr-3423	412	12	source	source	NOUN
cblr-3423	412	13	project	project	NOUN
cblr-3423	412	14	or	or	CCONJ
cblr-3423	412	15	the	the	DET
cblr-3423	412	16	network	network	NOUN
cblr-3423	412	17	it	it	PRON
cblr-3423	412	18	forms	form	NOUN
cblr-3423	412	19	did	do	AUX
cblr-3423	412	20	not	not	PART
cblr-3423	412	21	have	have	VERB
cblr-3423	412	22	any	any	DET
cblr-3423	412	23	powers	power	NOUN
cblr-3423	412	24	they	they	PRON
cblr-3423	412	25	entrusted	entrust	VERB
cblr-3423	412	26	to	to	ADP
cblr-3423	412	27	the	the	DET
cblr-3423	412	28	network	network	NOUN
cblr-3423	412	29	.	.	PUNCT
cblr-3423	413	1	they	they	PRON
cblr-3423	413	2	chose	choose	VERB
cblr-3423	413	3	to	to	PART
cblr-3423	413	4	participate	participate	VERB
cblr-3423	413	5	,	,	PUNCT
cblr-3423	413	6	which	which	PRON
cblr-3423	413	7	gave	give	VERB
cblr-3423	413	8	the	the	DET
cblr-3423	413	9	developers	developer	NOUN
cblr-3423	413	10	power	power	NOUN
cblr-3423	413	11	by	by	ADP
cblr-3423	413	12	virtue	virtue	NOUN
cblr-3423	413	13	of	of	ADP
cblr-3423	413	14	their	their	PRON
cblr-3423	413	15	participation	participation	NOUN
cblr-3423	413	16	.	.	PUNCT
cblr-3423	414	1	this	this	PRON
cblr-3423	414	2	is	be	AUX
cblr-3423	414	3	no	no	ADV
cblr-3423	414	4	different	different	ADJ
cblr-3423	414	5	from	from	ADP
cblr-3423	414	6	attending	attend	VERB
cblr-3423	414	7	a	a	DET
cblr-3423	414	8	speech	speech	NOUN
cblr-3423	414	9	—	—	PUNCT
cblr-3423	414	10	the	the	DET
cblr-3423	414	11	speaker	speaker	NOUN
cblr-3423	414	12	has	have	AUX
cblr-3423	414	13	not	not	PART
cblr-3423	414	14	been	be	AUX
cblr-3423	414	15	granted	grant	VERB
cblr-3423	414	16	a	a	DET
cblr-3423	414	17	fiduciary	fiduciary	ADJ
cblr-3423	414	18	duty	duty	NOUN
cblr-3423	414	19	simply	simply	ADV
cblr-3423	414	20	because	because	SCONJ
cblr-3423	414	21	he	he	PRON
cblr-3423	414	22	is	be	AUX
cblr-3423	414	23	more	more	ADV
cblr-3423	414	24	powerful	powerful	ADJ
cblr-3423	414	25	because	because	SCONJ
cblr-3423	414	26	he	he	PRON
cblr-3423	414	27	has	have	VERB
cblr-3423	414	28	a	a	DET
cblr-3423	414	29	platform	platform	NOUN
cblr-3423	414	30	.	.	PUNCT
cblr-3423	415	1	in	in	ADP
cblr-3423	415	2	other	other	ADJ
cblr-3423	415	3	words	word	NOUN
cblr-3423	415	4	,	,	PUNCT
cblr-3423	415	5	the	the	DET
cblr-3423	415	6	power	power	NOUN
cblr-3423	415	7	is	be	AUX
cblr-3423	415	8	created	create	VERB
cblr-3423	415	9	by	by	ADP
cblr-3423	415	10	the	the	DET
cblr-3423	415	11	network	network	NOUN
cblr-3423	415	12	participant	participant	NOUN
cblr-3423	415	13	—	—	PUNCT
cblr-3423	415	14	neither	neither	CCONJ
cblr-3423	415	15	it	it	PRON
cblr-3423	415	16	nor	nor	CCONJ
cblr-3423	415	17	property	property	NOUN
cblr-3423	415	18	is	be	AUX
cblr-3423	415	19	entrusted	entrust	VERB
cblr-3423	415	20	to	to	ADP
cblr-3423	415	21	the	the	DET
cblr-3423	415	22	developers	developer	NOUN
cblr-3423	415	23	.	.	PUNCT
cblr-3423	416	1	88	88	NUM
cblr-3423	416	2	for	for	ADP
cblr-3423	416	3	a	a	DET
cblr-3423	416	4	general	general	ADJ
cblr-3423	416	5	background	background	NOUN
cblr-3423	416	6	of	of	ADP
cblr-3423	416	7	bitcoin	bitcoin	NOUN
cblr-3423	416	8	,	,	PUNCT
cblr-3423	416	9	see	see	VERB
cblr-3423	416	10	max	max	PROPN
cblr-3423	416	11	i	i	PROPN
cblr-3423	416	12	raskin	raskin	NOUN
cblr-3423	416	13	,	,	PUNCT
cblr-3423	416	14	realm	realm	NOUN
cblr-3423	416	15	of	of	ADP
cblr-3423	416	16	the	the	DET
cblr-3423	416	17	coin	coin	NOUN
cblr-3423	416	18	:	:	PUNCT
cblr-3423	416	19	bitcoin	bitcoin	ADJ
cblr-3423	416	20	and	and	CCONJ
cblr-3423	416	21	civil	civil	ADJ
cblr-3423	416	22	procedure	procedure	NOUN
cblr-3423	416	23	,	,	PUNCT
cblr-3423	416	24	20	20	NUM
cblr-3423	416	25	fordham	fordham	PROPN
cblr-3423	416	26	j.	j.	PROPN
cblr-3423	416	27	corp	corp	PROPN
cblr-3423	416	28	.	.	PROPN
cblr-3423	416	29	&	&	CCONJ
cblr-3423	416	30	fin	fin	PROPN
cblr-3423	416	31	.	.	PUNCT
cblr-3423	417	1	l.	l.	PROPN
cblr-3423	417	2	,	,	PUNCT
cblr-3423	417	3	969	969	NUM
cblr-3423	417	4	,	,	PUNCT
cblr-3423	417	5	971	971	NUM
cblr-3423	417	6	–	–	PUNCT
cblr-3423	417	7	72	72	NUM
cblr-3423	417	8	(	(	PUNCT
cblr-3423	417	9	2015	2015	NUM
cblr-3423	417	10	)	)	PUNCT
cblr-3423	417	11	.	.	PUNCT
cblr-3423	418	1	89	89	NUM
cblr-3423	418	2	for	for	ADP
cblr-3423	418	3	a	a	DET
cblr-3423	418	4	general	general	ADJ
cblr-3423	418	5	background	background	NOUN
cblr-3423	418	6	of	of	ADP
cblr-3423	418	7	ethereum	ethereum	NOUN
cblr-3423	418	8	,	,	PUNCT
cblr-3423	418	9	see	see	VERB
cblr-3423	418	10	bernard	bernard	PROPN
cblr-3423	418	11	marr	marr	PROPN
cblr-3423	418	12	,	,	PUNCT
cblr-3423	418	13	blockchain	blockchain	PROPN
cblr-3423	418	14	:	:	PUNCT
cblr-3423	418	15	a	a	DET
cblr-3423	418	16	very	very	ADV
cblr-3423	418	17	short	short	ADJ
cblr-3423	418	18	history	history	NOUN
cblr-3423	418	19	of	of	ADP
cblr-3423	418	20	ethereum	ethereum	NOUN
cblr-3423	418	21	everyone	everyone	PRON
cblr-3423	418	22	should	should	AUX
cblr-3423	418	23	read	read	VERB
cblr-3423	418	24	,	,	PUNCT
cblr-3423	418	25	forbes	forbes	PROPN
cblr-3423	418	26	(	(	PUNCT
cblr-3423	418	27	feb	feb	PROPN
cblr-3423	418	28	.	.	PROPN
cblr-3423	418	29	2	2	NUM
cblr-3423	418	30	,	,	PUNCT
cblr-3423	418	31	2018	2018	NUM
cblr-3423	418	32	)	)	PUNCT
cblr-3423	418	33	,	,	PUNCT
cblr-3423	418	34	https://www.forbes.com/sites/bernardmarr/	https://www.forbes.com/sites/bernardmarr/	PROPN
cblr-3423	418	35	2018/02/02	2018/02/02	NUM
cblr-3423	418	36	/	/	SYM
cblr-3423	418	37	blockchain	blockchain	PROPN
cblr-3423	418	38	-	-	PUNCT
cblr-3423	418	39	a	a	DET
cblr-3423	418	40	-	-	PUNCT
cblr-3423	418	41	very	very	ADV
cblr-3423	418	42	-	-	PUNCT
cblr-3423	418	43	short	short	ADJ
cblr-3423	418	44	-	-	PUNCT
cblr-3423	418	45	history	history	NOUN
cblr-3423	418	46	-	-	PUNCT
cblr-3423	418	47	of	of	ADP
cblr-3423	418	48	-	-	PUNCT
cblr-3423	418	49	ethereum	ethereum	NOUN
cblr-3423	418	50	-	-	PUNCT
cblr-3423	418	51	everyone	everyone	PRON
cblr-3423	418	52	-	-	PUNCT
cblr-3423	418	53	shouldread/#549791d01e89	shouldread/#549791d01e89	NOUN
cblr-3423	419	1	[	[	X
cblr-3423	419	2	https://perma.cc/3dun-z2da	https://perma.cc/3dun-z2da	X
cblr-3423	419	3	]	]	X
cblr-3423	419	4	.	.	PUNCT
cblr-3423	420	1	470	470	NUM
cblr-3423	420	2	columbia	columbia	PROPN
cblr-3423	420	3	business	business	NOUN
cblr-3423	420	4	law	law	PROPN
cblr-3423	420	5	review	review	NOUN
cblr-3423	421	1	[	[	X
cblr-3423	421	2	vol	vol	NOUN
cblr-3423	421	3	.	.	NOUN
cblr-3423	421	4	2019	2019	NUM
cblr-3423	421	5	and	and	CCONJ
cblr-3423	421	6	the	the	DET
cblr-3423	421	7	dao.90	dao.90	NOUN
cblr-3423	421	8	this	this	PRON
cblr-3423	421	9	is	be	AUX
cblr-3423	421	10	to	to	PART
cblr-3423	421	11	show	show	VERB
cblr-3423	421	12	that	that	SCONJ
cblr-3423	421	13	the	the	DET
cblr-3423	421	14	test	test	NOUN
cblr-3423	421	15	works	work	VERB
cblr-3423	421	16	not	not	PART
cblr-3423	421	17	only	only	ADV
cblr-3423	421	18	prospectively	prospectively	ADV
cblr-3423	421	19	but	but	CCONJ
cblr-3423	421	20	retrospectively	retrospectively	ADV
cblr-3423	421	21	—	—	PUNCT
cblr-3423	421	22	it	it	PRON
cblr-3423	421	23	ensures	ensure	VERB
cblr-3423	421	24	that	that	SCONJ
cblr-3423	421	25	the	the	DET
cblr-3423	421	26	test	test	NOUN
cblr-3423	421	27	is	be	AUX
cblr-3423	421	28	not	not	PART
cblr-3423	421	29	simply	simply	ADV
cblr-3423	421	30	our	our	PRON
cblr-3423	421	31	normative	normative	ADJ
cblr-3423	421	32	view	view	NOUN
cblr-3423	421	33	of	of	ADP
cblr-3423	421	34	what	what	PRON
cblr-3423	421	35	the	the	DET
cblr-3423	421	36	law	law	NOUN
cblr-3423	421	37	should	should	AUX
cblr-3423	421	38	be	be	AUX
cblr-3423	421	39	,	,	PUNCT
cblr-3423	421	40	but	but	CCONJ
cblr-3423	421	41	what	what	PRON
cblr-3423	421	42	the	the	DET
cblr-3423	421	43	law	law	NOUN
cblr-3423	421	44	is	be	AUX
cblr-3423	421	45	.	.	PUNCT
cblr-3423	422	1	i.	i.	PROPN
cblr-3423	422	2	bitcoin	bitcoin	PROPN
cblr-3423	422	3	the	the	DET
cblr-3423	422	4	bitcoin	bitcoin	ADJ
cblr-3423	422	5	project	project	NOUN
cblr-3423	422	6	was	be	AUX
cblr-3423	422	7	originally	originally	ADV
cblr-3423	422	8	created	create	VERB
cblr-3423	422	9	by	by	ADP
cblr-3423	422	10	a	a	DET
cblr-3423	422	11	person	person	NOUN
cblr-3423	422	12	or	or	CCONJ
cblr-3423	422	13	group	group	NOUN
cblr-3423	422	14	called	call	VERB
cblr-3423	422	15	satoshi	satoshi	PROPN
cblr-3423	422	16	nakamoto	nakamoto	PROPN
cblr-3423	422	17	.	.	PUNCT
cblr-3423	423	1	nakamoto	nakamoto	PROPN
cblr-3423	423	2	wrote	write	VERB
cblr-3423	423	3	a	a	DET
cblr-3423	423	4	white	white	ADJ
cblr-3423	423	5	paper	paper	NOUN
cblr-3423	423	6	in	in	ADP
cblr-3423	423	7	which	which	PRON
cblr-3423	423	8	he91	he91	PROPN
cblr-3423	423	9	presented	present	VERB
cblr-3423	423	10	the	the	DET
cblr-3423	423	11	idea	idea	NOUN
cblr-3423	423	12	of	of	ADP
cblr-3423	423	13	the	the	DET
cblr-3423	423	14	bitcoin	bitcoin	ADJ
cblr-3423	423	15	network	network	NOUN
cblr-3423	423	16	and	and	CCONJ
cblr-3423	423	17	then	then	ADV
cblr-3423	423	18	worked	work	VERB
cblr-3423	423	19	with	with	ADP
cblr-3423	423	20	a	a	DET
cblr-3423	423	21	group	group	NOUN
cblr-3423	423	22	of	of	ADP
cblr-3423	423	23	new	new	ADJ
cblr-3423	423	24	individuals	individual	NOUN
cblr-3423	423	25	to	to	PART
cblr-3423	423	26	release	release	VERB
cblr-3423	423	27	the	the	DET
cblr-3423	423	28	first	first	ADJ
cblr-3423	423	29	version	version	NOUN
cblr-3423	423	30	of	of	ADP
cblr-3423	423	31	the	the	DET
cblr-3423	423	32	software.92	software.92	NOUN
cblr-3423	423	33	the	the	DET
cblr-3423	423	34	bitcoin	bitcoin	PROPN
cblr-3423	423	35	white	white	PROPN
cblr-3423	423	36	paper	paper	NOUN
cblr-3423	423	37	(	(	PUNCT
cblr-3423	423	38	the	the	DET
cblr-3423	423	39	“	"	PUNCT
cblr-3423	423	40	white	white	ADJ
cblr-3423	423	41	paper	paper	NOUN
cblr-3423	423	42	”	"	PUNCT
cblr-3423	423	43	)	)	PUNCT
cblr-3423	423	44	made	make	VERB
cblr-3423	423	45	no	no	DET
cblr-3423	423	46	investment	investment	NOUN
cblr-3423	423	47	claims	claim	NOUN
cblr-3423	423	48	,	,	PUNCT
cblr-3423	423	49	nor	nor	CCONJ
cblr-3423	423	50	did	do	AUX
cblr-3423	423	51	nakamoto	nakamoto	NOUN
cblr-3423	423	52	make	make	VERB
cblr-3423	423	53	any	any	DET
cblr-3423	423	54	promises	promise	NOUN
cblr-3423	423	55	regarding	regard	VERB
cblr-3423	423	56	seeing	see	VERB
cblr-3423	423	57	the	the	DET
cblr-3423	423	58	project	project	NOUN
cblr-3423	423	59	to	to	PART
cblr-3423	423	60	fruition.93	fruition.93	VERB
cblr-3423	423	61	this	this	DET
cblr-3423	423	62	closely	closely	ADV
cblr-3423	423	63	adheres	adhere	VERB
cblr-3423	423	64	to	to	ADP
cblr-3423	423	65	how	how	SCONJ
cblr-3423	423	66	open	open	ADJ
cblr-3423	423	67	source	source	NOUN
cblr-3423	423	68	communities	community	NOUN
cblr-3423	423	69	work	work	VERB
cblr-3423	423	70	.	.	PUNCT
cblr-3423	424	1	in	in	ADP
cblr-3423	424	2	fact	fact	NOUN
cblr-3423	424	3	,	,	PUNCT
cblr-3423	424	4	only	only	ADV
cblr-3423	424	5	a	a	DET
cblr-3423	424	6	few	few	ADJ
cblr-3423	424	7	years	year	NOUN
cblr-3423	424	8	after	after	ADP
cblr-3423	424	9	launching	launch	VERB
cblr-3423	424	10	the	the	DET
cblr-3423	424	11	bitcoin	bitcoin	ADJ
cblr-3423	424	12	network	network	NOUN
cblr-3423	424	13	,	,	PUNCT
cblr-3423	424	14	nakamoto	nakamoto	NOUN
cblr-3423	424	15	disappeared	disappear	VERB
cblr-3423	424	16	and	and	CCONJ
cblr-3423	424	17	no	no	ADV
cblr-3423	424	18	longer	long	ADV
cblr-3423	424	19	wrote	write	VERB
cblr-3423	424	20	code	code	NOUN
cblr-3423	424	21	for	for	ADP
cblr-3423	424	22	the	the	DET
cblr-3423	424	23	project	project	NOUN
cblr-3423	424	24	or	or	CCONJ
cblr-3423	424	25	contributed	contribute	VERB
cblr-3423	424	26	in	in	ADP
cblr-3423	424	27	any	any	DET
cblr-3423	424	28	meaningful	meaningful	ADJ
cblr-3423	424	29	way	way	NOUN
cblr-3423	424	30	.	.	PUNCT
cblr-3423	425	1	he	he	PRON
cblr-3423	425	2	still	still	ADV
cblr-3423	425	3	retained	retain	VERB
cblr-3423	425	4	the	the	DET
cblr-3423	425	5	huge	huge	ADJ
cblr-3423	425	6	amount	amount	NOUN
cblr-3423	425	7	of	of	ADP
cblr-3423	425	8	bitcoin	bitcoin	NOUN
cblr-3423	425	9	that	that	SCONJ
cblr-3423	425	10	he	he	PRON
cblr-3423	425	11	initially	initially	ADV
cblr-3423	425	12	mined	mine	VERB
cblr-3423	425	13	,	,	PUNCT
cblr-3423	425	14	having	have	VERB
cblr-3423	425	15	an	an	DET
cblr-3423	425	16	estimated	estimate	VERB
cblr-3423	425	17	980,000	980,000	NUM
cblr-3423	425	18	bitcoin.94	bitcoin.94	NOUN
cblr-3423	425	19	yet	yet	CCONJ
cblr-3423	425	20	the	the	DET
cblr-3423	425	21	90	90	NUM
cblr-3423	425	22	for	for	ADP
cblr-3423	425	23	a	a	DET
cblr-3423	425	24	general	general	ADJ
cblr-3423	425	25	background	background	NOUN
cblr-3423	425	26	of	of	ADP
cblr-3423	425	27	the	the	DET
cblr-3423	425	28	dao	dao	NOUN
cblr-3423	425	29	,	,	PUNCT
cblr-3423	425	30	see	see	VERB
cblr-3423	425	31	nathaniel	nathaniel	PROPN
cblr-3423	425	32	popper	popper	PROPN
cblr-3423	425	33	,	,	PUNCT
cblr-3423	425	34	a	a	DET
cblr-3423	425	35	hacking	hacking	NOUN
cblr-3423	425	36	of	of	ADP
cblr-3423	425	37	more	more	ADJ
cblr-3423	425	38	than	than	ADP
cblr-3423	425	39	$	$	SYM
cblr-3423	425	40	50	50	NUM
cblr-3423	425	41	million	million	NUM
cblr-3423	425	42	dashes	dash	NOUN
cblr-3423	425	43	hopes	hope	NOUN
cblr-3423	425	44	in	in	ADP
cblr-3423	425	45	the	the	DET
cblr-3423	425	46	world	world	NOUN
cblr-3423	425	47	of	of	ADP
cblr-3423	425	48	virtual	virtual	ADJ
cblr-3423	425	49	currency	currency	NOUN
cblr-3423	425	50	,	,	PUNCT
cblr-3423	425	51	n.y	n.y	PROPN
cblr-3423	425	52	.	.	PROPN
cblr-3423	425	53	times	times	PROPN
cblr-3423	425	54	(	(	PUNCT
cblr-3423	425	55	june	june	PROPN
cblr-3423	425	56	17	17	NUM
cblr-3423	425	57	,	,	PUNCT
cblr-3423	425	58	2016	2016	NUM
cblr-3423	425	59	)	)	PUNCT
cblr-3423	425	60	,	,	PUNCT
cblr-3423	425	61	https://www.nytimes.com/2016/06/18/	https://www.nytimes.com/2016/06/18/	PROPN
cblr-3423	425	62	business	business	NOUN
cblr-3423	425	63	/	/	SYM
cblr-3423	425	64	dealbook	dealbook	NOUN
cblr-3423	425	65	/	/	SYM
cblr-3423	425	66	hacker	hacker	NOUN
cblr-3423	425	67	-	-	PUNCT
cblr-3423	425	68	may	may	AUX
cblr-3423	425	69	-	-	PUNCT
cblr-3423	425	70	have	have	AUX
cblr-3423	425	71	-	-	PUNCT
cblr-3423	425	72	removed	remove	VERB
cblr-3423	425	73	-	-	PUNCT
cblr-3423	425	74	more	more	ADJ
cblr-3423	425	75	-	-	PUNCT
cblr-3423	425	76	than-50	than-50	NUM
cblr-3423	425	77	-	-	PUNCT
cblr-3423	425	78	million	million	NUM
cblr-3423	425	79	-	-	PUNCT
cblr-3423	425	80	fromexperimental	fromexperimental	ADJ
cblr-3423	425	81	-	-	PUNCT
cblr-3423	425	82	cybercurrency	cybercurrency	NOUN
cblr-3423	425	83	-	-	PUNCT
cblr-3423	425	84	project.html	project.html	NOUN
cblr-3423	426	1	[	[	X
cblr-3423	426	2	https://perma.cc/j2j6-v3hk	https://perma.cc/j2j6-v3hk	X
cblr-3423	426	3	]	]	X
cblr-3423	426	4	.	.	PUNCT
cblr-3423	427	1	a	a	DET
cblr-3423	427	2	corollary	corollary	NOUN
cblr-3423	427	3	to	to	ADP
cblr-3423	427	4	the	the	DET
cblr-3423	427	5	bahamas	bahamas	PROPN
cblr-3423	427	6	test	test	NOUN
cblr-3423	427	7	is	be	AUX
cblr-3423	427	8	a	a	DET
cblr-3423	427	9	capitalization	capitalization	NOUN
cblr-3423	427	10	test	test	NOUN
cblr-3423	427	11	—	—	PUNCT
cblr-3423	427	12	if	if	SCONJ
cblr-3423	427	13	the	the	DET
cblr-3423	427	14	first	first	ADJ
cblr-3423	427	15	letter	letter	NOUN
cblr-3423	427	16	of	of	ADP
cblr-3423	427	17	the	the	DET
cblr-3423	427	18	network	network	NOUN
cblr-3423	427	19	is	be	AUX
cblr-3423	427	20	capitalized	capitalize	VERB
cblr-3423	427	21	,	,	PUNCT
cblr-3423	427	22	then	then	ADV
cblr-3423	427	23	it	it	PRON
cblr-3423	427	24	is	be	AUX
cblr-3423	427	25	not	not	PART
cblr-3423	427	26	sufficiently	sufficiently	ADV
cblr-3423	427	27	decentralized	decentralize	VERB
cblr-3423	427	28	.	.	PUNCT
cblr-3423	428	1	91	91	NUM
cblr-3423	429	1	some	some	PRON
cblr-3423	429	2	will	will	AUX
cblr-3423	429	3	object	object	VERB
cblr-3423	429	4	to	to	ADP
cblr-3423	429	5	using	use	VERB
cblr-3423	429	6	“	"	PUNCT
cblr-3423	429	7	he	he	PRON
cblr-3423	429	8	”	"	PUNCT
cblr-3423	429	9	as	as	ADP
cblr-3423	429	10	the	the	DET
cblr-3423	429	11	personal	personal	ADJ
cblr-3423	429	12	pronoun	pronoun	NOUN
cblr-3423	429	13	for	for	ADP
cblr-3423	429	14	nakamoto	nakamoto	NOUN
cblr-3423	429	15	when	when	SCONJ
cblr-3423	429	16	it	it	PRON
cblr-3423	429	17	is	be	AUX
cblr-3423	429	18	not	not	PART
cblr-3423	429	19	known	know	VERB
cblr-3423	429	20	if	if	SCONJ
cblr-3423	429	21	nakamoto	nakamoto	NOUN
cblr-3423	429	22	is	be	AUX
cblr-3423	429	23	a	a	DET
cblr-3423	429	24	male	male	NOUN
cblr-3423	429	25	,	,	PUNCT
cblr-3423	429	26	let	let	VERB
cblr-3423	429	27	alone	alone	ADV
cblr-3423	429	28	an	an	DET
cblr-3423	429	29	individual	individual	NOUN
cblr-3423	429	30	.	.	PUNCT
cblr-3423	430	1	this	this	DET
cblr-3423	430	2	article	article	NOUN
cblr-3423	430	3	uses	use	VERB
cblr-3423	430	4	“	"	PUNCT
cblr-3423	430	5	he	he	PRON
cblr-3423	430	6	”	"	PUNCT
cblr-3423	430	7	for	for	ADP
cblr-3423	430	8	brevity	brevity	NOUN
cblr-3423	430	9	’s	’s	PART
cblr-3423	430	10	sake	sake	NOUN
cblr-3423	430	11	,	,	PUNCT
cblr-3423	430	12	fully	fully	ADV
cblr-3423	430	13	aware	aware	ADJ
cblr-3423	430	14	that	that	SCONJ
cblr-3423	430	15	this	this	DET
cblr-3423	430	16	footnote	footnote	NOUN
cblr-3423	430	17	defeats	defeat	VERB
cblr-3423	430	18	this	this	DET
cblr-3423	430	19	purpose	purpose	NOUN
cblr-3423	430	20	.	.	PUNCT
cblr-3423	431	1	92	92	NUM
cblr-3423	431	2	see	see	VERB
cblr-3423	431	3	satoshi	satoshi	PROPN
cblr-3423	431	4	nakamoto	nakamoto	PROPN
cblr-3423	431	5	,	,	PUNCT
cblr-3423	431	6	bitcoin	bitcoin	VERB
cblr-3423	431	7	:	:	PUNCT
cblr-3423	431	8	a	a	DET
cblr-3423	431	9	peer	peer	NOUN
cblr-3423	431	10	-	-	PUNCT
cblr-3423	431	11	to	to	ADP
cblr-3423	431	12	-	-	PUNCT
cblr-3423	431	13	peer	peer	NOUN
cblr-3423	431	14	electronic	electronic	ADJ
cblr-3423	431	15	cash	cash	NOUN
cblr-3423	431	16	system	system	NOUN
cblr-3423	431	17	,	,	PUNCT
cblr-3423	431	18	bitcoin.org	bitcoin.org	X
cblr-3423	431	19	,	,	PUNCT
cblr-3423	431	20	https://bitcoin.org/bitcoin.pdf	https://bitcoin.org/bitcoin.pdf	NOUN
cblr-3423	432	1	[	[	X
cblr-3423	432	2	https://perma.cc/n55dltxa	https://perma.cc/n55dltxa	X
cblr-3423	432	3	]	]	X
cblr-3423	432	4	.	.	PUNCT
cblr-3423	433	1	93	93	NUM
cblr-3423	433	2	even	even	ADV
cblr-3423	433	3	if	if	SCONJ
cblr-3423	433	4	the	the	DET
cblr-3423	433	5	white	white	PROPN
cblr-3423	433	6	paper	paper	NOUN
cblr-3423	433	7	did	do	AUX
cblr-3423	433	8	make	make	VERB
cblr-3423	433	9	investment	investment	NOUN
cblr-3423	433	10	claims	claim	NOUN
cblr-3423	433	11	,	,	PUNCT
cblr-3423	433	12	it	it	PRON
cblr-3423	433	13	is	be	AUX
cblr-3423	433	14	unlikely	unlikely	ADJ
cblr-3423	433	15	that	that	SCONJ
cblr-3423	433	16	bitcoin	bitcoin	NOUN
cblr-3423	433	17	would	would	AUX
cblr-3423	433	18	be	be	AUX
cblr-3423	433	19	classified	classify	VERB
cblr-3423	433	20	as	as	ADP
cblr-3423	433	21	a	a	DET
cblr-3423	433	22	security	security	NOUN
cblr-3423	433	23	any	any	PRON
cblr-3423	433	24	more	more	ADV
cblr-3423	433	25	than	than	SCONJ
cblr-3423	433	26	baseball	baseball	NOUN
cblr-3423	433	27	cards	card	NOUN
cblr-3423	433	28	are	be	AUX
cblr-3423	433	29	classified	classify	VERB
cblr-3423	433	30	as	as	ADP
cblr-3423	433	31	a	a	DET
cblr-3423	433	32	security	security	NOUN
cblr-3423	433	33	even	even	ADV
cblr-3423	433	34	though	though	SCONJ
cblr-3423	433	35	they	they	PRON
cblr-3423	433	36	can	can	AUX
cblr-3423	433	37	be	be	AUX
cblr-3423	433	38	sold	sell	VERB
cblr-3423	433	39	by	by	ADP
cblr-3423	433	40	dealers	dealer	NOUN
cblr-3423	433	41	promising	promise	VERB
cblr-3423	433	42	an	an	DET
cblr-3423	433	43	increase	increase	NOUN
cblr-3423	433	44	in	in	ADP
cblr-3423	433	45	value	value	NOUN
cblr-3423	433	46	.	.	PUNCT
cblr-3423	434	1	this	this	PRON
cblr-3423	434	2	is	be	AUX
cblr-3423	434	3	precisely	precisely	ADV
cblr-3423	434	4	because	because	SCONJ
cblr-3423	434	5	there	there	PRON
cblr-3423	434	6	is	be	VERB
cblr-3423	434	7	no	no	DET
cblr-3423	434	8	satisfaction	satisfaction	NOUN
cblr-3423	434	9	of	of	ADP
cblr-3423	434	10	the	the	DET
cblr-3423	434	11	“	"	PUNCT
cblr-3423	434	12	others	other	NOUN
cblr-3423	434	13	”	"	PUNCT
cblr-3423	434	14	prong	prong	NOUN
cblr-3423	434	15	of	of	ADP
cblr-3423	434	16	howey	howey	PRON
cblr-3423	434	17	.	.	PUNCT
cblr-3423	435	1	94	94	NUM
cblr-3423	435	2	see	see	VERB
cblr-3423	435	3	evelyn	evelyn	PROPN
cblr-3423	435	4	cheng	cheng	PROPN
cblr-3423	435	5	,	,	PUNCT
cblr-3423	435	6	there	there	PRON
cblr-3423	435	7	are	be	VERB
cblr-3423	435	8	now	now	ADV
cblr-3423	435	9	17	17	NUM
cblr-3423	435	10	million	million	NUM
cblr-3423	435	11	bitcoins	bitcoin	NOUN
cblr-3423	435	12	in	in	ADP
cblr-3423	435	13	existence	existence	NOUN
cblr-3423	435	14	–	–	PUNCT
cblr-3423	435	15	only	only	ADV
cblr-3423	435	16	4	4	NUM
cblr-3423	435	17	million	million	NUM
cblr-3423	435	18	left	leave	VERB
cblr-3423	435	19	to	to	ADP
cblr-3423	435	20	‘	'	PUNCT
cblr-3423	435	21	mine	mine	PRON
cblr-3423	435	22	,	,	PUNCT
cblr-3423	435	23	’	'	PUNCT
cblr-3423	435	24	cnbc	cnbc	PROPN
cblr-3423	435	25	(	(	PUNCT
cblr-3423	435	26	apr	apr	PROPN
cblr-3423	435	27	.	.	PROPN
cblr-3423	435	28	26	26	NUM
cblr-3423	435	29	,	,	PUNCT
cblr-3423	435	30	2018	2018	NUM
cblr-3423	435	31	)	)	PUNCT
cblr-3423	435	32	,	,	PUNCT
cblr-3423	435	33	https://www.cnbc.com/	https://www.cnbc.com/	NOUN
cblr-3423	435	34	no	no	INTJ
cblr-3423	436	1	.	.	NOUN
cblr-3423	436	2	2:443	2:443	NUM
cblr-3423	436	3	]	]	X
cblr-3423	436	4	a	a	DET
cblr-3423	436	5	regulatory	regulatory	ADJ
cblr-3423	436	6	classification	classification	NOUN
cblr-3423	436	7	of	of	ADP
cblr-3423	436	8	digital	digital	ADJ
cblr-3423	436	9	assets	asset	NOUN
cblr-3423	436	10	471	471	NUM
cblr-3423	436	11	sec	sec	PROPN
cblr-3423	436	12	,	,	PUNCT
cblr-3423	436	13	as	as	SCONJ
cblr-3423	436	14	heard	hear	VERB
cblr-3423	436	15	through	through	ADP
cblr-3423	436	16	hinman	hinman	NOUN
cblr-3423	436	17	,	,	PUNCT
cblr-3423	436	18	believes	believe	VERB
cblr-3423	436	19	bitcoin	bitcoin	NOUN
cblr-3423	436	20	is	be	AUX
cblr-3423	436	21	not	not	PART
cblr-3423	436	22	a	a	DET
cblr-3423	436	23	security.95	security.95	NOUN
cblr-3423	436	24	this	this	DET
cblr-3423	436	25	determination	determination	NOUN
cblr-3423	436	26	did	do	AUX
cblr-3423	436	27	not	not	PART
cblr-3423	436	28	hinge	hinge	VERB
cblr-3423	436	29	on	on	ADP
cblr-3423	436	30	the	the	DET
cblr-3423	436	31	effort	effort	NOUN
cblr-3423	436	32	nakamoto	nakamoto	NOUN
cblr-3423	436	33	contributed	contribute	VERB
cblr-3423	436	34	.	.	PUNCT
cblr-3423	437	1	had	have	AUX
cblr-3423	437	2	nakamoto	nakamoto	NOUN
cblr-3423	437	3	left	leave	VERB
cblr-3423	437	4	the	the	DET
cblr-3423	437	5	project	project	NOUN
cblr-3423	437	6	a	a	DET
cblr-3423	437	7	month	month	NOUN
cblr-3423	437	8	or	or	CCONJ
cblr-3423	437	9	even	even	ADV
cblr-3423	437	10	a	a	DET
cblr-3423	437	11	year	year	NOUN
cblr-3423	437	12	earlier	early	ADV
cblr-3423	437	13	,	,	PUNCT
cblr-3423	437	14	he	he	PRON
cblr-3423	437	15	could	could	AUX
cblr-3423	437	16	do	do	VERB
cblr-3423	437	17	so	so	ADV
cblr-3423	437	18	because	because	SCONJ
cblr-3423	437	19	he	he	PRON
cblr-3423	437	20	was	be	AUX
cblr-3423	437	21	under	under	ADP
cblr-3423	437	22	no	no	DET
cblr-3423	437	23	obligation	obligation	NOUN
cblr-3423	437	24	;	;	PUNCT
cblr-3423	437	25	he	he	PRON
cblr-3423	437	26	made	make	VERB
cblr-3423	437	27	no	no	DET
cblr-3423	437	28	promises	promise	NOUN
cblr-3423	437	29	—	—	PUNCT
cblr-3423	437	30	implicit	implicit	ADJ
cblr-3423	437	31	or	or	CCONJ
cblr-3423	437	32	explicit	explicit	ADJ
cblr-3423	437	33	—	—	PUNCT
cblr-3423	437	34	to	to	ADP
cblr-3423	437	35	those	those	PRON
cblr-3423	437	36	involved	involve	VERB
cblr-3423	437	37	with	with	ADP
cblr-3423	437	38	the	the	DET
cblr-3423	437	39	project	project	NOUN
cblr-3423	437	40	.	.	PUNCT
cblr-3423	438	1	the	the	DET
cblr-3423	438	2	real	real	ADJ
cblr-3423	438	3	analysis	analysis	NOUN
cblr-3423	438	4	was	be	AUX
cblr-3423	438	5	whether	whether	SCONJ
cblr-3423	438	6	he	he	PRON
cblr-3423	438	7	was	be	AUX
cblr-3423	438	8	an	an	DET
cblr-3423	438	9	“	"	PUNCT
cblr-3423	438	10	other	other	ADJ
cblr-3423	438	11	”	"	PUNCT
cblr-3423	438	12	at	at	ADP
cblr-3423	438	13	all.96	all.96	NOUN
cblr-3423	438	14	he	he	PRON
cblr-3423	438	15	clearly	clearly	ADV
cblr-3423	438	16	was	be	AUX
cblr-3423	438	17	not	not	PART
cblr-3423	438	18	.	.	PUNCT
cblr-3423	439	1	the	the	DET
cblr-3423	439	2	law	law	NOUN
cblr-3423	439	3	ought	ought	AUX
cblr-3423	439	4	to	to	PART
cblr-3423	439	5	encourage	encourage	VERB
cblr-3423	439	6	innovators	innovator	NOUN
cblr-3423	439	7	in	in	ADP
cblr-3423	439	8	the	the	DET
cblr-3423	439	9	open	open	ADJ
cblr-3423	439	10	source	source	NOUN
cblr-3423	439	11	field	field	NOUN
cblr-3423	439	12	to	to	PART
cblr-3423	439	13	create	create	VERB
cblr-3423	439	14	decentralized	decentralized	ADJ
cblr-3423	439	15	projects	project	NOUN
cblr-3423	439	16	and	and	CCONJ
cblr-3423	439	17	not	not	PART
cblr-3423	439	18	calculate	calculate	VERB
cblr-3423	439	19	the	the	DET
cblr-3423	439	20	exact	exact	ADJ
cblr-3423	439	21	time	time	NOUN
cblr-3423	439	22	they	they	PRON
cblr-3423	439	23	can	can	AUX
cblr-3423	439	24	jump	jump	VERB
cblr-3423	439	25	ship	ship	NOUN
cblr-3423	439	26	—	—	PUNCT
cblr-3423	439	27	at	at	ADP
cblr-3423	439	28	least	least	ADJ
cblr-3423	439	29	in	in	ADP
cblr-3423	439	30	these	these	DET
cblr-3423	439	31	kinds	kind	NOUN
cblr-3423	439	32	of	of	ADP
cblr-3423	439	33	projects	project	NOUN
cblr-3423	439	34	,	,	PUNCT
cblr-3423	439	35	it	it	PRON
cblr-3423	439	36	is	be	AUX
cblr-3423	439	37	better	well	ADJ
cblr-3423	439	38	that	that	SCONJ
cblr-3423	439	39	the	the	DET
cblr-3423	439	40	ship	ship	NOUN
cblr-3423	439	41	has	have	VERB
cblr-3423	439	42	no	no	DET
cblr-3423	439	43	captain	captain	NOUN
cblr-3423	439	44	.	.	PUNCT
cblr-3423	440	1	this	this	PRON
cblr-3423	440	2	is	be	AUX
cblr-3423	440	3	an	an	DET
cblr-3423	440	4	easy	easy	ADJ
cblr-3423	440	5	case	case	NOUN
cblr-3423	440	6	.	.	PUNCT
cblr-3423	441	1	as	as	SCONJ
cblr-3423	441	2	director	director	NOUN
cblr-3423	441	3	hinman	hinman	NOUN
cblr-3423	441	4	said	say	VERB
cblr-3423	441	5	in	in	ADP
cblr-3423	441	6	his	his	PRON
cblr-3423	441	7	speech	speech	NOUN
cblr-3423	441	8	,	,	PUNCT
cblr-3423	441	9	“	"	PUNCT
cblr-3423	441	10	when	when	SCONJ
cblr-3423	441	11	i	i	PRON
cblr-3423	441	12	look	look	VERB
cblr-3423	441	13	at	at	ADP
cblr-3423	441	14	bitcoin	bitcoin	NOUN
cblr-3423	441	15	today	today	NOUN
cblr-3423	441	16	,	,	PUNCT
cblr-3423	441	17	i	i	PRON
cblr-3423	441	18	do	do	AUX
cblr-3423	441	19	not	not	PART
cblr-3423	441	20	see	see	VERB
cblr-3423	441	21	a	a	DET
cblr-3423	441	22	central	central	ADJ
cblr-3423	441	23	third	third	ADJ
cblr-3423	441	24	party	party	NOUN
cblr-3423	441	25	whose	whose	DET
cblr-3423	441	26	efforts	effort	NOUN
cblr-3423	441	27	are	be	AUX
cblr-3423	441	28	a	a	DET
cblr-3423	441	29	key	key	ADJ
cblr-3423	441	30	determining	determine	VERB
cblr-3423	441	31	factor	factor	NOUN
cblr-3423	441	32	in	in	ADP
cblr-3423	441	33	the	the	DET
cblr-3423	441	34	enterprise	enterprise	NOUN
cblr-3423	441	35	.	.	PUNCT
cblr-3423	442	1	”97	”97	NOUN
cblr-3423	442	2	thus	thus	ADV
cblr-3423	442	3	,	,	PUNCT
cblr-3423	442	4	bitcoin	bitcoin	PROPN
cblr-3423	442	5	appears	appear	VERB
cblr-3423	442	6	sufficiently	sufficiently	ADV
cblr-3423	442	7	decentralized	decentralize	VERB
cblr-3423	442	8	to	to	PART
cblr-3423	442	9	pass	pass	VERB
cblr-3423	442	10	the	the	DET
cblr-3423	442	11	bahamas	bahamas	PROPN
cblr-3423	442	12	test	test	NOUN
cblr-3423	442	13	and	and	CCONJ
cblr-3423	442	14	should	should	AUX
cblr-3423	442	15	not	not	PART
cblr-3423	442	16	be	be	AUX
cblr-3423	442	17	regulated	regulate	VERB
cblr-3423	442	18	as	as	ADP
cblr-3423	442	19	a	a	DET
cblr-3423	442	20	security	security	NOUN
cblr-3423	442	21	under	under	ADP
cblr-3423	442	22	howey	howey	PROPN
cblr-3423	442	23	.	.	PUNCT
cblr-3423	443	1	ii	ii	PROPN
cblr-3423	443	2	.	.	PUNCT
cblr-3423	444	1	ethereum	ethereum	VERB
cblr-3423	444	2	the	the	DET
cblr-3423	444	3	ethereum	ethereum	NOUN
cblr-3423	444	4	network	network	NOUN
cblr-3423	444	5	is	be	AUX
cblr-3423	444	6	a	a	DET
cblr-3423	444	7	more	more	ADV
cblr-3423	444	8	difficult	difficult	ADJ
cblr-3423	444	9	case	case	NOUN
cblr-3423	444	10	.	.	PUNCT
cblr-3423	445	1	vitalik	vitalik	PROPN
cblr-3423	445	2	buterin	buterin	VERB
cblr-3423	445	3	conceived	conceive	VERB
cblr-3423	445	4	and	and	CCONJ
cblr-3423	445	5	promoted	promote	VERB
cblr-3423	445	6	the	the	DET
cblr-3423	445	7	network	network	NOUN
cblr-3423	445	8	,	,	PUNCT
cblr-3423	445	9	and	and	CCONJ
cblr-3423	445	10	buterin	buterin	VERB
cblr-3423	445	11	held	hold	VERB
cblr-3423	445	12	a	a	DET
cblr-3423	445	13	presale	presale	NOUN
cblr-3423	445	14	and	and	CCONJ
cblr-3423	445	15	made	make	VERB
cblr-3423	445	16	promises	promise	NOUN
cblr-3423	445	17	to	to	PART
cblr-3423	445	18	build	build	VERB
cblr-3423	445	19	software.98	software.98	NOUN
cblr-3423	445	20	in	in	ADP
cblr-3423	445	21	buterin	buterin	NOUN
cblr-3423	445	22	’s	’s	PART
cblr-3423	445	23	words	word	NOUN
cblr-3423	445	24	,	,	PUNCT
cblr-3423	445	25	“	"	PUNCT
cblr-3423	445	26	you	you	PRON
cblr-3423	445	27	are	be	AUX
cblr-3423	445	28	trusting	trust	VERB
cblr-3423	445	29	us	we	PRON
cblr-3423	445	30	to	to	PART
cblr-3423	445	31	take	take	VERB
cblr-3423	445	32	the	the	DET
cblr-3423	445	33	bitcoin	bitcoin	NOUN
cblr-3423	445	34	and	and	CCONJ
cblr-3423	445	35	2018/04/26	2018/04/26	NOUN
cblr-3423	445	36	/	/	SYM
cblr-3423	445	37	there	there	PRON
cblr-3423	445	38	-	-	PUNCT
cblr-3423	445	39	are	be	AUX
cblr-3423	445	40	-	-	PUNCT
cblr-3423	445	41	now-17	now-17	NUM
cblr-3423	445	42	-	-	PUNCT
cblr-3423	445	43	million	million	NUM
cblr-3423	445	44	-	-	PUNCT
cblr-3423	445	45	bitcoins	bitcoin	NOUN
cblr-3423	445	46	-	-	PUNCT
cblr-3423	445	47	in	in	ADP
cblr-3423	445	48	-	-	PUNCT
cblr-3423	445	49	existence	existence	NOUN
cblr-3423	445	50	--	--	PUNCT
cblr-3423	445	51	only-4	only-4	NUM
cblr-3423	445	52	-	-	PUNCT
cblr-3423	445	53	millionleft	millionleft	NOUN
cblr-3423	445	54	-	-	PUNCT
cblr-3423	445	55	to	to	ADP
cblr-3423	445	56	-	-	PUNCT
cblr-3423	445	57	mine.html	mine.html	PROPN
cblr-3423	445	58	[	[	X
cblr-3423	445	59	https://perma.cc/xn49-cw72	https://perma.cc/xn49-cw72	X
cblr-3423	445	60	]	]	PUNCT
cblr-3423	445	61	.	.	PUNCT
cblr-3423	446	1	given	give	VERB
cblr-3423	446	2	the	the	DET
cblr-3423	446	3	considerable	considerable	ADJ
cblr-3423	446	4	volatility	volatility	NOUN
cblr-3423	446	5	in	in	ADP
cblr-3423	446	6	bitcoin	bitcoin	ADJ
cblr-3423	446	7	price	price	NOUN
cblr-3423	446	8	,	,	PUNCT
cblr-3423	446	9	we	we	PRON
cblr-3423	446	10	leave	leave	VERB
cblr-3423	446	11	it	it	PRON
cblr-3423	446	12	to	to	ADP
cblr-3423	446	13	the	the	DET
cblr-3423	446	14	reader	reader	NOUN
cblr-3423	446	15	to	to	PART
cblr-3423	446	16	calculate	calculate	VERB
cblr-3423	446	17	the	the	DET
cblr-3423	446	18	current	current	ADJ
cblr-3423	446	19	value	value	NOUN
cblr-3423	446	20	in	in	ADP
cblr-3423	446	21	u.s	u.s	PROPN
cblr-3423	446	22	.	.	PROPN
cblr-3423	446	23	dollars	dollar	NOUN
cblr-3423	446	24	.	.	PUNCT
cblr-3423	447	1	see	see	VERB
cblr-3423	447	2	bitcoin	bitcoin	NOUN
cblr-3423	447	3	price	price	NOUN
cblr-3423	447	4	(	(	PUNCT
cblr-3423	447	5	btc	btc	NOUN
cblr-3423	447	6	)	)	PUNCT
cblr-3423	447	7	,	,	PUNCT
cblr-3423	447	8	coindesk	coindesk	NOUN
cblr-3423	447	9	,	,	PUNCT
cblr-3423	447	10	https://www.coin	https://www.coin	ADP
cblr-3423	447	11	desk.com/price/bitcoin	desk.com/price/bitcoin	PUNCT
cblr-3423	447	12	(	(	PUNCT
cblr-3423	447	13	on	on	ADP
cblr-3423	447	14	file	file	NOUN
cblr-3423	447	15	with	with	ADP
cblr-3423	447	16	the	the	DET
cblr-3423	447	17	columbia	columbia	PROPN
cblr-3423	447	18	business	business	PROPN
cblr-3423	447	19	law	law	PROPN
cblr-3423	447	20	review	review	PROPN
cblr-3423	447	21	)	)	PUNCT
cblr-3423	447	22	.	.	PUNCT
cblr-3423	448	1	95	95	NUM
cblr-3423	448	2	see	see	VERB
cblr-3423	448	3	generally	generally	ADV
cblr-3423	448	4	hinman	hinman	NOUN
cblr-3423	448	5	speech	speech	NOUN
cblr-3423	448	6	,	,	PUNCT
cblr-3423	448	7	supra	supra	PROPN
cblr-3423	448	8	note	note	NOUN
cblr-3423	448	9	39	39	NUM
cblr-3423	448	10	.	.	PUNCT
cblr-3423	449	1	96	96	NUM
cblr-3423	449	2	there	there	PRON
cblr-3423	449	3	is	be	VERB
cblr-3423	449	4	also	also	ADV
cblr-3423	449	5	an	an	DET
cblr-3423	449	6	issue	issue	NOUN
cblr-3423	449	7	of	of	ADP
cblr-3423	449	8	whether	whether	SCONJ
cblr-3423	449	9	there	there	PRON
cblr-3423	449	10	was	be	VERB
cblr-3423	449	11	a	a	DET
cblr-3423	449	12	sale	sale	NOUN
cblr-3423	449	13	directly	directly	ADV
cblr-3423	449	14	from	from	ADP
cblr-3423	449	15	nakamoto	nakamoto	NOUN
cblr-3423	449	16	—	—	PUNCT
cblr-3423	449	17	this	this	PRON
cblr-3423	449	18	,	,	PUNCT
cblr-3423	449	19	however	however	ADV
cblr-3423	449	20	,	,	PUNCT
cblr-3423	449	21	is	be	AUX
cblr-3423	449	22	a	a	DET
cblr-3423	449	23	proxy	proxy	NOUN
cblr-3423	449	24	for	for	ADP
cblr-3423	449	25	determining	determine	VERB
cblr-3423	449	26	whether	whether	SCONJ
cblr-3423	449	27	there	there	PRON
cblr-3423	449	28	was	be	VERB
cblr-3423	449	29	any	any	DET
cblr-3423	449	30	promise	promise	NOUN
cblr-3423	449	31	made	make	VERB
cblr-3423	449	32	.	.	PUNCT
cblr-3423	450	1	the	the	DET
cblr-3423	450	2	existence	existence	NOUN
cblr-3423	450	3	of	of	ADP
cblr-3423	450	4	consideration	consideration	NOUN
cblr-3423	450	5	is	be	AUX
cblr-3423	450	6	a	a	DET
cblr-3423	450	7	good	good	ADJ
cblr-3423	450	8	indication	indication	NOUN
cblr-3423	450	9	that	that	SCONJ
cblr-3423	450	10	there	there	PRON
cblr-3423	450	11	was	be	VERB
cblr-3423	450	12	something	something	PRON
cblr-3423	450	13	exchanged	exchange	VERB
cblr-3423	450	14	on	on	ADP
cblr-3423	450	15	the	the	DET
cblr-3423	450	16	other	other	ADJ
cblr-3423	450	17	side	side	NOUN
cblr-3423	450	18	.	.	PUNCT
cblr-3423	451	1	in	in	ADP
cblr-3423	451	2	the	the	DET
cblr-3423	451	3	case	case	NOUN
cblr-3423	451	4	of	of	ADP
cblr-3423	451	5	a	a	DET
cblr-3423	451	6	presale	presale	NOUN
cblr-3423	451	7	,	,	PUNCT
cblr-3423	451	8	as	as	SCONJ
cblr-3423	451	9	opposed	oppose	VERB
cblr-3423	451	10	to	to	ADP
cblr-3423	451	11	mining	mining	NOUN
cblr-3423	451	12	,	,	PUNCT
cblr-3423	451	13	this	this	DET
cblr-3423	451	14	promise	promise	NOUN
cblr-3423	451	15	is	be	AUX
cblr-3423	451	16	often	often	ADV
cblr-3423	451	17	to	to	PART
cblr-3423	451	18	build	build	VERB
cblr-3423	451	19	or	or	CCONJ
cblr-3423	451	20	maintain	maintain	VERB
cblr-3423	451	21	a	a	DET
cblr-3423	451	22	network	network	NOUN
cblr-3423	451	23	.	.	PUNCT
cblr-3423	452	1	97	97	NUM
cblr-3423	452	2	hinman	hinman	NOUN
cblr-3423	452	3	speech	speech	NOUN
cblr-3423	452	4	,	,	PUNCT
cblr-3423	452	5	supra	supra	PROPN
cblr-3423	452	6	note	note	NOUN
cblr-3423	452	7	39	39	NUM
cblr-3423	452	8	.	.	PUNCT
cblr-3423	452	9	98	98	NUM
cblr-3423	452	10	victoria	victoria	PROPN
cblr-3423	452	11	van	van	PROPN
cblr-3423	452	12	eyk	eyk	PROPN
cblr-3423	452	13	,	,	PUNCT
cblr-3423	452	14	ethereum	ethereum	NOUN
cblr-3423	452	15	launches	launch	NOUN
cblr-3423	452	16	own	own	ADJ
cblr-3423	452	17	‘	'	PUNCT
cblr-3423	452	18	ether	ether	ADJ
cblr-3423	452	19	’	'	PUNCT
cblr-3423	452	20	coin	coin	NOUN
cblr-3423	452	21	,	,	PUNCT
cblr-3423	452	22	with	with	ADP
cblr-3423	452	23	millions	million	NOUN
cblr-3423	452	24	already	already	ADV
cblr-3423	452	25	sold	sell	VERB
cblr-3423	452	26	,	,	PUNCT
cblr-3423	452	27	coindesk	coindesk	NOUN
cblr-3423	452	28	(	(	PUNCT
cblr-3423	452	29	july	july	PROPN
cblr-3423	452	30	23	23	NUM
cblr-3423	452	31	,	,	PUNCT
cblr-3423	452	32	2014	2014	NUM
cblr-3423	452	33	)	)	PUNCT
cblr-3423	452	34	,	,	PUNCT
cblr-3423	452	35	https://www.coindesk.com/ethereum-launches-ether-coin-millions-alreadysold	https://www.coindesk.com/ethereum-launches-ether-coin-millions-alreadysold	VERB
cblr-3423	452	36	[	[	X
cblr-3423	452	37	https://perma.cc/h7j4-t7fm	https://perma.cc/h7j4-t7fm	X
cblr-3423	452	38	]	]	X
cblr-3423	452	39	.	.	PUNCT
cblr-3423	453	1	472	472	NUM
cblr-3423	453	2	columbia	columbia	PROPN
cblr-3423	453	3	business	business	NOUN
cblr-3423	453	4	law	law	PROPN
cblr-3423	453	5	review	review	NOUN
cblr-3423	453	6	[	[	X
cblr-3423	453	7	vol	vol	NOUN
cblr-3423	453	8	.	.	PUNCT
cblr-3423	453	9	2019	2019	NUM
cblr-3423	453	10	use	use	VERB
cblr-3423	453	11	it	it	PRON
cblr-3423	453	12	to	to	PART
cblr-3423	453	13	develop	develop	VERB
cblr-3423	453	14	ethereum	ethereum	NOUN
cblr-3423	453	15	.	.	PUNCT
cblr-3423	454	1	”99	”99	PROPN
cblr-3423	454	2	if	if	SCONJ
cblr-3423	454	3	,	,	PUNCT
cblr-3423	454	4	following	follow	VERB
cblr-3423	454	5	the	the	DET
cblr-3423	454	6	presale	presale	NOUN
cblr-3423	454	7	,	,	PUNCT
cblr-3423	454	8	buterin	buterin	NOUN
cblr-3423	454	9	and	and	CCONJ
cblr-3423	454	10	his	his	PRON
cblr-3423	454	11	team	team	NOUN
cblr-3423	454	12	had	have	AUX
cblr-3423	454	13	absconded	abscond	VERB
cblr-3423	454	14	to	to	ADP
cblr-3423	454	15	the	the	DET
cblr-3423	454	16	bahamas	bahama	NOUN
cblr-3423	454	17	,	,	PUNCT
cblr-3423	454	18	his	his	PRON
cblr-3423	454	19	proposed	propose	VERB
cblr-3423	454	20	project	project	NOUN
cblr-3423	454	21	almost	almost	ADV
cblr-3423	454	22	certainly	certainly	ADV
cblr-3423	454	23	would	would	AUX
cblr-3423	454	24	have	have	AUX
cblr-3423	454	25	collapsed	collapse	VERB
cblr-3423	454	26	.	.	PUNCT
cblr-3423	455	1	thus	thus	ADV
cblr-3423	455	2	,	,	PUNCT
cblr-3423	455	3	ether	ether	NOUN
cblr-3423	455	4	would	would	AUX
cblr-3423	455	5	fail	fail	VERB
cblr-3423	455	6	the	the	DET
cblr-3423	455	7	bahamas	bahamas	PROPN
cblr-3423	455	8	test	test	NOUN
cblr-3423	455	9	.	.	PUNCT
cblr-3423	456	1	this	this	PRON
cblr-3423	456	2	alone	alone	ADV
cblr-3423	456	3	,	,	PUNCT
cblr-3423	456	4	however	however	ADV
cblr-3423	456	5	,	,	PUNCT
cblr-3423	456	6	does	do	AUX
cblr-3423	456	7	not	not	PART
cblr-3423	456	8	mean	mean	VERB
cblr-3423	456	9	that	that	SCONJ
cblr-3423	456	10	ether	ether	NOUN
cblr-3423	456	11	is	be	AUX
cblr-3423	456	12	a	a	DET
cblr-3423	456	13	security	security	NOUN
cblr-3423	456	14	.	.	PUNCT
cblr-3423	457	1	there	there	PRON
cblr-3423	457	2	is	be	VERB
cblr-3423	457	3	still	still	ADV
cblr-3423	457	4	the	the	DET
cblr-3423	457	5	second	second	ADJ
cblr-3423	457	6	step	step	NOUN
cblr-3423	457	7	of	of	ADP
cblr-3423	457	8	the	the	DET
cblr-3423	457	9	test.100	test.100	PROPN
cblr-3423	457	10	furthermore	furthermore	ADV
cblr-3423	457	11	,	,	PUNCT
cblr-3423	457	12	as	as	SCONJ
cblr-3423	457	13	director	director	NOUN
cblr-3423	457	14	hinman	hinman	NOUN
cblr-3423	457	15	pointed	point	VERB
cblr-3423	457	16	out	out	ADP
cblr-3423	457	17	,	,	PUNCT
cblr-3423	457	18	an	an	DET
cblr-3423	457	19	asset	asset	NOUN
cblr-3423	457	20	that	that	PRON
cblr-3423	457	21	was	be	AUX
cblr-3423	457	22	once	once	ADV
cblr-3423	457	23	issued	issue	VERB
cblr-3423	457	24	as	as	ADP
cblr-3423	457	25	a	a	DET
cblr-3423	457	26	security	security	NOUN
cblr-3423	457	27	—	—	PUNCT
cblr-3423	457	28	and	and	CCONJ
cblr-3423	457	29	even	even	ADV
cblr-3423	457	30	an	an	DET
cblr-3423	457	31	unregistered	unregistered	ADJ
cblr-3423	457	32	security	security	NOUN
cblr-3423	457	33	—	—	PUNCT
cblr-3423	457	34	can	can	AUX
cblr-3423	457	35	later	later	ADV
cblr-3423	457	36	lose	lose	VERB
cblr-3423	457	37	its	its	PRON
cblr-3423	457	38	security	security	NOUN
cblr-3423	457	39	characteristics.101	characteristics.101	PROPN
cblr-3423	457	40	peter	peter	PROPN
cblr-3423	457	41	van	van	PROPN
cblr-3423	457	42	valkenburgh	valkenburgh	PROPN
cblr-3423	457	43	gives	give	VERB
cblr-3423	457	44	a	a	DET
cblr-3423	457	45	particularly	particularly	ADV
cblr-3423	457	46	useful	useful	ADJ
cblr-3423	457	47	analogy	analogy	NOUN
cblr-3423	457	48	:	:	PUNCT
cblr-3423	458	1	[	[	X
cblr-3423	458	2	t]ake	t]ake	VERB
cblr-3423	458	3	the	the	DET
cblr-3423	458	4	facts	fact	NOUN
cblr-3423	458	5	of	of	ADP
cblr-3423	458	6	the	the	DET
cblr-3423	458	7	howey	howey	PROPN
cblr-3423	458	8	case	case	NOUN
cblr-3423	458	9	itself	itself	PRON
cblr-3423	458	10	,	,	PUNCT
cblr-3423	458	11	and	and	CCONJ
cblr-3423	458	12	make	make	VERB
cblr-3423	458	13	a	a	DET
cblr-3423	458	14	small	small	ADJ
cblr-3423	458	15	change	change	NOUN
cblr-3423	458	16	.	.	PUNCT
cblr-3423	459	1	as	as	ADP
cblr-3423	459	2	before	before	ADV
cblr-3423	459	3	,	,	PUNCT
cblr-3423	459	4	mr	mr	PROPN
cblr-3423	459	5	.	.	PROPN
cblr-3423	459	6	howey	howey	PROPN
cblr-3423	459	7	convinces	convince	VERB
cblr-3423	459	8	people	people	NOUN
cblr-3423	459	9	to	to	PART
cblr-3423	459	10	give	give	VERB
cblr-3423	459	11	him	he	PRON
cblr-3423	459	12	money	money	NOUN
cblr-3423	459	13	for	for	ADP
cblr-3423	459	14	land	land	NOUN
cblr-3423	459	15	in	in	ADP
cblr-3423	459	16	florida	florida	PROPN
cblr-3423	459	17	;	;	PUNCT
cblr-3423	459	18	he	he	PRON
cblr-3423	459	19	says	say	VERB
cblr-3423	459	20	they	they	PRON
cblr-3423	459	21	own	own	VERB
cblr-3423	459	22	the	the	DET
cblr-3423	459	23	land	land	NOUN
cblr-3423	459	24	and	and	CCONJ
cblr-3423	459	25	he	he	PRON
cblr-3423	459	26	says	say	VERB
cblr-3423	459	27	he	he	PRON
cblr-3423	459	28	’ll	’ll	AUX
cblr-3423	459	29	maintain	maintain	VERB
cblr-3423	459	30	the	the	DET
cblr-3423	459	31	orange	orange	PROPN
cblr-3423	459	32	trees	tree	NOUN
cblr-3423	459	33	that	that	PRON
cblr-3423	459	34	grow	grow	VERB
cblr-3423	459	35	on	on	ADP
cblr-3423	459	36	the	the	DET
cblr-3423	459	37	land	land	NOUN
cblr-3423	459	38	.	.	PUNCT
cblr-3423	460	1	but	but	CCONJ
cblr-3423	460	2	,	,	PUNCT
cblr-3423	460	3	instead	instead	ADV
cblr-3423	460	4	of	of	ADP
cblr-3423	460	5	promising	promise	VERB
cblr-3423	460	6	to	to	PART
cblr-3423	460	7	pay	pay	VERB
cblr-3423	460	8	investors	investor	NOUN
cblr-3423	460	9	profits	profit	NOUN
cblr-3423	460	10	from	from	ADP
cblr-3423	460	11	selling	sell	VERB
cblr-3423	460	12	the	the	DET
cblr-3423	460	13	oranges	orange	NOUN
cblr-3423	460	14	at	at	ADP
cblr-3423	460	15	market	market	NOUN
cblr-3423	460	16	,	,	PUNCT
cblr-3423	460	17	he	he	PRON
cblr-3423	460	18	promises	promise	VERB
cblr-3423	460	19	to	to	PART
cblr-3423	460	20	give	give	VERB
cblr-3423	460	21	them	they	PRON
cblr-3423	460	22	the	the	DET
cblr-3423	460	23	oranges	orange	NOUN
cblr-3423	460	24	.	.	PUNCT
cblr-3423	461	1	this	this	DET
cblr-3423	461	2	fact	fact	NOUN
cblr-3423	461	3	does	do	AUX
cblr-3423	461	4	not	not	PART
cblr-3423	461	5	change	change	VERB
cblr-3423	461	6	the	the	DET
cblr-3423	461	7	outcome	outcome	NOUN
cblr-3423	461	8	in	in	ADP
cblr-3423	461	9	howey	howey	PRON
cblr-3423	461	10	—	—	PUNCT
cblr-3423	461	11	the	the	DET
cblr-3423	461	12	[	[	X
cblr-3423	461	13	sic	sic	ADJ
cblr-3423	461	14	]	]	X
cblr-3423	461	15	court	court	NOUN
cblr-3423	461	16	would	would	AUX
cblr-3423	461	17	still	still	ADV
cblr-3423	461	18	have	have	AUX
cblr-3423	461	19	found	find	VERB
cblr-3423	461	20	that	that	SCONJ
cblr-3423	461	21	investment	investment	NOUN
cblr-3423	461	22	contracts	contract	NOUN
cblr-3423	461	23	for	for	ADP
cblr-3423	461	24	an	an	DET
cblr-3423	461	25	orange	orange	PROPN
cblr-3423	461	26	grove	grove	PROPN
cblr-3423	461	27	in	in	ADP
cblr-3423	461	28	florida	florida	PROPN
cblr-3423	461	29	had	have	AUX
cblr-3423	461	30	been	be	AUX
cblr-3423	461	31	sold	sell	VERB
cblr-3423	461	32	—	—	PUNCT
cblr-3423	461	33	but	but	CCONJ
cblr-3423	461	34	,	,	PUNCT
cblr-3423	461	35	of	of	ADP
cblr-3423	461	36	course	course	NOUN
cblr-3423	461	37	,	,	PUNCT
cblr-3423	461	38	the	the	DET
cblr-3423	461	39	oranges	orange	NOUN
cblr-3423	461	40	themselves	themselves	PRON
cblr-3423	461	41	would	would	AUX
cblr-3423	461	42	never	never	ADV
cblr-3423	461	43	have	have	AUX
cblr-3423	461	44	been	be	AUX
cblr-3423	461	45	found	find	VERB
cblr-3423	461	46	to	to	PART
cblr-3423	461	47	be	be	AUX
cblr-3423	461	48	securities	security	NOUN
cblr-3423	461	49	.	.	PUNCT
cblr-3423	462	1	if	if	SCONJ
cblr-3423	462	2	one	one	NUM
cblr-3423	462	3	of	of	ADP
cblr-3423	462	4	the	the	DET
cblr-3423	462	5	resultant	resultant	NOUN
cblr-3423	462	6	oranges	orange	NOUN
cblr-3423	462	7	ends	end	VERB
cblr-3423	462	8	up	up	ADP
cblr-3423	462	9	in	in	ADP
cblr-3423	462	10	a	a	DET
cblr-3423	462	11	grocery	grocery	NOUN
cblr-3423	462	12	store	store	NOUN
cblr-3423	462	13	,	,	PUNCT
cblr-3423	462	14	you	you	PRON
cblr-3423	462	15	do	do	AUX
cblr-3423	462	16	n’t	not	PART
cblr-3423	462	17	need	need	VERB
cblr-3423	462	18	a	a	DET
cblr-3423	462	19	broker	broker	NOUN
cblr-3423	462	20	dealer	dealer	NOUN
cblr-3423	462	21	to	to	PART
cblr-3423	462	22	buy	buy	VERB
cblr-3423	462	23	it	it	PRON
cblr-3423	462	24	for	for	ADP
cblr-3423	462	25	you	you	PRON
cblr-3423	462	26	.	.	PUNCT
cblr-3423	463	1	people	people	NOUN
cblr-3423	463	2	know	know	VERB
cblr-3423	463	3	this	this	PRON
cblr-3423	463	4	intuitively	intuitively	ADV
cblr-3423	463	5	with	with	ADP
cblr-3423	463	6	oranges	orange	NOUN
cblr-3423	463	7	and	and	CCONJ
cblr-3423	463	8	other	other	ADJ
cblr-3423	463	9	scarce	scarce	ADJ
cblr-3423	463	10	physical	physical	ADJ
cblr-3423	463	11	things	thing	NOUN
cblr-3423	463	12	(	(	PUNCT
cblr-3423	463	13	of	of	ADP
cblr-3423	463	14	course	course	NOUN
cblr-3423	463	15	this	this	DET
cblr-3423	463	16	inert	inert	ADJ
cblr-3423	463	17	object	object	NOUN
cblr-3423	463	18	i	i	PRON
cblr-3423	463	19	hold	hold	VERB
cblr-3423	463	20	in	in	ADP
cblr-3423	463	21	my	my	PRON
cblr-3423	463	22	hand	hand	NOUN
cblr-3423	463	23	is	be	AUX
cblr-3423	463	24	n’t	not	PART
cblr-3423	463	25	a	a	DET
cblr-3423	463	26	security	security	NOUN
cblr-3423	463	27	—	—	PUNCT
cblr-3423	463	28	it	it	PRON
cblr-3423	463	29	’s	’	VERB
cblr-3423	463	30	just	just	ADV
cblr-3423	463	31	a	a	DET
cblr-3423	463	32	thing	thing	NOUN
cblr-3423	463	33	)	)	PUNCT
cblr-3423	463	34	,	,	PUNCT
cblr-3423	463	35	but	but	CCONJ
cblr-3423	463	36	many	many	ADJ
cblr-3423	463	37	have	have	AUX
cblr-3423	463	38	n’t	not	PART
cblr-3423	463	39	yet	yet	ADV
cblr-3423	463	40	internalized	internalize	VERB
cblr-3423	463	41	that	that	PRON
cblr-3423	463	42	scarce	scarce	ADJ
cblr-3423	463	43	digital	digital	ADJ
cblr-3423	463	44	things	thing	NOUN
cblr-3423	463	45	now	now	ADV
cblr-3423	463	46	exist	exist	VERB
cblr-3423	463	47	and	and	CCONJ
cblr-3423	463	48	the	the	DET
cblr-3423	463	49	same	same	ADJ
cblr-3423	463	50	reasoning	reasoning	NOUN
cblr-3423	463	51	applies.102	applies.102	INTJ
cblr-3423	463	52	on	on	ADP
cblr-3423	463	53	the	the	DET
cblr-3423	463	54	other	other	ADJ
cblr-3423	463	55	end	end	NOUN
cblr-3423	463	56	of	of	ADP
cblr-3423	463	57	the	the	DET
cblr-3423	463	58	spectrum	spectrum	NOUN
cblr-3423	463	59	is	be	AUX
cblr-3423	463	60	an	an	DET
cblr-3423	463	61	ico	ico	NOUN
cblr-3423	463	62	like	like	ADP
cblr-3423	463	63	recoin	recoin	NOUN
cblr-3423	463	64	,	,	PUNCT
cblr-3423	463	65	for	for	ADP
cblr-3423	463	66	which	which	PRON
cblr-3423	463	67	the	the	DET
cblr-3423	463	68	issuers	issuer	NOUN
cblr-3423	463	69	made	make	VERB
cblr-3423	463	70	specific	specific	ADJ
cblr-3423	463	71	promises	promise	NOUN
cblr-3423	463	72	about	about	ADP
cblr-3423	463	73	backing	back	VERB
cblr-3423	463	74	tokens	token	NOUN
cblr-3423	463	75	with	with	ADP
cblr-3423	463	76	real	real	ADJ
cblr-3423	463	77	estate.103	estate.103	NOUN
cblr-3423	463	78	this	this	PRON
cblr-3423	463	79	is	be	AUX
cblr-3423	463	80	a	a	DET
cblr-3423	463	81	contractual	contractual	ADJ
cblr-3423	463	82	statement	statement	NOUN
cblr-3423	463	83	,	,	PUNCT
cblr-3423	463	84	99	99	NUM
cblr-3423	463	85	i	i	PROPN
cblr-3423	463	86	d.	d.	PROPN
cblr-3423	463	87	100	100	NUM
cblr-3423	463	88	see	see	VERB
cblr-3423	463	89	infra	infra	NOUN
cblr-3423	463	90	section	section	NOUN
cblr-3423	463	91	iv.b	iv.b	PROPN
cblr-3423	463	92	(	(	PUNCT
cblr-3423	463	93	discussing	discuss	VERB
cblr-3423	463	94	the	the	DET
cblr-3423	463	95	“	"	PUNCT
cblr-3423	463	96	expectation	expectation	NOUN
cblr-3423	463	97	of	of	ADP
cblr-3423	463	98	profit	profit	NOUN
cblr-3423	463	99	”	"	PUNCT
cblr-3423	463	100	analysis	analysis	NOUN
cblr-3423	463	101	of	of	ADP
cblr-3423	463	102	ethereum	ethereum	NOUN
cblr-3423	463	103	,	,	PUNCT
cblr-3423	463	104	which	which	PRON
cblr-3423	463	105	concludes	conclude	VERB
cblr-3423	463	106	ether	ether	NOUN
cblr-3423	463	107	could	could	AUX
cblr-3423	463	108	pass	pass	VERB
cblr-3423	463	109	the	the	DET
cblr-3423	463	110	substantial	substantial	ADJ
cblr-3423	463	111	steps	step	NOUN
cblr-3423	463	112	test	test	NOUN
cblr-3423	463	113	)	)	PUNCT
cblr-3423	463	114	.	.	PUNCT
cblr-3423	464	1	101	101	NUM
cblr-3423	464	2	hinman	hinman	NOUN
cblr-3423	464	3	speech	speech	NOUN
cblr-3423	464	4	,	,	PUNCT
cblr-3423	464	5	supra	supra	PROPN
cblr-3423	464	6	note	note	NOUN
cblr-3423	464	7	39	39	NUM
cblr-3423	464	8	.	.	PUNCT
cblr-3423	465	1	102	102	NUM
cblr-3423	465	2	van	van	PROPN
cblr-3423	465	3	valkenburgh	valkenburgh	PROPN
cblr-3423	465	4	,	,	PUNCT
cblr-3423	465	5	supra	supra	PROPN
cblr-3423	465	6	note	note	PROPN
cblr-3423	465	7	28	28	NUM
cblr-3423	465	8	,	,	PUNCT
cblr-3423	465	9	at	at	ADP
cblr-3423	465	10	61	61	NUM
cblr-3423	465	11	.	.	PUNCT
cblr-3423	465	12	103	103	NUM
cblr-3423	465	13	cali	cali	PROPN
cblr-3423	465	14	haan	haan	PROPN
cblr-3423	465	15	,	,	PUNCT
cblr-3423	465	16	recoin	recoin	NOUN
cblr-3423	465	17	and	and	CCONJ
cblr-3423	465	18	diamond	diamond	PROPN
cblr-3423	465	19	reserve	reserve	PROPN
cblr-3423	465	20	coin	coin	PROPN
cblr-3423	465	21	ico	ico	PROPN
cblr-3423	465	22	issuer	issuer	NOUN
cblr-3423	465	23	pleads	plead	VERB
cblr-3423	465	24	guilty	guilty	ADJ
cblr-3423	465	25	to	to	ADP
cblr-3423	465	26	fraud	fraud	NOUN
cblr-3423	465	27	,	,	PUNCT
cblr-3423	465	28	crowdfund	crowdfund	ADJ
cblr-3423	465	29	insider	insider	NOUN
cblr-3423	465	30	(	(	PUNCT
cblr-3423	465	31	nov	nov	PROPN
cblr-3423	465	32	.	.	PROPN
cblr-3423	465	33	16	16	NUM
cblr-3423	465	34	,	,	PUNCT
cblr-3423	465	35	2018	2018	NUM
cblr-3423	465	36	)	)	PUNCT
cblr-3423	465	37	,	,	PUNCT
cblr-3423	465	38	no	no	INTJ
cblr-3423	465	39	.	.	NOUN
cblr-3423	465	40	2:443	2:443	NUM
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cblr-3423	465	42	a	a	DET
cblr-3423	465	43	regulatory	regulatory	ADJ
cblr-3423	465	44	classification	classification	NOUN
cblr-3423	465	45	of	of	ADP
cblr-3423	465	46	digital	digital	ADJ
cblr-3423	465	47	assets	asset	NOUN
cblr-3423	465	48	473	473	NUM
cblr-3423	465	49	and	and	CCONJ
cblr-3423	465	50	were	be	AUX
cblr-3423	465	51	the	the	DET
cblr-3423	465	52	promoters	promoter	NOUN
cblr-3423	465	53	to	to	PART
cblr-3423	465	54	flee	flee	VERB
cblr-3423	465	55	,	,	PUNCT
cblr-3423	465	56	the	the	DET
cblr-3423	465	57	project	project	NOUN
cblr-3423	465	58	would	would	AUX
cblr-3423	465	59	cease	cease	VERB
cblr-3423	465	60	to	to	PART
cblr-3423	465	61	exist	exist	VERB
cblr-3423	465	62	because	because	SCONJ
cblr-3423	465	63	it	it	PRON
cblr-3423	465	64	would	would	AUX
cblr-3423	465	65	not	not	PART
cblr-3423	465	66	fulfill	fulfill	VERB
cblr-3423	465	67	its	its	PRON
cblr-3423	465	68	primary	primary	ADJ
cblr-3423	465	69	claim	claim	NOUN
cblr-3423	465	70	of	of	ADP
cblr-3423	465	71	economic	economic	ADJ
cblr-3423	465	72	value	value	NOUN
cblr-3423	465	73	.	.	PUNCT
cblr-3423	466	1	recoin	recoin	NOUN
cblr-3423	466	2	would	would	AUX
cblr-3423	466	3	thus	thus	ADV
cblr-3423	466	4	fail	fail	VERB
cblr-3423	466	5	the	the	DET
cblr-3423	466	6	bahamas	bahamas	PROPN
cblr-3423	466	7	test	test	NOUN
cblr-3423	466	8	because	because	SCONJ
cblr-3423	466	9	it	it	PRON
cblr-3423	466	10	is	be	AUX
cblr-3423	466	11	not	not	PART
cblr-3423	466	12	decentralized	decentralize	VERB
cblr-3423	466	13	.	.	PUNCT
cblr-3423	467	1	this	this	DET
cblr-3423	467	2	easy	easy	ADJ
cblr-3423	467	3	case	case	NOUN
cblr-3423	467	4	provides	provide	VERB
cblr-3423	467	5	a	a	DET
cblr-3423	467	6	meaningful	meaningful	ADJ
cblr-3423	467	7	contrast	contrast	NOUN
cblr-3423	467	8	to	to	ADP
cblr-3423	467	9	ether	ether	NOUN
cblr-3423	467	10	’s	’s	PART
cblr-3423	467	11	more	more	ADV
cblr-3423	467	12	ambiguous	ambiguous	ADJ
cblr-3423	467	13	status	status	NOUN
cblr-3423	467	14	.	.	PUNCT
cblr-3423	468	1	iii	iii	X
cblr-3423	468	2	.	.	PUNCT
cblr-3423	469	1	the	the	DET
cblr-3423	469	2	dao	dao	NOUN
cblr-3423	469	3	an	an	DET
cblr-3423	469	4	even	even	ADV
cblr-3423	469	5	more	more	ADV
cblr-3423	469	6	difficult	difficult	ADJ
cblr-3423	469	7	case	case	NOUN
cblr-3423	469	8	than	than	SCONJ
cblr-3423	469	9	ether	ether	NOUN
cblr-3423	469	10	is	be	AUX
cblr-3423	469	11	the	the	DET
cblr-3423	469	12	dao	dao	PROPN
cblr-3423	469	13	.	.	PUNCT
cblr-3423	470	1	the	the	DET
cblr-3423	470	2	dao	dao	PROPN
cblr-3423	470	3	was	be	AUX
cblr-3423	470	4	meant	mean	VERB
cblr-3423	470	5	to	to	PART
cblr-3423	470	6	operate	operate	VERB
cblr-3423	470	7	as	as	ADP
cblr-3423	470	8	an	an	DET
cblr-3423	470	9	investment	investment	NOUN
cblr-3423	470	10	fund	fund	NOUN
cblr-3423	470	11	,	,	PUNCT
cblr-3423	470	12	in	in	ADP
cblr-3423	470	13	which	which	PRON
cblr-3423	470	14	investors	investor	NOUN
cblr-3423	470	15	would	would	AUX
cblr-3423	470	16	fund	fund	VERB
cblr-3423	470	17	an	an	DET
cblr-3423	470	18	entity	entity	NOUN
cblr-3423	470	19	that	that	PRON
cblr-3423	470	20	would	would	AUX
cblr-3423	470	21	later	later	ADV
cblr-3423	470	22	make	make	VERB
cblr-3423	470	23	distributions	distribution	NOUN
cblr-3423	470	24	to	to	PART
cblr-3423	470	25	fund	fund	VERB
cblr-3423	470	26	business	business	NOUN
cblr-3423	470	27	ventures.104	ventures.104	NOUN
cblr-3423	470	28	the	the	DET
cblr-3423	470	29	dao	dao	NOUN
cblr-3423	470	30	would	would	AUX
cblr-3423	470	31	not	not	PART
cblr-3423	470	32	be	be	AUX
cblr-3423	470	33	like	like	ADP
cblr-3423	470	34	other	other	ADJ
cblr-3423	470	35	venture	venture	NOUN
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cblr-3423	470	37	funds	fund	NOUN
cblr-3423	470	38	in	in	ADP
cblr-3423	470	39	a	a	DET
cblr-3423	470	40	key	key	ADJ
cblr-3423	470	41	way	way	NOUN
cblr-3423	470	42	—	—	PUNCT
cblr-3423	470	43	there	there	PRON
cblr-3423	470	44	would	would	AUX
cblr-3423	470	45	be	be	AUX
cblr-3423	470	46	no	no	PRON
cblr-3423	470	47	general	general	ADJ
cblr-3423	470	48	partner	partner	NOUN
cblr-3423	470	49	making	make	VERB
cblr-3423	470	50	decisions	decision	NOUN
cblr-3423	470	51	on	on	ADP
cblr-3423	470	52	behalf	behalf	NOUN
cblr-3423	470	53	of	of	ADP
cblr-3423	470	54	the	the	DET
cblr-3423	470	55	limited	limited	ADJ
cblr-3423	470	56	partners	partner	NOUN
cblr-3423	470	57	.	.	PUNCT
cblr-3423	471	1	instead	instead	ADV
cblr-3423	471	2	,	,	PUNCT
cblr-3423	471	3	using	use	VERB
cblr-3423	471	4	an	an	DET
cblr-3423	471	5	open	open	ADJ
cblr-3423	471	6	-	-	PUNCT
cblr-3423	471	7	source	source	NOUN
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cblr-3423	471	9	,	,	PUNCT
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cblr-3423	471	11	of	of	ADP
cblr-3423	471	12	the	the	DET
cblr-3423	471	13	ethereum	ethereum	NOUN
cblr-3423	471	14	community	community	NOUN
cblr-3423	471	15	would	would	AUX
cblr-3423	471	16	use	use	VERB
cblr-3423	471	17	a	a	DET
cblr-3423	471	18	coding	code	VERB
cblr-3423	471	19	framework	framework	NOUN
cblr-3423	471	20	—	—	PUNCT
cblr-3423	471	21	slock.it	slock.it	NUM
cblr-3423	471	22	—	—	PUNCT
cblr-3423	471	23	to	to	PART
cblr-3423	471	24	build	build	VERB
cblr-3423	471	25	a	a	DET
cblr-3423	471	26	smart	smart	ADJ
cblr-3423	471	27	contract	contract	NOUN
cblr-3423	471	28	on	on	ADP
cblr-3423	471	29	the	the	DET
cblr-3423	471	30	ethereum	ethereum	NOUN
cblr-3423	471	31	blockchain	blockchain	PROPN
cblr-3423	471	32	.	.	PUNCT
cblr-3423	472	1	the	the	DET
cblr-3423	472	2	smart	smart	ADJ
cblr-3423	472	3	contract	contract	NOUN
cblr-3423	472	4	would	would	AUX
cblr-3423	472	5	be	be	AUX
cblr-3423	472	6	selfexecuting	selfexecute	VERB
cblr-3423	472	7	,	,	PUNCT
cblr-3423	472	8	meaning	mean	VERB
cblr-3423	472	9	once	once	SCONJ
cblr-3423	472	10	it	it	PRON
cblr-3423	472	11	was	be	AUX
cblr-3423	472	12	built	build	VERB
cblr-3423	472	13	and	and	CCONJ
cblr-3423	472	14	deployed	deploy	VERB
cblr-3423	472	15	,	,	PUNCT
cblr-3423	472	16	the	the	DET
cblr-3423	472	17	smart	smart	ADJ
cblr-3423	472	18	contract	contract	NOUN
cblr-3423	472	19	would	would	AUX
cblr-3423	472	20	make	make	VERB
cblr-3423	472	21	investment	investment	NOUN
cblr-3423	472	22	-	-	PUNCT
cblr-3423	472	23	funding	funding	NOUN
cblr-3423	472	24	decisions	decision	NOUN
cblr-3423	472	25	.	.	PUNCT
cblr-3423	473	1	anyone	anyone	PRON
cblr-3423	473	2	with	with	ADP
cblr-3423	473	3	a	a	DET
cblr-3423	473	4	project	project	NOUN
cblr-3423	473	5	could	could	AUX
cblr-3423	473	6	pitch	pitch	VERB
cblr-3423	473	7	an	an	DET
cblr-3423	473	8	idea	idea	NOUN
cblr-3423	473	9	to	to	ADP
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cblr-3423	473	12	community	community	NOUN
cblr-3423	473	13	—	—	PUNCT
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cblr-3423	473	16	12.7	12.7	NUM
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cblr-3423	473	18	ether	ether	NOUN
cblr-3423	473	19	(	(	PUNCT
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cblr-3423	473	21	at	at	ADP
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cblr-3423	473	23	$	$	SYM
cblr-3423	473	24	150	150	NUM
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cblr-3423	473	26	at	at	ADP
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cblr-3423	473	28	time	time	NOUN
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cblr-3423	473	30	.	.	PUNCT
cblr-3423	474	1	individuals	individual	NOUN
cblr-3423	474	2	with	with	ADP
cblr-3423	474	3	tokens	token	NOUN
cblr-3423	474	4	could	could	AUX
cblr-3423	474	5	vote	vote	VERB
cblr-3423	474	6	on	on	ADP
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cblr-3423	474	9	,	,	PUNCT
cblr-3423	474	10	and	and	CCONJ
cblr-3423	474	11	if	if	SCONJ
cblr-3423	474	12	the	the	DET
cblr-3423	474	13	projects	project	NOUN
cblr-3423	474	14	were	be	AUX
cblr-3423	474	15	profitable	profitable	ADJ
cblr-3423	474	16	,	,	PUNCT
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cblr-3423	474	18	would	would	AUX
cblr-3423	474	19	receive	receive	VERB
cblr-3423	474	20	distributions	distribution	NOUN
cblr-3423	474	21	.	.	PUNCT
cblr-3423	475	1	things	thing	NOUN
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cblr-3423	475	4	a	a	DET
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cblr-3423	475	6	found	find	VERB
cblr-3423	475	7	a	a	DET
cblr-3423	475	8	weakness	weakness	NOUN
cblr-3423	475	9	in	in	ADP
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cblr-3423	475	12	,	,	PUNCT
cblr-3423	475	13	which	which	PRON
cblr-3423	475	14	allowed	allow	VERB
cblr-3423	475	15	him	he	PRON
cblr-3423	475	16	to	to	PART
cblr-3423	475	17	steal	steal	VERB
cblr-3423	475	18	nearly	nearly	ADV
cblr-3423	475	19	$	$	SYM
cblr-3423	475	20	55	55	NUM
cblr-3423	475	21	million	million	NUM
cblr-3423	475	22	,	,	PUNCT
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cblr-3423	476	4	.	.	PUNCT
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cblr-3423	477	2	christoph	christoph	PROPN
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cblr-3423	477	6	autonomous	autonomous	ADJ
cblr-3423	477	7	organization	organization	NOUN
cblr-3423	477	8	to	to	PART
cblr-3423	477	9	automate	automate	VERB
cblr-3423	477	10	governance	governance	NOUN
cblr-3423	477	11	final	final	ADJ
cblr-3423	477	12	draft	draft	NOUN
cblr-3423	477	13	–	–	PUNCT
cblr-3423	477	14	under	under	ADP
cblr-3423	477	15	review	review	NOUN
cblr-3423	477	16	(	(	PUNCT
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cblr-3423	477	18	manuscript	manuscript	NOUN
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cblr-3423	477	22	[	[	X
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cblr-3423	478	11	:	:	PUNCT
cblr-3423	478	12	unfortunate	unfortunate	ADJ
cblr-3423	478	13	take	take	NOUN
cblr-3423	478	14	-	-	PUNCT
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cblr-3423	478	21	(	(	PUNCT
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cblr-3423	480	14	the	the	DET
cblr-3423	480	15	hacker	hacker	NOUN
cblr-3423	480	16	was	be	AUX
cblr-3423	480	17	not	not	PART
cblr-3423	480	18	the	the	DET
cblr-3423	480	19	person	person	NOUN
cblr-3423	480	20	who	who	PRON
cblr-3423	480	21	set	set	VERB
cblr-3423	480	22	up	up	ADP
cblr-3423	480	23	the	the	DET
cblr-3423	480	24	dao	dao	NOUN
cblr-3423	480	25	,	,	PUNCT
cblr-3423	480	26	since	since	SCONJ
cblr-3423	480	27	no	no	DET
cblr-3423	480	28	single	single	ADJ
cblr-3423	480	29	individual	individual	NOUN
cblr-3423	480	30	set	set	VERB
cblr-3423	480	31	up	up	ADP
cblr-3423	480	32	the	the	DET
cblr-3423	480	33	dao	dao	NOUN
cblr-3423	480	34	.	.	PUNCT
cblr-3423	481	1	instead	instead	ADV
cblr-3423	481	2	,	,	PUNCT
cblr-3423	481	3	the	the	DET
cblr-3423	481	4	hacker	hacker	NOUN
cblr-3423	481	5	simply	simply	ADV
cblr-3423	481	6	observed	observe	VERB
cblr-3423	481	7	the	the	DET
cblr-3423	481	8	weakness	weakness	NOUN
cblr-3423	481	9	—	—	PUNCT
cblr-3423	481	10	which	which	PRON
cblr-3423	481	11	had	have	VERB
cblr-3423	481	12	to	to	PART
cblr-3423	481	13	do	do	VERB
cblr-3423	481	14	with	with	ADP
cblr-3423	481	15	the	the	DET
cblr-3423	481	16	timing	timing	NOUN
cblr-3423	481	17	of	of	ADP
cblr-3423	481	18	how	how	SCONJ
cblr-3423	481	19	the	the	DET
cblr-3423	481	20	smart	smart	ADJ
cblr-3423	481	21	contracts	contract	NOUN
cblr-3423	481	22	and	and	CCONJ
cblr-3423	481	23	token	token	ADJ
cblr-3423	481	24	balances	balance	NOUN
cblr-3423	481	25	were	be	AUX
cblr-3423	481	26	updated	update	VERB
cblr-3423	481	27	—	—	PUNCT
cblr-3423	481	28	and	and	CCONJ
cblr-3423	481	29	exploited	exploit	VERB
cblr-3423	481	30	it	it	PRON
cblr-3423	481	31	.	.	PUNCT
cblr-3423	482	1	at	at	ADP
cblr-3423	482	2	first	first	ADJ
cblr-3423	482	3	blush	blush	NOUN
cblr-3423	482	4	,	,	PUNCT
cblr-3423	482	5	it	it	PRON
cblr-3423	482	6	would	would	AUX
cblr-3423	482	7	seem	seem	VERB
cblr-3423	482	8	the	the	DET
cblr-3423	482	9	dao	dao	NOUN
cblr-3423	482	10	was	be	AUX
cblr-3423	482	11	sufficiently	sufficiently	ADV
cblr-3423	482	12	decentralized	decentralize	VERB
cblr-3423	482	13	.	.	PUNCT
cblr-3423	483	1	the	the	DET
cblr-3423	483	2	founders	founder	NOUN
cblr-3423	483	3	of	of	ADP
cblr-3423	483	4	the	the	DET
cblr-3423	483	5	project	project	NOUN
cblr-3423	483	6	could	could	AUX
cblr-3423	483	7	have	have	AUX
cblr-3423	483	8	left	leave	VERB
cblr-3423	483	9	the	the	DET
cblr-3423	483	10	project	project	NOUN
cblr-3423	483	11	,	,	PUNCT
cblr-3423	483	12	and	and	CCONJ
cblr-3423	483	13	it	it	PRON
cblr-3423	483	14	would	would	AUX
cblr-3423	483	15	not	not	PART
cblr-3423	483	16	fail	fail	VERB
cblr-3423	483	17	because	because	SCONJ
cblr-3423	483	18	others	other	NOUN
cblr-3423	483	19	could	could	AUX
cblr-3423	483	20	and	and	CCONJ
cblr-3423	483	21	did	do	AUX
cblr-3423	483	22	participate	participate	VERB
cblr-3423	483	23	in	in	ADP
cblr-3423	483	24	the	the	DET
cblr-3423	483	25	network.107	network.107	PROPN
cblr-3423	483	26	furthermore	furthermore	ADV
cblr-3423	483	27	,	,	PUNCT
cblr-3423	483	28	slock.it	slock.it	PRON
cblr-3423	483	29	had	have	AUX
cblr-3423	483	30	denied	deny	VERB
cblr-3423	483	31	implicit	implicit	ADJ
cblr-3423	483	32	or	or	CCONJ
cblr-3423	483	33	explicit	explicit	ADJ
cblr-3423	483	34	obligations	obligation	NOUN
cblr-3423	483	35	to	to	ADP
cblr-3423	483	36	those	those	PRON
cblr-3423	483	37	participating	participate	VERB
cblr-3423	483	38	in	in	ADP
cblr-3423	483	39	the	the	DET
cblr-3423	483	40	project	project	NOUN
cblr-3423	483	41	.	.	PUNCT
cblr-3423	484	1	thus	thus	ADV
cblr-3423	484	2	,	,	PUNCT
cblr-3423	484	3	under	under	ADP
cblr-3423	484	4	the	the	DET
cblr-3423	484	5	bahamas	bahamas	PROPN
cblr-3423	484	6	test	test	NOUN
cblr-3423	484	7	,	,	PUNCT
cblr-3423	484	8	the	the	DET
cblr-3423	484	9	dao	dao	NOUN
cblr-3423	484	10	would	would	AUX
cblr-3423	484	11	appear	appear	VERB
cblr-3423	484	12	to	to	PART
cblr-3423	484	13	not	not	PART
cblr-3423	484	14	satisfy	satisfy	VERB
cblr-3423	484	15	the	the	DET
cblr-3423	484	16	definition	definition	NOUN
cblr-3423	484	17	of	of	ADP
cblr-3423	484	18	an	an	DET
cblr-3423	484	19	investment	investment	NOUN
cblr-3423	484	20	contract	contract	NOUN
cblr-3423	484	21	,	,	PUNCT
cblr-3423	484	22	and	and	CCONJ
cblr-3423	484	23	could	could	AUX
cblr-3423	484	24	not	not	PART
cblr-3423	484	25	be	be	AUX
cblr-3423	484	26	regulated	regulate	VERB
cblr-3423	484	27	as	as	ADP
cblr-3423	484	28	a	a	DET
cblr-3423	484	29	security	security	NOUN
cblr-3423	484	30	.	.	PUNCT
cblr-3423	485	1	the	the	DET
cblr-3423	485	2	sec	sec	PROPN
cblr-3423	485	3	,	,	PUNCT
cblr-3423	485	4	however	however	ADV
cblr-3423	485	5	,	,	PUNCT
cblr-3423	485	6	disagreed.108	disagreed.108	PROPN
cblr-3423	485	7	it	it	PRON
cblr-3423	485	8	declared	declare	VERB
cblr-3423	485	9	the	the	DET
cblr-3423	485	10	dao	dao	NOUN
cblr-3423	485	11	was	be	AUX
cblr-3423	485	12	,	,	PUNCT
cblr-3423	485	13	in	in	ADP
cblr-3423	485	14	fact	fact	NOUN
cblr-3423	485	15	,	,	PUNCT
cblr-3423	485	16	offering	offer	VERB
cblr-3423	485	17	unregistered	unregistered	NOUN
cblr-3423	485	18	securities.109	securities.109	VERB
cblr-3423	485	19	the	the	DET
cblr-3423	485	20	sec	sec	PROPN
cblr-3423	485	21	focused	focus	VERB
cblr-3423	485	22	on	on	ADP
cblr-3423	485	23	the	the	DET
cblr-3423	485	24	“	"	PUNCT
cblr-3423	485	25	curators”—a	curators”—a	NOUN
cblr-3423	485	26	group	group	NOUN
cblr-3423	485	27	of	of	ADP
cblr-3423	485	28	individuals	individual	NOUN
cblr-3423	485	29	chosen	choose	VERB
cblr-3423	485	30	by	by	ADP
cblr-3423	485	31	slock.it	slock.it	NOUN
cblr-3423	485	32	to	to	PART
cblr-3423	485	33	manage	manage	VERB
cblr-3423	485	34	aspects	aspect	NOUN
cblr-3423	485	35	of	of	ADP
cblr-3423	485	36	the	the	DET
cblr-3423	485	37	dao.110	dao.110	NOUN
cblr-3423	485	38	though	though	SCONJ
cblr-3423	485	39	the	the	DET
cblr-3423	485	40	sec	sec	PROPN
cblr-3423	485	41	decided	decide	VERB
cblr-3423	485	42	not	not	PART
cblr-3423	485	43	to	to	PART
cblr-3423	485	44	pursue	pursue	VERB
cblr-3423	485	45	any	any	DET
cblr-3423	485	46	enforcement	enforcement	NOUN
cblr-3423	485	47	action,111	action,111	PROPN
cblr-3423	485	48	the	the	DET
cblr-3423	485	49	pronouncement	pronouncement	NOUN
cblr-3423	485	50	still	still	ADV
cblr-3423	485	51	stands	stand	VERB
cblr-3423	485	52	.	.	PUNCT
cblr-3423	486	1	the	the	DET
cblr-3423	486	2	answer	answer	NOUN
cblr-3423	486	3	to	to	PART
cblr-3423	486	4	reconcile	reconcile	VERB
cblr-3423	486	5	this	this	DET
cblr-3423	486	6	outcome	outcome	NOUN
cblr-3423	486	7	with	with	ADP
cblr-3423	486	8	the	the	DET
cblr-3423	486	9	bahamas	bahamas	PROPN
cblr-3423	486	10	test	test	NOUN
cblr-3423	486	11	,	,	PUNCT
cblr-3423	486	12	however	however	ADV
cblr-3423	486	13	,	,	PUNCT
cblr-3423	486	14	is	be	AUX
cblr-3423	486	15	that	that	SCONJ
cblr-3423	486	16	our	our	PRON
cblr-3423	486	17	initial	initial	ADJ
cblr-3423	486	18	intuition	intuition	NOUN
cblr-3423	486	19	from	from	ADP
cblr-3423	486	20	the	the	DET
cblr-3423	486	21	bahamas	bahamas	PROPN
cblr-3423	486	22	test	test	NOUN
cblr-3423	486	23	was	be	AUX
cblr-3423	486	24	wrong	wrong	ADJ
cblr-3423	486	25	and	and	CCONJ
cblr-3423	486	26	that	that	SCONJ
cblr-3423	486	27	the	the	DET
cblr-3423	486	28	dao	dao	NOUN
cblr-3423	486	29	was	be	AUX
cblr-3423	486	30	not	not	PART
cblr-3423	486	31	sufficiently	sufficiently	ADV
cblr-3423	486	32	decentralized	decentralize	VERB
cblr-3423	486	33	.	.	PUNCT
cblr-3423	487	1	there	there	PRON
cblr-3423	487	2	are	be	VERB
cblr-3423	487	3	two	two	NUM
cblr-3423	487	4	reasons	reason	NOUN
cblr-3423	487	5	for	for	ADP
cblr-3423	487	6	this	this	PRON
cblr-3423	487	7	.	.	PUNCT
cblr-3423	488	1	the	the	DET
cblr-3423	488	2	first	first	ADJ
cblr-3423	488	3	is	be	AUX
cblr-3423	488	4	the	the	DET
cblr-3423	488	5	simple	simple	ADJ
cblr-3423	488	6	explanation	explanation	NOUN
cblr-3423	488	7	that	that	SCONJ
cblr-3423	488	8	the	the	DET
cblr-3423	488	9	curators	curator	NOUN
cblr-3423	488	10	had	have	VERB
cblr-3423	488	11	specific	specific	ADJ
cblr-3423	488	12	responsibilities	responsibility	NOUN
cblr-3423	488	13	and	and	CCONJ
cblr-3423	488	14	obligations	obligation	NOUN
cblr-3423	488	15	to	to	ADP
cblr-3423	488	16	the	the	DET
cblr-3423	488	17	dao	dao	NOUN
cblr-3423	488	18	project	project	NOUN
cblr-3423	488	19	.	.	PUNCT
cblr-3423	489	1	most	most	ADV
cblr-3423	489	2	importantly	importantly	ADV
cblr-3423	489	3	,	,	PUNCT
cblr-3423	489	4	they	they	PRON
cblr-3423	489	5	whitelisted	whiteliste	VERB
cblr-3423	489	6	ethereum	ethereum	NOUN
cblr-3423	489	7	addresses	address	NOUN
cblr-3423	489	8	that	that	PRON
cblr-3423	489	9	could	could	AUX
cblr-3423	489	10	receive	receive	VERB
cblr-3423	489	11	ether	ether	NOUN
cblr-3423	489	12	from	from	ADP
cblr-3423	489	13	106	106	NUM
cblr-3423	489	14	see	see	VERB
cblr-3423	489	15	matthew	matthew	PROPN
cblr-3423	489	16	leising	leising	PROPN
cblr-3423	489	17	,	,	PUNCT
cblr-3423	489	18	the	the	DET
cblr-3423	489	19	ether	ether	NOUN
cblr-3423	489	20	thief	thief	NOUN
cblr-3423	489	21	,	,	PUNCT
cblr-3423	489	22	bloomberg	bloomberg	PROPN
cblr-3423	489	23	(	(	PUNCT
cblr-3423	489	24	june	june	PROPN
cblr-3423	489	25	13	13	NUM
cblr-3423	489	26	,	,	PUNCT
cblr-3423	489	27	2017	2017	NUM
cblr-3423	489	28	)	)	PUNCT
cblr-3423	489	29	,	,	PUNCT
cblr-3423	489	30	https://www.bloomberg.com/features/2017-the-ether-thief/	https://www.bloomberg.com/features/2017-the-ether-thief/	NOUN
cblr-3423	489	31	(	(	PUNCT
cblr-3423	489	32	on	on	ADP
cblr-3423	489	33	file	file	NOUN
cblr-3423	489	34	with	with	ADP
cblr-3423	489	35	the	the	DET
cblr-3423	489	36	columbia	columbia	PROPN
cblr-3423	489	37	business	business	PROPN
cblr-3423	489	38	law	law	PROPN
cblr-3423	489	39	review	review	PROPN
cblr-3423	489	40	)	)	PUNCT
cblr-3423	489	41	.	.	PUNCT
cblr-3423	490	1	107	107	NUM
cblr-3423	490	2	see	see	VERB
cblr-3423	490	3	michael	michael	PROPN
cblr-3423	490	4	del	del	PROPN
cblr-3423	490	5	castillo	castillo	PROPN
cblr-3423	490	6	,	,	PUNCT
cblr-3423	490	7	the	the	DET
cblr-3423	490	8	dao	dao	NOUN
cblr-3423	490	9	:	:	PUNCT
cblr-3423	490	10	or	or	CCONJ
cblr-3423	490	11	how	how	SCONJ
cblr-3423	490	12	a	a	DET
cblr-3423	490	13	leaderless	leaderless	ADJ
cblr-3423	490	14	ethereum	ethereum	NOUN
cblr-3423	490	15	project	project	NOUN
cblr-3423	490	16	raised	raise	VERB
cblr-3423	490	17	$	$	SYM
cblr-3423	490	18	50	50	NUM
cblr-3423	490	19	million	million	NUM
cblr-3423	490	20	,	,	PUNCT
cblr-3423	490	21	coindesk	coindesk	NOUN
cblr-3423	490	22	(	(	PUNCT
cblr-3423	490	23	may	may	PROPN
cblr-3423	490	24	12	12	NUM
cblr-3423	490	25	,	,	PUNCT
cblr-3423	490	26	2016	2016	NUM
cblr-3423	490	27	)	)	PUNCT
cblr-3423	490	28	,	,	PUNCT
cblr-3423	490	29	https://www.coin	https://www.coin	PROPN
cblr-3423	490	30	desk.com/the-dao-just-raised-50-million-but-what-is-it	desk.com/the-dao-just-raised-50-million-but-what-is-it	PROPN
cblr-3423	490	31	[	[	X
cblr-3423	490	32	https://perma	https://perma	X
cblr-3423	490	33	.	.	PUNCT
cblr-3423	490	34	cc/26dg	cc/26dg	NOUN
cblr-3423	490	35	-	-	NOUN
cblr-3423	490	36	drcn	drcn	ADJ
cblr-3423	490	37	]	]	SYM
cblr-3423	490	38	.	.	PUNCT
cblr-3423	491	1	108	108	NUM
cblr-3423	491	2	see	see	VERB
cblr-3423	491	3	the	the	DET
cblr-3423	491	4	dao	dao	PROPN
cblr-3423	491	5	report	report	NOUN
cblr-3423	491	6	,	,	PUNCT
cblr-3423	491	7	supra	supra	PROPN
cblr-3423	491	8	note	note	VERB
cblr-3423	491	9	50	50	NUM
cblr-3423	491	10	.	.	X
cblr-3423	492	1	109	109	NUM
cblr-3423	492	2	i	i	PROPN
cblr-3423	492	3	d.	d.	PROPN
cblr-3423	492	4	at	at	ADP
cblr-3423	492	5	11–16	11–16	NUM
cblr-3423	492	6	.	.	PUNCT
cblr-3423	493	1	110	110	NUM
cblr-3423	493	2	i	i	PRON
cblr-3423	493	3	d.	d.	PROPN
cblr-3423	493	4	at	at	ADP
cblr-3423	493	5	7	7	NUM
cblr-3423	493	6	.	.	SYM
cblr-3423	493	7	111	111	NUM
cblr-3423	493	8	i	i	PROPN
cblr-3423	493	9	d.	d.	NOUN
cblr-3423	493	10	at	at	ADP
cblr-3423	493	11	1	1	NUM
cblr-3423	493	12	.	.	PUNCT
cblr-3423	494	1	no	no	INTJ
cblr-3423	494	2	.	.	NOUN
cblr-3423	495	1	2:443	2:443	NUM
cblr-3423	495	2	]	]	X
cblr-3423	495	3	a	a	DET
cblr-3423	495	4	regulatory	regulatory	ADJ
cblr-3423	495	5	classification	classification	NOUN
cblr-3423	495	6	of	of	ADP
cblr-3423	495	7	digital	digital	ADJ
cblr-3423	495	8	assets	asset	NOUN
cblr-3423	495	9	475	475	NUM
cblr-3423	495	10	the	the	DET
cblr-3423	495	11	dao	dao	NOUN
cblr-3423	495	12	.	.	PUNCT
cblr-3423	496	1	this	this	PRON
cblr-3423	496	2	certainly	certainly	ADV
cblr-3423	496	3	fails	fail	VERB
cblr-3423	496	4	the	the	DET
cblr-3423	496	5	bahamas	bahamas	PROPN
cblr-3423	496	6	test	test	NOUN
cblr-3423	496	7	,	,	PUNCT
cblr-3423	496	8	and	and	CCONJ
cblr-3423	496	9	therefore	therefore	ADV
cblr-3423	496	10	,	,	PUNCT
cblr-3423	496	11	the	the	DET
cblr-3423	496	12	dao	dao	NOUN
cblr-3423	496	13	was	be	AUX
cblr-3423	496	14	not	not	PART
cblr-3423	496	15	sufficiently	sufficiently	ADV
cblr-3423	496	16	decentralized.112	decentralized.112	PROPN
cblr-3423	496	17	had	have	AUX
cblr-3423	496	18	there	there	PRON
cblr-3423	496	19	been	be	AUX
cblr-3423	496	20	no	no	DET
cblr-3423	496	21	curators	curator	NOUN
cblr-3423	496	22	,	,	PUNCT
cblr-3423	496	23	the	the	DET
cblr-3423	496	24	case	case	NOUN
cblr-3423	496	25	would	would	AUX
cblr-3423	496	26	be	be	AUX
cblr-3423	496	27	closer	close	ADJ
cblr-3423	496	28	,	,	PUNCT
cblr-3423	496	29	so	so	CCONJ
cblr-3423	496	30	it	it	PRON
cblr-3423	496	31	is	be	AUX
cblr-3423	496	32	worth	worth	ADJ
cblr-3423	496	33	discussing	discuss	VERB
cblr-3423	496	34	the	the	DET
cblr-3423	496	35	second	second	ADJ
cblr-3423	496	36	reason	reason	NOUN
cblr-3423	496	37	the	the	DET
cblr-3423	496	38	initial	initial	ADJ
cblr-3423	496	39	intuition	intuition	NOUN
cblr-3423	496	40	is	be	AUX
cblr-3423	496	41	wrong	wrong	ADJ
cblr-3423	496	42	:	:	PUNCT
cblr-3423	496	43	a	a	DET
cblr-3423	496	44	conflation	conflation	NOUN
cblr-3423	496	45	of	of	ADP
cblr-3423	496	46	decentralized	decentralized	ADJ
cblr-3423	496	47	networks	network	NOUN
cblr-3423	496	48	and	and	CCONJ
cblr-3423	496	49	decentralized	decentralized	ADJ
cblr-3423	496	50	corporations	corporation	NOUN
cblr-3423	496	51	.	.	PUNCT
cblr-3423	497	1	decentralized	decentralize	VERB
cblr-3423	497	2	networks	network	NOUN
cblr-3423	497	3	generally	generally	ADV
cblr-3423	497	4	do	do	AUX
cblr-3423	497	5	not	not	PART
cblr-3423	497	6	make	make	VERB
cblr-3423	497	7	promises	promise	NOUN
cblr-3423	497	8	to	to	ADP
cblr-3423	497	9	their	their	PRON
cblr-3423	497	10	participants	participant	NOUN
cblr-3423	497	11	other	other	ADJ
cblr-3423	497	12	than	than	SCONJ
cblr-3423	497	13	to	to	PART
cblr-3423	497	14	abide	abide	VERB
cblr-3423	497	15	by	by	ADP
cblr-3423	497	16	certain	certain	ADJ
cblr-3423	497	17	protocols.113	protocols.113	NOUN
cblr-3423	497	18	they	they	PRON
cblr-3423	497	19	do	do	AUX
cblr-3423	497	20	not	not	PART
cblr-3423	497	21	use	use	VERB
cblr-3423	497	22	computer	computer	NOUN
cblr-3423	497	23	code	code	NOUN
cblr-3423	497	24	to	to	PART
cblr-3423	497	25	place	place	VERB
cblr-3423	497	26	obligations	obligation	NOUN
cblr-3423	497	27	on	on	ADP
cblr-3423	497	28	third	third	ADJ
cblr-3423	497	29	parties	party	NOUN
cblr-3423	497	30	to	to	PART
cblr-3423	497	31	manage	manage	VERB
cblr-3423	497	32	the	the	DET
cblr-3423	497	33	effort	effort	NOUN
cblr-3423	497	34	.	.	PUNCT
cblr-3423	498	1	a	a	DET
cblr-3423	498	2	decentralized	decentralized	ADJ
cblr-3423	498	3	corporation	corporation	NOUN
cblr-3423	498	4	,	,	PUNCT
cblr-3423	498	5	on	on	ADP
cblr-3423	498	6	the	the	DET
cblr-3423	498	7	other	other	ADJ
cblr-3423	498	8	hand	hand	NOUN
cblr-3423	498	9	,	,	PUNCT
cblr-3423	498	10	can	can	AUX
cblr-3423	498	11	still	still	ADV
cblr-3423	498	12	make	make	VERB
cblr-3423	498	13	promises	promise	NOUN
cblr-3423	498	14	to	to	ADP
cblr-3423	498	15	investors	investor	NOUN
cblr-3423	498	16	—	—	PUNCT
cblr-3423	498	17	and	and	CCONJ
cblr-3423	498	18	in	in	ADP
cblr-3423	498	19	the	the	DET
cblr-3423	498	20	case	case	NOUN
cblr-3423	498	21	of	of	ADP
cblr-3423	498	22	the	the	DET
cblr-3423	498	23	dao	dao	NOUN
cblr-3423	498	24	,	,	PUNCT
cblr-3423	498	25	did	do	AUX
cblr-3423	498	26	make	make	VERB
cblr-3423	498	27	promises	promise	NOUN
cblr-3423	498	28	to	to	ADP
cblr-3423	498	29	investors	investor	NOUN
cblr-3423	498	30	.	.	PUNCT
cblr-3423	499	1	the	the	DET
cblr-3423	499	2	promises	promise	NOUN
cblr-3423	499	3	were	be	AUX
cblr-3423	499	4	not	not	PART
cblr-3423	499	5	about	about	ADP
cblr-3423	499	6	performance	performance	NOUN
cblr-3423	499	7	,	,	PUNCT
cblr-3423	499	8	but	but	CCONJ
cblr-3423	499	9	about	about	ADP
cblr-3423	499	10	distributions	distribution	NOUN
cblr-3423	499	11	.	.	PUNCT
cblr-3423	500	1	the	the	DET
cblr-3423	500	2	dao	dao	NOUN
cblr-3423	500	3	codified	codify	VERB
cblr-3423	500	4	these	these	DET
cblr-3423	500	5	promises	promise	NOUN
cblr-3423	500	6	,	,	PUNCT
cblr-3423	500	7	albeit	albeit	SCONJ
cblr-3423	500	8	in	in	ADP
cblr-3423	500	9	smart	smart	ADJ
cblr-3423	500	10	contracts	contract	NOUN
cblr-3423	500	11	.	.	PUNCT
cblr-3423	501	1	the	the	DET
cblr-3423	501	2	dao	dao	NOUN
cblr-3423	501	3	entity	entity	NOUN
cblr-3423	501	4	itself	itself	PRON
cblr-3423	501	5	was	be	AUX
cblr-3423	501	6	the	the	DET
cblr-3423	501	7	offeror	offeror	NOUN
cblr-3423	501	8	of	of	ADP
cblr-3423	501	9	the	the	DET
cblr-3423	501	10	security	security	NOUN
cblr-3423	501	11	and	and	CCONJ
cblr-3423	501	12	the	the	DET
cblr-3423	501	13	sec	sec	PROPN
cblr-3423	501	14	’s	’s	PART
cblr-3423	501	15	reasoning	reasoning	NOUN
cblr-3423	501	16	was	be	AUX
cblr-3423	501	17	that	that	SCONJ
cblr-3423	501	18	those	those	PRON
cblr-3423	501	19	behind	behind	ADP
cblr-3423	501	20	the	the	DET
cblr-3423	501	21	dao	dao	NOUN
cblr-3423	501	22	were	be	AUX
cblr-3423	501	23	the	the	DET
cblr-3423	501	24	coders	coder	NOUN
cblr-3423	501	25	and	and	CCONJ
cblr-3423	501	26	the	the	DET
cblr-3423	501	27	curators	curator	NOUN
cblr-3423	501	28	.	.	PUNCT
cblr-3423	502	1	contrast	contrast	VERB
cblr-3423	502	2	this	this	PRON
cblr-3423	502	3	with	with	ADP
cblr-3423	502	4	bitcoin	bitcoin	NOUN
cblr-3423	502	5	,	,	PUNCT
cblr-3423	502	6	where	where	SCONJ
cblr-3423	502	7	there	there	PRON
cblr-3423	502	8	was	be	VERB
cblr-3423	502	9	no	no	DET
cblr-3423	502	10	promise	promise	NOUN
cblr-3423	502	11	made	make	VERB
cblr-3423	502	12	to	to	ADP
cblr-3423	502	13	a	a	DET
cblr-3423	502	14	certain	certain	ADJ
cblr-3423	502	15	share	share	NOUN
cblr-3423	502	16	of	of	ADP
cblr-3423	502	17	profits	profit	NOUN
cblr-3423	502	18	or	or	CCONJ
cblr-3423	502	19	any	any	DET
cblr-3423	502	20	obligation	obligation	NOUN
cblr-3423	502	21	on	on	ADP
cblr-3423	502	22	any	any	DET
cblr-3423	502	23	third	third	ADJ
cblr-3423	502	24	party	party	NOUN
cblr-3423	502	25	.	.	PUNCT
cblr-3423	503	1	an	an	DET
cblr-3423	503	2	additional	additional	ADJ
cblr-3423	503	3	reason	reason	NOUN
cblr-3423	503	4	for	for	ADP
cblr-3423	503	5	finding	find	VERB
cblr-3423	503	6	insufficient	insufficient	ADJ
cblr-3423	503	7	decentralization	decentralization	NOUN
cblr-3423	503	8	is	be	AUX
cblr-3423	503	9	that	that	SCONJ
cblr-3423	503	10	the	the	DET
cblr-3423	503	11	curators	curator	NOUN
cblr-3423	503	12	of	of	ADP
cblr-3423	503	13	the	the	DET
cblr-3423	503	14	dao	dao	NOUN
cblr-3423	503	15	had	have	VERB
cblr-3423	503	16	special	special	ADJ
cblr-3423	503	17	rights	right	NOUN
cblr-3423	503	18	and	and	CCONJ
cblr-3423	503	19	powers	power	NOUN
cblr-3423	503	20	that	that	PRON
cblr-3423	503	21	average	average	ADJ
cblr-3423	503	22	users	user	NOUN
cblr-3423	503	23	did	do	AUX
cblr-3423	503	24	not	not	PART
cblr-3423	503	25	have.114	have.114	VERB
cblr-3423	503	26	this	this	PRON
cblr-3423	503	27	was	be	AUX
cblr-3423	503	28	baked	bake	VERB
cblr-3423	503	29	into	into	ADP
cblr-3423	503	30	the	the	DET
cblr-3423	503	31	code	code	NOUN
cblr-3423	503	32	and	and	CCONJ
cblr-3423	503	33	created	create	VERB
cblr-3423	503	34	obligations	obligation	NOUN
cblr-3423	503	35	.	.	PUNCT
cblr-3423	504	1	for	for	ADP
cblr-3423	504	2	instance	instance	NOUN
cblr-3423	504	3	,	,	PUNCT
cblr-3423	504	4	they	they	PRON
cblr-3423	504	5	had	have	VERB
cblr-3423	504	6	the	the	DET
cblr-3423	504	7	power	power	NOUN
cblr-3423	504	8	to	to	PART
cblr-3423	504	9	change	change	VERB
cblr-3423	504	10	the	the	DET
cblr-3423	504	11	governance	governance	NOUN
cblr-3423	504	12	of	of	ADP
cblr-3423	504	13	the	the	DET
cblr-3423	504	14	dao	dao	NOUN
cblr-3423	504	15	such	such	ADJ
cblr-3423	504	16	that	that	SCONJ
cblr-3423	504	17	they	they	PRON
cblr-3423	504	18	could	could	AUX
cblr-3423	504	19	lower	lower	VERB
cblr-3423	504	20	the	the	DET
cblr-3423	504	21	threshold	threshold	NOUN
cblr-3423	504	22	for	for	ADP
cblr-3423	504	23	voting	vote	VERB
cblr-3423	504	24	on	on	ADP
cblr-3423	504	25	proposals.115	proposals.115	PROPN
cblr-3423	504	26	this	this	PRON
cblr-3423	504	27	is	be	AUX
cblr-3423	504	28	a	a	DET
cblr-3423	504	29	special	special	ADJ
cblr-3423	504	30	power	power	NOUN
cblr-3423	504	31	that	that	PRON
cblr-3423	504	32	can	can	AUX
cblr-3423	504	33	be	be	AUX
cblr-3423	504	34	characterized	characterize	VERB
cblr-3423	504	35	as	as	ADP
cblr-3423	504	36	a	a	DET
cblr-3423	504	37	privilege	privilege	NOUN
cblr-3423	504	38	or	or	CCONJ
cblr-3423	504	39	contractual	contractual	ADJ
cblr-3423	504	40	arrangement	arrangement	NOUN
cblr-3423	504	41	.	.	PUNCT
cblr-3423	505	1	this	this	DET
cblr-3423	505	2	whitelisting	whitelisting	NOUN
cblr-3423	505	3	of	of	ADP
cblr-3423	505	4	proposals	proposal	NOUN
cblr-3423	505	5	fails	fail	VERB
cblr-3423	505	6	the	the	DET
cblr-3423	505	7	bahamas	bahamas	PROPN
cblr-3423	505	8	test	test	NOUN
cblr-3423	505	9	because	because	SCONJ
cblr-3423	505	10	if	if	SCONJ
cblr-3423	505	11	the	the	DET
cblr-3423	505	12	users	user	NOUN
cblr-3423	505	13	were	be	AUX
cblr-3423	505	14	to	to	PART
cblr-3423	505	15	walk	walk	VERB
cblr-3423	505	16	away	away	ADV
cblr-3423	505	17	,	,	PUNCT
cblr-3423	505	18	they	they	PRON
cblr-3423	505	19	would	would	AUX
cblr-3423	505	20	be	be	AUX
cblr-3423	505	21	in	in	ADP
cblr-3423	505	22	breach	breach	NOUN
cblr-3423	505	23	.	.	PUNCT
cblr-3423	506	1	112	112	NUM
cblr-3423	506	2	for	for	ADP
cblr-3423	506	3	purposes	purpose	NOUN
cblr-3423	506	4	of	of	ADP
cblr-3423	506	5	argument	argument	NOUN
cblr-3423	506	6	,	,	PUNCT
cblr-3423	506	7	this	this	DET
cblr-3423	506	8	article	article	NOUN
cblr-3423	506	9	accepts	accept	VERB
cblr-3423	506	10	the	the	DET
cblr-3423	506	11	howey	howey	PROPN
cblr-3423	506	12	framework	framework	NOUN
cblr-3423	506	13	of	of	ADP
cblr-3423	506	14	the	the	DET
cblr-3423	506	15	expectation	expectation	NOUN
cblr-3423	506	16	of	of	ADP
cblr-3423	506	17	profit	profit	NOUN
cblr-3423	506	18	and	and	CCONJ
cblr-3423	506	19	assumes	assume	VERB
cblr-3423	506	20	that	that	SCONJ
cblr-3423	506	21	this	this	PRON
cblr-3423	506	22	was	be	AUX
cblr-3423	506	23	present	present	ADJ
cblr-3423	506	24	in	in	ADP
cblr-3423	506	25	this	this	DET
cblr-3423	506	26	case	case	NOUN
cblr-3423	506	27	.	.	PUNCT
cblr-3423	507	1	113	113	NUM
cblr-3423	507	2	were	be	AUX
cblr-3423	507	3	a	a	DET
cblr-3423	507	4	decentralized	decentralized	ADJ
cblr-3423	507	5	network	network	NOUN
cblr-3423	507	6	to	to	PART
cblr-3423	507	7	encode	encode	VERB
cblr-3423	507	8	certain	certain	ADJ
cblr-3423	507	9	promises	promise	NOUN
cblr-3423	507	10	to	to	ADP
cblr-3423	507	11	investors	investor	NOUN
cblr-3423	507	12	that	that	PRON
cblr-3423	507	13	put	put	VERB
cblr-3423	507	14	obligations	obligation	NOUN
cblr-3423	507	15	on	on	ADP
cblr-3423	507	16	others	other	NOUN
cblr-3423	507	17	,	,	PUNCT
cblr-3423	507	18	this	this	PRON
cblr-3423	507	19	would	would	AUX
cblr-3423	507	20	change	change	VERB
cblr-3423	507	21	the	the	DET
cblr-3423	507	22	analysis	analysis	NOUN
cblr-3423	507	23	.	.	PUNCT
cblr-3423	508	1	admittedly	admittedly	ADV
cblr-3423	508	2	,	,	PUNCT
cblr-3423	508	3	the	the	DET
cblr-3423	508	4	line	line	NOUN
cblr-3423	508	5	between	between	ADP
cblr-3423	508	6	promises	promise	NOUN
cblr-3423	508	7	to	to	ADP
cblr-3423	508	8	investors	investor	NOUN
cblr-3423	508	9	and	and	CCONJ
cblr-3423	508	10	encoded	encode	VERB
cblr-3423	508	11	protocols	protocol	NOUN
cblr-3423	508	12	is	be	AUX
cblr-3423	508	13	blurry	blurry	ADJ
cblr-3423	508	14	.	.	PUNCT
cblr-3423	509	1	114	114	NUM
cblr-3423	509	2	see	see	VERB
cblr-3423	509	3	i	i	PRON
cblr-3423	509	4	d.	d.	PROPN
cblr-3423	509	5	at	at	ADP
cblr-3423	509	6	7–8	7–8	PROPN
cblr-3423	509	7	.	.	PROPN
cblr-3423	509	8	115	115	NUM
cblr-3423	510	1	i	i	PRON
cblr-3423	510	2	d.	d.	PROPN
cblr-3423	510	3	at	at	ADP
cblr-3423	510	4	8	8	NUM
cblr-3423	510	5	.	.	X
cblr-3423	511	1	476	476	NUM
cblr-3423	511	2	columbia	columbia	PROPN
cblr-3423	511	3	business	business	NOUN
cblr-3423	511	4	law	law	PROPN
cblr-3423	511	5	review	review	NOUN
cblr-3423	511	6	[	[	X
cblr-3423	511	7	vol	vol	NOUN
cblr-3423	511	8	.	.	NOUN
cblr-3423	511	9	2019	2019	NUM
cblr-3423	511	10	the	the	DET
cblr-3423	511	11	sec	sec	PROPN
cblr-3423	511	12	’s	’s	PART
cblr-3423	511	13	reasoning	reasoning	NOUN
cblr-3423	511	14	,	,	PUNCT
cblr-3423	511	15	however	however	ADV
cblr-3423	511	16	,	,	PUNCT
cblr-3423	511	17	muddies	muddy	VERB
cblr-3423	511	18	the	the	DET
cblr-3423	511	19	waters	water	NOUN
cblr-3423	511	20	by	by	ADP
cblr-3423	511	21	focusing	focus	VERB
cblr-3423	511	22	on	on	ADP
cblr-3423	511	23	users	user	NOUN
cblr-3423	511	24	’	’	PART
cblr-3423	511	25	reliance	reliance	NOUN
cblr-3423	511	26	on	on	ADP
cblr-3423	511	27	slock.it	slock.it	NUM
cblr-3423	511	28	,	,	PUNCT
cblr-3423	511	29	instead	instead	ADV
cblr-3423	511	30	of	of	ADP
cblr-3423	511	31	their	their	PRON
cblr-3423	511	32	reliance	reliance	NOUN
cblr-3423	511	33	on	on	ADP
cblr-3423	511	34	the	the	DET
cblr-3423	511	35	dao	dao	NOUN
cblr-3423	511	36	.	.	PUNCT
cblr-3423	512	1	the	the	DET
cblr-3423	512	2	sec	sec	PROPN
cblr-3423	512	3	in	in	ADP
cblr-3423	512	4	its	its	PRON
cblr-3423	512	5	opinion	opinion	NOUN
cblr-3423	512	6	stated	state	VERB
cblr-3423	512	7	,	,	PUNCT
cblr-3423	512	8	“	"	PUNCT
cblr-3423	512	9	the	the	DET
cblr-3423	512	10	dao	dao	NOUN
cblr-3423	512	11	’s	’s	PART
cblr-3423	512	12	investors	investor	NOUN
cblr-3423	512	13	relied	rely	VERB
cblr-3423	512	14	on	on	ADP
cblr-3423	512	15	the	the	DET
cblr-3423	512	16	managerial	managerial	ADJ
cblr-3423	512	17	and	and	CCONJ
cblr-3423	512	18	entrepreneurial	entrepreneurial	ADJ
cblr-3423	512	19	efforts	effort	NOUN
cblr-3423	512	20	of	of	ADP
cblr-3423	512	21	slock.it	slock.it	NUM
cblr-3423	512	22	and	and	CCONJ
cblr-3423	512	23	its	its	PRON
cblr-3423	512	24	co	co	NOUN
cblr-3423	512	25	-	-	NOUN
cblr-3423	512	26	founders	founder	NOUN
cblr-3423	512	27	,	,	PUNCT
cblr-3423	512	28	and	and	CCONJ
cblr-3423	512	29	the	the	DET
cblr-3423	512	30	dao	dao	PROPN
cblr-3423	512	31	’s	’s	PART
cblr-3423	512	32	curators	curator	NOUN
cblr-3423	512	33	,	,	PUNCT
cblr-3423	512	34	to	to	PART
cblr-3423	512	35	manage	manage	VERB
cblr-3423	512	36	the	the	DET
cblr-3423	512	37	dao	dao	NOUN
cblr-3423	512	38	and	and	CCONJ
cblr-3423	512	39	put	put	VERB
cblr-3423	512	40	forth	forth	ADP
cblr-3423	512	41	project	project	NOUN
cblr-3423	512	42	proposals	proposal	NOUN
cblr-3423	512	43	that	that	PRON
cblr-3423	512	44	could	could	AUX
cblr-3423	512	45	generate	generate	VERB
cblr-3423	512	46	profits	profit	NOUN
cblr-3423	512	47	for	for	ADP
cblr-3423	512	48	the	the	DET
cblr-3423	512	49	dao	dao	PROPN
cblr-3423	512	50	’s	’s	PART
cblr-3423	512	51	investors	investor	NOUN
cblr-3423	512	52	.	.	PUNCT
cblr-3423	512	53	”116	”116	PUNCT
cblr-3423	513	1	the	the	DET
cblr-3423	513	2	sec	sec	PROPN
cblr-3423	513	3	then	then	ADV
cblr-3423	513	4	goes	go	VERB
cblr-3423	513	5	on	on	ADP
cblr-3423	513	6	to	to	PART
cblr-3423	513	7	list	list	VERB
cblr-3423	513	8	a	a	DET
cblr-3423	513	9	number	number	NOUN
cblr-3423	513	10	of	of	ADP
cblr-3423	513	11	technical	technical	ADJ
cblr-3423	513	12	ways	way	NOUN
cblr-3423	513	13	in	in	ADP
cblr-3423	513	14	which	which	PRON
cblr-3423	513	15	investors	investor	NOUN
cblr-3423	513	16	relied	rely	VERB
cblr-3423	513	17	on	on	ADP
cblr-3423	513	18	slock.it.117	slock.it.117	NUM
cblr-3423	513	19	this	this	PRON
cblr-3423	513	20	is	be	AUX
cblr-3423	513	21	unnecessary	unnecessary	ADJ
cblr-3423	513	22	because	because	SCONJ
cblr-3423	513	23	the	the	DET
cblr-3423	513	24	smart	smart	ADJ
cblr-3423	513	25	contracts	contract	NOUN
cblr-3423	513	26	that	that	PRON
cblr-3423	513	27	encoded	encode	VERB
cblr-3423	513	28	the	the	DET
cblr-3423	513	29	dao	dao	NOUN
cblr-3423	513	30	made	make	VERB
cblr-3423	513	31	certain	certain	ADJ
cblr-3423	513	32	promises	promise	NOUN
cblr-3423	513	33	.	.	PUNCT
cblr-3423	514	1	that	that	SCONJ
cblr-3423	514	2	itself	itself	PRON
cblr-3423	514	3	is	be	AUX
cblr-3423	514	4	enough	enough	ADJ
cblr-3423	514	5	to	to	PART
cblr-3423	514	6	fail	fail	VERB
cblr-3423	514	7	the	the	DET
cblr-3423	514	8	bahamas	bahamas	PROPN
cblr-3423	514	9	test	test	NOUN
cblr-3423	514	10	because	because	SCONJ
cblr-3423	514	11	if	if	SCONJ
cblr-3423	514	12	the	the	DET
cblr-3423	514	13	decentralized	decentralize	VERB
cblr-3423	514	14	dao	dao	NOUN
cblr-3423	514	15	was	be	AUX
cblr-3423	514	16	to	to	PART
cblr-3423	514	17	abscond	abscond	VERB
cblr-3423	514	18	,	,	PUNCT
cblr-3423	514	19	the	the	DET
cblr-3423	514	20	project	project	NOUN
cblr-3423	514	21	would	would	AUX
cblr-3423	514	22	necessarily	necessarily	ADV
cblr-3423	514	23	fail	fail	VERB
cblr-3423	514	24	.	.	PUNCT
cblr-3423	515	1	imagine	imagine	VERB
cblr-3423	515	2	,	,	PUNCT
cblr-3423	515	3	for	for	ADP
cblr-3423	515	4	a	a	DET
cblr-3423	515	5	moment	moment	NOUN
cblr-3423	515	6	,	,	PUNCT
cblr-3423	515	7	that	that	DET
cblr-3423	515	8	apple	apple	NOUN
cblr-3423	515	9	’s	’s	PART
cblr-3423	515	10	board	board	NOUN
cblr-3423	515	11	of	of	ADP
cblr-3423	515	12	directors	director	NOUN
cblr-3423	515	13	and	and	CCONJ
cblr-3423	515	14	managers	manager	NOUN
cblr-3423	515	15	were	be	AUX
cblr-3423	515	16	replaced	replace	VERB
cblr-3423	515	17	by	by	ADP
cblr-3423	515	18	computer	computer	NOUN
cblr-3423	515	19	code	code	NOUN
cblr-3423	515	20	.	.	PUNCT
cblr-3423	516	1	this	this	DET
cblr-3423	516	2	computer	computer	NOUN
cblr-3423	516	3	could	could	AUX
cblr-3423	516	4	either	either	CCONJ
cblr-3423	516	5	execute	execute	VERB
cblr-3423	516	6	the	the	DET
cblr-3423	516	7	wishes	wish	NOUN
cblr-3423	516	8	of	of	ADP
cblr-3423	516	9	decentralized	decentralize	VERB
cblr-3423	516	10	shareholders	shareholder	NOUN
cblr-3423	516	11	or	or	CCONJ
cblr-3423	516	12	be	be	AUX
cblr-3423	516	13	artificially	artificially	ADV
cblr-3423	516	14	intelligent	intelligent	ADJ
cblr-3423	516	15	and	and	CCONJ
cblr-3423	516	16	autonomous	autonomous	ADJ
cblr-3423	516	17	,	,	PUNCT
cblr-3423	516	18	but	but	CCONJ
cblr-3423	516	19	otherwise	otherwise	ADV
cblr-3423	516	20	behaved	behave	VERB
cblr-3423	516	21	and	and	CCONJ
cblr-3423	516	22	invested	invest	VERB
cblr-3423	516	23	like	like	ADP
cblr-3423	516	24	any	any	DET
cblr-3423	516	25	other	other	ADJ
cblr-3423	516	26	board	board	NOUN
cblr-3423	516	27	.	.	PUNCT
cblr-3423	517	1	now	now	ADV
cblr-3423	517	2	suppose	suppose	VERB
cblr-3423	517	3	the	the	DET
cblr-3423	517	4	computer	computer	NOUN
cblr-3423	517	5	code	code	NOUN
cblr-3423	517	6	was	be	AUX
cblr-3423	517	7	“	"	PUNCT
cblr-3423	517	8	hacked”118	hacked”118	NOUN
cblr-3423	517	9	and	and	CCONJ
cblr-3423	517	10	money	money	NOUN
cblr-3423	517	11	was	be	AUX
cblr-3423	517	12	transferred	transfer	VERB
cblr-3423	517	13	from	from	ADP
cblr-3423	517	14	apple	apple	NOUN
cblr-3423	517	15	’s	’s	PART
cblr-3423	517	16	coffers	coffer	NOUN
cblr-3423	517	17	to	to	ADP
cblr-3423	517	18	the	the	DET
cblr-3423	517	19	hacker	hacker	NOUN
cblr-3423	517	20	.	.	PUNCT
cblr-3423	518	1	whether	whether	SCONJ
cblr-3423	518	2	this	this	DET
cblr-3423	518	3	“	"	PUNCT
cblr-3423	518	4	hack	hack	NOUN
cblr-3423	518	5	”	"	PUNCT
cblr-3423	518	6	is	be	AUX
cblr-3423	518	7	fraud	fraud	NOUN
cblr-3423	518	8	or	or	CCONJ
cblr-3423	518	9	a	a	DET
cblr-3423	518	10	clever	clever	ADJ
cblr-3423	518	11	use	use	NOUN
cblr-3423	518	12	of	of	ADP
cblr-3423	518	13	code	code	NOUN
cblr-3423	518	14	does	do	AUX
cblr-3423	518	15	not	not	PART
cblr-3423	518	16	change	change	VERB
cblr-3423	518	17	the	the	DET
cblr-3423	518	18	fact	fact	NOUN
cblr-3423	518	19	that	that	SCONJ
cblr-3423	518	20	the	the	DET
cblr-3423	518	21	decentralized	decentralize	VERB
cblr-3423	518	22	shareholders	shareholder	NOUN
cblr-3423	518	23	still	still	ADV
cblr-3423	518	24	hold	hold	VERB
cblr-3423	518	25	,	,	PUNCT
cblr-3423	518	26	albeit	albeit	SCONJ
cblr-3423	518	27	now	now	ADV
cblr-3423	518	28	less	less	ADV
cblr-3423	518	29	valuable	valuable	ADJ
cblr-3423	518	30	,	,	PUNCT
cblr-3423	518	31	securities	security	NOUN
cblr-3423	518	32	.	.	PUNCT
cblr-3423	519	1	this	this	PRON
cblr-3423	519	2	is	be	AUX
cblr-3423	519	3	because	because	SCONJ
cblr-3423	519	4	there	there	PRON
cblr-3423	519	5	were	be	VERB
cblr-3423	519	6	promises	promise	NOUN
cblr-3423	519	7	,	,	PUNCT
cblr-3423	519	8	either	either	CCONJ
cblr-3423	519	9	implicit	implicit	ADJ
cblr-3423	519	10	or	or	CCONJ
cblr-3423	519	11	explicit	explicit	ADJ
cblr-3423	519	12	,	,	PUNCT
cblr-3423	519	13	that	that	SCONJ
cblr-3423	519	14	the	the	DET
cblr-3423	519	15	offeror	offeror	NOUN
cblr-3423	519	16	(	(	PUNCT
cblr-3423	519	17	apple	apple	NOUN
cblr-3423	519	18	)	)	PUNCT
cblr-3423	519	19	was	be	AUX
cblr-3423	519	20	going	go	VERB
cblr-3423	519	21	to	to	PART
cblr-3423	519	22	do	do	VERB
cblr-3423	519	23	something	something	PRON
cblr-3423	519	24	for	for	ADP
cblr-3423	519	25	the	the	DET
cblr-3423	519	26	purchaser	purchaser	NOUN
cblr-3423	519	27	.	.	PUNCT
cblr-3423	520	1	whether	whether	SCONJ
cblr-3423	520	2	it	it	PRON
cblr-3423	520	3	was	be	AUX
cblr-3423	520	4	a	a	DET
cblr-3423	520	5	computer	computer	NOUN
cblr-3423	520	6	or	or	CCONJ
cblr-3423	520	7	group	group	NOUN
cblr-3423	520	8	of	of	ADP
cblr-3423	520	9	humans	human	NOUN
cblr-3423	520	10	who	who	PRON
cblr-3423	520	11	were	be	AUX
cblr-3423	520	12	doing	do	VERB
cblr-3423	520	13	the	the	DET
cblr-3423	520	14	promising	promising	NOUN
cblr-3423	520	15	,	,	PUNCT
cblr-3423	520	16	there	there	PRON
cblr-3423	520	17	was	be	VERB
cblr-3423	520	18	still	still	ADV
cblr-3423	520	19	a	a	DET
cblr-3423	520	20	promise	promise	NOUN
cblr-3423	520	21	.	.	PUNCT
cblr-3423	521	1	in	in	ADP
cblr-3423	521	2	this	this	DET
cblr-3423	521	3	case	case	NOUN
cblr-3423	521	4	,	,	PUNCT
cblr-3423	521	5	the	the	DET
cblr-3423	521	6	promises	promise	NOUN
cblr-3423	521	7	were	be	AUX
cblr-3423	521	8	not	not	PART
cblr-3423	521	9	explicit	explicit	ADJ
cblr-3423	521	10	,	,	PUNCT
cblr-3423	521	11	but	but	CCONJ
cblr-3423	521	12	rather	rather	ADV
cblr-3423	521	13	implicit	implicit	ADJ
cblr-3423	521	14	because	because	SCONJ
cblr-3423	521	15	the	the	DET
cblr-3423	521	16	purchaser	purchaser	NOUN
cblr-3423	521	17	of	of	ADP
cblr-3423	521	18	dao	dao	PROPN
cblr-3423	521	19	tokens	token	NOUN
cblr-3423	521	20	had	have	VERB
cblr-3423	521	21	an	an	DET
cblr-3423	521	22	expectation	expectation	NOUN
cblr-3423	521	23	.	.	PUNCT
cblr-3423	522	1	that	that	PRON
cblr-3423	522	2	being	be	AUX
cblr-3423	522	3	said	say	VERB
cblr-3423	522	4	,	,	PUNCT
cblr-3423	522	5	there	there	PRON
cblr-3423	522	6	is	be	VERB
cblr-3423	522	7	an	an	DET
cblr-3423	522	8	intractable	intractable	ADJ
cblr-3423	522	9	problem	problem	NOUN
cblr-3423	522	10	of	of	ADP
cblr-3423	522	11	who	who	PRON
cblr-3423	522	12	is	be	AUX
cblr-3423	522	13	making	make	VERB
cblr-3423	522	14	the	the	DET
cblr-3423	522	15	promises	promise	NOUN
cblr-3423	522	16	,	,	PUNCT
cblr-3423	522	17	and	and	CCONJ
cblr-3423	522	18	by	by	ADP
cblr-3423	522	19	extension	extension	NOUN
cblr-3423	522	20	,	,	PUNCT
cblr-3423	522	21	who	who	PRON
cblr-3423	522	22	is	be	AUX
cblr-3423	522	23	selling	sell	VERB
cblr-3423	522	24	those	those	DET
cblr-3423	522	25	securities	security	NOUN
cblr-3423	522	26	.	.	PUNCT
cblr-3423	523	1	slock.it	slock.it	NOUN
cblr-3423	523	2	was	be	AUX
cblr-3423	523	3	promoting	promote	VERB
cblr-3423	523	4	here	here	ADV
cblr-3423	523	5	—	—	PUNCT
cblr-3423	523	6	it	it	PRON
cblr-3423	523	7	is	be	AUX
cblr-3423	523	8	not	not	PART
cblr-3423	523	9	that	that	SCONJ
cblr-3423	523	10	they	they	PRON
cblr-3423	523	11	were	be	AUX
cblr-3423	523	12	involved	involve	VERB
cblr-3423	523	13	with	with	ADP
cblr-3423	523	14	the	the	DET
cblr-3423	523	15	dao	dao	NOUN
cblr-3423	523	16	.	.	PUNCT
cblr-3423	524	1	the	the	DET
cblr-3423	524	2	question	question	NOUN
cblr-3423	524	3	for	for	ADP
cblr-3423	524	4	the	the	DET
cblr-3423	524	5	sec	sec	PROPN
cblr-3423	524	6	was	be	AUX
cblr-3423	524	7	whether	whether	SCONJ
cblr-3423	524	8	they	they	PRON
cblr-3423	524	9	were	be	AUX
cblr-3423	524	10	involved	involve	VERB
cblr-3423	524	11	in	in	ADP
cblr-3423	524	12	the	the	DET
cblr-3423	524	13	promotion	promotion	NOUN
cblr-3423	524	14	of	of	ADP
cblr-3423	524	15	selling	sell	VERB
cblr-3423	524	16	the	the	DET
cblr-3423	524	17	securities	security	NOUN
cblr-3423	524	18	,	,	PUNCT
cblr-3423	524	19	116	116	NUM
cblr-3423	524	20	i	i	PRON
cblr-3423	524	21	d.	d.	VERB
cblr-3423	524	22	at	at	ADP
cblr-3423	524	23	12	12	NUM
cblr-3423	524	24	.	.	PUNCT
cblr-3423	525	1	117	117	NUM
cblr-3423	525	2	i	i	PROPN
cblr-3423	525	3	d.	d.	PROPN
cblr-3423	525	4	at	at	ADP
cblr-3423	525	5	12–13	12–13	NUM
cblr-3423	525	6	.	.	PUNCT
cblr-3423	526	1	118	118	NUM
cblr-3423	526	2	this	this	PRON
cblr-3423	526	3	is	be	AUX
cblr-3423	526	4	a	a	DET
cblr-3423	526	5	loaded	loaded	ADJ
cblr-3423	526	6	term	term	NOUN
cblr-3423	526	7	in	in	ADP
cblr-3423	526	8	the	the	DET
cblr-3423	526	9	dao	dao	NOUN
cblr-3423	526	10	context	context	NOUN
cblr-3423	526	11	because	because	SCONJ
cblr-3423	526	12	the	the	DET
cblr-3423	526	13	“	"	PUNCT
cblr-3423	526	14	hack	hack	NOUN
cblr-3423	526	15	”	"	PUNCT
cblr-3423	526	16	involved	involve	VERB
cblr-3423	526	17	someone	someone	PRON
cblr-3423	526	18	taking	take	VERB
cblr-3423	526	19	advantage	advantage	NOUN
cblr-3423	526	20	of	of	ADP
cblr-3423	526	21	a	a	DET
cblr-3423	526	22	loophole	loophole	NOUN
cblr-3423	526	23	but	but	CCONJ
cblr-3423	526	24	not	not	PART
cblr-3423	526	25	stealing	steal	VERB
cblr-3423	526	26	any	any	DET
cblr-3423	526	27	information	information	NOUN
cblr-3423	526	28	—	—	PUNCT
cblr-3423	526	29	such	such	ADJ
cblr-3423	526	30	as	as	ADP
cblr-3423	526	31	a	a	DET
cblr-3423	526	32	password	password	NOUN
cblr-3423	526	33	—	—	PUNCT
cblr-3423	526	34	to	to	PART
cblr-3423	526	35	gain	gain	VERB
cblr-3423	526	36	unauthorized	unauthorized	ADJ
cblr-3423	526	37	access	access	NOUN
cblr-3423	526	38	.	.	PUNCT
cblr-3423	527	1	no	no	INTJ
cblr-3423	527	2	.	.	NOUN
cblr-3423	528	1	2:443	2:443	NUM
cblr-3423	528	2	]	]	X
cblr-3423	528	3	a	a	DET
cblr-3423	528	4	regulatory	regulatory	ADJ
cblr-3423	528	5	classification	classification	NOUN
cblr-3423	528	6	of	of	ADP
cblr-3423	528	7	digital	digital	ADJ
cblr-3423	528	8	assets	asset	NOUN
cblr-3423	528	9	477	477	NUM
cblr-3423	528	10	made	make	VERB
cblr-3423	528	11	the	the	DET
cblr-3423	528	12	promises	promise	NOUN
cblr-3423	528	13	to	to	ADP
cblr-3423	528	14	the	the	DET
cblr-3423	528	15	purchasers	purchaser	NOUN
cblr-3423	528	16	,	,	PUNCT
cblr-3423	528	17	and	and	CCONJ
cblr-3423	528	18	were	be	AUX
cblr-3423	528	19	expected	expect	VERB
cblr-3423	528	20	by	by	ADP
cblr-3423	528	21	the	the	DET
cblr-3423	528	22	purchasers	purchaser	NOUN
cblr-3423	528	23	to	to	PART
cblr-3423	528	24	promote	promote	VERB
cblr-3423	528	25	and	and	CCONJ
cblr-3423	528	26	manage	manage	VERB
cblr-3423	528	27	the	the	DET
cblr-3423	528	28	venture	venture	NOUN
cblr-3423	528	29	.	.	PUNCT
cblr-3423	529	1	an	an	DET
cblr-3423	529	2	individual	individual	NOUN
cblr-3423	529	3	who	who	PRON
cblr-3423	529	4	owns	own	VERB
cblr-3423	529	5	no	no	DET
cblr-3423	529	6	equity	equity	NOUN
cblr-3423	529	7	in	in	ADP
cblr-3423	529	8	a	a	DET
cblr-3423	529	9	company	company	NOUN
cblr-3423	529	10	can	can	AUX
cblr-3423	529	11	still	still	ADV
cblr-3423	529	12	be	be	AUX
cblr-3423	529	13	liable	liable	ADJ
cblr-3423	529	14	for	for	ADP
cblr-3423	529	15	selling	sell	VERB
cblr-3423	529	16	securities	security	NOUN
cblr-3423	529	17	—	—	PUNCT
cblr-3423	529	18	the	the	DET
cblr-3423	529	19	howey	howey	PROPN
cblr-3423	529	20	test	test	NOUN
cblr-3423	529	21	looks	look	VERB
cblr-3423	529	22	at	at	ADP
cblr-3423	529	23	the	the	DET
cblr-3423	529	24	instrument	instrument	NOUN
cblr-3423	529	25	itself.119	itself.119	NOUN
cblr-3423	529	26	that	that	SCONJ
cblr-3423	529	27	the	the	DET
cblr-3423	529	28	sec	sec	PROPN
cblr-3423	529	29	did	do	AUX
cblr-3423	529	30	not	not	PART
cblr-3423	529	31	bring	bring	VERB
cblr-3423	529	32	any	any	DET
cblr-3423	529	33	kind	kind	NOUN
cblr-3423	529	34	of	of	ADP
cblr-3423	529	35	case	case	NOUN
cblr-3423	529	36	against	against	ADP
cblr-3423	529	37	slock.it	slock.it	PRON
cblr-3423	529	38	is	be	AUX
cblr-3423	529	39	telling	tell	VERB
cblr-3423	529	40	.	.	PUNCT
cblr-3423	530	1	this	this	PRON
cblr-3423	530	2	was	be	AUX
cblr-3423	530	3	clearly	clearly	ADV
cblr-3423	530	4	more	more	ADJ
cblr-3423	530	5	of	of	ADP
cblr-3423	530	6	an	an	DET
cblr-3423	530	7	example	example	NOUN
cblr-3423	530	8	of	of	ADP
cblr-3423	530	9	experimentation	experimentation	NOUN
cblr-3423	530	10	than	than	ADP
cblr-3423	530	11	investment	investment	NOUN
cblr-3423	530	12	defrauding	defrauding	NOUN
cblr-3423	530	13	.	.	PUNCT
cblr-3423	531	1	the	the	DET
cblr-3423	531	2	“	"	PUNCT
cblr-3423	531	3	bad	bad	ADJ
cblr-3423	531	4	actor	actor	NOUN
cblr-3423	531	5	”	"	PUNCT
cblr-3423	531	6	here	here	ADV
cblr-3423	531	7	was	be	AUX
cblr-3423	531	8	not	not	PART
cblr-3423	531	9	anyone	anyone	PRON
cblr-3423	531	10	related	relate	VERB
cblr-3423	531	11	to	to	ADP
cblr-3423	531	12	the	the	DET
cblr-3423	531	13	dao	dao	NOUN
cblr-3423	531	14	,	,	PUNCT
cblr-3423	531	15	but	but	CCONJ
cblr-3423	531	16	rather	rather	ADV
cblr-3423	531	17	a	a	DET
cblr-3423	531	18	hacker.120	hacker.120	NOUN
cblr-3423	531	19	the	the	DET
cblr-3423	531	20	sec	sec	PROPN
cblr-3423	531	21	’s	’s	PART
cblr-3423	531	22	non	non	ADJ
cblr-3423	531	23	-	-	ADJ
cblr-3423	531	24	enforcement	enforcement	NOUN
cblr-3423	531	25	was	be	AUX
cblr-3423	531	26	the	the	DET
cblr-3423	531	27	right	right	ADJ
cblr-3423	531	28	outcome	outcome	NOUN
cblr-3423	531	29	—	—	PUNCT
cblr-3423	531	30	the	the	DET
cblr-3423	531	31	dao	dao	NOUN
cblr-3423	531	32	hack	hack	NOUN
cblr-3423	531	33	is	be	AUX
cblr-3423	531	34	not	not	PART
cblr-3423	531	35	a	a	DET
cblr-3423	531	36	situation	situation	NOUN
cblr-3423	531	37	that	that	SCONJ
cblr-3423	531	38	the	the	DET
cblr-3423	531	39	securities	security	NOUN
cblr-3423	531	40	act	act	NOUN
cblr-3423	531	41	was	be	AUX
cblr-3423	531	42	meant	mean	VERB
cblr-3423	531	43	to	to	PART
cblr-3423	531	44	cover	cover	VERB
cblr-3423	531	45	.	.	PUNCT
cblr-3423	532	1	iv	iv	X
cblr-3423	532	2	.	.	PUNCT
cblr-3423	533	1	summary	summary	NOUN
cblr-3423	533	2	of	of	ADP
cblr-3423	533	3	the	the	DET
cblr-3423	533	4	bahamas	bahamas	PROPN
cblr-3423	533	5	test	test	NOUN
cblr-3423	533	6	the	the	DET
cblr-3423	533	7	virtue	virtue	NOUN
cblr-3423	533	8	of	of	ADP
cblr-3423	533	9	the	the	DET
cblr-3423	533	10	bahamas	bahamas	PROPN
cblr-3423	533	11	test	test	NOUN
cblr-3423	533	12	is	be	AUX
cblr-3423	533	13	that	that	SCONJ
cblr-3423	533	14	it	it	PRON
cblr-3423	533	15	gets	get	VERB
cblr-3423	533	16	at	at	ADP
cblr-3423	533	17	what	what	PRON
cblr-3423	533	18	the	the	DET
cblr-3423	533	19	securities	security	NOUN
cblr-3423	533	20	laws	law	NOUN
cblr-3423	533	21	aim	aim	VERB
cblr-3423	533	22	to	to	PART
cblr-3423	533	23	prevent	prevent	VERB
cblr-3423	533	24	:	:	PUNCT
cblr-3423	533	25	individuals	individual	NOUN
cblr-3423	533	26	being	be	AUX
cblr-3423	533	27	taken	take	VERB
cblr-3423	533	28	advantage	advantage	NOUN
cblr-3423	533	29	of	of	ADP
cblr-3423	533	30	based	base	VERB
cblr-3423	533	31	on	on	ADP
cblr-3423	533	32	information	information	NOUN
cblr-3423	533	33	asymmetry.121	asymmetry.121	VERB
cblr-3423	533	34	it	it	PRON
cblr-3423	533	35	does	do	VERB
cblr-3423	533	36	this	this	PRON
cblr-3423	533	37	in	in	ADP
cblr-3423	533	38	a	a	DET
cblr-3423	533	39	manner	manner	NOUN
cblr-3423	533	40	that	that	PRON
cblr-3423	533	41	it	it	PRON
cblr-3423	533	42	easy	easy	ADJ
cblr-3423	533	43	to	to	PART
cblr-3423	533	44	operationalize	operationalize	VERB
cblr-3423	533	45	because	because	SCONJ
cblr-3423	533	46	it	it	PRON
cblr-3423	533	47	is	be	AUX
cblr-3423	533	48	not	not	PART
cblr-3423	533	49	difficult	difficult	ADJ
cblr-3423	533	50	to	to	PART
cblr-3423	533	51	distinguish	distinguish	VERB
cblr-3423	533	52	open	open	ADJ
cblr-3423	533	53	from	from	ADP
cblr-3423	533	54	closed	closed	ADJ
cblr-3423	533	55	networks	network	NOUN
cblr-3423	533	56	or	or	CCONJ
cblr-3423	533	57	instances	instance	NOUN
cblr-3423	533	58	where	where	SCONJ
cblr-3423	533	59	promises	promise	NOUN
cblr-3423	533	60	have	have	AUX
cblr-3423	533	61	been	be	AUX
cblr-3423	533	62	made	make	VERB
cblr-3423	533	63	from	from	ADP
cblr-3423	533	64	those	those	PRON
cblr-3423	533	65	where	where	SCONJ
cblr-3423	533	66	promises	promise	NOUN
cblr-3423	533	67	have	have	VERB
cblr-3423	533	68	not	not	PART
cblr-3423	533	69	.	.	PUNCT
cblr-3423	534	1	this	this	PRON
cblr-3423	534	2	is	be	AUX
cblr-3423	534	3	a	a	DET
cblr-3423	534	4	fairly	fairly	ADV
cblr-3423	534	5	simple	simple	ADJ
cblr-3423	534	6	determination	determination	NOUN
cblr-3423	534	7	and	and	CCONJ
cblr-3423	534	8	one	one	NUM
cblr-3423	534	9	that	that	PRON
cblr-3423	534	10	courts	court	NOUN
cblr-3423	534	11	make	make	VERB
cblr-3423	534	12	regularly	regularly	ADV
cblr-3423	534	13	.	.	PUNCT
cblr-3423	535	1	b.	b.	NOUN
cblr-3423	535	2	expectation	expectation	NOUN
cblr-3423	535	3	of	of	ADP
cblr-3423	535	4	profit	profit	NOUN
cblr-3423	535	5	prong	prong	NOUN
cblr-3423	535	6	the	the	DET
cblr-3423	535	7	second	second	ADJ
cblr-3423	535	8	node	node	NOUN
cblr-3423	535	9	of	of	ADP
cblr-3423	535	10	the	the	DET
cblr-3423	535	11	decision	decision	NOUN
cblr-3423	535	12	tree	tree	NOUN
cblr-3423	535	13	shown	show	VERB
cblr-3423	535	14	in	in	ADP
cblr-3423	535	15	figure	figure	NOUN
cblr-3423	535	16	1	1	NUM
cblr-3423	535	17	,	,	PUNCT
cblr-3423	535	18	and	and	CCONJ
cblr-3423	535	19	thus	thus	ADV
cblr-3423	535	20	the	the	DET
cblr-3423	535	21	second	second	ADJ
cblr-3423	535	22	step	step	NOUN
cblr-3423	535	23	in	in	ADP
cblr-3423	535	24	our	our	PRON
cblr-3423	535	25	analysis	analysis	NOUN
cblr-3423	535	26	,	,	PUNCT
cblr-3423	535	27	is	be	AUX
cblr-3423	535	28	whether	whether	SCONJ
cblr-3423	535	29	the	the	DET
cblr-3423	535	30	instrument	instrument	NOUN
cblr-3423	535	31	is	be	AUX
cblr-3423	535	32	primarily	primarily	ADV
cblr-3423	535	33	about	about	ADP
cblr-3423	535	34	investment	investment	NOUN
cblr-3423	535	35	or	or	CCONJ
cblr-3423	535	36	about	about	ADP
cblr-3423	535	37	consumption	consumption	NOUN
cblr-3423	535	38	—	—	PUNCT
cblr-3423	535	39	this	this	PRON
cblr-3423	535	40	is	be	AUX
cblr-3423	535	41	the	the	DET
cblr-3423	535	42	“	"	PUNCT
cblr-3423	535	43	expectation	expectation	NOUN
cblr-3423	535	44	of	of	ADP
cblr-3423	535	45	profit	profit	NOUN
cblr-3423	535	46	”	"	PUNCT
cblr-3423	535	47	prong	prong	NOUN
cblr-3423	535	48	from	from	ADP
cblr-3423	535	49	howey	howey	PRON
cblr-3423	535	50	.	.	PUNCT
cblr-3423	536	1	if	if	SCONJ
cblr-3423	536	2	an	an	DET
cblr-3423	536	3	instrument	instrument	NOUN
cblr-3423	536	4	fails	fail	VERB
cblr-3423	536	5	the	the	DET
cblr-3423	536	6	bahamas	bahamas	PROPN
cblr-3423	536	7	test	test	NOUN
cblr-3423	536	8	,	,	PUNCT
cblr-3423	536	9	i.e.	i.e.	X
cblr-3423	536	10	,	,	PUNCT
cblr-3423	536	11	it	it	PRON
cblr-3423	536	12	is	be	AUX
cblr-3423	536	13	not	not	PART
cblr-3423	536	14	sufficiently	sufficiently	ADV
cblr-3423	536	15	decentralized	decentralize	VERB
cblr-3423	536	16	,	,	PUNCT
cblr-3423	536	17	and	and	CCONJ
cblr-3423	536	18	passes	pass	VERB
cblr-3423	536	19	the	the	DET
cblr-3423	536	20	expectation	expectation	NOUN
cblr-3423	536	21	of	of	ADP
cblr-3423	536	22	profit	profit	NOUN
cblr-3423	536	23	119	119	NUM
cblr-3423	536	24	see	see	NOUN
cblr-3423	536	25	,	,	PUNCT
cblr-3423	536	26	e.g.	e.g.	ADV
cblr-3423	536	27	,	,	PUNCT
cblr-3423	536	28	sec	sec	PROPN
cblr-3423	536	29	v.	v.	ADP
cblr-3423	536	30	chinese	chinese	PROPN
cblr-3423	536	31	consol	consol	NOUN
cblr-3423	536	32	.	.	PUNCT
cblr-3423	537	1	benevolent	benevolent	ADJ
cblr-3423	537	2	ass’n	ass’n	NOUN
cblr-3423	537	3	,	,	PUNCT
cblr-3423	537	4	120	120	NUM
cblr-3423	537	5	f.2d	f.2d	NOUN
cblr-3423	537	6	738	738	NUM
cblr-3423	537	7	(	(	PUNCT
cblr-3423	537	8	2d	2d	NUM
cblr-3423	537	9	cir	cir	NOUN
cblr-3423	537	10	.	.	PROPN
cblr-3423	537	11	1941	1941	NUM
cblr-3423	537	12	)	)	PUNCT
cblr-3423	538	1	(	(	PUNCT
cblr-3423	538	2	holding	hold	VERB
cblr-3423	538	3	intermediary	intermediary	NOUN
cblr-3423	538	4	in	in	ADP
cblr-3423	538	5	bond	bond	NOUN
cblr-3423	538	6	sales	sale	NOUN
cblr-3423	538	7	that	that	PRON
cblr-3423	538	8	was	be	AUX
cblr-3423	538	9	not	not	PART
cblr-3423	538	10	even	even	ADV
cblr-3423	538	11	earning	earn	VERB
cblr-3423	538	12	a	a	DET
cblr-3423	538	13	commission	commission	NOUN
cblr-3423	538	14	sold	sell	VERB
cblr-3423	538	15	unregistered	unregistered	ADJ
cblr-3423	538	16	securities	security	NOUN
cblr-3423	538	17	in	in	ADP
cblr-3423	538	18	violation	violation	NOUN
cblr-3423	538	19	of	of	ADP
cblr-3423	538	20	securities	security	NOUN
cblr-3423	538	21	laws	law	NOUN
cblr-3423	538	22	by	by	ADP
cblr-3423	538	23	arranging	arrange	VERB
cblr-3423	538	24	sale	sale	NOUN
cblr-3423	538	25	)	)	PUNCT
cblr-3423	538	26	.	.	PUNCT
cblr-3423	539	1	120	120	NUM
cblr-3423	539	2	there	there	PRON
cblr-3423	539	3	is	be	VERB
cblr-3423	539	4	an	an	DET
cblr-3423	539	5	open	open	ADJ
cblr-3423	539	6	question	question	NOUN
cblr-3423	539	7	of	of	ADP
cblr-3423	539	8	whether	whether	SCONJ
cblr-3423	539	9	the	the	DET
cblr-3423	539	10	hacker	hacker	NOUN
cblr-3423	539	11	even	even	ADV
cblr-3423	539	12	was	be	AUX
cblr-3423	539	13	a	a	DET
cblr-3423	539	14	bad	bad	ADJ
cblr-3423	539	15	actor	actor	NOUN
cblr-3423	539	16	.	.	PUNCT
cblr-3423	540	1	121	121	NUM
cblr-3423	540	2	whether	whether	SCONJ
cblr-3423	540	3	one	one	NOUN
cblr-3423	540	4	accepts	accept	VERB
cblr-3423	540	5	that	that	SCONJ
cblr-3423	540	6	the	the	DET
cblr-3423	540	7	state	state	NOUN
cblr-3423	540	8	needs	need	VERB
cblr-3423	540	9	to	to	PART
cblr-3423	540	10	play	play	VERB
cblr-3423	540	11	this	this	DET
cblr-3423	540	12	role	role	NOUN
cblr-3423	540	13	is	be	AUX
cblr-3423	540	14	beyond	beyond	ADP
cblr-3423	540	15	the	the	DET
cblr-3423	540	16	scope	scope	NOUN
cblr-3423	540	17	of	of	ADP
cblr-3423	540	18	this	this	DET
cblr-3423	540	19	article	article	NOUN
cblr-3423	540	20	.	.	PUNCT
cblr-3423	541	1	478	478	NUM
cblr-3423	541	2	columbia	columbia	PROPN
cblr-3423	541	3	business	business	NOUN
cblr-3423	541	4	law	law	PROPN
cblr-3423	541	5	review	review	NOUN
cblr-3423	542	1	[	[	X
cblr-3423	542	2	vol	vol	NOUN
cblr-3423	542	3	.	.	PUNCT
cblr-3423	542	4	2019	2019	NUM
cblr-3423	542	5	prong	prong	NOUN
cblr-3423	542	6	—	—	PUNCT
cblr-3423	542	7	as	as	SCONJ
cblr-3423	542	8	evaluated	evaluate	VERB
cblr-3423	542	9	under	under	ADP
cblr-3423	542	10	the	the	DET
cblr-3423	542	11	two	two	NUM
cblr-3423	542	12	standards	standard	NOUN
cblr-3423	542	13	described	describe	VERB
cblr-3423	542	14	below	below	ADP
cblr-3423	542	15	—	—	PUNCT
cblr-3423	542	16	it	it	PRON
cblr-3423	542	17	should	should	AUX
cblr-3423	542	18	be	be	AUX
cblr-3423	542	19	regulated	regulate	VERB
cblr-3423	542	20	as	as	ADP
cblr-3423	542	21	a	a	DET
cblr-3423	542	22	security	security	NOUN
cblr-3423	542	23	.	.	PUNCT
cblr-3423	543	1	this	this	DET
cblr-3423	543	2	prong	prong	NOUN
cblr-3423	543	3	is	be	AUX
cblr-3423	543	4	,	,	PUNCT
cblr-3423	543	5	frankly	frankly	ADV
cblr-3423	543	6	,	,	PUNCT
cblr-3423	543	7	a	a	DET
cblr-3423	543	8	more	more	ADV
cblr-3423	543	9	difficult	difficult	ADJ
cblr-3423	543	10	one	one	NUM
cblr-3423	543	11	to	to	PART
cblr-3423	543	12	analyze	analyze	VERB
cblr-3423	543	13	than	than	ADP
cblr-3423	543	14	the	the	DET
cblr-3423	543	15	first	first	ADJ
cblr-3423	543	16	discussed	discuss	VERB
cblr-3423	543	17	.	.	PUNCT
cblr-3423	544	1	the	the	DET
cblr-3423	544	2	structure	structure	NOUN
cblr-3423	544	3	of	of	ADP
cblr-3423	544	4	this	this	DET
cblr-3423	544	5	section	section	NOUN
cblr-3423	544	6	hopefully	hopefully	ADV
cblr-3423	544	7	reflects	reflect	VERB
cblr-3423	544	8	this	this	DET
cblr-3423	544	9	difficulty	difficulty	NOUN
cblr-3423	544	10	by	by	ADP
cblr-3423	544	11	posing	pose	VERB
cblr-3423	544	12	more	more	ADJ
cblr-3423	544	13	theoretical	theoretical	ADJ
cblr-3423	544	14	concerns	concern	NOUN
cblr-3423	544	15	.	.	PUNCT
cblr-3423	545	1	this	this	DET
cblr-3423	545	2	section	section	NOUN
cblr-3423	545	3	begins	begin	VERB
cblr-3423	545	4	with	with	ADP
cblr-3423	545	5	a	a	DET
cblr-3423	545	6	recap	recap	NOUN
cblr-3423	545	7	of	of	ADP
cblr-3423	545	8	the	the	DET
cblr-3423	545	9	current	current	ADJ
cblr-3423	545	10	test	test	NOUN
cblr-3423	545	11	for	for	ADP
cblr-3423	545	12	expectation	expectation	NOUN
cblr-3423	545	13	of	of	ADP
cblr-3423	545	14	profits	profit	NOUN
cblr-3423	545	15	,	,	PUNCT
cblr-3423	545	16	and	and	CCONJ
cblr-3423	545	17	includes	include	VERB
cblr-3423	545	18	a	a	DET
cblr-3423	545	19	discussion	discussion	NOUN
cblr-3423	545	20	on	on	ADP
cblr-3423	545	21	the	the	DET
cblr-3423	545	22	amount	amount	NOUN
cblr-3423	545	23	of	of	ADP
cblr-3423	545	24	resale	resale	NOUN
cblr-3423	545	25	in	in	ADP
cblr-3423	545	26	the	the	DET
cblr-3423	545	27	secondary	secondary	ADJ
cblr-3423	545	28	market	market	NOUN
cblr-3423	545	29	.	.	PUNCT
cblr-3423	546	1	then	then	ADV
cblr-3423	546	2	,	,	PUNCT
cblr-3423	546	3	it	it	PRON
cblr-3423	546	4	proposes	propose	VERB
cblr-3423	546	5	the	the	DET
cblr-3423	546	6	“	"	PUNCT
cblr-3423	546	7	substantial	substantial	ADJ
cblr-3423	546	8	steps	step	NOUN
cblr-3423	546	9	test	test	NOUN
cblr-3423	546	10	.	.	PUNCT
cblr-3423	546	11	”	"	PUNCT
cblr-3423	547	1	1	1	X
cblr-3423	547	2	.	.	X
cblr-3423	547	3	current	current	ADJ
cblr-3423	547	4	test	test	NOUN
cblr-3423	547	5	—	—	PUNCT
cblr-3423	547	6	facts	fact	NOUN
cblr-3423	547	7	and	and	CCONJ
cblr-3423	547	8	circumstances	circumstance	NOUN
cblr-3423	547	9	with	with	ADP
cblr-3423	547	10	respect	respect	NOUN
cblr-3423	547	11	to	to	ADP
cblr-3423	547	12	the	the	DET
cblr-3423	547	13	“	"	PUNCT
cblr-3423	547	14	expectation	expectation	NOUN
cblr-3423	547	15	of	of	ADP
cblr-3423	547	16	profit	profit	NOUN
cblr-3423	547	17	”	"	PUNCT
cblr-3423	547	18	prong	prong	NOUN
cblr-3423	547	19	of	of	ADP
cblr-3423	547	20	the	the	DET
cblr-3423	547	21	howey	howey	PROPN
cblr-3423	547	22	test	test	NOUN
cblr-3423	547	23	in	in	ADP
cblr-3423	547	24	the	the	DET
cblr-3423	547	25	digital	digital	ADJ
cblr-3423	547	26	asset	asset	NOUN
cblr-3423	547	27	context	context	NOUN
cblr-3423	547	28	,	,	PUNCT
cblr-3423	547	29	there	there	PRON
cblr-3423	547	30	is	be	VERB
cblr-3423	547	31	a	a	DET
cblr-3423	547	32	temptation	temptation	NOUN
cblr-3423	547	33	to	to	PART
cblr-3423	547	34	use	use	VERB
cblr-3423	547	35	a	a	DET
cblr-3423	547	36	multi	multi	ADJ
cblr-3423	547	37	-	-	ADJ
cblr-3423	547	38	factor	factor	NOUN
cblr-3423	547	39	test	test	NOUN
cblr-3423	547	40	or	or	CCONJ
cblr-3423	547	41	employ	employ	VERB
cblr-3423	547	42	a	a	PRON
cblr-3423	547	43	“	"	PUNCT
cblr-3423	547	44	i	i	PRON
cblr-3423	547	45	know	know	VERB
cblr-3423	547	46	it	it	PRON
cblr-3423	547	47	when	when	SCONJ
cblr-3423	547	48	i	i	PRON
cblr-3423	547	49	see	see	VERB
cblr-3423	547	50	it	it	PRON
cblr-3423	547	51	”	"	PUNCT
cblr-3423	547	52	analysis.122	analysis.122	PROPN
cblr-3423	547	53	the	the	DET
cblr-3423	547	54	sec	sec	PROPN
cblr-3423	547	55	relied	rely	VERB
cblr-3423	547	56	on	on	ADP
cblr-3423	547	57	this	this	PRON
cblr-3423	547	58	in	in	ADP
cblr-3423	547	59	munchee.123	munchee.123	NOUN
cblr-3423	547	60	among	among	ADP
cblr-3423	547	61	other	other	ADJ
cblr-3423	547	62	things	thing	NOUN
cblr-3423	547	63	,	,	PUNCT
cblr-3423	547	64	the	the	DET
cblr-3423	547	65	trouble	trouble	NOUN
cblr-3423	547	66	with	with	ADP
cblr-3423	547	67	multi	multi	ADJ
cblr-3423	547	68	-	-	ADJ
cblr-3423	547	69	factor	factor	NOUN
cblr-3423	547	70	analyses	analysis	NOUN
cblr-3423	547	71	is	be	AUX
cblr-3423	547	72	that	that	SCONJ
cblr-3423	547	73	they	they	PRON
cblr-3423	547	74	create	create	VERB
cblr-3423	547	75	legal	legal	ADJ
cblr-3423	547	76	uncertainty	uncertainty	NOUN
cblr-3423	547	77	—	—	PUNCT
cblr-3423	547	78	their	their	PRON
cblr-3423	547	79	virtue	virtue	NOUN
cblr-3423	547	80	is	be	AUX
cblr-3423	547	81	flexibility	flexibility	NOUN
cblr-3423	547	82	to	to	ADP
cblr-3423	547	83	the	the	DET
cblr-3423	547	84	regulator	regulator	NOUN
cblr-3423	547	85	.	.	PUNCT
cblr-3423	548	1	that	that	PRON
cblr-3423	548	2	is	be	AUX
cblr-3423	548	3	why	why	SCONJ
cblr-3423	548	4	this	this	DET
cblr-3423	548	5	multi	multi	ADJ
cblr-3423	548	6	-	-	NOUN
cblr-3423	548	7	factor	factor	NOUN
cblr-3423	548	8	analysis—“facts	analysis—“fact	NOUN
cblr-3423	548	9	and	and	CCONJ
cblr-3423	548	10	circumstances”—is	circumstances”—is	PRON
cblr-3423	548	11	largely	largely	ADV
cblr-3423	548	12	the	the	DET
cblr-3423	548	13	approach	approach	NOUN
cblr-3423	548	14	chosen	choose	VERB
cblr-3423	548	15	by	by	ADP
cblr-3423	548	16	the	the	DET
cblr-3423	548	17	sec	sec	PROPN
cblr-3423	548	18	in	in	ADP
cblr-3423	548	19	its	its	PRON
cblr-3423	548	20	enforcement	enforcement	NOUN
cblr-3423	548	21	actions	action	NOUN
cblr-3423	548	22	and	and	CCONJ
cblr-3423	548	23	articulated	articulate	VERB
cblr-3423	548	24	in	in	ADP
cblr-3423	548	25	its	its	PRON
cblr-3423	548	26	framework.124	framework.124	NOUN
cblr-3423	548	27	one	one	NUM
cblr-3423	548	28	of	of	ADP
cblr-3423	548	29	the	the	DET
cblr-3423	548	30	factors	factor	NOUN
cblr-3423	548	31	that	that	PRON
cblr-3423	548	32	could	could	AUX
cblr-3423	548	33	be	be	AUX
cblr-3423	548	34	relevant	relevant	ADJ
cblr-3423	548	35	for	for	ADP
cblr-3423	548	36	determining	determine	VERB
cblr-3423	548	37	whether	whether	SCONJ
cblr-3423	548	38	there	there	PRON
cblr-3423	548	39	is	be	VERB
cblr-3423	548	40	an	an	DET
cblr-3423	548	41	expectation	expectation	NOUN
cblr-3423	548	42	of	of	ADP
cblr-3423	548	43	profit	profit	NOUN
cblr-3423	548	44	is	be	AUX
cblr-3423	548	45	the	the	DET
cblr-3423	548	46	ratio	ratio	NOUN
cblr-3423	548	47	of	of	ADP
cblr-3423	548	48	individual	individual	ADJ
cblr-3423	548	49	buyers	buyer	NOUN
cblr-3423	548	50	who	who	PRON
cblr-3423	548	51	consume	consume	VERB
cblr-3423	548	52	the	the	DET
cblr-3423	548	53	instrument	instrument	NOUN
cblr-3423	548	54	versus	versus	ADP
cblr-3423	548	55	resell	resell	VERB
cblr-3423	548	56	the	the	DET
cblr-3423	548	57	instrument	instrument	NOUN
cblr-3423	548	58	—	—	PUNCT
cblr-3423	548	59	that	that	ADV
cblr-3423	548	60	is	is	ADV
cblr-3423	548	61	,	,	PUNCT
cblr-3423	548	62	the	the	DET
cblr-3423	548	63	velocity	velocity	NOUN
cblr-3423	548	64	of	of	ADP
cblr-3423	548	65	the	the	DET
cblr-3423	548	66	secondary	secondary	ADJ
cblr-3423	548	67	market	market	NOUN
cblr-3423	548	68	.	.	PUNCT
cblr-3423	549	1	certainly	certainly	ADV
cblr-3423	549	2	,	,	PUNCT
cblr-3423	549	3	in	in	ADP
cblr-3423	549	4	the	the	DET
cblr-3423	549	5	vast	vast	ADJ
cblr-3423	549	6	and	and	CCONJ
cblr-3423	549	7	overwhelming	overwhelming	ADJ
cblr-3423	549	8	number	number	NOUN
cblr-3423	549	9	of	of	ADP
cblr-3423	549	10	icos	icos	PROPN
cblr-3423	549	11	,	,	PUNCT
cblr-3423	549	12	the	the	DET
cblr-3423	549	13	purchasers	purchaser	NOUN
cblr-3423	549	14	are	be	AUX
cblr-3423	549	15	profit	profit	NOUN
cblr-3423	549	16	-	-	PUNCT
cblr-3423	549	17	seeking	seeking	NOUN
cblr-3423	549	18	because	because	SCONJ
cblr-3423	549	19	in	in	ADP
cblr-3423	549	20	many	many	ADJ
cblr-3423	549	21	instances	instance	NOUN
cblr-3423	549	22	there	there	PRON
cblr-3423	549	23	is	be	VERB
cblr-3423	549	24	no	no	DET
cblr-3423	549	25	useable	useable	ADJ
cblr-3423	549	26	product	product	NOUN
cblr-3423	549	27	,	,	PUNCT
cblr-3423	549	28	nor	nor	CCONJ
cblr-3423	549	29	will	will	AUX
cblr-3423	549	30	there	there	PRON
cblr-3423	549	31	ever	ever	ADV
cblr-3423	549	32	be	be	AUX
cblr-3423	549	33	a	a	DET
cblr-3423	549	34	useable	useable	ADJ
cblr-3423	549	35	product.125	product.125	NOUN
cblr-3423	549	36	this	this	DET
cblr-3423	549	37	latter	latter	ADJ
cblr-3423	549	38	result	result	NOUN
cblr-3423	549	39	could	could	AUX
cblr-3423	549	40	be	be	AUX
cblr-3423	549	41	because	because	SCONJ
cblr-3423	549	42	of	of	ADP
cblr-3423	549	43	fraud	fraud	NOUN
cblr-3423	549	44	or	or	CCONJ
cblr-3423	549	45	122	122	NUM
cblr-3423	549	46	see	see	VERB
cblr-3423	549	47	jacobellis	jacobelli	NOUN
cblr-3423	549	48	v.	v.	ADP
cblr-3423	549	49	ohio	ohio	PROPN
cblr-3423	549	50	,	,	PUNCT
cblr-3423	549	51	378	378	NUM
cblr-3423	549	52	u.s	u.s	PROPN
cblr-3423	549	53	.	.	PROPN
cblr-3423	549	54	184	184	NUM
cblr-3423	549	55	,	,	PUNCT
cblr-3423	549	56	197	197	NUM
cblr-3423	549	57	(	(	PUNCT
cblr-3423	549	58	1964	1964	NUM
cblr-3423	549	59	)	)	PUNCT
cblr-3423	549	60	(	(	PUNCT
cblr-3423	549	61	stewart	stewart	PROPN
cblr-3423	549	62	,	,	PUNCT
cblr-3423	549	63	j.	j.	PROPN
cblr-3423	549	64	,	,	PUNCT
cblr-3423	549	65	concurring	concur	VERB
cblr-3423	549	66	)	)	PUNCT
cblr-3423	549	67	.	.	PUNCT
cblr-3423	550	1	123	123	NUM
cblr-3423	550	2	“	"	PUNCT
cblr-3423	550	3	determining	determine	VERB
cblr-3423	550	4	whether	whether	SCONJ
cblr-3423	550	5	a	a	DET
cblr-3423	550	6	transaction	transaction	NOUN
cblr-3423	550	7	involves	involve	VERB
cblr-3423	550	8	a	a	DET
cblr-3423	550	9	security	security	NOUN
cblr-3423	550	10	does	do	AUX
cblr-3423	550	11	not	not	PART
cblr-3423	550	12	turn	turn	VERB
cblr-3423	550	13	on	on	ADP
cblr-3423	550	14	labeling	labeling	NOUN
cblr-3423	550	15	–	–	PUNCT
cblr-3423	550	16	such	such	ADJ
cblr-3423	550	17	as	as	ADP
cblr-3423	550	18	characterizing	characterize	VERB
cblr-3423	550	19	an	an	DET
cblr-3423	550	20	ico	ico	NOUN
cblr-3423	550	21	as	as	ADP
cblr-3423	550	22	involving	involve	VERB
cblr-3423	550	23	a	a	DET
cblr-3423	550	24	‘	'	PUNCT
cblr-3423	550	25	utility	utility	NOUN
cblr-3423	550	26	token	token	NOUN
cblr-3423	550	27	’	'	PUNCT
cblr-3423	550	28	–	–	PUNCT
cblr-3423	550	29	but	but	CCONJ
cblr-3423	550	30	instead	instead	ADV
cblr-3423	550	31	requires	require	VERB
cblr-3423	550	32	an	an	DET
cblr-3423	550	33	assessment	assessment	NOUN
cblr-3423	550	34	of	of	ADP
cblr-3423	550	35	‘	'	PUNCT
cblr-3423	550	36	the	the	DET
cblr-3423	550	37	economic	economic	ADJ
cblr-3423	550	38	realities	reality	NOUN
cblr-3423	550	39	underlying	underlie	VERB
cblr-3423	550	40	a	a	DET
cblr-3423	550	41	transaction	transaction	NOUN
cblr-3423	550	42	.	.	PUNCT
cblr-3423	550	43	’	'	PUNCT
cblr-3423	550	44	”	"	PUNCT
cblr-3423	550	45	munchee	munchee	NOUN
cblr-3423	550	46	order	order	NOUN
cblr-3423	550	47	,	,	PUNCT
cblr-3423	550	48	supra	supra	PROPN
cblr-3423	550	49	note	note	NOUN
cblr-3423	550	50	50	50	NUM
cblr-3423	550	51	,	,	PUNCT
cblr-3423	550	52	at	at	ADP
cblr-3423	550	53	9	9	NUM
cblr-3423	550	54	.	.	SYM
cblr-3423	550	55	124	124	NUM
cblr-3423	550	56	see	see	NOUN
cblr-3423	550	57	framework	framework	NOUN
cblr-3423	550	58	,	,	PUNCT
cblr-3423	550	59	supra	supra	PROPN
cblr-3423	550	60	note	note	NOUN
cblr-3423	550	61	16	16	NUM
cblr-3423	550	62	(	(	PUNCT
cblr-3423	550	63	“	"	PUNCT
cblr-3423	550	64	whether	whether	SCONJ
cblr-3423	550	65	a	a	DET
cblr-3423	550	66	particular	particular	ADJ
cblr-3423	550	67	digital	digital	ADJ
cblr-3423	550	68	asset	asset	NOUN
cblr-3423	550	69	at	at	ADP
cblr-3423	550	70	the	the	DET
cblr-3423	550	71	time	time	NOUN
cblr-3423	550	72	of	of	ADP
cblr-3423	550	73	its	its	PRON
cblr-3423	550	74	offer	offer	NOUN
cblr-3423	550	75	or	or	CCONJ
cblr-3423	550	76	sale	sale	NOUN
cblr-3423	550	77	satisfies	satisfie	NOUN
cblr-3423	550	78	the	the	DET
cblr-3423	550	79	howey	howey	PROPN
cblr-3423	550	80	test	test	NOUN
cblr-3423	550	81	depends	depend	VERB
cblr-3423	550	82	on	on	ADP
cblr-3423	550	83	the	the	DET
cblr-3423	550	84	specific	specific	ADJ
cblr-3423	550	85	facts	fact	NOUN
cblr-3423	550	86	and	and	CCONJ
cblr-3423	550	87	circumstances	circumstance	NOUN
cblr-3423	550	88	.	.	PUNCT
cblr-3423	550	89	”	"	PUNCT
cblr-3423	550	90	)	)	PUNCT
cblr-3423	550	91	.	.	PUNCT
cblr-3423	551	1	125	125	NUM
cblr-3423	551	2	see	see	VERB
cblr-3423	551	3	cohsey	cohsey	NOUN
cblr-3423	551	4	et	et	PROPN
cblr-3423	551	5	al	al	PROPN
cblr-3423	551	6	.	.	PROPN
cblr-3423	551	7	,	,	PUNCT
cblr-3423	551	8	supra	supra	PROPN
cblr-3423	551	9	note	note	PROPN
cblr-3423	551	10	29	29	NUM
cblr-3423	551	11	(	(	PUNCT
cblr-3423	551	12	noting	note	VERB
cblr-3423	551	13	a	a	DET
cblr-3423	551	14	number	number	NOUN
cblr-3423	551	15	of	of	ADP
cblr-3423	551	16	important	important	ADJ
cblr-3423	551	17	features	feature	NOUN
cblr-3423	551	18	of	of	ADP
cblr-3423	551	19	smart	smart	ADJ
cblr-3423	551	20	contract	contract	NOUN
cblr-3423	551	21	icos	ico	NOUN
cblr-3423	551	22	—	—	PUNCT
cblr-3423	551	23	including	include	VERB
cblr-3423	551	24	scarcity	scarcity	NOUN
cblr-3423	551	25	,	,	PUNCT
cblr-3423	551	26	lock	lock	NOUN
cblr-3423	551	27	-	-	PUNCT
cblr-3423	551	28	in	in	NOUN
cblr-3423	551	29	,	,	PUNCT
cblr-3423	551	30	and	and	CCONJ
cblr-3423	551	31	no	no	INTJ
cblr-3423	551	32	.	.	NOUN
cblr-3423	552	1	2:443	2:443	NUM
cblr-3423	552	2	]	]	X
cblr-3423	552	3	a	a	DET
cblr-3423	552	4	regulatory	regulatory	ADJ
cblr-3423	552	5	classification	classification	NOUN
cblr-3423	552	6	of	of	ADP
cblr-3423	552	7	digital	digital	ADJ
cblr-3423	552	8	assets	asset	NOUN
cblr-3423	552	9	479	479	NUM
cblr-3423	552	10	because	because	SCONJ
cblr-3423	552	11	the	the	DET
cblr-3423	552	12	business	business	NOUN
cblr-3423	552	13	simply	simply	ADV
cblr-3423	552	14	failed	fail	VERB
cblr-3423	552	15	.	.	PUNCT
cblr-3423	553	1	but	but	CCONJ
cblr-3423	553	2	this	this	DET
cblr-3423	553	3	factor	factor	NOUN
cblr-3423	553	4	is	be	AUX
cblr-3423	553	5	not	not	PART
cblr-3423	553	6	dispositive	dispositive	ADJ
cblr-3423	553	7	because	because	SCONJ
cblr-3423	553	8	there	there	PRON
cblr-3423	553	9	are	be	VERB
cblr-3423	553	10	certainly	certainly	ADV
cblr-3423	553	11	instances	instance	NOUN
cblr-3423	553	12	where	where	SCONJ
cblr-3423	553	13	a	a	DET
cblr-3423	553	14	low	low	ADJ
cblr-3423	553	15	ratio	ratio	NOUN
cblr-3423	553	16	of	of	ADP
cblr-3423	553	17	consumers	consumer	NOUN
cblr-3423	553	18	-	-	PUNCT
cblr-3423	553	19	to	to	ADP
cblr-3423	553	20	-	-	PUNCT
cblr-3423	553	21	sellers	seller	NOUN
cblr-3423	553	22	does	do	AUX
cblr-3423	553	23	not	not	PART
cblr-3423	553	24	deem	deem	VERB
cblr-3423	553	25	an	an	DET
cblr-3423	553	26	instrument	instrument	NOUN
cblr-3423	553	27	an	an	DET
cblr-3423	553	28	“	"	PUNCT
cblr-3423	553	29	investment	investment	NOUN
cblr-3423	553	30	contract	contract	NOUN
cblr-3423	553	31	.	.	PUNCT
cblr-3423	553	32	”	"	PUNCT
cblr-3423	554	1	for	for	ADP
cblr-3423	554	2	instance	instance	NOUN
cblr-3423	554	3	,	,	PUNCT
cblr-3423	554	4	a	a	DET
cblr-3423	554	5	concert	concert	NOUN
cblr-3423	554	6	promoter	promoter	NOUN
cblr-3423	554	7	may	may	AUX
cblr-3423	554	8	sell	sell	VERB
cblr-3423	554	9	50,000	50,000	NUM
cblr-3423	554	10	lady	lady	NOUN
cblr-3423	554	11	gaga	gaga	NOUN
cblr-3423	554	12	concert	concert	NOUN
cblr-3423	554	13	tickets	ticket	NOUN
cblr-3423	554	14	to	to	ADP
cblr-3423	554	15	various	various	ADJ
cblr-3423	554	16	dealers	dealer	NOUN
cblr-3423	554	17	knowing	know	VERB
cblr-3423	554	18	that	that	SCONJ
cblr-3423	554	19	these	these	DET
cblr-3423	554	20	dealers	dealer	NOUN
cblr-3423	554	21	(	(	PUNCT
cblr-3423	554	22	and	and	CCONJ
cblr-3423	554	23	many	many	ADJ
cblr-3423	554	24	of	of	ADP
cblr-3423	554	25	their	their	PRON
cblr-3423	554	26	customers	customer	NOUN
cblr-3423	554	27	)	)	PUNCT
cblr-3423	554	28	may	may	AUX
cblr-3423	554	29	turn	turn	VERB
cblr-3423	554	30	around	around	ADV
cblr-3423	554	31	and	and	CCONJ
cblr-3423	554	32	resell	resell	VERB
cblr-3423	554	33	them	they	PRON
cblr-3423	554	34	for	for	ADP
cblr-3423	554	35	a	a	DET
cblr-3423	554	36	profit	profit	NOUN
cblr-3423	554	37	depending	depend	VERB
cblr-3423	554	38	on	on	ADP
cblr-3423	554	39	how	how	SCONJ
cblr-3423	554	40	the	the	DET
cblr-3423	554	41	supply	supply	NOUN
cblr-3423	554	42	and	and	CCONJ
cblr-3423	554	43	demand	demand	NOUN
cblr-3423	554	44	change	change	NOUN
cblr-3423	554	45	over	over	ADP
cblr-3423	554	46	time	time	NOUN
cblr-3423	554	47	.	.	PUNCT
cblr-3423	555	1	no	no	DET
cblr-3423	555	2	one	one	NOUN
cblr-3423	555	3	believes	believe	VERB
cblr-3423	555	4	,	,	PUNCT
cblr-3423	555	5	and	and	CCONJ
cblr-3423	555	6	the	the	DET
cblr-3423	555	7	sec	sec	PROPN
cblr-3423	555	8	has	have	AUX
cblr-3423	555	9	never	never	ADV
cblr-3423	555	10	taken	take	VERB
cblr-3423	555	11	the	the	DET
cblr-3423	555	12	position	position	NOUN
cblr-3423	555	13	,	,	PUNCT
cblr-3423	555	14	that	that	SCONJ
cblr-3423	555	15	the	the	DET
cblr-3423	555	16	intent	intent	NOUN
cblr-3423	555	17	of	of	ADP
cblr-3423	555	18	the	the	DET
cblr-3423	555	19	initial	initial	ADJ
cblr-3423	555	20	buyers	buyer	NOUN
cblr-3423	555	21	in	in	ADP
cblr-3423	555	22	such	such	DET
cblr-3423	555	23	a	a	DET
cblr-3423	555	24	case	case	NOUN
cblr-3423	555	25	would	would	AUX
cblr-3423	555	26	turn	turn	VERB
cblr-3423	555	27	a	a	DET
cblr-3423	555	28	concert	concert	NOUN
cblr-3423	555	29	ticket	ticket	NOUN
cblr-3423	555	30	into	into	ADP
cblr-3423	555	31	a	a	DET
cblr-3423	555	32	security	security	NOUN
cblr-3423	555	33	.	.	PUNCT
cblr-3423	556	1	this	this	PRON
cblr-3423	556	2	is	be	AUX
cblr-3423	556	3	in	in	ADP
cblr-3423	556	4	large	large	ADJ
cblr-3423	556	5	part	part	NOUN
cblr-3423	556	6	because	because	SCONJ
cblr-3423	556	7	it	it	PRON
cblr-3423	556	8	is	be	AUX
cblr-3423	556	9	the	the	DET
cblr-3423	556	10	market	market	NOUN
cblr-3423	556	11	as	as	ADP
cblr-3423	556	12	a	a	DET
cblr-3423	556	13	whole	whole	NOUN
cblr-3423	556	14	that	that	PRON
cblr-3423	556	15	determines	determine	VERB
cblr-3423	556	16	the	the	DET
cblr-3423	556	17	price	price	NOUN
cblr-3423	556	18	,	,	PUNCT
cblr-3423	556	19	not	not	PART
cblr-3423	556	20	the	the	DET
cblr-3423	556	21	effort	effort	NOUN
cblr-3423	556	22	of	of	ADP
cblr-3423	556	23	the	the	DET
cblr-3423	556	24	individual	individual	ADJ
cblr-3423	556	25	promoters	promoter	NOUN
cblr-3423	556	26	.	.	PUNCT
cblr-3423	557	1	courts	court	NOUN
cblr-3423	557	2	have	have	AUX
cblr-3423	557	3	consistently	consistently	ADV
cblr-3423	557	4	held	hold	VERB
cblr-3423	557	5	that	that	SCONJ
cblr-3423	557	6	markets	market	NOUN
cblr-3423	557	7	where	where	SCONJ
cblr-3423	557	8	supply	supply	NOUN
cblr-3423	557	9	and	and	CCONJ
cblr-3423	557	10	demand	demand	NOUN
cblr-3423	557	11	,	,	PUNCT
cblr-3423	557	12	and	and	CCONJ
cblr-3423	557	13	not	not	PART
cblr-3423	557	14	the	the	DET
cblr-3423	557	15	managerial	managerial	ADJ
cblr-3423	557	16	efforts	effort	NOUN
cblr-3423	557	17	of	of	ADP
cblr-3423	557	18	others	other	NOUN
cblr-3423	557	19	,	,	PUNCT
cblr-3423	557	20	determines	determine	VERB
cblr-3423	557	21	the	the	DET
cblr-3423	557	22	market	market	NOUN
cblr-3423	557	23	price	price	NOUN
cblr-3423	557	24	are	be	AUX
cblr-3423	557	25	not	not	PART
cblr-3423	557	26	securities	security	NOUN
cblr-3423	557	27	markets.126	markets.126	NOUN
cblr-3423	557	28	one	one	PRON
cblr-3423	557	29	could	could	AUX
cblr-3423	557	30	complicate	complicate	VERB
cblr-3423	557	31	the	the	DET
cblr-3423	557	32	concert	concert	NOUN
cblr-3423	557	33	ticket	ticket	NOUN
cblr-3423	557	34	case	case	NOUN
cblr-3423	557	35	by	by	ADP
cblr-3423	557	36	imagining	imagine	VERB
cblr-3423	557	37	the	the	DET
cblr-3423	557	38	concert	concert	NOUN
cblr-3423	557	39	promoter	promoter	NOUN
cblr-3423	557	40	does	do	AUX
cblr-3423	557	41	not	not	PART
cblr-3423	557	42	yet	yet	ADV
cblr-3423	557	43	have	have	VERB
cblr-3423	557	44	lady	lady	NOUN
cblr-3423	557	45	gaga	gaga	NOUN
cblr-3423	557	46	signed	sign	VERB
cblr-3423	557	47	up	up	ADP
cblr-3423	557	48	yet	yet	ADV
cblr-3423	557	49	but	but	CCONJ
cblr-3423	557	50	rather	rather	ADV
cblr-3423	557	51	offers	offer	VERB
cblr-3423	557	52	the	the	DET
cblr-3423	557	53	following	follow	VERB
cblr-3423	557	54	deal	deal	NOUN
cblr-3423	557	55	:	:	PUNCT
cblr-3423	557	56	the	the	DET
cblr-3423	557	57	promoter	promoter	NOUN
cblr-3423	557	58	will	will	AUX
cblr-3423	557	59	sell	sell	VERB
cblr-3423	557	60	50,000	50,000	NUM
cblr-3423	557	61	tickets	ticket	NOUN
cblr-3423	557	62	for	for	ADP
cblr-3423	557	63	a	a	DET
cblr-3423	557	64	venue	venue	NOUN
cblr-3423	557	65	and	and	CCONJ
cblr-3423	557	66	an	an	DET
cblr-3423	557	67	act	act	NOUN
cblr-3423	557	68	to	to	PART
cblr-3423	557	69	be	be	AUX
cblr-3423	557	70	determined	determine	VERB
cblr-3423	557	71	,	,	PUNCT
cblr-3423	557	72	based	base	VERB
cblr-3423	557	73	in	in	ADP
cblr-3423	557	74	part	part	NOUN
cblr-3423	557	75	on	on	ADP
cblr-3423	557	76	how	how	SCONJ
cblr-3423	557	77	much	much	ADJ
cblr-3423	557	78	money	money	NOUN
cblr-3423	557	79	the	the	DET
cblr-3423	557	80	promoter	promoter	NOUN
cblr-3423	557	81	is	be	AUX
cblr-3423	557	82	able	able	ADJ
cblr-3423	557	83	to	to	PART
cblr-3423	557	84	raise	raise	VERB
cblr-3423	557	85	through	through	ADP
cblr-3423	557	86	the	the	DET
cblr-3423	557	87	sale	sale	NOUN
cblr-3423	557	88	.	.	PUNCT
cblr-3423	558	1	this	this	PRON
cblr-3423	558	2	is	be	AUX
cblr-3423	558	3	a	a	DET
cblr-3423	558	4	more	more	ADV
cblr-3423	558	5	difficult	difficult	ADJ
cblr-3423	558	6	case	case	NOUN
cblr-3423	558	7	for	for	ADP
cblr-3423	558	8	reasons	reason	NOUN
cblr-3423	558	9	that	that	PRON
cblr-3423	558	10	have	have	VERB
cblr-3423	558	11	little	little	ADJ
cblr-3423	558	12	to	to	PART
cblr-3423	558	13	do	do	VERB
cblr-3423	558	14	with	with	ADP
cblr-3423	558	15	the	the	DET
cblr-3423	558	16	expected	expect	VERB
cblr-3423	558	17	velocity	velocity	NOUN
cblr-3423	558	18	of	of	ADP
cblr-3423	558	19	the	the	DET
cblr-3423	558	20	secondary	secondary	ADJ
cblr-3423	558	21	market	market	NOUN
cblr-3423	558	22	.	.	PUNCT
cblr-3423	559	1	instead	instead	ADV
cblr-3423	559	2	,	,	PUNCT
cblr-3423	559	3	the	the	DET
cblr-3423	559	4	concern	concern	NOUN
cblr-3423	559	5	is	be	AUX
cblr-3423	559	6	that	that	SCONJ
cblr-3423	559	7	the	the	DET
cblr-3423	559	8	promoter	promoter	NOUN
cblr-3423	559	9	might	might	AUX
cblr-3423	559	10	abscond	abscond	VERB
cblr-3423	559	11	with	with	ADP
cblr-3423	559	12	the	the	DET
cblr-3423	559	13	money	money	NOUN
cblr-3423	559	14	or	or	CCONJ
cblr-3423	559	15	,	,	PUNCT
cblr-3423	559	16	perhaps	perhaps	ADV
cblr-3423	559	17	,	,	PUNCT
cblr-3423	559	18	not	not	PART
cblr-3423	559	19	exert	exert	VERB
cblr-3423	559	20	the	the	DET
cblr-3423	559	21	effort	effort	NOUN
cblr-3423	559	22	or	or	CCONJ
cblr-3423	559	23	expend	expend	VERB
cblr-3423	559	24	the	the	DET
cblr-3423	559	25	resources	resource	NOUN
cblr-3423	559	26	that	that	PRON
cblr-3423	559	27	the	the	DET
cblr-3423	559	28	buyers	buyer	NOUN
cblr-3423	559	29	expect	expect	VERB
cblr-3423	559	30	.	.	PUNCT
cblr-3423	560	1	the	the	DET
cblr-3423	560	2	latter	latter	ADJ
cblr-3423	560	3	concern	concern	NOUN
cblr-3423	560	4	—	—	PUNCT
cblr-3423	560	5	low	low	ADJ
cblr-3423	560	6	promoter	promoter	NOUN
cblr-3423	560	7	effort	effort	NOUN
cblr-3423	560	8	—	—	PUNCT
cblr-3423	560	9	seems	seem	VERB
cblr-3423	560	10	to	to	PART
cblr-3423	560	11	prove	prove	VERB
cblr-3423	560	12	too	too	ADV
cblr-3423	560	13	much	much	ADV
cblr-3423	560	14	,	,	PUNCT
cblr-3423	560	15	since	since	SCONJ
cblr-3423	560	16	this	this	PRON
cblr-3423	560	17	is	be	AUX
cblr-3423	560	18	present	present	ADJ
cblr-3423	560	19	in	in	ADP
cblr-3423	560	20	every	every	DET
cblr-3423	560	21	exchange	exchange	NOUN
cblr-3423	560	22	of	of	ADP
cblr-3423	560	23	money	money	NOUN
cblr-3423	560	24	for	for	ADP
cblr-3423	560	25	value	value	NOUN
cblr-3423	560	26	,	,	PUNCT
cblr-3423	560	27	whether	whether	SCONJ
cblr-3423	560	28	it	it	PRON
cblr-3423	560	29	is	be	AUX
cblr-3423	560	30	going	go	VERB
cblr-3423	560	31	to	to	ADP
cblr-3423	560	32	the	the	DET
cblr-3423	560	33	movies	movie	NOUN
cblr-3423	560	34	or	or	CCONJ
cblr-3423	560	35	eating	eat	VERB
cblr-3423	560	36	out	out	ADP
cblr-3423	560	37	or	or	CCONJ
cblr-3423	560	38	buying	buy	VERB
cblr-3423	560	39	any	any	DET
cblr-3423	560	40	product	product	NOUN
cblr-3423	560	41	.	.	PUNCT
cblr-3423	561	1	modifiability	modifiability	NOUN
cblr-3423	561	2	)	)	PUNCT
cblr-3423	561	3	.	.	PUNCT
cblr-3423	562	1	these	these	DET
cblr-3423	562	2	features	feature	NOUN
cblr-3423	562	3	are	be	AUX
cblr-3423	562	4	often	often	ADV
cblr-3423	562	5	not	not	PART
cblr-3423	562	6	encoded	encode	VERB
cblr-3423	562	7	in	in	ADP
cblr-3423	562	8	the	the	DET
cblr-3423	562	9	actual	actual	ADJ
cblr-3423	562	10	software	software	NOUN
cblr-3423	562	11	,	,	PUNCT
cblr-3423	562	12	leading	lead	VERB
cblr-3423	562	13	them	they	PRON
cblr-3423	562	14	to	to	PART
cblr-3423	562	15	conclude	conclude	VERB
cblr-3423	562	16	that	that	SCONJ
cblr-3423	562	17	there	there	PRON
cblr-3423	562	18	is	be	VERB
cblr-3423	562	19	something	something	PRON
cblr-3423	562	20	inherently	inherently	ADV
cblr-3423	562	21	fraudulent	fraudulent	ADJ
cblr-3423	562	22	in	in	ADP
cblr-3423	562	23	the	the	DET
cblr-3423	562	24	ico	ico	PROPN
cblr-3423	562	25	market	market	NOUN
cblr-3423	562	26	.	.	PUNCT
cblr-3423	563	1	see	see	VERB
cblr-3423	563	2	i	i	PRON
cblr-3423	563	3	d.	d.	PROPN
cblr-3423	563	4	the	the	DET
cblr-3423	563	5	trouble	trouble	NOUN
cblr-3423	563	6	with	with	ADP
cblr-3423	563	7	this	this	DET
cblr-3423	563	8	analysis	analysis	NOUN
cblr-3423	563	9	is	be	AUX
cblr-3423	563	10	that	that	SCONJ
cblr-3423	563	11	it	it	PRON
cblr-3423	563	12	implies	imply	VERB
cblr-3423	563	13	that	that	SCONJ
cblr-3423	563	14	sticking	stick	VERB
cblr-3423	563	15	to	to	ADP
cblr-3423	563	16	the	the	DET
cblr-3423	563	17	smart	smart	ADJ
cblr-3423	563	18	contract	contract	NOUN
cblr-3423	563	19	is	be	AUX
cblr-3423	563	20	what	what	PRON
cblr-3423	563	21	the	the	DET
cblr-3423	563	22	purchasers	purchaser	NOUN
cblr-3423	563	23	value	value	NOUN
cblr-3423	563	24	,	,	PUNCT
cblr-3423	563	25	where	where	SCONJ
cblr-3423	563	26	it	it	PRON
cblr-3423	563	27	may	may	AUX
cblr-3423	563	28	be	be	AUX
cblr-3423	563	29	the	the	DET
cblr-3423	563	30	case	case	NOUN
cblr-3423	563	31	that	that	SCONJ
cblr-3423	563	32	the	the	DET
cblr-3423	563	33	low	low	ADJ
cblr-3423	563	34	cost	cost	NOUN
cblr-3423	563	35	of	of	ADP
cblr-3423	563	36	non	non	ADJ
cblr-3423	563	37	-	-	ADJ
cblr-3423	563	38	sec	sec	ADJ
cblr-3423	563	39	issuance	issuance	NOUN
cblr-3423	563	40	is	be	AUX
cblr-3423	563	41	the	the	DET
cblr-3423	563	42	real	real	ADJ
cblr-3423	563	43	value	value	NOUN
cblr-3423	563	44	in	in	ADP
cblr-3423	563	45	these	these	DET
cblr-3423	563	46	markets	market	NOUN
cblr-3423	563	47	.	.	PUNCT
cblr-3423	564	1	126	126	NUM
cblr-3423	564	2	see	see	VERB
cblr-3423	564	3	,	,	PUNCT
cblr-3423	564	4	e.g.	e.g.	ADV
cblr-3423	564	5	,	,	PUNCT
cblr-3423	564	6	sec	sec	PROPN
cblr-3423	564	7	v.	v.	ADP
cblr-3423	564	8	belmont	belmont	PROPN
cblr-3423	564	9	reid	reid	PROPN
cblr-3423	564	10	&	&	CCONJ
cblr-3423	564	11	co.	co.	PROPN
cblr-3423	564	12	,	,	PUNCT
cblr-3423	564	13	inc	inc	PROPN
cblr-3423	564	14	.	.	PROPN
cblr-3423	564	15	,	,	PUNCT
cblr-3423	564	16	794	794	NUM
cblr-3423	564	17	f.2d	f.2d	SYM
cblr-3423	564	18	1388	1388	NUM
cblr-3423	564	19	(	(	PUNCT
cblr-3423	564	20	9th	9th	ADJ
cblr-3423	564	21	cir	cir	NOUN
cblr-3423	564	22	.	.	PROPN
cblr-3423	564	23	1986	1986	NUM
cblr-3423	564	24	)	)	PUNCT
cblr-3423	564	25	(	(	PUNCT
cblr-3423	564	26	dealing	deal	VERB
cblr-3423	564	27	with	with	ADP
cblr-3423	564	28	a	a	DET
cblr-3423	564	29	sale	sale	NOUN
cblr-3423	564	30	of	of	ADP
cblr-3423	564	31	gold	gold	NOUN
cblr-3423	564	32	coins	coin	NOUN
cblr-3423	564	33	)	)	PUNCT
cblr-3423	564	34	;	;	PUNCT
cblr-3423	564	35	noa	noa	PROPN
cblr-3423	564	36	v.	v.	PROPN
cblr-3423	564	37	key	key	ADJ
cblr-3423	564	38	futures	futures	PROPN
cblr-3423	564	39	,	,	PUNCT
cblr-3423	564	40	inc	inc	PROPN
cblr-3423	564	41	.	.	PROPN
cblr-3423	564	42	,	,	PUNCT
cblr-3423	564	43	638	638	NUM
cblr-3423	564	44	f.2d	f.2d	SYM
cblr-3423	564	45	77	77	NUM
cblr-3423	564	46	(	(	PUNCT
cblr-3423	564	47	9th	9th	ADJ
cblr-3423	564	48	cir	cir	NOUN
cblr-3423	564	49	.	.	PUNCT
cblr-3423	564	50	1980	1980	NUM
cblr-3423	564	51	)	)	PUNCT
cblr-3423	564	52	(	(	PUNCT
cblr-3423	564	53	involving	involve	VERB
cblr-3423	564	54	a	a	DET
cblr-3423	564	55	forward	forward	ADJ
cblr-3423	564	56	contract	contract	NOUN
cblr-3423	564	57	for	for	ADP
cblr-3423	564	58	silver	silver	NOUN
cblr-3423	564	59	)	)	PUNCT
cblr-3423	564	60	;	;	PUNCT
cblr-3423	564	61	sinva	sinva	PROPN
cblr-3423	564	62	,	,	PUNCT
cblr-3423	564	63	inc	inc	PROPN
cblr-3423	564	64	.	.	PROPN
cblr-3423	565	1	v.	v.	PROPN
cblr-3423	565	2	merrill	merrill	PROPN
cblr-3423	565	3	,	,	PUNCT
cblr-3423	565	4	lynch	lynch	PROPN
cblr-3423	565	5	,	,	PUNCT
cblr-3423	565	6	pierce	pierce	PROPN
cblr-3423	565	7	,	,	PUNCT
cblr-3423	565	8	fenner	fenner	PROPN
cblr-3423	565	9	&	&	CCONJ
cblr-3423	565	10	smith	smith	PROPN
cblr-3423	565	11	,	,	PUNCT
cblr-3423	565	12	inc	inc	PROPN
cblr-3423	565	13	.	.	PROPN
cblr-3423	565	14	,	,	PUNCT
cblr-3423	565	15	253	253	NUM
cblr-3423	565	16	f.	f.	PROPN
cblr-3423	565	17	supp	supp	PROPN
cblr-3423	565	18	.	.	PUNCT
cblr-3423	566	1	359	359	NUM
cblr-3423	566	2	(	(	PUNCT
cblr-3423	566	3	s.d.n.y	s.d.n.y	PROPN
cblr-3423	566	4	.	.	PROPN
cblr-3423	566	5	1966	1966	NUM
cblr-3423	566	6	)	)	PUNCT
cblr-3423	566	7	(	(	PUNCT
cblr-3423	566	8	addressing	address	VERB
cblr-3423	566	9	a	a	DET
cblr-3423	566	10	futures	future	NOUN
cblr-3423	566	11	contract	contract	NOUN
cblr-3423	566	12	for	for	ADP
cblr-3423	566	13	sugar	sugar	NOUN
cblr-3423	566	14	)	)	PUNCT
cblr-3423	566	15	.	.	PUNCT
cblr-3423	567	1	480	480	NUM
cblr-3423	567	2	columbia	columbia	PROPN
cblr-3423	567	3	business	business	PROPN
cblr-3423	567	4	law	law	PROPN
cblr-3423	567	5	review	review	NOUN
cblr-3423	567	6	[	[	X
cblr-3423	567	7	vol	vol	NOUN
cblr-3423	567	8	.	.	NOUN
cblr-3423	567	9	2019	2019	NUM
cblr-3423	567	10	it	it	PRON
cblr-3423	567	11	might	might	AUX
cblr-3423	567	12	be	be	AUX
cblr-3423	567	13	worth	worth	ADJ
cblr-3423	567	14	less	less	ADJ
cblr-3423	567	15	than	than	SCONJ
cblr-3423	567	16	expected	expect	VERB
cblr-3423	567	17	.	.	PUNCT
cblr-3423	568	1	in	in	ADP
cblr-3423	568	2	general	general	ADJ
cblr-3423	568	3	,	,	PUNCT
cblr-3423	568	4	one	one	PRON
cblr-3423	568	5	expects	expect	VERB
cblr-3423	568	6	markets	market	NOUN
cblr-3423	568	7	and	and	CCONJ
cblr-3423	568	8	general	general	ADJ
cblr-3423	568	9	anti	anti	ADJ
cblr-3423	568	10	-	-	ADJ
cblr-3423	568	11	fraud	fraud	ADJ
cblr-3423	568	12	rules	rule	NOUN
cblr-3423	568	13	,	,	PUNCT
cblr-3423	568	14	enforced	enforce	VERB
cblr-3423	568	15	by	by	ADP
cblr-3423	568	16	both	both	DET
cblr-3423	568	17	private	private	ADJ
cblr-3423	568	18	actions	action	NOUN
cblr-3423	568	19	and	and	CCONJ
cblr-3423	568	20	the	the	DET
cblr-3423	568	21	government	government	NOUN
cblr-3423	568	22	,	,	PUNCT
cblr-3423	568	23	to	to	PART
cblr-3423	568	24	take	take	VERB
cblr-3423	568	25	the	the	DET
cblr-3423	568	26	edge	edge	NOUN
cblr-3423	568	27	off	off	ADP
cblr-3423	568	28	this	this	DET
cblr-3423	568	29	concern	concern	NOUN
cblr-3423	568	30	.	.	PUNCT
cblr-3423	569	1	the	the	DET
cblr-3423	569	2	former	former	ADJ
cblr-3423	569	3	concern	concern	NOUN
cblr-3423	569	4	—	—	PUNCT
cblr-3423	569	5	fully	fully	ADV
cblr-3423	569	6	absconding	absconding	NOUN
cblr-3423	569	7	—	—	PUNCT
cblr-3423	569	8	is	be	AUX
cblr-3423	569	9	significant	significant	ADJ
cblr-3423	569	10	,	,	PUNCT
cblr-3423	569	11	and	and	CCONJ
cblr-3423	569	12	this	this	DET
cblr-3423	569	13	article	article	NOUN
cblr-3423	569	14	addresses	address	VERB
cblr-3423	569	15	it	it	PRON
cblr-3423	569	16	below	below	ADV
cblr-3423	569	17	.	.	PUNCT
cblr-3423	570	1	but	but	CCONJ
cblr-3423	570	2	it	it	PRON
cblr-3423	570	3	is	be	AUX
cblr-3423	570	4	doubtful	doubtful	ADJ
cblr-3423	570	5	that	that	SCONJ
cblr-3423	570	6	if	if	SCONJ
cblr-3423	570	7	a	a	DET
cblr-3423	570	8	concert	concert	NOUN
cblr-3423	570	9	promoter	promoter	NOUN
cblr-3423	570	10	offered	offer	VERB
cblr-3423	570	11	this	this	DET
cblr-3423	570	12	contract	contract	NOUN
cblr-3423	570	13	the	the	DET
cblr-3423	570	14	sec	sec	PROPN
cblr-3423	570	15	would	would	AUX
cblr-3423	570	16	intervene	intervene	VERB
cblr-3423	570	17	.	.	PUNCT
cblr-3423	571	1	the	the	DET
cblr-3423	571	2	case	case	NOUN
cblr-3423	571	3	of	of	ADP
cblr-3423	571	4	tokens	token	NOUN
cblr-3423	571	5	can	can	AUX
cblr-3423	571	6	be	be	AUX
cblr-3423	571	7	similarly	similarly	ADV
cblr-3423	571	8	difficult	difficult	ADJ
cblr-3423	571	9	.	.	PUNCT
cblr-3423	572	1	a	a	DET
cblr-3423	572	2	token	token	NOUN
cblr-3423	572	3	that	that	PRON
cblr-3423	572	4	is	be	AUX
cblr-3423	572	5	redeemable	redeemable	ADJ
cblr-3423	572	6	for	for	ADP
cblr-3423	572	7	a	a	DET
cblr-3423	572	8	product	product	NOUN
cblr-3423	572	9	or	or	CCONJ
cblr-3423	572	10	service	service	NOUN
cblr-3423	572	11	might	might	AUX
cblr-3423	572	12	not	not	PART
cblr-3423	572	13	be	be	AUX
cblr-3423	572	14	considered	consider	VERB
cblr-3423	572	15	a	a	DET
cblr-3423	572	16	security	security	NOUN
cblr-3423	572	17	,	,	PUNCT
cblr-3423	572	18	but	but	CCONJ
cblr-3423	572	19	what	what	PRON
cblr-3423	572	20	if	if	SCONJ
cblr-3423	572	21	an	an	DET
cblr-3423	572	22	entity	entity	NOUN
cblr-3423	572	23	bought	buy	VERB
cblr-3423	572	24	most	most	ADV
cblr-3423	572	25	or	or	CCONJ
cblr-3423	572	26	all	all	PRON
cblr-3423	572	27	of	of	ADP
cblr-3423	572	28	the	the	DET
cblr-3423	572	29	tokens	token	NOUN
cblr-3423	572	30	with	with	ADP
cblr-3423	572	31	the	the	DET
cblr-3423	572	32	goal	goal	NOUN
cblr-3423	572	33	of	of	ADP
cblr-3423	572	34	reselling	resell	VERB
cblr-3423	572	35	them	they	PRON
cblr-3423	572	36	to	to	ADP
cblr-3423	572	37	consumers	consumer	NOUN
cblr-3423	572	38	?	?	PUNCT
cblr-3423	573	1	this	this	PRON
cblr-3423	573	2	might	might	AUX
cblr-3423	573	3	look	look	VERB
cblr-3423	573	4	like	like	ADP
cblr-3423	573	5	a	a	DET
cblr-3423	573	6	distribution	distribution	NOUN
cblr-3423	573	7	,	,	PUNCT
cblr-3423	573	8	with	with	ADP
cblr-3423	573	9	the	the	DET
cblr-3423	573	10	initial	initial	ADJ
cblr-3423	573	11	seller	seller	NOUN
cblr-3423	573	12	engaged	engage	VERB
cblr-3423	573	13	in	in	ADP
cblr-3423	573	14	a	a	DET
cblr-3423	573	15	scheme	scheme	NOUN
cblr-3423	573	16	to	to	PART
cblr-3423	573	17	avoid	avoid	VERB
cblr-3423	573	18	the	the	DET
cblr-3423	573	19	securities	security	NOUN
cblr-3423	573	20	laws	law	NOUN
cblr-3423	573	21	.	.	PUNCT
cblr-3423	574	1	but	but	CCONJ
cblr-3423	574	2	,	,	PUNCT
cblr-3423	574	3	if	if	SCONJ
cblr-3423	574	4	the	the	DET
cblr-3423	574	5	initial	initial	ADJ
cblr-3423	574	6	buyer	buyer	NOUN
cblr-3423	574	7	were	be	AUX
cblr-3423	574	8	purchasing	purchase	VERB
cblr-3423	574	9	bananas	banana	NOUN
cblr-3423	574	10	to	to	PART
cblr-3423	574	11	resell	resell	VERB
cblr-3423	574	12	,	,	PUNCT
cblr-3423	574	13	the	the	DET
cblr-3423	574	14	initial	initial	ADJ
cblr-3423	574	15	seller	seller	NOUN
cblr-3423	574	16	of	of	ADP
cblr-3423	574	17	bananas	banana	NOUN
cblr-3423	574	18	would	would	AUX
cblr-3423	574	19	not	not	PART
cblr-3423	574	20	be	be	AUX
cblr-3423	574	21	engaged	engage	VERB
cblr-3423	574	22	in	in	ADP
cblr-3423	574	23	a	a	DET
cblr-3423	574	24	securities	security	NOUN
cblr-3423	574	25	transaction	transaction	NOUN
cblr-3423	574	26	.	.	PUNCT
cblr-3423	575	1	other	other	ADJ
cblr-3423	575	2	problems	problem	NOUN
cblr-3423	575	3	arise	arise	VERB
cblr-3423	575	4	.	.	PUNCT
cblr-3423	576	1	when	when	SCONJ
cblr-3423	576	2	considering	consider	VERB
cblr-3423	576	3	resales	resale	NOUN
cblr-3423	576	4	,	,	PUNCT
cblr-3423	576	5	how	how	SCONJ
cblr-3423	576	6	should	should	AUX
cblr-3423	576	7	one	one	PRON
cblr-3423	576	8	weigh	weigh	VERB
cblr-3423	576	9	the	the	DET
cblr-3423	576	10	tokens	token	NOUN
cblr-3423	576	11	—	—	PUNCT
cblr-3423	576	12	by	by	ADP
cblr-3423	576	13	number	number	NOUN
cblr-3423	576	14	of	of	ADP
cblr-3423	576	15	tokens	token	NOUN
cblr-3423	576	16	or	or	CCONJ
cblr-3423	576	17	individual	individual	ADJ
cblr-3423	576	18	person	person	NOUN
cblr-3423	576	19	?	?	PUNCT
cblr-3423	577	1	tokens	token	NOUN
cblr-3423	577	2	are	be	AUX
cblr-3423	577	3	also	also	ADV
cblr-3423	577	4	mixed	mixed	ADJ
cblr-3423	577	5	-	-	PUNCT
cblr-3423	577	6	use	use	NOUN
cblr-3423	577	7	—	—	PUNCT
cblr-3423	577	8	unlike	unlike	ADP
cblr-3423	577	9	concert	concert	NOUN
cblr-3423	577	10	seats	seat	NOUN
cblr-3423	577	11	,	,	PUNCT
cblr-3423	577	12	they	they	PRON
cblr-3423	577	13	can	can	AUX
cblr-3423	577	14	be	be	AUX
cblr-3423	577	15	used	use	VERB
cblr-3423	577	16	for	for	ADP
cblr-3423	577	17	multiple	multiple	ADJ
cblr-3423	577	18	things	thing	NOUN
cblr-3423	577	19	.	.	PUNCT
cblr-3423	578	1	how	how	SCONJ
cblr-3423	578	2	does	do	AUX
cblr-3423	578	3	one	one	NUM
cblr-3423	578	4	compare	compare	VERB
cblr-3423	578	5	the	the	DET
cblr-3423	578	6	utility	utility	NOUN
cblr-3423	578	7	of	of	ADP
cblr-3423	578	8	one	one	NUM
cblr-3423	578	9	individual	individual	NOUN
cblr-3423	578	10	who	who	PRON
cblr-3423	578	11	is	be	AUX
cblr-3423	578	12	consuming	consume	VERB
cblr-3423	578	13	the	the	DET
cblr-3423	578	14	token	token	NOUN
cblr-3423	578	15	with	with	ADP
cblr-3423	578	16	the	the	DET
cblr-3423	578	17	utility	utility	NOUN
cblr-3423	578	18	of	of	ADP
cblr-3423	578	19	another	another	DET
cblr-3423	578	20	purely	purely	ADV
cblr-3423	578	21	speculating?127	speculating?127	ADJ
cblr-3423	578	22	ether	ether	NOUN
cblr-3423	578	23	used	use	VERB
cblr-3423	578	24	to	to	PART
cblr-3423	578	25	power	power	NOUN
cblr-3423	578	26	smart	smart	ADJ
cblr-3423	578	27	contracts	contract	NOUN
cblr-3423	578	28	may	may	AUX
cblr-3423	578	29	have	have	VERB
cblr-3423	578	30	tremendous	tremendous	ADJ
cblr-3423	578	31	value	value	NOUN
cblr-3423	578	32	to	to	ADP
cblr-3423	578	33	a	a	DET
cblr-3423	578	34	small	small	ADJ
cblr-3423	578	35	number	number	NOUN
cblr-3423	578	36	of	of	ADP
cblr-3423	578	37	individuals	individual	NOUN
cblr-3423	578	38	actually	actually	ADV
cblr-3423	578	39	running	run	VERB
cblr-3423	578	40	smart	smart	ADJ
cblr-3423	578	41	contracts	contract	NOUN
cblr-3423	578	42	and	and	CCONJ
cblr-3423	578	43	building	build	VERB
cblr-3423	578	44	their	their	PRON
cblr-3423	578	45	applications	application	NOUN
cblr-3423	578	46	on	on	ADP
cblr-3423	578	47	them	they	PRON
cblr-3423	578	48	—	—	PUNCT
cblr-3423	578	49	but	but	CCONJ
cblr-3423	578	50	the	the	DET
cblr-3423	578	51	vast	vast	ADJ
cblr-3423	578	52	majority	majority	NOUN
cblr-3423	578	53	of	of	ADP
cblr-3423	578	54	ether	ether	NOUN
cblr-3423	578	55	owners	owner	NOUN
cblr-3423	578	56	are	be	AUX
cblr-3423	578	57	likely	likely	ADV
cblr-3423	578	58	owning	own	VERB
cblr-3423	578	59	for	for	ADP
cblr-3423	578	60	profitseeking	profitseeke	VERB
cblr-3423	578	61	reasons	reason	NOUN
cblr-3423	578	62	.	.	PUNCT
cblr-3423	579	1	the	the	DET
cblr-3423	579	2	fundamental	fundamental	ADJ
cblr-3423	579	3	problem	problem	NOUN
cblr-3423	579	4	is	be	AUX
cblr-3423	579	5	that	that	SCONJ
cblr-3423	579	6	an	an	DET
cblr-3423	579	7	investment	investment	NOUN
cblr-3423	579	8	contract	contract	NOUN
cblr-3423	579	9	for	for	ADP
cblr-3423	579	10	one	one	NUM
cblr-3423	579	11	individual	individual	NOUN
cblr-3423	579	12	may	may	AUX
cblr-3423	579	13	not	not	PART
cblr-3423	579	14	be	be	AUX
cblr-3423	579	15	an	an	DET
cblr-3423	579	16	investment	investment	NOUN
cblr-3423	579	17	contract	contract	NOUN
cblr-3423	579	18	for	for	ADP
cblr-3423	579	19	another	another	PRON
cblr-3423	579	20	,	,	PUNCT
cblr-3423	579	21	but	but	CCONJ
cblr-3423	579	22	as	as	SCONJ
cblr-3423	579	23	the	the	DET
cblr-3423	579	24	sec	sec	PROPN
cblr-3423	579	25	can	can	AUX
cblr-3423	579	26	not	not	PART
cblr-3423	579	27	make	make	VERB
cblr-3423	579	28	these	these	DET
cblr-3423	579	29	individual	individual	ADJ
cblr-3423	579	30	determinations	determination	NOUN
cblr-3423	579	31	,	,	PUNCT
cblr-3423	579	32	it	it	PRON
cblr-3423	579	33	must	must	AUX
cblr-3423	579	34	necessarily	necessarily	ADV
cblr-3423	579	35	draw	draw	VERB
cblr-3423	579	36	a	a	DET
cblr-3423	579	37	line	line	NOUN
cblr-3423	579	38	,	,	PUNCT
cblr-3423	579	39	which	which	PRON
cblr-3423	579	40	creates	create	VERB
cblr-3423	579	41	imprecision	imprecision	NOUN
cblr-3423	579	42	.	.	PUNCT
cblr-3423	580	1	other	other	ADJ
cblr-3423	580	2	tests	test	NOUN
cblr-3423	580	3	could	could	AUX
cblr-3423	580	4	be	be	AUX
cblr-3423	580	5	used	use	VERB
cblr-3423	580	6	.	.	PUNCT
cblr-3423	581	1	one	one	PRON
cblr-3423	581	2	might	might	AUX
cblr-3423	581	3	look	look	VERB
cblr-3423	581	4	at	at	ADP
cblr-3423	581	5	the	the	DET
cblr-3423	581	6	intent	intent	NOUN
cblr-3423	581	7	of	of	ADP
cblr-3423	581	8	the	the	DET
cblr-3423	581	9	buyer	buyer	NOUN
cblr-3423	581	10	.	.	PUNCT
cblr-3423	582	1	if	if	SCONJ
cblr-3423	582	2	the	the	DET
cblr-3423	582	3	buyer	buyer	NOUN
cblr-3423	582	4	intends	intend	VERB
cblr-3423	582	5	to	to	PART
cblr-3423	582	6	resell	resell	VERB
cblr-3423	582	7	,	,	PUNCT
cblr-3423	582	8	or	or	CCONJ
cblr-3423	582	9	perhaps	perhaps	ADV
cblr-3423	582	10	enough	enough	ADJ
cblr-3423	582	11	buyers	buyer	NOUN
cblr-3423	582	12	intend	intend	VERB
cblr-3423	582	13	to	to	PART
cblr-3423	582	14	resell	resell	VERB
cblr-3423	582	15	,	,	PUNCT
cblr-3423	582	16	then	then	ADV
cblr-3423	582	17	the	the	DET
cblr-3423	582	18	expectation	expectation	NOUN
cblr-3423	582	19	of	of	ADP
cblr-3423	582	20	profit	profit	NOUN
cblr-3423	582	21	prong	prong	NOUN
cblr-3423	582	22	127	127	NUM
cblr-3423	582	23	this	this	DET
cblr-3423	582	24	challenge	challenge	NOUN
cblr-3423	582	25	for	for	ADP
cblr-3423	582	26	utilitarian	utilitarian	ADJ
cblr-3423	582	27	theory	theory	NOUN
cblr-3423	582	28	formed	form	VERB
cblr-3423	582	29	the	the	DET
cblr-3423	582	30	basis	basis	NOUN
cblr-3423	582	31	of	of	ADP
cblr-3423	582	32	robert	robert	PROPN
cblr-3423	582	33	nozick	nozick	PROPN
cblr-3423	582	34	’s	’s	PART
cblr-3423	582	35	“	"	PUNCT
cblr-3423	582	36	utility	utility	NOUN
cblr-3423	582	37	monster	monster	NOUN
cblr-3423	582	38	”	"	PUNCT
cblr-3423	582	39	thought	think	VERB
cblr-3423	582	40	experiment	experiment	NOUN
cblr-3423	582	41	.	.	PUNCT
cblr-3423	583	1	see	see	VERB
cblr-3423	583	2	generally	generally	ADV
cblr-3423	583	3	robert	robert	PROPN
cblr-3423	583	4	nozick	nozick	PROPN
cblr-3423	583	5	,	,	PUNCT
cblr-3423	583	6	anarchy	anarchy	NOUN
cblr-3423	583	7	,	,	PUNCT
cblr-3423	583	8	state	state	NOUN
cblr-3423	583	9	,	,	PUNCT
cblr-3423	583	10	and	and	CCONJ
cblr-3423	583	11	utopia	utopia	NOUN
cblr-3423	583	12	(	(	PUNCT
cblr-3423	583	13	1974	1974	NUM
cblr-3423	583	14	)	)	PUNCT
cblr-3423	583	15	.	.	PUNCT
cblr-3423	584	1	this	this	DET
cblr-3423	584	2	theory	theory	NOUN
cblr-3423	584	3	is	be	AUX
cblr-3423	584	4	accepted	accept	VERB
cblr-3423	584	5	in	in	ADP
cblr-3423	584	6	contemporary	contemporary	ADJ
cblr-3423	584	7	analyses	analysis	NOUN
cblr-3423	584	8	.	.	PUNCT
cblr-3423	585	1	see	see	VERB
cblr-3423	585	2	,	,	PUNCT
cblr-3423	585	3	e.g.	e.g.	ADV
cblr-3423	585	4	,	,	PUNCT
cblr-3423	585	5	jeffrey	jeffrey	PROPN
cblr-3423	585	6	l.	l.	PROPN
cblr-3423	585	7	harrison	harrison	PROPN
cblr-3423	585	8	,	,	PUNCT
cblr-3423	585	9	happiness	happiness	NOUN
cblr-3423	585	10	,	,	PUNCT
cblr-3423	585	11	efficiency	efficiency	NOUN
cblr-3423	585	12	,	,	PUNCT
cblr-3423	585	13	and	and	CCONJ
cblr-3423	585	14	the	the	DET
cblr-3423	585	15	promise	promise	NOUN
cblr-3423	585	16	of	of	ADP
cblr-3423	585	17	decisional	decisional	ADJ
cblr-3423	585	18	equity	equity	NOUN
cblr-3423	585	19	:	:	PUNCT
cblr-3423	585	20	from	from	ADP
cblr-3423	585	21	outcome	outcome	NOUN
cblr-3423	585	22	to	to	ADP
cblr-3423	585	23	process	process	NOUN
cblr-3423	585	24	,	,	PUNCT
cblr-3423	585	25	36	36	NUM
cblr-3423	585	26	pepp	pepp	PROPN
cblr-3423	585	27	.	.	PUNCT
cblr-3423	585	28	l.	l.	PROPN
cblr-3423	585	29	rev	rev	PROPN
cblr-3423	585	30	.	.	PROPN
cblr-3423	586	1	935	935	NUM
cblr-3423	586	2	(	(	PUNCT
cblr-3423	586	3	2009	2009	NUM
cblr-3423	586	4	)	)	PUNCT
cblr-3423	586	5	.	.	PUNCT
cblr-3423	587	1	no	no	INTJ
cblr-3423	587	2	.	.	NOUN
cblr-3423	588	1	2:443	2:443	NUM
cblr-3423	588	2	]	]	X
cblr-3423	588	3	a	a	DET
cblr-3423	588	4	regulatory	regulatory	ADJ
cblr-3423	588	5	classification	classification	NOUN
cblr-3423	588	6	of	of	ADP
cblr-3423	588	7	digital	digital	ADJ
cblr-3423	588	8	assets	asset	NOUN
cblr-3423	588	9	481	481	NUM
cblr-3423	588	10	might	might	AUX
cblr-3423	588	11	be	be	AUX
cblr-3423	588	12	satisfied	satisfied	ADJ
cblr-3423	588	13	.	.	PUNCT
cblr-3423	589	1	this	this	PRON
cblr-3423	589	2	raises	raise	VERB
cblr-3423	589	3	significant	significant	ADJ
cblr-3423	589	4	line	line	NOUN
cblr-3423	589	5	-	-	PUNCT
cblr-3423	589	6	drawing	draw	VERB
cblr-3423	589	7	problems	problem	NOUN
cblr-3423	589	8	,	,	PUNCT
cblr-3423	589	9	as	as	SCONJ
cblr-3423	589	10	noted	note	VERB
cblr-3423	589	11	above	above	ADV
cblr-3423	589	12	.	.	PUNCT
cblr-3423	590	1	how	how	SCONJ
cblr-3423	590	2	many	many	ADJ
cblr-3423	590	3	buyers	buyer	NOUN
cblr-3423	590	4	motivated	motivate	VERB
cblr-3423	590	5	by	by	ADP
cblr-3423	590	6	resale	resale	NOUN
cblr-3423	590	7	would	would	AUX
cblr-3423	590	8	be	be	AUX
cblr-3423	590	9	enough	enough	ADJ
cblr-3423	590	10	to	to	PART
cblr-3423	590	11	turn	turn	VERB
cblr-3423	590	12	something	something	PRON
cblr-3423	590	13	into	into	ADP
cblr-3423	590	14	a	a	DET
cblr-3423	590	15	security	security	NOUN
cblr-3423	590	16	?	?	PUNCT
cblr-3423	591	1	but	but	CCONJ
cblr-3423	591	2	,	,	PUNCT
cblr-3423	591	3	more	more	ADV
cblr-3423	591	4	problematically	problematically	ADV
cblr-3423	591	5	,	,	PUNCT
cblr-3423	591	6	it	it	PRON
cblr-3423	591	7	would	would	AUX
cblr-3423	591	8	create	create	VERB
cblr-3423	591	9	significant	significant	ADJ
cblr-3423	591	10	uncertainty	uncertainty	NOUN
cblr-3423	591	11	for	for	ADP
cblr-3423	591	12	issuers	issuer	NOUN
cblr-3423	591	13	,	,	PUNCT
cblr-3423	591	14	who	who	PRON
cblr-3423	591	15	would	would	AUX
cblr-3423	591	16	have	have	VERB
cblr-3423	591	17	to	to	PART
cblr-3423	591	18	guess	guess	VERB
cblr-3423	591	19	as	as	ADP
cblr-3423	591	20	to	to	ADP
cblr-3423	591	21	the	the	DET
cblr-3423	591	22	motivation	motivation	NOUN
cblr-3423	591	23	of	of	ADP
cblr-3423	591	24	buyers	buyer	NOUN
cblr-3423	591	25	,	,	PUNCT
cblr-3423	591	26	which	which	PRON
cblr-3423	591	27	they	they	PRON
cblr-3423	591	28	can	can	AUX
cblr-3423	591	29	not	not	PART
cblr-3423	591	30	control	control	VERB
cblr-3423	591	31	.	.	PUNCT
cblr-3423	592	1	this	this	PRON
cblr-3423	592	2	would	would	AUX
cblr-3423	592	3	effectively	effectively	ADV
cblr-3423	592	4	kill	kill	VERB
cblr-3423	592	5	any	any	DET
cblr-3423	592	6	exemption	exemption	NOUN
cblr-3423	592	7	along	along	ADP
cblr-3423	592	8	these	these	DET
cblr-3423	592	9	lines	line	NOUN
cblr-3423	592	10	.	.	PUNCT
cblr-3423	593	1	it	it	PRON
cblr-3423	593	2	is	be	AUX
cblr-3423	593	3	for	for	ADP
cblr-3423	593	4	perhaps	perhaps	ADV
cblr-3423	593	5	this	this	DET
cblr-3423	593	6	reason	reason	NOUN
cblr-3423	593	7	that	that	SCONJ
cblr-3423	593	8	the	the	DET
cblr-3423	593	9	sec	sec	PROPN
cblr-3423	593	10	and	and	CCONJ
cblr-3423	593	11	courts	court	NOUN
cblr-3423	593	12	have	have	AUX
cblr-3423	593	13	eschewed	eschew	VERB
cblr-3423	593	14	the	the	DET
cblr-3423	593	15	motive	motive	NOUN
cblr-3423	593	16	of	of	ADP
cblr-3423	593	17	buyers	buyer	NOUN
cblr-3423	593	18	,	,	PUNCT
cblr-3423	593	19	focusing	focus	VERB
cblr-3423	593	20	instead	instead	ADV
cblr-3423	593	21	on	on	ADP
cblr-3423	593	22	the	the	DET
cblr-3423	593	23	intent	intent	NOUN
cblr-3423	593	24	of	of	ADP
cblr-3423	593	25	the	the	DET
cblr-3423	593	26	issuer	issuer	NOUN
cblr-3423	593	27	regarding	regard	VERB
cblr-3423	593	28	what	what	PRON
cblr-3423	593	29	the	the	DET
cblr-3423	593	30	issuer	issuer	NOUN
cblr-3423	593	31	is	be	AUX
cblr-3423	593	32	offering	offer	VERB
cblr-3423	593	33	,	,	PUNCT
cblr-3423	593	34	as	as	SCONJ
cblr-3423	593	35	reflected	reflect	VERB
cblr-3423	593	36	through	through	ADP
cblr-3423	593	37	the	the	DET
cblr-3423	593	38	marketing	marketing	NOUN
cblr-3423	593	39	of	of	ADP
cblr-3423	593	40	the	the	DET
cblr-3423	593	41	offering	offering	NOUN
cblr-3423	593	42	.	.	PUNCT
cblr-3423	594	1	this	this	DET
cblr-3423	594	2	approach	approach	NOUN
cblr-3423	594	3	is	be	AUX
cblr-3423	594	4	illustrated	illustrate	VERB
cblr-3423	594	5	by	by	ADP
cblr-3423	594	6	the	the	DET
cblr-3423	594	7	sec	sec	PROPN
cblr-3423	594	8	’s	’s	PART
cblr-3423	594	9	consideration	consideration	NOUN
cblr-3423	594	10	of	of	ADP
cblr-3423	594	11	these	these	DET
cblr-3423	594	12	issues	issue	NOUN
cblr-3423	594	13	in	in	ADP
cblr-3423	594	14	the	the	DET
cblr-3423	594	15	context	context	NOUN
cblr-3423	594	16	of	of	ADP
cblr-3423	594	17	condominiums	condominium	NOUN
cblr-3423	594	18	.	.	PUNCT
cblr-3423	595	1	after	after	ADV
cblr-3423	595	2	all	all	ADV
cblr-3423	595	3	,	,	PUNCT
cblr-3423	595	4	a	a	DET
cblr-3423	595	5	real	real	ADJ
cblr-3423	595	6	estate	estate	NOUN
cblr-3423	595	7	developer	developer	NOUN
cblr-3423	595	8	might	might	AUX
cblr-3423	595	9	build	build	VERB
cblr-3423	595	10	a	a	DET
cblr-3423	595	11	condo	condo	NOUN
cblr-3423	595	12	building	building	NOUN
cblr-3423	595	13	and	and	CCONJ
cblr-3423	595	14	sell	sell	VERB
cblr-3423	595	15	the	the	DET
cblr-3423	595	16	initial	initial	ADJ
cblr-3423	595	17	condos	condo	NOUN
cblr-3423	595	18	to	to	ADP
cblr-3423	595	19	individuals	individual	NOUN
cblr-3423	595	20	who	who	PRON
cblr-3423	595	21	intend	intend	VERB
cblr-3423	595	22	only	only	ADV
cblr-3423	595	23	to	to	PART
cblr-3423	595	24	resell	resell	VERB
cblr-3423	595	25	them	they	PRON
cblr-3423	595	26	.	.	PUNCT
cblr-3423	596	1	one	one	PRON
cblr-3423	596	2	can	can	AUX
cblr-3423	596	3	easily	easily	ADV
cblr-3423	596	4	see	see	VERB
cblr-3423	596	5	how	how	SCONJ
cblr-3423	596	6	the	the	DET
cblr-3423	596	7	situation	situation	NOUN
cblr-3423	596	8	could	could	AUX
cblr-3423	596	9	look	look	VERB
cblr-3423	596	10	much	much	ADV
cblr-3423	596	11	like	like	ADP
cblr-3423	596	12	the	the	DET
cblr-3423	596	13	concert	concert	NOUN
cblr-3423	596	14	promoter	promoter	NOUN
cblr-3423	596	15	examples	example	NOUN
cblr-3423	596	16	above	above	ADV
cblr-3423	596	17	.	.	PUNCT
cblr-3423	597	1	another	another	DET
cblr-3423	597	2	option	option	NOUN
cblr-3423	597	3	would	would	AUX
cblr-3423	597	4	be	be	AUX
cblr-3423	597	5	for	for	SCONJ
cblr-3423	597	6	the	the	DET
cblr-3423	597	7	developer	developer	NOUN
cblr-3423	597	8	to	to	PART
cblr-3423	597	9	sell	sell	VERB
cblr-3423	597	10	interests	interest	NOUN
cblr-3423	597	11	in	in	ADP
cblr-3423	597	12	condos	condo	NOUN
cblr-3423	597	13	to	to	ADP
cblr-3423	597	14	individuals	individual	NOUN
cblr-3423	597	15	who	who	PRON
cblr-3423	597	16	would	would	AUX
cblr-3423	597	17	continue	continue	VERB
cblr-3423	597	18	to	to	PART
cblr-3423	597	19	own	own	VERB
cblr-3423	597	20	them	they	PRON
cblr-3423	597	21	but	but	CCONJ
cblr-3423	597	22	had	have	VERB
cblr-3423	597	23	no	no	DET
cblr-3423	597	24	intention	intention	NOUN
cblr-3423	597	25	to	to	PART
cblr-3423	597	26	live	live	VERB
cblr-3423	597	27	in	in	ADP
cblr-3423	597	28	them	they	PRON
cblr-3423	597	29	,	,	PUNCT
cblr-3423	597	30	preferring	prefer	VERB
cblr-3423	597	31	to	to	PART
cblr-3423	597	32	rent	rent	VERB
cblr-3423	597	33	them	they	PRON
cblr-3423	597	34	out	out	ADP
cblr-3423	597	35	.	.	PUNCT
cblr-3423	598	1	a	a	DET
cblr-3423	598	2	few	few	ADJ
cblr-3423	598	3	tweaks	tweak	NOUN
cblr-3423	598	4	could	could	AUX
cblr-3423	598	5	make	make	VERB
cblr-3423	598	6	this	this	PRON
cblr-3423	598	7	into	into	ADP
cblr-3423	598	8	an	an	DET
cblr-3423	598	9	investment	investment	NOUN
cblr-3423	598	10	scheme	scheme	NOUN
cblr-3423	598	11	that	that	PRON
cblr-3423	598	12	looked	look	VERB
cblr-3423	598	13	just	just	ADV
cblr-3423	598	14	like	like	ADP
cblr-3423	598	15	the	the	DET
cblr-3423	598	16	facts	fact	NOUN
cblr-3423	598	17	of	of	ADP
cblr-3423	598	18	howey	howey	PRON
cblr-3423	598	19	.	.	PUNCT
cblr-3423	599	1	individuals	individual	NOUN
cblr-3423	599	2	might	might	AUX
cblr-3423	599	3	invest	invest	VERB
cblr-3423	599	4	money	money	NOUN
cblr-3423	599	5	in	in	ADP
cblr-3423	599	6	a	a	DET
cblr-3423	599	7	condo	condo	NOUN
cblr-3423	599	8	development	development	NOUN
cblr-3423	599	9	motivated	motivate	VERB
cblr-3423	599	10	entirely	entirely	ADV
cblr-3423	599	11	or	or	CCONJ
cblr-3423	599	12	primarily	primarily	ADV
cblr-3423	599	13	by	by	ADP
cblr-3423	599	14	the	the	DET
cblr-3423	599	15	money	money	NOUN
cblr-3423	599	16	that	that	PRON
cblr-3423	599	17	the	the	DET
cblr-3423	599	18	investment	investment	NOUN
cblr-3423	599	19	would	would	AUX
cblr-3423	599	20	generate	generate	VERB
cblr-3423	599	21	,	,	PUNCT
cblr-3423	599	22	instead	instead	ADV
cblr-3423	599	23	of	of	ADP
cblr-3423	599	24	a	a	DET
cblr-3423	599	25	desire	desire	NOUN
cblr-3423	599	26	to	to	PART
cblr-3423	599	27	live	live	VERB
cblr-3423	599	28	in	in	ADP
cblr-3423	599	29	the	the	DET
cblr-3423	599	30	condo	condo	NOUN
cblr-3423	599	31	.	.	PUNCT
cblr-3423	600	1	the	the	DET
cblr-3423	600	2	sec	sec	PROPN
cblr-3423	600	3	addressed	address	VERB
cblr-3423	600	4	this	this	DET
cblr-3423	600	5	problem	problem	NOUN
cblr-3423	600	6	through	through	ADP
cblr-3423	600	7	the	the	DET
cblr-3423	600	8	issuance	issuance	NOUN
cblr-3423	600	9	of	of	ADP
cblr-3423	600	10	an	an	DET
cblr-3423	600	11	informal	informal	ADJ
cblr-3423	600	12	lawmaking	lawmaking	NOUN
cblr-3423	600	13	known	know	VERB
cblr-3423	600	14	as	as	ADP
cblr-3423	600	15	a	a	DET
cblr-3423	600	16	“	"	PUNCT
cblr-3423	600	17	release	release	NOUN
cblr-3423	600	18	.	.	PUNCT
cblr-3423	600	19	”	"	PUNCT
cblr-3423	601	1	release	release	NOUN
cblr-3423	601	2	5347	5347	NUM
cblr-3423	601	3	,	,	PUNCT
cblr-3423	601	4	issued	issue	VERB
cblr-3423	601	5	on	on	ADP
cblr-3423	601	6	january	january	PROPN
cblr-3423	601	7	4	4	NUM
cblr-3423	601	8	,	,	PUNCT
cblr-3423	601	9	1973	1973	NUM
cblr-3423	601	10	,	,	PUNCT
cblr-3423	601	11	set	set	VERB
cblr-3423	601	12	forth	forth	ADP
cblr-3423	601	13	the	the	DET
cblr-3423	601	14	conditions	condition	NOUN
cblr-3423	601	15	under	under	ADP
cblr-3423	601	16	which	which	PRON
cblr-3423	601	17	an	an	DET
cblr-3423	601	18	investment	investment	NOUN
cblr-3423	601	19	condo	condo	NOUN
cblr-3423	601	20	would	would	AUX
cblr-3423	601	21	be	be	AUX
cblr-3423	601	22	considered	consider	VERB
cblr-3423	601	23	a	a	DET
cblr-3423	601	24	security.128	security.128	NOUN
cblr-3423	601	25	the	the	DET
cblr-3423	601	26	goal	goal	NOUN
cblr-3423	601	27	was	be	AUX
cblr-3423	601	28	to	to	PART
cblr-3423	601	29	reduce	reduce	VERB
cblr-3423	601	30	the	the	DET
cblr-3423	601	31	uncertainty	uncertainty	NOUN
cblr-3423	601	32	for	for	ADP
cblr-3423	601	33	real	real	ADJ
cblr-3423	601	34	estate	estate	NOUN
cblr-3423	601	35	developers	developer	NOUN
cblr-3423	601	36	and	and	CCONJ
cblr-3423	601	37	buyers	buyer	NOUN
cblr-3423	601	38	and	and	CCONJ
cblr-3423	601	39	sellers	seller	NOUN
cblr-3423	601	40	of	of	ADP
cblr-3423	601	41	condos	condo	NOUN
cblr-3423	601	42	.	.	PUNCT
cblr-3423	602	1	the	the	DET
cblr-3423	602	2	release	release	NOUN
cblr-3423	602	3	provided	provide	VERB
cblr-3423	602	4	:	:	PUNCT
cblr-3423	602	5	.	.	PUNCT
cblr-3423	602	6	.	.	PUNCT
cblr-3423	603	1	.	.	PUNCT
cblr-3423	604	1	condominiums	condominium	NOUN
cblr-3423	604	2	,	,	PUNCT
cblr-3423	604	3	coupled	couple	VERB
cblr-3423	604	4	with	with	ADP
cblr-3423	604	5	a	a	DET
cblr-3423	604	6	rental	rental	ADJ
cblr-3423	604	7	arrangement	arrangement	NOUN
cblr-3423	604	8	,	,	PUNCT
cblr-3423	604	9	will	will	AUX
cblr-3423	604	10	be	be	AUX
cblr-3423	604	11	deemed	deem	VERB
cblr-3423	604	12	to	to	PART
cblr-3423	604	13	be	be	AUX
cblr-3423	604	14	securities	security	NOUN
cblr-3423	604	15	if	if	SCONJ
cblr-3423	604	16	they	they	PRON
cblr-3423	604	17	128	128	NUM
cblr-3423	604	18	guidelines	guideline	NOUN
cblr-3423	604	19	as	as	ADP
cblr-3423	604	20	to	to	ADP
cblr-3423	604	21	the	the	DET
cblr-3423	604	22	applicability	applicability	NOUN
cblr-3423	604	23	of	of	ADP
cblr-3423	604	24	the	the	DET
cblr-3423	604	25	federal	federal	ADJ
cblr-3423	604	26	securities	security	NOUN
cblr-3423	604	27	laws	law	NOUN
cblr-3423	604	28	to	to	PART
cblr-3423	604	29	offers	offer	NOUN
cblr-3423	604	30	and	and	CCONJ
cblr-3423	604	31	sales	sale	NOUN
cblr-3423	604	32	of	of	ADP
cblr-3423	604	33	condominiums	condominium	NOUN
cblr-3423	604	34	or	or	CCONJ
cblr-3423	604	35	units	unit	NOUN
cblr-3423	604	36	in	in	ADP
cblr-3423	604	37	a	a	DET
cblr-3423	604	38	real	real	ADJ
cblr-3423	604	39	estate	estate	NOUN
cblr-3423	604	40	development	development	NOUN
cblr-3423	604	41	,	,	PUNCT
cblr-3423	604	42	securities	security	NOUN
cblr-3423	604	43	act	act	VERB
cblr-3423	604	44	release	release	VERB
cblr-3423	604	45	no	no	NOUN
cblr-3423	604	46	.	.	PUNCT
cblr-3423	605	1	5347	5347	NUM
cblr-3423	605	2	(	(	PUNCT
cblr-3423	605	3	jan	jan	PROPN
cblr-3423	605	4	.	.	PROPN
cblr-3423	605	5	4	4	NUM
cblr-3423	605	6	,	,	PUNCT
cblr-3423	605	7	1973	1973	NUM
cblr-3423	605	8	)	)	PUNCT
cblr-3423	606	1	[	[	X
cblr-3423	606	2	hereinafter	hereinafter	NOUN
cblr-3423	606	3	“	"	PUNCT
cblr-3423	606	4	sec	sec	PROPN
cblr-3423	606	5	release	release	NOUN
cblr-3423	606	6	no	no	NOUN
cblr-3423	606	7	.	.	NOUN
cblr-3423	606	8	5347	5347	NUM
cblr-3423	606	9	”	"	PUNCT
cblr-3423	606	10	]	]	PUNCT
cblr-3423	606	11	,	,	PUNCT
cblr-3423	606	12	https://www.sec.gov/rules/interp/1973/33-5347.pdf	https://www.sec.gov/rules/interp/1973/33-5347.pdf	PROPN
cblr-3423	607	1	[	[	X
cblr-3423	607	2	perma.cc/u9m4-zna9	perma.cc/u9m4-zna9	PROPN
cblr-3423	607	3	]	]	PUNCT
cblr-3423	607	4	.	.	PUNCT
cblr-3423	608	1	482	482	NUM
cblr-3423	608	2	columbia	columbia	PROPN
cblr-3423	608	3	business	business	PROPN
cblr-3423	608	4	law	law	PROPN
cblr-3423	608	5	review	review	NOUN
cblr-3423	608	6	[	[	X
cblr-3423	608	7	vol	vol	NOUN
cblr-3423	608	8	.	.	NOUN
cblr-3423	608	9	2019	2019	NUM
cblr-3423	608	10	are	be	AUX
cblr-3423	608	11	offered	offer	VERB
cblr-3423	608	12	and	and	CCONJ
cblr-3423	608	13	sold	sell	VERB
cblr-3423	608	14	through	through	ADP
cblr-3423	608	15	advertising	advertising	NOUN
cblr-3423	608	16	,	,	PUNCT
cblr-3423	608	17	sales	sale	NOUN
cblr-3423	608	18	literature	literature	NOUN
cblr-3423	608	19	,	,	PUNCT
cblr-3423	608	20	promotional	promotional	ADJ
cblr-3423	608	21	schemes	scheme	NOUN
cblr-3423	608	22	or	or	CCONJ
cblr-3423	608	23	oral	oral	ADJ
cblr-3423	608	24	representations	representation	NOUN
cblr-3423	608	25	which	which	PRON
cblr-3423	608	26	emphasize	emphasize	VERB
cblr-3423	608	27	the	the	DET
cblr-3423	608	28	economic	economic	ADJ
cblr-3423	608	29	benefits	benefit	NOUN
cblr-3423	608	30	to	to	ADP
cblr-3423	608	31	the	the	DET
cblr-3423	608	32	purchaser	purchaser	NOUN
cblr-3423	608	33	to	to	PART
cblr-3423	608	34	be	be	AUX
cblr-3423	608	35	derived	derive	VERB
cblr-3423	608	36	from	from	ADP
cblr-3423	608	37	the	the	DET
cblr-3423	608	38	managerial	managerial	ADJ
cblr-3423	608	39	efforts	effort	NOUN
cblr-3423	608	40	of	of	ADP
cblr-3423	608	41	the	the	DET
cblr-3423	608	42	promoter	promoter	NOUN
cblr-3423	608	43	.	.	PUNCT
cblr-3423	608	44	.	.	PUNCT
cblr-3423	609	1	.	.	PUNCT
cblr-3423	610	1	in	in	ADP
cblr-3423	610	2	renting	rent	VERB
cblr-3423	610	3	the	the	DET
cblr-3423	610	4	units.129	units.129	PROPN
cblr-3423	610	5	this	this	DET
cblr-3423	610	6	test	test	NOUN
cblr-3423	610	7	is	be	AUX
cblr-3423	610	8	designed	design	VERB
cblr-3423	610	9	to	to	PART
cblr-3423	610	10	draw	draw	VERB
cblr-3423	610	11	a	a	DET
cblr-3423	610	12	jurisdictional	jurisdictional	ADJ
cblr-3423	610	13	line	line	NOUN
cblr-3423	610	14	,	,	PUNCT
cblr-3423	610	15	putting	put	VERB
cblr-3423	610	16	the	the	DET
cblr-3423	610	17	scarce	scarce	ADJ
cblr-3423	610	18	resources	resource	NOUN
cblr-3423	610	19	of	of	ADP
cblr-3423	610	20	the	the	DET
cblr-3423	610	21	sec	sec	PROPN
cblr-3423	610	22	to	to	PART
cblr-3423	610	23	work	work	VERB
cblr-3423	610	24	in	in	ADP
cblr-3423	610	25	cases	case	NOUN
cblr-3423	610	26	in	in	ADP
cblr-3423	610	27	which	which	PRON
cblr-3423	610	28	there	there	PRON
cblr-3423	610	29	is	be	VERB
cblr-3423	610	30	a	a	DET
cblr-3423	610	31	greater	great	ADJ
cblr-3423	610	32	risk	risk	NOUN
cblr-3423	610	33	of	of	ADP
cblr-3423	610	34	fraud	fraud	NOUN
cblr-3423	610	35	or	or	CCONJ
cblr-3423	610	36	irrational	irrational	ADJ
cblr-3423	610	37	behavior	behavior	NOUN
cblr-3423	610	38	that	that	PRON
cblr-3423	610	39	might	might	AUX
cblr-3423	610	40	implicate	implicate	VERB
cblr-3423	610	41	the	the	DET
cblr-3423	610	42	capital	capital	NOUN
cblr-3423	610	43	markets	market	NOUN
cblr-3423	610	44	.	.	PUNCT
cblr-3423	611	1	by	by	ADP
cblr-3423	611	2	focusing	focus	VERB
cblr-3423	611	3	on	on	ADP
cblr-3423	611	4	marketing	marketing	NOUN
cblr-3423	611	5	materials	material	NOUN
cblr-3423	611	6	,	,	PUNCT
cblr-3423	611	7	the	the	DET
cblr-3423	611	8	test	test	NOUN
cblr-3423	611	9	may	may	AUX
cblr-3423	611	10	risk	risk	VERB
cblr-3423	611	11	being	be	AUX
cblr-3423	611	12	both	both	CCONJ
cblr-3423	611	13	under	under	ADP
cblr-3423	611	14	-	-	PUNCT
cblr-3423	611	15	inclusive	inclusive	ADJ
cblr-3423	611	16	and	and	CCONJ
cblr-3423	611	17	over	over	ADP
cblr-3423	611	18	-	-	PUNCT
cblr-3423	611	19	inclusive	inclusive	NOUN
cblr-3423	611	20	,	,	PUNCT
cblr-3423	611	21	but	but	CCONJ
cblr-3423	611	22	it	it	PRON
cblr-3423	611	23	in	in	ADP
cblr-3423	611	24	turn	turn	NOUN
cblr-3423	611	25	gives	give	VERB
cblr-3423	611	26	some	some	DET
cblr-3423	611	27	certainty	certainty	NOUN
cblr-3423	611	28	to	to	ADP
cblr-3423	611	29	buyers	buyer	NOUN
cblr-3423	611	30	and	and	CCONJ
cblr-3423	611	31	sellers	seller	NOUN
cblr-3423	611	32	.	.	PUNCT
cblr-3423	612	1	and	and	CCONJ
cblr-3423	612	2	,	,	PUNCT
cblr-3423	612	3	at	at	ADP
cblr-3423	612	4	least	least	ADJ
cblr-3423	612	5	in	in	ADP
cblr-3423	612	6	the	the	DET
cblr-3423	612	7	condo	condo	NOUN
cblr-3423	612	8	case	case	NOUN
cblr-3423	612	9	,	,	PUNCT
cblr-3423	612	10	it	it	PRON
cblr-3423	612	11	avoids	avoid	VERB
cblr-3423	612	12	the	the	DET
cblr-3423	612	13	more	more	ADV
cblr-3423	612	14	complicated	complicated	ADJ
cblr-3423	612	15	inquiries	inquiry	NOUN
cblr-3423	612	16	into	into	ADP
cblr-3423	612	17	buyers	buyer	NOUN
cblr-3423	612	18	’	'	PUNCT
cblr-3423	612	19	intents	intent	NOUN
cblr-3423	612	20	,	,	PUNCT
cblr-3423	612	21	the	the	DET
cblr-3423	612	22	nature	nature	NOUN
cblr-3423	612	23	of	of	ADP
cblr-3423	612	24	the	the	DET
cblr-3423	612	25	resale	resale	NOUN
cblr-3423	612	26	markets	market	NOUN
cblr-3423	612	27	,	,	PUNCT
cblr-3423	612	28	and	and	CCONJ
cblr-3423	612	29	so	so	ADV
cblr-3423	612	30	on	on	ADV
cblr-3423	612	31	.	.	PUNCT
cblr-3423	613	1	one	one	PRON
cblr-3423	613	2	could	could	AUX
cblr-3423	613	3	imagine	imagine	VERB
cblr-3423	613	4	deploying	deploy	VERB
cblr-3423	613	5	a	a	DET
cblr-3423	613	6	similar	similar	ADJ
cblr-3423	613	7	test	test	NOUN
cblr-3423	613	8	for	for	ADP
cblr-3423	613	9	digital	digital	ADJ
cblr-3423	613	10	assets	asset	NOUN
cblr-3423	613	11	—	—	PUNCT
cblr-3423	613	12	if	if	SCONJ
cblr-3423	613	13	they	they	PRON
cblr-3423	613	14	are	be	AUX
cblr-3423	613	15	sold	sell	VERB
cblr-3423	613	16	through	through	ADP
cblr-3423	613	17	materials	material	NOUN
cblr-3423	613	18	emphasizing	emphasize	VERB
cblr-3423	613	19	“	"	PUNCT
cblr-3423	613	20	the	the	DET
cblr-3423	613	21	economic	economic	ADJ
cblr-3423	613	22	benefits	benefit	NOUN
cblr-3423	613	23	to	to	ADP
cblr-3423	613	24	the	the	DET
cblr-3423	613	25	purchaser	purchaser	NOUN
cblr-3423	613	26	”	"	PUNCT
cblr-3423	613	27	from	from	ADP
cblr-3423	613	28	reselling	resell	VERB
cblr-3423	613	29	them	they	PRON
cblr-3423	613	30	,	,	PUNCT
cblr-3423	613	31	then	then	ADV
cblr-3423	613	32	they	they	PRON
cblr-3423	613	33	would	would	AUX
cblr-3423	613	34	be	be	AUX
cblr-3423	613	35	securities	security	NOUN
cblr-3423	613	36	,	,	PUNCT
cblr-3423	613	37	while	while	SCONJ
cblr-3423	613	38	if	if	SCONJ
cblr-3423	613	39	they	they	PRON
cblr-3423	613	40	are	be	AUX
cblr-3423	613	41	pitched	pitch	VERB
cblr-3423	613	42	as	as	ADP
cblr-3423	613	43	opportunities	opportunity	NOUN
cblr-3423	613	44	for	for	ADP
cblr-3423	613	45	consumption	consumption	NOUN
cblr-3423	613	46	of	of	ADP
cblr-3423	613	47	goods	good	NOUN
cblr-3423	613	48	or	or	CCONJ
cblr-3423	613	49	services	service	NOUN
cblr-3423	613	50	,	,	PUNCT
cblr-3423	613	51	they	they	PRON
cblr-3423	613	52	would	would	AUX
cblr-3423	613	53	not	not	PART
cblr-3423	613	54	be	be	AUX
cblr-3423	613	55	.	.	PUNCT
cblr-3423	614	1	although	although	SCONJ
cblr-3423	614	2	potentially	potentially	ADV
cblr-3423	614	3	useful	useful	ADJ
cblr-3423	614	4	,	,	PUNCT
cblr-3423	614	5	there	there	PRON
cblr-3423	614	6	is	be	VERB
cblr-3423	614	7	a	a	DET
cblr-3423	614	8	problem	problem	NOUN
cblr-3423	614	9	with	with	ADP
cblr-3423	614	10	this	this	DET
cblr-3423	614	11	approach	approach	NOUN
cblr-3423	614	12	.	.	PUNCT
cblr-3423	615	1	in	in	ADP
cblr-3423	615	2	a	a	DET
cblr-3423	615	3	context	context	NOUN
cblr-3423	615	4	in	in	ADP
cblr-3423	615	5	which	which	PRON
cblr-3423	615	6	the	the	DET
cblr-3423	615	7	public	public	NOUN
cblr-3423	615	8	has	have	VERB
cblr-3423	615	9	an	an	DET
cblr-3423	615	10	expectation	expectation	NOUN
cblr-3423	615	11	about	about	ADP
cblr-3423	615	12	icos	icos	PROPN
cblr-3423	615	13	that	that	PRON
cblr-3423	615	14	is	be	AUX
cblr-3423	615	15	already	already	ADV
cblr-3423	615	16	formulated	formulate	VERB
cblr-3423	615	17	—	—	PUNCT
cblr-3423	615	18	perhaps	perhaps	ADV
cblr-3423	615	19	,	,	PUNCT
cblr-3423	615	20	that	that	SCONJ
cblr-3423	615	21	they	they	PRON
cblr-3423	615	22	are	be	AUX
cblr-3423	615	23	a	a	DET
cblr-3423	615	24	way	way	NOUN
cblr-3423	615	25	to	to	PART
cblr-3423	615	26	get	get	VERB
cblr-3423	615	27	rich	rich	ADJ
cblr-3423	615	28	quick	quick	ADJ
cblr-3423	615	29	—	—	PUNCT
cblr-3423	615	30	then	then	ADV
cblr-3423	615	31	the	the	DET
cblr-3423	615	32	marketing	marketing	NOUN
cblr-3423	615	33	materials	material	NOUN
cblr-3423	615	34	may	may	AUX
cblr-3423	615	35	not	not	PART
cblr-3423	615	36	matter	matter	VERB
cblr-3423	615	37	very	very	ADV
cblr-3423	615	38	much	much	ADV
cblr-3423	615	39	.	.	PUNCT
cblr-3423	616	1	of	of	ADP
cblr-3423	616	2	course	course	NOUN
cblr-3423	616	3	,	,	PUNCT
cblr-3423	616	4	such	such	DET
cblr-3423	616	5	a	a	DET
cblr-3423	616	6	concern	concern	NOUN
cblr-3423	616	7	might	might	AUX
cblr-3423	616	8	also	also	ADV
cblr-3423	616	9	have	have	AUX
cblr-3423	616	10	been	be	AUX
cblr-3423	616	11	true	true	ADJ
cblr-3423	616	12	during	during	ADP
cblr-3423	616	13	the	the	DET
cblr-3423	616	14	condo	condo	NOUN
cblr-3423	616	15	craze	craze	NOUN
cblr-3423	616	16	during	during	ADP
cblr-3423	616	17	the	the	DET
cblr-3423	616	18	recent	recent	ADJ
cblr-3423	616	19	run	run	NOUN
cblr-3423	616	20	up	up	ADP
cblr-3423	616	21	in	in	ADP
cblr-3423	616	22	housing	housing	NOUN
cblr-3423	616	23	prices	price	NOUN
cblr-3423	616	24	before	before	ADP
cblr-3423	616	25	the	the	DET
cblr-3423	616	26	financial	financial	ADJ
cblr-3423	616	27	crisis	crisis	NOUN
cblr-3423	616	28	,	,	PUNCT
cblr-3423	616	29	but	but	CCONJ
cblr-3423	616	30	it	it	PRON
cblr-3423	616	31	was	be	AUX
cblr-3423	616	32	not	not	PART
cblr-3423	616	33	enough	enough	ADJ
cblr-3423	616	34	to	to	PART
cblr-3423	616	35	move	move	VERB
cblr-3423	616	36	the	the	DET
cblr-3423	616	37	sec	sec	PROPN
cblr-3423	616	38	to	to	PART
cblr-3423	616	39	regulate	regulate	VERB
cblr-3423	616	40	condos	condo	NOUN
cblr-3423	616	41	.	.	PUNCT
cblr-3423	617	1	compounding	compound	VERB
cblr-3423	617	2	the	the	DET
cblr-3423	617	3	problems	problem	NOUN
cblr-3423	617	4	of	of	ADP
cblr-3423	617	5	the	the	DET
cblr-3423	617	6	expectations	expectation	NOUN
cblr-3423	617	7	of	of	ADP
cblr-3423	617	8	profit	profit	NOUN
cblr-3423	617	9	test	test	NOUN
cblr-3423	617	10	is	be	AUX
cblr-3423	617	11	the	the	DET
cblr-3423	617	12	approach	approach	NOUN
cblr-3423	617	13	of	of	ADP
cblr-3423	617	14	the	the	DET
cblr-3423	617	15	sec	sec	PROPN
cblr-3423	617	16	.	.	PUNCT
cblr-3423	618	1	the	the	DET
cblr-3423	618	2	sec	sec	PROPN
cblr-3423	618	3	’s	’s	PART
cblr-3423	618	4	analysis	analysis	NOUN
cblr-3423	618	5	thus	thus	ADV
cblr-3423	618	6	far	far	ADV
cblr-3423	618	7	has	have	AUX
cblr-3423	618	8	not	not	PART
cblr-3423	618	9	been	be	AUX
cblr-3423	618	10	static	static	ADJ
cblr-3423	618	11	,	,	PUNCT
cblr-3423	618	12	which	which	PRON
cblr-3423	618	13	has	have	AUX
cblr-3423	618	14	reduced	reduce	VERB
cblr-3423	618	15	the	the	DET
cblr-3423	618	16	certainty	certainty	NOUN
cblr-3423	618	17	of	of	ADP
cblr-3423	618	18	any	any	DET
cblr-3423	618	19	regulatory	regulatory	ADJ
cblr-3423	618	20	action	action	NOUN
cblr-3423	618	21	.	.	PUNCT
cblr-3423	619	1	as	as	SCONJ
cblr-3423	619	2	the	the	DET
cblr-3423	619	3	sec	sec	PROPN
cblr-3423	619	4	has	have	AUX
cblr-3423	619	5	recently	recently	ADV
cblr-3423	619	6	pointed	point	VERB
cblr-3423	619	7	out	out	ADP
cblr-3423	619	8	,	,	PUNCT
cblr-3423	619	9	ether	ether	NOUN
cblr-3423	619	10	may	may	AUX
cblr-3423	619	11	have	have	AUX
cblr-3423	619	12	begun	begin	VERB
cblr-3423	619	13	as	as	ADP
cblr-3423	619	14	a	a	DET
cblr-3423	619	15	security	security	NOUN
cblr-3423	619	16	—	—	PUNCT
cblr-3423	619	17	because	because	SCONJ
cblr-3423	619	18	there	there	PRON
cblr-3423	619	19	was	be	VERB
cblr-3423	619	20	an	an	DET
cblr-3423	619	21	expectation	expectation	NOUN
cblr-3423	619	22	of	of	ADP
cblr-3423	619	23	profit	profit	NOUN
cblr-3423	619	24	stemming	stem	VERB
cblr-3423	619	25	from	from	ADP
cblr-3423	619	26	a	a	DET
cblr-3423	619	27	centralized	centralized	ADJ
cblr-3423	619	28	promoter	promoter	NOUN
cblr-3423	619	29	—	—	PUNCT
cblr-3423	619	30	but	but	CCONJ
cblr-3423	619	31	is	be	AUX
cblr-3423	619	32	now	now	ADV
cblr-3423	619	33	no	no	ADV
cblr-3423	619	34	longer	long	ADV
cblr-3423	619	35	a	a	DET
cblr-3423	619	36	security.130	security.130	NOUN
cblr-3423	619	37	even	even	ADV
cblr-3423	619	38	the	the	DET
cblr-3423	619	39	advertisements	advertisement	NOUN
cblr-3423	619	40	129	129	NUM
cblr-3423	620	1	i	i	PRON
cblr-3423	620	2	d.	d.	PROPN
cblr-3423	620	3	at	at	ADP
cblr-3423	620	4	3	3	NUM
cblr-3423	620	5	.	.	NUM
cblr-3423	620	6	130	130	NUM
cblr-3423	620	7	see	see	VERB
cblr-3423	620	8	hinman	hinman	NOUN
cblr-3423	620	9	speech	speech	NOUN
cblr-3423	620	10	,	,	PUNCT
cblr-3423	620	11	supra	supra	PROPN
cblr-3423	620	12	note	note	NOUN
cblr-3423	620	13	39	39	NUM
cblr-3423	620	14	.	.	PUNCT
cblr-3423	621	1	no	no	INTJ
cblr-3423	621	2	.	.	NOUN
cblr-3423	622	1	2:443	2:443	NUM
cblr-3423	622	2	]	]	X
cblr-3423	622	3	a	a	DET
cblr-3423	622	4	regulatory	regulatory	ADJ
cblr-3423	622	5	classification	classification	NOUN
cblr-3423	622	6	of	of	ADP
cblr-3423	622	7	digital	digital	ADJ
cblr-3423	622	8	assets	asset	NOUN
cblr-3423	622	9	483	483	NUM
cblr-3423	622	10	and	and	CCONJ
cblr-3423	622	11	presale	presale	NOUN
cblr-3423	622	12	by	by	ADP
cblr-3423	622	13	the	the	DET
cblr-3423	622	14	ethereum	ethereum	NOUN
cblr-3423	622	15	foundation	foundation	NOUN
cblr-3423	622	16	were	be	AUX
cblr-3423	622	17	not	not	PART
cblr-3423	622	18	enough	enough	ADJ
cblr-3423	622	19	to	to	PART
cblr-3423	622	20	counteract	counteract	VERB
cblr-3423	622	21	what	what	PRON
cblr-3423	622	22	the	the	DET
cblr-3423	622	23	ethereum	ethereum	NOUN
cblr-3423	622	24	network	network	NOUN
cblr-3423	622	25	had	have	AUX
cblr-3423	622	26	become	become	VERB
cblr-3423	622	27	.	.	PUNCT
cblr-3423	623	1	thus	thus	ADV
cblr-3423	623	2	,	,	PUNCT
cblr-3423	623	3	any	any	DET
cblr-3423	623	4	new	new	ADJ
cblr-3423	623	5	test	test	NOUN
cblr-3423	623	6	must	must	AUX
cblr-3423	623	7	incorporate	incorporate	VERB
cblr-3423	623	8	the	the	DET
cblr-3423	623	9	facts	fact	NOUN
cblr-3423	623	10	that	that	SCONJ
cblr-3423	623	11	:	:	PUNCT
cblr-3423	623	12	(	(	PUNCT
cblr-3423	623	13	a	a	X
cblr-3423	623	14	)	)	PUNCT
cblr-3423	623	15	an	an	DET
cblr-3423	623	16	instrument	instrument	NOUN
cblr-3423	623	17	that	that	PRON
cblr-3423	623	18	did	do	AUX
cblr-3423	623	19	carry	carry	VERB
cblr-3423	623	20	with	with	ADP
cblr-3423	623	21	it	it	PRON
cblr-3423	623	22	an	an	DET
cblr-3423	623	23	expectation	expectation	NOUN
cblr-3423	623	24	of	of	ADP
cblr-3423	623	25	profit	profit	NOUN
cblr-3423	623	26	can	can	AUX
cblr-3423	623	27	morph	morph	VERB
cblr-3423	623	28	into	into	ADP
cblr-3423	623	29	one	one	NUM
cblr-3423	623	30	that	that	PRON
cblr-3423	623	31	does	do	VERB
cblr-3423	623	32	not	not	PART
cblr-3423	623	33	;	;	PUNCT
cblr-3423	623	34	and	and	CCONJ
cblr-3423	623	35	(	(	PUNCT
cblr-3423	623	36	b	b	NOUN
cblr-3423	623	37	)	)	PUNCT
cblr-3423	623	38	expectation	expectation	NOUN
cblr-3423	623	39	of	of	ADP
cblr-3423	623	40	profit	profit	NOUN
cblr-3423	623	41	with	with	ADP
cblr-3423	623	42	respect	respect	NOUN
cblr-3423	623	43	to	to	ADP
cblr-3423	623	44	utility	utility	NOUN
cblr-3423	623	45	is	be	AUX
cblr-3423	623	46	a	a	DET
cblr-3423	623	47	nebulous	nebulous	ADJ
cblr-3423	623	48	concept	concept	NOUN
cblr-3423	623	49	,	,	PUNCT
cblr-3423	623	50	especially	especially	ADV
cblr-3423	623	51	when	when	SCONJ
cblr-3423	623	52	involving	involve	VERB
cblr-3423	623	53	multiple	multiple	ADJ
cblr-3423	623	54	buyers	buyer	NOUN
cblr-3423	623	55	and	and	CCONJ
cblr-3423	623	56	sellers131	sellers131	PROPN
cblr-3423	623	57	of	of	ADP
cblr-3423	623	58	an	an	DET
cblr-3423	623	59	instrument	instrument	NOUN
cblr-3423	623	60	.	.	PUNCT
cblr-3423	624	1	2	2	X
cblr-3423	624	2	.	.	X
cblr-3423	624	3	proposal	proposal	NOUN
cblr-3423	624	4	—	—	PUNCT
cblr-3423	624	5	substantial	substantial	ADJ
cblr-3423	624	6	steps	step	NOUN
cblr-3423	624	7	test	test	NOUN
cblr-3423	624	8	this	this	DET
cblr-3423	624	9	article	article	NOUN
cblr-3423	624	10	proposes	propose	VERB
cblr-3423	624	11	a	a	DET
cblr-3423	624	12	substantial	substantial	ADJ
cblr-3423	624	13	steps	step	NOUN
cblr-3423	624	14	test	test	NOUN
cblr-3423	624	15	for	for	ADP
cblr-3423	624	16	determining	determine	VERB
cblr-3423	624	17	whether	whether	SCONJ
cblr-3423	624	18	a	a	DET
cblr-3423	624	19	token	token	NOUN
cblr-3423	624	20	is	be	AUX
cblr-3423	624	21	purchased	purchase	VERB
cblr-3423	624	22	with	with	ADP
cblr-3423	624	23	an	an	DET
cblr-3423	624	24	expectation	expectation	NOUN
cblr-3423	624	25	of	of	ADP
cblr-3423	624	26	profit	profit	NOUN
cblr-3423	624	27	.	.	PUNCT
cblr-3423	625	1	the	the	DET
cblr-3423	625	2	focus	focus	NOUN
cblr-3423	625	3	of	of	ADP
cblr-3423	625	4	this	this	DET
cblr-3423	625	5	test	test	NOUN
cblr-3423	625	6	is	be	AUX
cblr-3423	625	7	not	not	PART
cblr-3423	625	8	on	on	ADP
cblr-3423	625	9	how	how	SCONJ
cblr-3423	625	10	the	the	DET
cblr-3423	625	11	object	object	NOUN
cblr-3423	625	12	of	of	ADP
cblr-3423	625	13	the	the	DET
cblr-3423	625	14	token	token	ADJ
cblr-3423	625	15	or	or	CCONJ
cblr-3423	625	16	coin	coin	NOUN
cblr-3423	625	17	is	be	AUX
cblr-3423	625	18	marketed	market	VERB
cblr-3423	625	19	,	,	PUNCT
cblr-3423	625	20	but	but	CCONJ
cblr-3423	625	21	on	on	ADP
cblr-3423	625	22	whether	whether	SCONJ
cblr-3423	625	23	someone	someone	PRON
cblr-3423	625	24	is	be	AUX
cblr-3423	625	25	actually	actually	ADV
cblr-3423	625	26	producing	produce	VERB
cblr-3423	625	27	it	it	PRON
cblr-3423	625	28	.	.	PUNCT
cblr-3423	626	1	the	the	DET
cblr-3423	626	2	purpose	purpose	NOUN
cblr-3423	626	3	of	of	ADP
cblr-3423	626	4	this	this	DET
cblr-3423	626	5	shift	shift	NOUN
cblr-3423	626	6	in	in	ADP
cblr-3423	626	7	the	the	DET
cblr-3423	626	8	inquiry	inquiry	NOUN
cblr-3423	626	9	is	be	AUX
cblr-3423	626	10	to	to	PART
cblr-3423	626	11	reflect	reflect	VERB
cblr-3423	626	12	concerns	concern	NOUN
cblr-3423	626	13	over	over	ADP
cblr-3423	626	14	the	the	DET
cblr-3423	626	15	fact	fact	NOUN
cblr-3423	626	16	that	that	SCONJ
cblr-3423	626	17	the	the	DET
cblr-3423	626	18	marketing	marketing	NOUN
cblr-3423	626	19	test	test	NOUN
cblr-3423	626	20	may	may	AUX
cblr-3423	626	21	be	be	AUX
cblr-3423	626	22	under	under	ADP
cblr-3423	626	23	-	-	PUNCT
cblr-3423	626	24	inclusive	inclusive	ADJ
cblr-3423	626	25	on	on	ADP
cblr-3423	626	26	fraud	fraud	NOUN
cblr-3423	626	27	protection	protection	NOUN
cblr-3423	626	28	in	in	ADP
cblr-3423	626	29	the	the	DET
cblr-3423	626	30	current	current	ADJ
cblr-3423	626	31	chaotic	chaotic	ADJ
cblr-3423	626	32	environment	environment	NOUN
cblr-3423	626	33	for	for	ADP
cblr-3423	626	34	digital	digital	ADJ
cblr-3423	626	35	assets	asset	NOUN
cblr-3423	626	36	.	.	PUNCT
cblr-3423	627	1	the	the	DET
cblr-3423	627	2	possibility	possibility	NOUN
cblr-3423	627	3	that	that	SCONJ
cblr-3423	627	4	the	the	DET
cblr-3423	627	5	test	test	NOUN
cblr-3423	627	6	could	could	AUX
cblr-3423	627	7	evolve	evolve	VERB
cblr-3423	627	8	as	as	SCONJ
cblr-3423	627	9	conditions	condition	NOUN
cblr-3423	627	10	change	change	NOUN
cblr-3423	627	11	remains	remain	VERB
cblr-3423	627	12	open	open	ADJ
cblr-3423	627	13	.	.	PUNCT
cblr-3423	628	1	the	the	DET
cblr-3423	628	2	substantial	substantial	ADJ
cblr-3423	628	3	steps	step	NOUN
cblr-3423	628	4	test	test	NOUN
cblr-3423	628	5	is	be	AUX
cblr-3423	628	6	as	as	SCONJ
cblr-3423	628	7	follows	follow	VERB
cblr-3423	628	8	:	:	PUNCT
cblr-3423	628	9	are	be	AUX
cblr-3423	628	10	the	the	DET
cblr-3423	628	11	promoters	promoter	NOUN
cblr-3423	628	12	taking	take	VERB
cblr-3423	628	13	good	good	ADJ
cblr-3423	628	14	faith	faith	NOUN
cblr-3423	628	15	,	,	PUNCT
cblr-3423	628	16	substantial	substantial	ADJ
cblr-3423	628	17	steps	step	NOUN
cblr-3423	628	18	towards	towards	ADP
cblr-3423	628	19	completion	completion	NOUN
cblr-3423	628	20	of	of	ADP
cblr-3423	628	21	a	a	DET
cblr-3423	628	22	project	project	NOUN
cblr-3423	628	23	that	that	PRON
cblr-3423	628	24	they	they	PRON
cblr-3423	628	25	believe	believe	VERB
cblr-3423	628	26	will	will	AUX
cblr-3423	628	27	have	have	VERB
cblr-3423	628	28	use	use	NOUN
cblr-3423	628	29	to	to	ADP
cblr-3423	628	30	some	some	DET
cblr-3423	628	31	users	user	NOUN
cblr-3423	628	32	of	of	ADP
cblr-3423	628	33	the	the	DET
cblr-3423	628	34	token	token	VERB
cblr-3423	628	35	beyond	beyond	ADP
cblr-3423	628	36	resale	resale	NOUN
cblr-3423	628	37	value	value	NOUN
cblr-3423	628	38	or	or	CCONJ
cblr-3423	628	39	economic	economic	ADJ
cblr-3423	628	40	income	income	NOUN
cblr-3423	628	41	?	?	PUNCT
cblr-3423	629	1	if	if	SCONJ
cblr-3423	629	2	so	so	ADV
cblr-3423	629	3	,	,	PUNCT
cblr-3423	629	4	then	then	ADV
cblr-3423	629	5	the	the	DET
cblr-3423	629	6	instrument	instrument	NOUN
cblr-3423	629	7	is	be	AUX
cblr-3423	629	8	not	not	PART
cblr-3423	629	9	sold	sell	VERB
cblr-3423	629	10	with	with	ADP
cblr-3423	629	11	an	an	DET
cblr-3423	629	12	expectation	expectation	NOUN
cblr-3423	629	13	of	of	ADP
cblr-3423	629	14	profit	profit	NOUN
cblr-3423	629	15	and	and	CCONJ
cblr-3423	629	16	thus	thus	ADV
cblr-3423	629	17	is	be	AUX
cblr-3423	629	18	not	not	PART
cblr-3423	629	19	classified	classify	VERB
cblr-3423	629	20	as	as	ADP
cblr-3423	629	21	an	an	DET
cblr-3423	629	22	investment	investment	NOUN
cblr-3423	629	23	contract	contract	NOUN
cblr-3423	629	24	.	.	PUNCT
cblr-3423	630	1	so	so	ADV
cblr-3423	630	2	long	long	ADV
cblr-3423	630	3	as	as	SCONJ
cblr-3423	630	4	the	the	DET
cblr-3423	630	5	issuer	issuer	NOUN
cblr-3423	630	6	of	of	ADP
cblr-3423	630	7	a	a	DET
cblr-3423	630	8	token	token	NOUN
cblr-3423	630	9	is	be	AUX
cblr-3423	630	10	in	in	ADP
cblr-3423	630	11	fact	fact	NOUN
cblr-3423	630	12	engaged	engage	VERB
cblr-3423	630	13	in	in	ADP
cblr-3423	630	14	a	a	DET
cblr-3423	630	15	good	good	ADJ
cblr-3423	630	16	faith	faith	NOUN
cblr-3423	630	17	effort	effort	NOUN
cblr-3423	630	18	to	to	PART
cblr-3423	630	19	build	build	VERB
cblr-3423	630	20	the	the	DET
cblr-3423	630	21	underlying	underlie	VERB
cblr-3423	630	22	product	product	NOUN
cblr-3423	630	23	or	or	CCONJ
cblr-3423	630	24	service	service	NOUN
cblr-3423	630	25	for	for	ADP
cblr-3423	630	26	which	which	PRON
cblr-3423	630	27	the	the	DET
cblr-3423	630	28	token	token	NOUN
cblr-3423	630	29	will	will	AUX
cblr-3423	630	30	be	be	AUX
cblr-3423	630	31	redeemable	redeemable	ADJ
cblr-3423	630	32	,	,	PUNCT
cblr-3423	630	33	then	then	ADV
cblr-3423	630	34	the	the	DET
cblr-3423	630	35	token	token	NOUN
cblr-3423	630	36	is	be	AUX
cblr-3423	630	37	not	not	PART
cblr-3423	630	38	an	an	DET
cblr-3423	630	39	investment	investment	NOUN
cblr-3423	630	40	,	,	PUNCT
cblr-3423	630	41	but	but	CCONJ
cblr-3423	630	42	rather	rather	ADV
cblr-3423	630	43	purchased	purchase	VERB
cblr-3423	630	44	for	for	ADP
cblr-3423	630	45	consumption	consumption	NOUN
cblr-3423	630	46	.	.	PUNCT
cblr-3423	631	1	this	this	PRON
cblr-3423	631	2	is	be	AUX
cblr-3423	631	3	true	true	ADJ
cblr-3423	631	4	even	even	ADV
cblr-3423	631	5	if	if	SCONJ
cblr-3423	631	6	there	there	PRON
cblr-3423	631	7	is	be	VERB
cblr-3423	631	8	a	a	DET
cblr-3423	631	9	robust	robust	ADJ
cblr-3423	631	10	secondary	secondary	ADJ
cblr-3423	631	11	market	market	NOUN
cblr-3423	631	12	for	for	ADP
cblr-3423	631	13	tokens	token	NOUN
cblr-3423	631	14	.	.	PUNCT
cblr-3423	632	1	after	after	ADV
cblr-3423	632	2	all	all	ADV
cblr-3423	632	3	,	,	PUNCT
cblr-3423	632	4	there	there	PRON
cblr-3423	632	5	is	be	VERB
cblr-3423	632	6	a	a	DET
cblr-3423	632	7	robust	robust	ADJ
cblr-3423	632	8	secondary	secondary	ADJ
cblr-3423	632	9	market	market	NOUN
cblr-3423	632	10	for	for	ADP
cblr-3423	632	11	condos	condo	NOUN
cblr-3423	632	12	,	,	PUNCT
cblr-3423	632	13	homes	home	NOUN
cblr-3423	632	14	,	,	PUNCT
cblr-3423	632	15	cars	car	NOUN
cblr-3423	632	16	,	,	PUNCT
cblr-3423	632	17	boats	boat	NOUN
cblr-3423	632	18	,	,	PUNCT
cblr-3423	632	19	and	and	CCONJ
cblr-3423	632	20	practically	practically	ADV
cblr-3423	632	21	all	all	PRON
cblr-3423	632	22	other	other	ADJ
cblr-3423	632	23	real	real	ADJ
cblr-3423	632	24	and	and	CCONJ
cblr-3423	632	25	personal	personal	ADJ
cblr-3423	632	26	property	property	NOUN
cblr-3423	632	27	.	.	PUNCT
cblr-3423	633	1	131	131	NUM
cblr-3423	633	2	some	some	PRON
cblr-3423	633	3	of	of	ADP
cblr-3423	633	4	the	the	DET
cblr-3423	633	5	sellers	seller	NOUN
cblr-3423	633	6	may	may	AUX
cblr-3423	633	7	have	have	VERB
cblr-3423	633	8	an	an	DET
cblr-3423	633	9	intent	intent	NOUN
cblr-3423	633	10	to	to	PART
cblr-3423	633	11	build	build	VERB
cblr-3423	633	12	a	a	DET
cblr-3423	633	13	network	network	NOUN
cblr-3423	633	14	,	,	PUNCT
cblr-3423	633	15	while	while	SCONJ
cblr-3423	633	16	others	other	NOUN
cblr-3423	633	17	may	may	AUX
cblr-3423	633	18	be	be	AUX
cblr-3423	633	19	snake	snake	NOUN
cblr-3423	633	20	oil	oil	NOUN
cblr-3423	633	21	salesmen	salesman	NOUN
cblr-3423	633	22	.	.	PUNCT
cblr-3423	634	1	484	484	NUM
cblr-3423	634	2	columbia	columbia	PROPN
cblr-3423	634	3	business	business	NOUN
cblr-3423	634	4	law	law	PROPN
cblr-3423	634	5	review	review	NOUN
cblr-3423	634	6	[	[	X
cblr-3423	634	7	vol	vol	NOUN
cblr-3423	634	8	.	.	PUNCT
cblr-3423	634	9	2019	2019	NUM
cblr-3423	634	10	return	return	NOUN
cblr-3423	634	11	to	to	ADP
cblr-3423	634	12	the	the	DET
cblr-3423	634	13	concert	concert	NOUN
cblr-3423	634	14	promoter	promoter	NOUN
cblr-3423	634	15	hypothetical	hypothetical	NOUN
cblr-3423	634	16	discussed	discuss	VERB
cblr-3423	634	17	above.132	above.132	NUM
cblr-3423	634	18	the	the	DET
cblr-3423	634	19	substantial	substantial	ADJ
cblr-3423	634	20	steps	step	NOUN
cblr-3423	634	21	test	test	NOUN
cblr-3423	634	22	applied	apply	VERB
cblr-3423	634	23	to	to	ADP
cblr-3423	634	24	the	the	DET
cblr-3423	634	25	case	case	NOUN
cblr-3423	634	26	of	of	ADP
cblr-3423	634	27	the	the	DET
cblr-3423	634	28	lady	lady	NOUN
cblr-3423	634	29	gaga	gaga	NOUN
cblr-3423	634	30	concert	concert	NOUN
cblr-3423	634	31	yields	yield	VERB
cblr-3423	634	32	an	an	DET
cblr-3423	634	33	easy	easy	ADJ
cblr-3423	634	34	answer	answer	NOUN
cblr-3423	634	35	—	—	PUNCT
cblr-3423	634	36	it	it	PRON
cblr-3423	634	37	is	be	AUX
cblr-3423	634	38	not	not	PART
cblr-3423	634	39	a	a	DET
cblr-3423	634	40	security	security	NOUN
cblr-3423	634	41	because	because	SCONJ
cblr-3423	634	42	obtaining	obtain	VERB
cblr-3423	634	43	a	a	DET
cblr-3423	634	44	venue	venue	NOUN
cblr-3423	634	45	and	and	CCONJ
cblr-3423	634	46	a	a	DET
cblr-3423	634	47	performer	performer	NOUN
cblr-3423	634	48	would	would	AUX
cblr-3423	634	49	clearly	clearly	ADV
cblr-3423	634	50	constitute	constitute	VERB
cblr-3423	634	51	substantial	substantial	ADJ
cblr-3423	634	52	steps	step	NOUN
cblr-3423	634	53	.	.	PUNCT
cblr-3423	635	1	this	this	DET
cblr-3423	635	2	result	result	NOUN
cblr-3423	635	3	is	be	AUX
cblr-3423	635	4	in	in	ADP
cblr-3423	635	5	accord	accord	NOUN
cblr-3423	635	6	with	with	ADP
cblr-3423	635	7	how	how	SCONJ
cblr-3423	635	8	the	the	DET
cblr-3423	635	9	sec	sec	PROPN
cblr-3423	635	10	views	view	VERB
cblr-3423	635	11	the	the	DET
cblr-3423	635	12	case	case	NOUN
cblr-3423	635	13	,	,	PUNCT
cblr-3423	635	14	since	since	SCONJ
cblr-3423	635	15	concert	concert	NOUN
cblr-3423	635	16	promoters	promoter	NOUN
cblr-3423	635	17	do	do	AUX
cblr-3423	635	18	not	not	PART
cblr-3423	635	19	even	even	ADV
cblr-3423	635	20	feel	feel	VERB
cblr-3423	635	21	the	the	DET
cblr-3423	635	22	need	need	NOUN
cblr-3423	635	23	to	to	PART
cblr-3423	635	24	request	request	VERB
cblr-3423	635	25	a	a	DET
cblr-3423	635	26	no	no	DET
cblr-3423	635	27	-	-	PUNCT
cblr-3423	635	28	action	action	NOUN
cblr-3423	635	29	letter	letter	NOUN
cblr-3423	635	30	.	.	PUNCT
cblr-3423	636	1	after	after	ADV
cblr-3423	636	2	all	all	ADV
cblr-3423	636	3	,	,	PUNCT
cblr-3423	636	4	concert	concert	NOUN
cblr-3423	636	5	tickets	ticket	NOUN
cblr-3423	636	6	are	be	AUX
cblr-3423	636	7	not	not	PART
cblr-3423	636	8	marketed	market	VERB
cblr-3423	636	9	as	as	ADP
cblr-3423	636	10	an	an	DET
cblr-3423	636	11	investment	investment	NOUN
cblr-3423	636	12	opportunity	opportunity	NOUN
cblr-3423	636	13	,	,	PUNCT
cblr-3423	636	14	as	as	SCONJ
cblr-3423	636	15	dictated	dictate	VERB
cblr-3423	636	16	by	by	ADP
cblr-3423	636	17	release	release	NOUN
cblr-3423	636	18	5347.133	5347.133	NUM
cblr-3423	636	19	but	but	CCONJ
cblr-3423	636	20	what	what	PRON
cblr-3423	636	21	about	about	ADP
cblr-3423	636	22	the	the	DET
cblr-3423	636	23	tougher	tough	ADJ
cblr-3423	636	24	case	case	NOUN
cblr-3423	636	25	of	of	ADP
cblr-3423	636	26	the	the	DET
cblr-3423	636	27	concert	concert	NOUN
cblr-3423	636	28	promoter	promoter	NOUN
cblr-3423	636	29	without	without	ADP
cblr-3423	636	30	a	a	DET
cblr-3423	636	31	venue	venue	NOUN
cblr-3423	636	32	or	or	CCONJ
cblr-3423	636	33	a	a	DET
cblr-3423	636	34	performer	performer	NOUN
cblr-3423	636	35	who	who	PRON
cblr-3423	636	36	pitches	pitch	VERB
cblr-3423	636	37	the	the	DET
cblr-3423	636	38	offer	offer	NOUN
cblr-3423	636	39	as	as	ADP
cblr-3423	636	40	a	a	DET
cblr-3423	636	41	way	way	NOUN
cblr-3423	636	42	of	of	ADP
cblr-3423	636	43	raising	raise	VERB
cblr-3423	636	44	money	money	NOUN
cblr-3423	636	45	to	to	PART
cblr-3423	636	46	afford	afford	VERB
cblr-3423	636	47	a	a	DET
cblr-3423	636	48	top	top	ADJ
cblr-3423	636	49	venue	venue	NOUN
cblr-3423	636	50	and	and	CCONJ
cblr-3423	636	51	performer	performer	NOUN
cblr-3423	636	52	in	in	ADP
cblr-3423	636	53	the	the	DET
cblr-3423	636	54	first	first	ADJ
cblr-3423	636	55	place	place	NOUN
cblr-3423	636	56	?	?	PUNCT
cblr-3423	637	1	under	under	ADP
cblr-3423	637	2	the	the	DET
cblr-3423	637	3	marketing	marketing	NOUN
cblr-3423	637	4	test	test	NOUN
cblr-3423	637	5	,	,	PUNCT
cblr-3423	637	6	one	one	PRON
cblr-3423	637	7	would	would	AUX
cblr-3423	637	8	simply	simply	ADV
cblr-3423	637	9	look	look	VERB
cblr-3423	637	10	to	to	ADP
cblr-3423	637	11	how	how	SCONJ
cblr-3423	637	12	the	the	DET
cblr-3423	637	13	promoter	promoter	NOUN
cblr-3423	637	14	packaged	package	VERB
cblr-3423	637	15	the	the	DET
cblr-3423	637	16	opportunity	opportunity	NOUN
cblr-3423	637	17	—	—	PUNCT
cblr-3423	637	18	if	if	SCONJ
cblr-3423	637	19	it	it	PRON
cblr-3423	637	20	were	be	AUX
cblr-3423	637	21	sold	sell	VERB
cblr-3423	637	22	as	as	ADP
cblr-3423	637	23	a	a	DET
cblr-3423	637	24	way	way	NOUN
cblr-3423	637	25	of	of	ADP
cblr-3423	637	26	getting	get	VERB
cblr-3423	637	27	in	in	ADV
cblr-3423	637	28	early	early	ADV
cblr-3423	637	29	so	so	SCONJ
cblr-3423	637	30	as	as	SCONJ
cblr-3423	637	31	to	to	PART
cblr-3423	637	32	profit	profit	VERB
cblr-3423	637	33	from	from	ADP
cblr-3423	637	34	the	the	DET
cblr-3423	637	35	efforts	effort	NOUN
cblr-3423	637	36	of	of	ADP
cblr-3423	637	37	the	the	DET
cblr-3423	637	38	promoter	promoter	NOUN
cblr-3423	637	39	,	,	PUNCT
cblr-3423	637	40	then	then	ADV
cblr-3423	637	41	it	it	PRON
cblr-3423	637	42	would	would	AUX
cblr-3423	637	43	be	be	AUX
cblr-3423	637	44	a	a	DET
cblr-3423	637	45	security	security	NOUN
cblr-3423	637	46	;	;	PUNCT
cblr-3423	637	47	if	if	SCONJ
cblr-3423	637	48	it	it	PRON
cblr-3423	637	49	were	be	AUX
cblr-3423	637	50	instead	instead	ADV
cblr-3423	637	51	sold	sell	VERB
cblr-3423	637	52	as	as	ADP
cblr-3423	637	53	a	a	DET
cblr-3423	637	54	concert	concert	NOUN
cblr-3423	637	55	lottery	lottery	NOUN
cblr-3423	637	56	ticket	ticket	NOUN
cblr-3423	637	57	of	of	ADP
cblr-3423	637	58	sorts	sort	NOUN
cblr-3423	637	59	(	(	PUNCT
cblr-3423	637	60	instead	instead	ADV
cblr-3423	637	61	of	of	ADP
cblr-3423	637	62	an	an	DET
cblr-3423	637	63	economic	economic	ADJ
cblr-3423	637	64	one	one	NUM
cblr-3423	637	65	)	)	PUNCT
cblr-3423	637	66	,	,	PUNCT
cblr-3423	637	67	then	then	ADV
cblr-3423	637	68	it	it	PRON
cblr-3423	637	69	would	would	AUX
cblr-3423	637	70	not	not	PART
cblr-3423	637	71	.	.	PUNCT
cblr-3423	638	1	but	but	CCONJ
cblr-3423	638	2	,	,	PUNCT
cblr-3423	638	3	as	as	SCONJ
cblr-3423	638	4	noted	note	VERB
cblr-3423	638	5	above	above	ADV
cblr-3423	638	6	in	in	ADP
cblr-3423	638	7	the	the	DET
cblr-3423	638	8	exploration	exploration	NOUN
cblr-3423	638	9	of	of	ADP
cblr-3423	638	10	the	the	DET
cblr-3423	638	11	facts	fact	NOUN
cblr-3423	638	12	and	and	CCONJ
cblr-3423	638	13	circumstances	circumstance	NOUN
cblr-3423	638	14	test	test	VERB
cblr-3423	638	15	,	,	PUNCT
cblr-3423	638	16	for	for	ADP
cblr-3423	638	17	digital	digital	ADJ
cblr-3423	638	18	assets	asset	NOUN
cblr-3423	638	19	,	,	PUNCT
cblr-3423	638	20	this	this	PRON
cblr-3423	638	21	might	might	AUX
cblr-3423	638	22	not	not	PART
cblr-3423	638	23	paint	paint	VERB
cblr-3423	638	24	a	a	DET
cblr-3423	638	25	full	full	ADJ
cblr-3423	638	26	picture	picture	NOUN
cblr-3423	638	27	.	.	PUNCT
cblr-3423	639	1	instead	instead	ADV
cblr-3423	639	2	,	,	PUNCT
cblr-3423	639	3	the	the	DET
cblr-3423	639	4	substantial	substantial	ADJ
cblr-3423	639	5	steps	step	NOUN
cblr-3423	639	6	test	test	NOUN
cblr-3423	639	7	asks	ask	VERB
cblr-3423	639	8	whether	whether	SCONJ
cblr-3423	639	9	the	the	DET
cblr-3423	639	10	promoter	promoter	NOUN
cblr-3423	639	11	is	be	AUX
cblr-3423	639	12	in	in	ADP
cblr-3423	639	13	fact	fact	NOUN
cblr-3423	639	14	taking	take	VERB
cblr-3423	639	15	concrete	concrete	ADJ
cblr-3423	639	16	steps	step	NOUN
cblr-3423	639	17	to	to	PART
cblr-3423	639	18	put	put	VERB
cblr-3423	639	19	on	on	ADP
cblr-3423	639	20	a	a	DET
cblr-3423	639	21	concert	concert	NOUN
cblr-3423	639	22	,	,	PUNCT
cblr-3423	639	23	or	or	CCONJ
cblr-3423	639	24	is	be	AUX
cblr-3423	639	25	merely	merely	ADV
cblr-3423	639	26	trying	try	VERB
cblr-3423	639	27	to	to	PART
cblr-3423	639	28	create	create	VERB
cblr-3423	639	29	a	a	DET
cblr-3423	639	30	frenzy	frenzy	NOUN
cblr-3423	639	31	in	in	ADP
cblr-3423	639	32	which	which	PRON
cblr-3423	639	33	the	the	DET
cblr-3423	639	34	whole	whole	ADJ
cblr-3423	639	35	game	game	NOUN
cblr-3423	639	36	is	be	AUX
cblr-3423	639	37	the	the	DET
cblr-3423	639	38	secondary	secondary	ADJ
cblr-3423	639	39	market	market	NOUN
cblr-3423	639	40	.	.	PUNCT
cblr-3423	640	1	the	the	DET
cblr-3423	640	2	virtue	virtue	NOUN
cblr-3423	640	3	of	of	ADP
cblr-3423	640	4	this	this	DET
cblr-3423	640	5	test	test	NOUN
cblr-3423	640	6	to	to	ADP
cblr-3423	640	7	a	a	DET
cblr-3423	640	8	federal	federal	ADJ
cblr-3423	640	9	regulator	regulator	NOUN
cblr-3423	640	10	is	be	AUX
cblr-3423	640	11	that	that	SCONJ
cblr-3423	640	12	it	it	PRON
cblr-3423	640	13	encourages	encourage	VERB
cblr-3423	640	14	the	the	DET
cblr-3423	640	15	development	development	NOUN
cblr-3423	640	16	of	of	ADP
cblr-3423	640	17	useful	useful	ADJ
cblr-3423	640	18	projects	project	NOUN
cblr-3423	640	19	and	and	CCONJ
cblr-3423	640	20	it	it	PRON
cblr-3423	640	21	discourages	discourage	VERB
cblr-3423	640	22	the	the	DET
cblr-3423	640	23	sale	sale	NOUN
cblr-3423	640	24	of	of	ADP
cblr-3423	640	25	unregulated	unregulated	ADJ
cblr-3423	640	26	securities	security	NOUN
cblr-3423	640	27	that	that	PRON
cblr-3423	640	28	are	be	AUX
cblr-3423	640	29	solely	solely	ADV
cblr-3423	640	30	designed	design	VERB
cblr-3423	640	31	to	to	PART
cblr-3423	640	32	enrich	enrich	VERB
cblr-3423	640	33	the	the	DET
cblr-3423	640	34	promoter	promoter	NOUN
cblr-3423	640	35	and	and	CCONJ
cblr-3423	640	36	its	its	PRON
cblr-3423	640	37	affiliates	affiliate	NOUN
cblr-3423	640	38	through	through	ADP
cblr-3423	640	39	creating	create	VERB
cblr-3423	640	40	a	a	DET
cblr-3423	640	41	secondary	secondary	ADJ
cblr-3423	640	42	market	market	NOUN
cblr-3423	640	43	.	.	PUNCT
cblr-3423	641	1	it	it	PRON
cblr-3423	641	2	essentially	essentially	ADV
cblr-3423	641	3	says	say	VERB
cblr-3423	641	4	that	that	SCONJ
cblr-3423	641	5	when	when	SCONJ
cblr-3423	641	6	a	a	DET
cblr-3423	641	7	seller	seller	NOUN
cblr-3423	641	8	of	of	ADP
cblr-3423	641	9	an	an	DET
cblr-3423	641	10	instrument	instrument	NOUN
cblr-3423	641	11	uses	use	VERB
cblr-3423	641	12	those	those	DET
cblr-3423	641	13	proceeds	proceed	NOUN
cblr-3423	641	14	to	to	PART
cblr-3423	641	15	build	build	VERB
cblr-3423	641	16	a	a	DET
cblr-3423	641	17	product	product	NOUN
cblr-3423	641	18	in	in	ADP
cblr-3423	641	19	some	some	DET
cblr-3423	641	20	way	way	NOUN
cblr-3423	641	21	connected	connect	VERB
cblr-3423	641	22	to	to	ADP
cblr-3423	641	23	the	the	DET
cblr-3423	641	24	instrument	instrument	NOUN
cblr-3423	641	25	,	,	PUNCT
cblr-3423	641	26	then	then	ADV
cblr-3423	641	27	the	the	DET
cblr-3423	641	28	seller	seller	NOUN
cblr-3423	641	29	does	do	AUX
cblr-3423	641	30	not	not	PART
cblr-3423	641	31	have	have	VERB
cblr-3423	641	32	to	to	PART
cblr-3423	641	33	register	register	VERB
cblr-3423	641	34	the	the	DET
cblr-3423	641	35	sale	sale	NOUN
cblr-3423	641	36	.	.	PUNCT
cblr-3423	642	1	importantly	importantly	ADV
cblr-3423	642	2	,	,	PUNCT
cblr-3423	642	3	the	the	DET
cblr-3423	642	4	test	test	NOUN
cblr-3423	642	5	has	have	VERB
cblr-3423	642	6	a	a	DET
cblr-3423	642	7	requirement	requirement	NOUN
cblr-3423	642	8	of	of	ADP
cblr-3423	642	9	continuousness	continuousness	NOUN
cblr-3423	642	10	—	—	PUNCT
cblr-3423	642	11	as	as	ADV
cblr-3423	642	12	soon	soon	ADV
cblr-3423	642	13	as	as	SCONJ
cblr-3423	642	14	the	the	DET
cblr-3423	642	15	promoters	promoter	NOUN
cblr-3423	642	16	cease	cease	VERB
cblr-3423	642	17	trying	try	VERB
cblr-3423	642	18	to	to	PART
cblr-3423	642	19	create	create	VERB
cblr-3423	642	20	an	an	DET
cblr-3423	642	21	actual	actual	ADJ
cblr-3423	642	22	,	,	PUNCT
cblr-3423	642	23	functional	functional	ADJ
cblr-3423	642	24	software	software	NOUN
cblr-3423	642	25	project	project	NOUN
cblr-3423	642	26	,	,	PUNCT
cblr-3423	642	27	the	the	DET
cblr-3423	642	28	consumers	consumer	NOUN
cblr-3423	642	29	can	can	AUX
cblr-3423	642	30	no	no	ADV
cblr-3423	642	31	longer	long	ADV
cblr-3423	642	32	have	have	VERB
cblr-3423	642	33	a	a	DET
cblr-3423	642	34	reasonable	reasonable	ADJ
cblr-3423	642	35	expectation	expectation	NOUN
cblr-3423	642	36	of	of	ADP
cblr-3423	642	37	some	some	DET
cblr-3423	642	38	132	132	NUM
cblr-3423	642	39	see	see	NOUN
cblr-3423	642	40	supra	supra	PROPN
cblr-3423	642	41	section	section	PROPN
cblr-3423	642	42	iv.b.1	iv.b.1	PROPN
cblr-3423	642	43	.	.	PROPN
cblr-3423	643	1	133	133	NUM
cblr-3423	643	2	see	see	VERB
cblr-3423	643	3	sec	sec	PROPN
cblr-3423	643	4	release	release	NOUN
cblr-3423	643	5	no	no	NOUN
cblr-3423	643	6	.	.	NOUN
cblr-3423	643	7	5347	5347	NUM
cblr-3423	643	8	,	,	PUNCT
cblr-3423	643	9	supra	supra	PROPN
cblr-3423	643	10	note	note	NOUN
cblr-3423	643	11	128	128	NUM
cblr-3423	643	12	.	.	PUNCT
cblr-3423	644	1	no	no	INTJ
cblr-3423	644	2	.	.	NOUN
cblr-3423	645	1	2:443	2:443	NUM
cblr-3423	645	2	]	]	X
cblr-3423	645	3	a	a	DET
cblr-3423	645	4	regulatory	regulatory	ADJ
cblr-3423	645	5	classification	classification	NOUN
cblr-3423	645	6	of	of	ADP
cblr-3423	645	7	digital	digital	ADJ
cblr-3423	645	8	assets	asset	NOUN
cblr-3423	645	9	485	485	NUM
cblr-3423	645	10	consumptive	consumptive	ADJ
cblr-3423	645	11	utility	utility	NOUN
cblr-3423	645	12	and	and	CCONJ
cblr-3423	645	13	any	any	DET
cblr-3423	645	14	sales	sale	NOUN
cblr-3423	645	15	are	be	AUX
cblr-3423	645	16	likely	likely	ADV
cblr-3423	645	17	done	do	VERB
cblr-3423	645	18	with	with	ADP
cblr-3423	645	19	an	an	DET
cblr-3423	645	20	expectation	expectation	NOUN
cblr-3423	645	21	of	of	ADP
cblr-3423	645	22	profit	profit	NOUN
cblr-3423	645	23	.	.	PUNCT
cblr-3423	646	1	the	the	DET
cblr-3423	646	2	challenge	challenge	NOUN
cblr-3423	646	3	of	of	ADP
cblr-3423	646	4	this	this	DET
cblr-3423	646	5	test	test	NOUN
cblr-3423	646	6	,	,	PUNCT
cblr-3423	646	7	beyond	beyond	ADP
cblr-3423	646	8	determining	determine	VERB
cblr-3423	646	9	the	the	DET
cblr-3423	646	10	subjective	subjective	ADJ
cblr-3423	646	11	intent	intent	NOUN
cblr-3423	646	12	of	of	ADP
cblr-3423	646	13	the	the	DET
cblr-3423	646	14	promoters	promoter	NOUN
cblr-3423	646	15	,	,	PUNCT
cblr-3423	646	16	is	be	AUX
cblr-3423	646	17	that	that	SCONJ
cblr-3423	646	18	it	it	PRON
cblr-3423	646	19	creates	create	VERB
cblr-3423	646	20	the	the	DET
cblr-3423	646	21	possibility	possibility	NOUN
cblr-3423	646	22	of	of	ADP
cblr-3423	646	23	a	a	DET
cblr-3423	646	24	non	non	ADJ
cblr-3423	646	25	-	-	ADJ
cblr-3423	646	26	security	security	ADJ
cblr-3423	646	27	becoming	become	VERB
cblr-3423	646	28	a	a	DET
cblr-3423	646	29	security	security	NOUN
cblr-3423	646	30	.	.	PUNCT
cblr-3423	647	1	this	this	PRON
cblr-3423	647	2	poses	pose	VERB
cblr-3423	647	3	two	two	NUM
cblr-3423	647	4	problems	problem	NOUN
cblr-3423	647	5	:	:	PUNCT
cblr-3423	647	6	monitoring	monitor	VERB
cblr-3423	647	7	and	and	CCONJ
cblr-3423	647	8	creating	create	VERB
cblr-3423	647	9	proper	proper	ADJ
cblr-3423	647	10	incentives	incentive	NOUN
cblr-3423	647	11	.	.	PUNCT
cblr-3423	648	1	after	after	ADP
cblr-3423	648	2	discussing	discuss	VERB
cblr-3423	648	3	both	both	DET
cblr-3423	648	4	these	these	DET
cblr-3423	648	5	problems	problem	NOUN
cblr-3423	648	6	,	,	PUNCT
cblr-3423	648	7	this	this	DET
cblr-3423	648	8	article	article	NOUN
cblr-3423	648	9	lays	lay	VERB
cblr-3423	648	10	out	out	ADP
cblr-3423	648	11	a	a	DET
cblr-3423	648	12	solution	solution	NOUN
cblr-3423	648	13	for	for	SCONJ
cblr-3423	648	14	regulators	regulator	NOUN
cblr-3423	648	15	to	to	PART
cblr-3423	648	16	adopt	adopt	VERB
cblr-3423	648	17	.	.	PUNCT
cblr-3423	649	1	on	on	ADP
cblr-3423	649	2	the	the	DET
cblr-3423	649	3	monitoring	monitoring	NOUN
cblr-3423	649	4	side	side	NOUN
cblr-3423	649	5	,	,	PUNCT
cblr-3423	649	6	the	the	DET
cblr-3423	649	7	regulator	regulator	NOUN
cblr-3423	649	8	must	must	AUX
cblr-3423	649	9	ensure	ensure	VERB
cblr-3423	649	10	that	that	SCONJ
cblr-3423	649	11	the	the	DET
cblr-3423	649	12	promoter	promoter	NOUN
cblr-3423	649	13	is	be	AUX
cblr-3423	649	14	compliant	compliant	ADJ
cblr-3423	649	15	by	by	ADP
cblr-3423	649	16	continuing	continue	VERB
cblr-3423	649	17	to	to	PART
cblr-3423	649	18	take	take	VERB
cblr-3423	649	19	those	those	DET
cblr-3423	649	20	substantial	substantial	ADJ
cblr-3423	649	21	steps	step	NOUN
cblr-3423	649	22	towards	towards	ADP
cblr-3423	649	23	the	the	DET
cblr-3423	649	24	creation	creation	NOUN
cblr-3423	649	25	of	of	ADP
cblr-3423	649	26	a	a	DET
cblr-3423	649	27	useful	useful	ADJ
cblr-3423	649	28	project.134	project.134	NOUN
cblr-3423	649	29	one	one	NOUN
cblr-3423	649	30	can	can	AUX
cblr-3423	649	31	imagine	imagine	VERB
cblr-3423	649	32	lots	lot	NOUN
cblr-3423	649	33	of	of	ADP
cblr-3423	649	34	ways	way	NOUN
cblr-3423	649	35	in	in	ADP
cblr-3423	649	36	which	which	PRON
cblr-3423	649	37	ongoing	ongoing	ADJ
cblr-3423	649	38	compliance	compliance	NOUN
cblr-3423	649	39	with	with	ADP
cblr-3423	649	40	these	these	DET
cblr-3423	649	41	regulatory	regulatory	ADJ
cblr-3423	649	42	expectations	expectation	NOUN
cblr-3423	649	43	could	could	AUX
cblr-3423	649	44	be	be	AUX
cblr-3423	649	45	measured	measure	VERB
cblr-3423	649	46	.	.	PUNCT
cblr-3423	650	1	regulators	regulator	NOUN
cblr-3423	650	2	could	could	AUX
cblr-3423	650	3	require	require	VERB
cblr-3423	650	4	periodic	periodic	ADJ
cblr-3423	650	5	updates	update	NOUN
cblr-3423	650	6	,	,	PUNCT
cblr-3423	650	7	involving	involve	VERB
cblr-3423	650	8	affidavits	affidavit	NOUN
cblr-3423	650	9	from	from	ADP
cblr-3423	650	10	promoters	promoter	NOUN
cblr-3423	650	11	filed	file	VERB
cblr-3423	650	12	on	on	ADP
cblr-3423	650	13	a	a	DET
cblr-3423	650	14	periodic	periodic	ADJ
cblr-3423	650	15	basis	basis	NOUN
cblr-3423	650	16	,	,	PUNCT
cblr-3423	650	17	for	for	ADP
cblr-3423	650	18	example	example	NOUN
cblr-3423	650	19	.	.	PUNCT
cblr-3423	651	1	this	this	PRON
cblr-3423	651	2	could	could	AUX
cblr-3423	651	3	be	be	AUX
cblr-3423	651	4	done	do	VERB
cblr-3423	651	5	whether	whether	SCONJ
cblr-3423	651	6	the	the	DET
cblr-3423	651	7	regulator	regulator	NOUN
cblr-3423	651	8	is	be	AUX
cblr-3423	651	9	the	the	DET
cblr-3423	651	10	government	government	NOUN
cblr-3423	651	11	or	or	CCONJ
cblr-3423	651	12	,	,	PUNCT
cblr-3423	651	13	in	in	ADP
cblr-3423	651	14	a	a	DET
cblr-3423	651	15	likely	likely	ADV
cblr-3423	651	16	better	well	ADJ
cblr-3423	651	17	approach	approach	NOUN
cblr-3423	651	18	,	,	PUNCT
cblr-3423	651	19	a	a	DET
cblr-3423	651	20	self	self	NOUN
cblr-3423	651	21	-	-	PUNCT
cblr-3423	651	22	regulatory	regulatory	ADJ
cblr-3423	651	23	body	body	NOUN
cblr-3423	651	24	that	that	PRON
cblr-3423	651	25	acts	act	VERB
cblr-3423	651	26	as	as	ADP
cblr-3423	651	27	a	a	DET
cblr-3423	651	28	first	first	ADJ
cblr-3423	651	29	-	-	PUNCT
cblr-3423	651	30	line	line	NOUN
cblr-3423	651	31	regulator	regulator	NOUN
cblr-3423	651	32	,	,	PUNCT
cblr-3423	651	33	such	such	ADJ
cblr-3423	651	34	as	as	ADP
cblr-3423	651	35	the	the	DET
cblr-3423	651	36	financial	financial	ADJ
cblr-3423	651	37	industry	industry	NOUN
cblr-3423	651	38	regulatory	regulatory	ADJ
cblr-3423	651	39	authority	authority	NOUN
cblr-3423	651	40	(	(	PUNCT
cblr-3423	651	41	finra	finra	PROPN
cblr-3423	651	42	)	)	PUNCT
cblr-3423	651	43	.	.	PUNCT
cblr-3423	652	1	such	such	ADJ
cblr-3423	652	2	affidavits	affidavit	NOUN
cblr-3423	652	3	,	,	PUNCT
cblr-3423	652	4	under	under	ADP
cblr-3423	652	5	penalty	penalty	NOUN
cblr-3423	652	6	of	of	ADP
cblr-3423	652	7	felony	felony	NOUN
cblr-3423	652	8	,	,	PUNCT
cblr-3423	652	9	could	could	AUX
cblr-3423	652	10	provide	provide	VERB
cblr-3423	652	11	a	a	DET
cblr-3423	652	12	basis	basis	NOUN
cblr-3423	652	13	for	for	ADP
cblr-3423	652	14	ex	ex	PRON
cblr-3423	652	15	post	post	NOUN
cblr-3423	652	16	enforcement	enforcement	NOUN
cblr-3423	652	17	,	,	PUNCT
cblr-3423	652	18	including	include	VERB
cblr-3423	652	19	a	a	DET
cblr-3423	652	20	loss	loss	NOUN
cblr-3423	652	21	of	of	ADP
cblr-3423	652	22	membership	membership	NOUN
cblr-3423	652	23	fees	fee	NOUN
cblr-3423	652	24	and	and	CCONJ
cblr-3423	652	25	bans	ban	NOUN
cblr-3423	652	26	in	in	ADP
cblr-3423	652	27	the	the	DET
cblr-3423	652	28	case	case	NOUN
cblr-3423	652	29	of	of	ADP
cblr-3423	652	30	a	a	DET
cblr-3423	652	31	self	self	NOUN
cblr-3423	652	32	-	-	PUNCT
cblr-3423	652	33	regulatory	regulatory	ADJ
cblr-3423	652	34	organization	organization	NOUN
cblr-3423	652	35	(	(	PUNCT
cblr-3423	652	36	sro	sro	NOUN
cblr-3423	652	37	)	)	PUNCT
cblr-3423	652	38	or	or	CCONJ
cblr-3423	652	39	civil	civil	ADJ
cblr-3423	652	40	and	and	CCONJ
cblr-3423	652	41	criminal	criminal	ADJ
cblr-3423	652	42	sanctions	sanction	NOUN
cblr-3423	652	43	in	in	ADP
cblr-3423	652	44	the	the	DET
cblr-3423	652	45	case	case	NOUN
cblr-3423	652	46	of	of	ADP
cblr-3423	652	47	the	the	DET
cblr-3423	652	48	government	government	NOUN
cblr-3423	652	49	regulator	regulator	NOUN
cblr-3423	652	50	.	.	PUNCT
cblr-3423	653	1	on	on	ADP
cblr-3423	653	2	the	the	DET
cblr-3423	653	3	incentives	incentive	NOUN
cblr-3423	653	4	side	side	NOUN
cblr-3423	653	5	,	,	PUNCT
cblr-3423	653	6	entrepreneurs	entrepreneur	NOUN
cblr-3423	653	7	are	be	AUX
cblr-3423	653	8	in	in	ADP
cblr-3423	653	9	a	a	DET
cblr-3423	653	10	difficult	difficult	ADJ
cblr-3423	653	11	position	position	NOUN
cblr-3423	653	12	.	.	PUNCT
cblr-3423	654	1	put	put	VERB
cblr-3423	654	2	simply	simply	ADV
cblr-3423	654	3	,	,	PUNCT
cblr-3423	654	4	fraud	fraud	NOUN
cblr-3423	654	5	is	be	AUX
cblr-3423	654	6	not	not	PART
cblr-3423	654	7	the	the	DET
cblr-3423	654	8	only	only	ADJ
cblr-3423	654	9	reason	reason	NOUN
cblr-3423	654	10	projects	project	NOUN
cblr-3423	654	11	fail	fail	VERB
cblr-3423	654	12	.	.	PUNCT
cblr-3423	655	1	for	for	ADP
cblr-3423	655	2	example	example	NOUN
cblr-3423	655	3	,	,	PUNCT
cblr-3423	655	4	an	an	DET
cblr-3423	655	5	entrepreneur	entrepreneur	NOUN
cblr-3423	655	6	acting	act	VERB
cblr-3423	655	7	in	in	ADP
cblr-3423	655	8	good	good	ADJ
cblr-3423	655	9	faith	faith	NOUN
cblr-3423	655	10	may	may	AUX
cblr-3423	655	11	have	have	AUX
cblr-3423	655	12	raised	raise	VERB
cblr-3423	655	13	money	money	NOUN
cblr-3423	655	14	through	through	ADP
cblr-3423	655	15	a	a	DET
cblr-3423	655	16	coin	coin	NOUN
cblr-3423	655	17	offering	offering	NOUN
cblr-3423	655	18	to	to	PART
cblr-3423	655	19	build	build	VERB
cblr-3423	655	20	a	a	DET
cblr-3423	655	21	service	service	NOUN
cblr-3423	655	22	she	she	PRON
cblr-3423	655	23	can	can	AUX
cblr-3423	655	24	not	not	PART
cblr-3423	655	25	complete	complete	VERB
cblr-3423	655	26	.	.	PUNCT
cblr-3423	656	1	at	at	ADP
cblr-3423	656	2	some	some	DET
cblr-3423	656	3	point	point	NOUN
cblr-3423	656	4	,	,	PUNCT
cblr-3423	656	5	she	she	PRON
cblr-3423	656	6	will	will	AUX
cblr-3423	656	7	need	need	VERB
cblr-3423	656	8	to	to	PART
cblr-3423	656	9	stop	stop	VERB
cblr-3423	656	10	taking	take	VERB
cblr-3423	656	11	substantial	substantial	ADJ
cblr-3423	656	12	steps	step	NOUN
cblr-3423	656	13	to	to	PART
cblr-3423	656	14	establish	establish	VERB
cblr-3423	656	15	the	the	DET
cblr-3423	656	16	business	business	NOUN
cblr-3423	656	17	as	as	ADP
cblr-3423	656	18	a	a	DET
cblr-3423	656	19	useful	useful	ADJ
cblr-3423	656	20	creation	creation	NOUN
cblr-3423	656	21	as	as	SCONJ
cblr-3423	656	22	it	it	PRON
cblr-3423	656	23	winds	wind	VERB
cblr-3423	656	24	down	down	ADP
cblr-3423	656	25	.	.	PUNCT
cblr-3423	657	1	this	this	DET
cblr-3423	657	2	potential	potential	ADJ
cblr-3423	657	3	ex	ex	PRON
cblr-3423	657	4	post	post	NOUN
cblr-3423	657	5	security	security	NOUN
cblr-3423	657	6	label	label	NOUN
cblr-3423	657	7	would	would	AUX
cblr-3423	657	8	disincentivize	disincentivize	VERB
cblr-3423	657	9	entrepreneurs	entrepreneur	NOUN
cblr-3423	657	10	from	from	ADP
cblr-3423	657	11	the	the	DET
cblr-3423	657	12	outset	outset	NOUN
cblr-3423	657	13	.	.	PUNCT
cblr-3423	658	1	the	the	DET
cblr-3423	658	2	flip	flip	ADJ
cblr-3423	658	3	side	side	NOUN
cblr-3423	658	4	of	of	ADP
cblr-3423	658	5	this	this	DET
cblr-3423	658	6	disincentive	disincentive	ADJ
cblr-3423	658	7	,	,	PUNCT
cblr-3423	658	8	however	however	ADV
cblr-3423	658	9	,	,	PUNCT
cblr-3423	658	10	is	be	AUX
cblr-3423	658	11	deterring	deter	VERB
cblr-3423	658	12	the	the	DET
cblr-3423	658	13	bad	bad	ADJ
cblr-3423	658	14	faith	faith	NOUN
cblr-3423	658	15	entrepreneur	entrepreneur	NOUN
cblr-3423	658	16	who	who	PRON
cblr-3423	658	17	initially	initially	ADV
cblr-3423	658	18	takes	take	VERB
cblr-3423	658	19	substantial	substantial	ADJ
cblr-3423	658	20	steps	step	NOUN
cblr-3423	658	21	toward	toward	ADP
cblr-3423	658	22	her	her	PRON
cblr-3423	658	23	134	134	NUM
cblr-3423	658	24	it	it	PRON
cblr-3423	658	25	may	may	AUX
cblr-3423	658	26	not	not	PART
cblr-3423	658	27	be	be	AUX
cblr-3423	658	28	the	the	DET
cblr-3423	658	29	sec	sec	PROPN
cblr-3423	658	30	itself	itself	PRON
cblr-3423	658	31	that	that	PRON
cblr-3423	658	32	has	have	VERB
cblr-3423	658	33	jurisdiction	jurisdiction	NOUN
cblr-3423	658	34	to	to	PART
cblr-3423	658	35	engage	engage	VERB
cblr-3423	658	36	in	in	ADP
cblr-3423	658	37	this	this	DET
cblr-3423	658	38	monitoring	monitoring	NOUN
cblr-3423	658	39	,	,	PUNCT
cblr-3423	658	40	but	but	CCONJ
cblr-3423	658	41	rather	rather	ADV
cblr-3423	658	42	the	the	DET
cblr-3423	658	43	commodity	commodity	NOUN
cblr-3423	658	44	futures	futures	PROPN
cblr-3423	658	45	trading	trading	NOUN
cblr-3423	658	46	commission	commission	NOUN
cblr-3423	658	47	or	or	CCONJ
cblr-3423	658	48	some	some	DET
cblr-3423	658	49	other	other	ADJ
cblr-3423	658	50	entity	entity	NOUN
cblr-3423	658	51	.	.	PUNCT
cblr-3423	659	1	486	486	NUM
cblr-3423	659	2	columbia	columbia	PROPN
cblr-3423	659	3	business	business	NOUN
cblr-3423	659	4	law	law	PROPN
cblr-3423	659	5	review	review	NOUN
cblr-3423	660	1	[	[	X
cblr-3423	660	2	vol	vol	NOUN
cblr-3423	660	3	.	.	NOUN
cblr-3423	660	4	2019	2019	NUM
cblr-3423	660	5	business	business	NOUN
cblr-3423	660	6	’s	’s	PART
cblr-3423	660	7	development	development	NOUN
cblr-3423	660	8	and	and	CCONJ
cblr-3423	660	9	subsequently	subsequently	ADV
cblr-3423	660	10	spends	spend	VERB
cblr-3423	660	11	the	the	DET
cblr-3423	660	12	rest	rest	NOUN
cblr-3423	660	13	of	of	ADP
cblr-3423	660	14	the	the	DET
cblr-3423	660	15	business	business	NOUN
cblr-3423	660	16	funds	fund	NOUN
cblr-3423	660	17	on	on	ADP
cblr-3423	660	18	lamborghinis	lamborghinis	PROPN
cblr-3423	660	19	and	and	CCONJ
cblr-3423	660	20	alpaca	alpaca	NOUN
cblr-3423	660	21	socks.135	socks.135	NOUN
cblr-3423	660	22	a	a	DET
cblr-3423	660	23	registration	registration	NOUN
cblr-3423	660	24	system	system	NOUN
cblr-3423	660	25	discussed	discuss	VERB
cblr-3423	660	26	below	below	ADV
cblr-3423	660	27	,	,	PUNCT
cblr-3423	660	28	whether	whether	SCONJ
cblr-3423	660	29	it	it	PRON
cblr-3423	660	30	is	be	AUX
cblr-3423	660	31	with	with	ADP
cblr-3423	660	32	the	the	DET
cblr-3423	660	33	government	government	NOUN
cblr-3423	660	34	or	or	CCONJ
cblr-3423	660	35	an	an	DET
cblr-3423	660	36	sro	sro	NOUN
cblr-3423	660	37	would	would	AUX
cblr-3423	660	38	help	help	VERB
cblr-3423	660	39	address	address	VERB
cblr-3423	660	40	this	this	DET
cblr-3423	660	41	problem	problem	NOUN
cblr-3423	660	42	.	.	PUNCT
cblr-3423	661	1	affidavits	affidavit	NOUN
cblr-3423	661	2	regarding	regard	VERB
cblr-3423	661	3	substantial	substantial	ADJ
cblr-3423	661	4	steps	step	NOUN
cblr-3423	661	5	could	could	AUX
cblr-3423	661	6	be	be	AUX
cblr-3423	661	7	withdrawn	withdraw	VERB
cblr-3423	661	8	based	base	VERB
cblr-3423	661	9	on	on	ADP
cblr-3423	661	10	changes	change	NOUN
cblr-3423	661	11	in	in	ADP
cblr-3423	661	12	business	business	NOUN
cblr-3423	661	13	facts	fact	NOUN
cblr-3423	661	14	.	.	PUNCT
cblr-3423	662	1	when	when	SCONJ
cblr-3423	662	2	that	that	PRON
cblr-3423	662	3	happens	happen	VERB
cblr-3423	662	4	,	,	PUNCT
cblr-3423	662	5	the	the	DET
cblr-3423	662	6	tokens	token	NOUN
cblr-3423	662	7	would	would	AUX
cblr-3423	662	8	become	become	VERB
cblr-3423	662	9	unregistered	unregistered	ADJ
cblr-3423	662	10	securities	security	NOUN
cblr-3423	662	11	,	,	PUNCT
cblr-3423	662	12	and	and	CCONJ
cblr-3423	662	13	therefore	therefore	ADV
cblr-3423	662	14	could	could	AUX
cblr-3423	662	15	not	not	PART
cblr-3423	662	16	be	be	AUX
cblr-3423	662	17	resold	resold	VERB
cblr-3423	662	18	without	without	ADP
cblr-3423	662	19	registration	registration	NOUN
cblr-3423	662	20	.	.	PUNCT
cblr-3423	663	1	those	those	PRON
cblr-3423	663	2	who	who	PRON
cblr-3423	663	3	initially	initially	ADV
cblr-3423	663	4	sold	sell	VERB
cblr-3423	663	5	instruments	instrument	NOUN
cblr-3423	663	6	that	that	PRON
cblr-3423	663	7	later	later	ADV
cblr-3423	663	8	became	become	VERB
cblr-3423	663	9	unregistered	unregistered	ADJ
cblr-3423	663	10	securities	security	NOUN
cblr-3423	663	11	would	would	AUX
cblr-3423	663	12	not	not	PART
cblr-3423	663	13	be	be	AUX
cblr-3423	663	14	liable	liable	ADJ
cblr-3423	663	15	under	under	ADP
cblr-3423	663	16	securities	security	NOUN
cblr-3423	663	17	laws	law	NOUN
cblr-3423	663	18	unless	unless	SCONJ
cblr-3423	663	19	they	they	PRON
cblr-3423	663	20	sold	sell	VERB
cblr-3423	663	21	the	the	DET
cblr-3423	663	22	instruments	instrument	NOUN
cblr-3423	663	23	after	after	SCONJ
cblr-3423	663	24	they	they	PRON
cblr-3423	663	25	were	be	AUX
cblr-3423	663	26	deemed	deem	VERB
cblr-3423	663	27	unregistered	unregistered	ADJ
cblr-3423	663	28	securities	security	NOUN
cblr-3423	663	29	.	.	PUNCT
cblr-3423	664	1	this	this	DET
cblr-3423	664	2	solution	solution	NOUN
cblr-3423	664	3	,	,	PUNCT
cblr-3423	664	4	however	however	ADV
cblr-3423	664	5	,	,	PUNCT
cblr-3423	664	6	presents	present	VERB
cblr-3423	664	7	some	some	DET
cblr-3423	664	8	problems	problem	NOUN
cblr-3423	664	9	under	under	ADP
cblr-3423	664	10	current	current	ADJ
cblr-3423	664	11	law	law	NOUN
cblr-3423	664	12	because	because	SCONJ
cblr-3423	664	13	a	a	DET
cblr-3423	664	14	security	security	NOUN
cblr-3423	664	15	can	can	AUX
cblr-3423	664	16	not	not	PART
cblr-3423	664	17	currently	currently	ADV
cblr-3423	664	18	arise	arise	VERB
cblr-3423	664	19	from	from	ADP
cblr-3423	664	20	a	a	DET
cblr-3423	664	21	non	non	ADJ
cblr-3423	664	22	-	-	NOUN
cblr-3423	664	23	security	security	NOUN
cblr-3423	664	24	in	in	ADP
cblr-3423	664	25	this	this	DET
cblr-3423	664	26	fashion	fashion	NOUN
cblr-3423	664	27	.	.	PUNCT
cblr-3423	665	1	accordingly	accordingly	ADV
cblr-3423	665	2	,	,	PUNCT
cblr-3423	665	3	if	if	SCONJ
cblr-3423	665	4	something	something	PRON
cblr-3423	665	5	is	be	AUX
cblr-3423	665	6	deemed	deem	VERB
cblr-3423	665	7	to	to	PART
cblr-3423	665	8	be	be	AUX
cblr-3423	665	9	a	a	DET
cblr-3423	665	10	security	security	NOUN
cblr-3423	665	11	,	,	PUNCT
cblr-3423	665	12	and	and	CCONJ
cblr-3423	665	13	it	it	PRON
cblr-3423	665	14	were	be	AUX
cblr-3423	665	15	sold	sell	VERB
cblr-3423	665	16	or	or	CCONJ
cblr-3423	665	17	resold	resold	VERB
cblr-3423	665	18	without	without	ADP
cblr-3423	665	19	registration	registration	NOUN
cblr-3423	665	20	or	or	CCONJ
cblr-3423	665	21	an	an	DET
cblr-3423	665	22	exemption	exemption	NOUN
cblr-3423	665	23	therefrom	therefrom	NOUN
cblr-3423	665	24	,	,	PUNCT
cblr-3423	665	25	it	it	PRON
cblr-3423	665	26	would	would	AUX
cblr-3423	665	27	subject	subject	VERB
cblr-3423	665	28	the	the	DET
cblr-3423	665	29	seller	seller	NOUN
cblr-3423	665	30	of	of	ADP
cblr-3423	665	31	the	the	DET
cblr-3423	665	32	security	security	NOUN
cblr-3423	665	33	to	to	ADP
cblr-3423	665	34	liability	liability	NOUN
cblr-3423	665	35	.	.	PUNCT
cblr-3423	666	1	under	under	ADP
cblr-3423	666	2	the	the	DET
cblr-3423	666	3	substantial	substantial	ADJ
cblr-3423	666	4	steps	step	NOUN
cblr-3423	666	5	test	test	NOUN
cblr-3423	666	6	,	,	PUNCT
cblr-3423	666	7	this	this	PRON
cblr-3423	666	8	would	would	AUX
cblr-3423	666	9	turn	turn	VERB
cblr-3423	666	10	business	business	NOUN
cblr-3423	666	11	risk	risk	NOUN
cblr-3423	666	12	into	into	ADP
cblr-3423	666	13	legal	legal	ADJ
cblr-3423	666	14	risk	risk	NOUN
cblr-3423	666	15	—	—	PUNCT
cblr-3423	666	16	any	any	DET
cblr-3423	666	17	good	good	ADJ
cblr-3423	666	18	faith	faith	NOUN
cblr-3423	666	19	effort	effort	NOUN
cblr-3423	666	20	to	to	PART
cblr-3423	666	21	create	create	VERB
cblr-3423	666	22	a	a	DET
cblr-3423	666	23	product	product	NOUN
cblr-3423	666	24	or	or	CCONJ
cblr-3423	666	25	service	service	NOUN
cblr-3423	666	26	that	that	PRON
cblr-3423	666	27	failed	fail	VERB
cblr-3423	666	28	would	would	AUX
cblr-3423	666	29	subject	subject	VERB
cblr-3423	666	30	the	the	DET
cblr-3423	666	31	promoter	promoter	NOUN
cblr-3423	666	32	to	to	ADP
cblr-3423	666	33	legal	legal	ADJ
cblr-3423	666	34	liability	liability	NOUN
cblr-3423	666	35	for	for	ADP
cblr-3423	666	36	selling	sell	VERB
cblr-3423	666	37	unregistered	unregistered	ADJ
cblr-3423	666	38	securities	security	NOUN
cblr-3423	666	39	.	.	PUNCT
cblr-3423	667	1	the	the	DET
cblr-3423	667	2	market	market	NOUN
cblr-3423	667	3	would	would	AUX
cblr-3423	667	4	therefore	therefore	ADV
cblr-3423	667	5	need	need	VERB
cblr-3423	667	6	a	a	DET
cblr-3423	667	7	safe	safe	ADJ
cblr-3423	667	8	harbor	harbor	NOUN
cblr-3423	667	9	for	for	ADP
cblr-3423	667	10	token	token	ADJ
cblr-3423	667	11	issuers	issuer	NOUN
cblr-3423	667	12	who	who	PRON
cblr-3423	667	13	would	would	AUX
cblr-3423	667	14	otherwise	otherwise	ADV
cblr-3423	667	15	be	be	AUX
cblr-3423	667	16	subjected	subject	VERB
cblr-3423	667	17	to	to	ADP
cblr-3423	667	18	liability	liability	NOUN
cblr-3423	667	19	through	through	ADP
cblr-3423	667	20	this	this	DET
cblr-3423	667	21	quirk	quirk	NOUN
cblr-3423	667	22	of	of	ADP
cblr-3423	667	23	adding	add	VERB
cblr-3423	667	24	the	the	DET
cblr-3423	667	25	test	test	NOUN
cblr-3423	667	26	to	to	ADP
cblr-3423	667	27	current	current	ADJ
cblr-3423	667	28	law	law	NOUN
cblr-3423	667	29	.	.	PUNCT
cblr-3423	668	1	to	to	PART
cblr-3423	668	2	solve	solve	VERB
cblr-3423	668	3	the	the	DET
cblr-3423	668	4	above	above	ADJ
cblr-3423	668	5	problems	problem	NOUN
cblr-3423	668	6	and	and	CCONJ
cblr-3423	668	7	operationalize	operationalize	VERB
cblr-3423	668	8	the	the	DET
cblr-3423	668	9	substantial	substantial	ADJ
cblr-3423	668	10	steps	step	NOUN
cblr-3423	668	11	test	test	NOUN
cblr-3423	668	12	,	,	PUNCT
cblr-3423	668	13	this	this	DET
cblr-3423	668	14	article	article	NOUN
cblr-3423	668	15	endorses	endorse	VERB
cblr-3423	668	16	a	a	DET
cblr-3423	668	17	safe	safe	ADJ
cblr-3423	668	18	harbor	harbor	NOUN
cblr-3423	668	19	similar	similar	ADJ
cblr-3423	668	20	to	to	ADP
cblr-3423	668	21	one	one	NUM
cblr-3423	668	22	previously	previously	ADV
cblr-3423	668	23	offered.136	offered.136	VERB
cblr-3423	668	24	the	the	DET
cblr-3423	668	25	proposal	proposal	NOUN
cblr-3423	668	26	is	be	AUX
cblr-3423	668	27	as	as	SCONJ
cblr-3423	668	28	follows	follow	VERB
cblr-3423	668	29	:	:	PUNCT
cblr-3423	668	30	a	a	DET
cblr-3423	668	31	developer	developer	NOUN
cblr-3423	668	32	,	,	PUNCT
cblr-3423	668	33	seller	seller	NOUN
cblr-3423	668	34	,	,	PUNCT
cblr-3423	668	35	or	or	CCONJ
cblr-3423	668	36	token	token	VERB
cblr-3423	668	37	exchange	exchange	NOUN
cblr-3423	668	38	shall	shall	AUX
cblr-3423	668	39	be	be	AUX
cblr-3423	668	40	free	free	ADJ
cblr-3423	668	41	from	from	ADP
cblr-3423	668	42	civil	civil	ADJ
cblr-3423	668	43	and	and	CCONJ
cblr-3423	668	44	criminal	criminal	ADJ
cblr-3423	668	45	liability	liability	NOUN
cblr-3423	668	46	for	for	ADP
cblr-3423	668	47	violations	violation	NOUN
cblr-3423	668	48	of	of	ADP
cblr-3423	668	49	securities	security	NOUN
cblr-3423	668	50	laws	law	NOUN
cblr-3423	668	51	if	if	SCONJ
cblr-3423	668	52	they	they	PRON
cblr-3423	668	53	:	:	PUNCT
cblr-3423	668	54	135	135	NUM
cblr-3423	668	55	it	it	PRON
cblr-3423	668	56	is	be	AUX
cblr-3423	668	57	worth	worth	ADJ
cblr-3423	668	58	mentioning	mention	VERB
cblr-3423	668	59	that	that	SCONJ
cblr-3423	668	60	a	a	DET
cblr-3423	668	61	perfect	perfect	ADJ
cblr-3423	668	62	subjective	subjective	ADJ
cblr-3423	668	63	test	test	NOUN
cblr-3423	668	64	would	would	AUX
cblr-3423	668	65	take	take	VERB
cblr-3423	668	66	care	care	NOUN
cblr-3423	668	67	of	of	ADP
cblr-3423	668	68	this	this	DET
cblr-3423	668	69	second	second	ADJ
cblr-3423	668	70	challenge	challenge	NOUN
cblr-3423	668	71	by	by	ADP
cblr-3423	668	72	allowing	allow	VERB
cblr-3423	668	73	reviewers	reviewer	NOUN
cblr-3423	668	74	to	to	PART
cblr-3423	668	75	read	read	VERB
cblr-3423	668	76	the	the	DET
cblr-3423	668	77	mind	mind	NOUN
cblr-3423	668	78	of	of	ADP
cblr-3423	668	79	the	the	DET
cblr-3423	668	80	entrepreneurs	entrepreneur	NOUN
cblr-3423	668	81	to	to	PART
cblr-3423	668	82	separate	separate	VERB
cblr-3423	668	83	the	the	DET
cblr-3423	668	84	good	good	NOUN
cblr-3423	668	85	from	from	ADP
cblr-3423	668	86	the	the	DET
cblr-3423	668	87	bad	bad	ADJ
cblr-3423	668	88	actors	actor	NOUN
cblr-3423	668	89	.	.	PUNCT
cblr-3423	669	1	but	but	CCONJ
cblr-3423	669	2	this	this	DET
cblr-3423	669	3	side	side	NOUN
cblr-3423	669	4	of	of	ADP
cblr-3423	669	5	eden	eden	PROPN
cblr-3423	669	6	,	,	PUNCT
cblr-3423	669	7	there	there	PRON
cblr-3423	669	8	are	be	VERB
cblr-3423	669	9	only	only	ADV
cblr-3423	669	10	proxies	proxy	NOUN
cblr-3423	669	11	for	for	ADP
cblr-3423	669	12	intent	intent	NOUN
cblr-3423	669	13	.	.	PUNCT
cblr-3423	670	1	136	136	NUM
cblr-3423	670	2	see	see	VERB
cblr-3423	670	3	van	van	PROPN
cblr-3423	670	4	valkenburgh	valkenburgh	PROPN
cblr-3423	670	5	,	,	PUNCT
cblr-3423	670	6	supra	supra	PROPN
cblr-3423	670	7	note	note	PROPN
cblr-3423	670	8	28	28	NUM
cblr-3423	670	9	;	;	PUNCT
cblr-3423	670	10	see	see	VERB
cblr-3423	670	11	also	also	ADV
cblr-3423	670	12	peter	peter	PROPN
cblr-3423	670	13	van	van	PROPN
cblr-3423	670	14	valkenburgh	valkenburgh	PROPN
cblr-3423	670	15	,	,	PUNCT
cblr-3423	670	16	principles	principle	NOUN
cblr-3423	670	17	for	for	ADP
cblr-3423	670	18	clarifying	clarify	VERB
cblr-3423	670	19	sec	sec	PROPN
cblr-3423	670	20	jurisdiction	jurisdiction	NOUN
cblr-3423	670	21	over	over	ADP
cblr-3423	670	22	cryptocurrencies	cryptocurrencie	NOUN
cblr-3423	670	23	and	and	CCONJ
cblr-3423	670	24	icos	icos	PROPN
cblr-3423	670	25	,	,	PUNCT
cblr-3423	670	26	coin	coin	NOUN
cblr-3423	670	27	center	center	NOUN
cblr-3423	670	28	(	(	PUNCT
cblr-3423	670	29	may	may	PROPN
cblr-3423	670	30	24	24	NUM
cblr-3423	670	31	,	,	PUNCT
cblr-3423	670	32	2018	2018	NUM
cblr-3423	670	33	)	)	PUNCT
cblr-3423	670	34	,	,	PUNCT
cblr-3423	670	35	https://coincenter.org/entry/principles-for-clarifying-sec-jurisdiction-overcryptocurrencies-and-icos	https://coincenter.org/entry/principles-for-clarifying-sec-jurisdiction-overcryptocurrencies-and-ico	NOUN
cblr-3423	671	1	[	[	X
cblr-3423	671	2	https://perma.cc/u8l7-eqnk	https://perma.cc/u8l7-eqnk	NOUN
cblr-3423	671	3	]	]	PUNCT
cblr-3423	671	4	.	.	PUNCT
cblr-3423	672	1	no	no	INTJ
cblr-3423	672	2	.	.	NOUN
cblr-3423	673	1	2:443	2:443	NUM
cblr-3423	673	2	]	]	X
cblr-3423	673	3	a	a	DET
cblr-3423	673	4	regulatory	regulatory	ADJ
cblr-3423	673	5	classification	classification	NOUN
cblr-3423	673	6	of	of	ADP
cblr-3423	673	7	digital	digital	ADJ
cblr-3423	673	8	assets	asset	NOUN
cblr-3423	673	9	487	487	NUM
cblr-3423	673	10	1	1	NUM
cblr-3423	673	11	.	.	PUNCT
cblr-3423	673	12	register	register	VERB
cblr-3423	673	13	as	as	ADP
cblr-3423	673	14	a	a	DET
cblr-3423	673	15	developer	developer	NOUN
cblr-3423	673	16	,	,	PUNCT
cblr-3423	673	17	seller	seller	NOUN
cblr-3423	673	18	,	,	PUNCT
cblr-3423	673	19	or	or	CCONJ
cblr-3423	673	20	token	token	VERB
cblr-3423	673	21	exchange	exchange	NOUN
cblr-3423	673	22	with	with	ADP
cblr-3423	673	23	the	the	DET
cblr-3423	673	24	sec	sec	PROPN
cblr-3423	673	25	or	or	CCONJ
cblr-3423	673	26	approved	approve	VERB
cblr-3423	673	27	self	self	NOUN
cblr-3423	673	28	-	-	PUNCT
cblr-3423	673	29	regulatory	regulatory	ADJ
cblr-3423	673	30	organization	organization	NOUN
cblr-3423	673	31	,	,	PUNCT
cblr-3423	673	32	providing	provide	VERB
cblr-3423	673	33	[	[	X
cblr-3423	673	34	name	name	NOUN
cblr-3423	673	35	,	,	PUNCT
cblr-3423	673	36	contact	contact	NOUN
cblr-3423	673	37	information	information	NOUN
cblr-3423	673	38	,	,	PUNCT
cblr-3423	673	39	and	and	CCONJ
cblr-3423	673	40	a	a	DET
cblr-3423	673	41	brief	brief	ADJ
cblr-3423	673	42	description	description	NOUN
cblr-3423	673	43	of	of	ADP
cblr-3423	673	44	the	the	DET
cblr-3423	673	45	token	token	ADJ
cblr-3423	673	46	related	relate	VERB
cblr-3423	673	47	activities	activity	NOUN
cblr-3423	673	48	in	in	ADP
cblr-3423	673	49	which	which	PRON
cblr-3423	673	50	they	they	PRON
cblr-3423	673	51	intend	intend	VERB
cblr-3423	673	52	to	to	PART
cblr-3423	673	53	engage	engage	VERB
cblr-3423	673	54	or	or	CCONJ
cblr-3423	673	55	have	have	AUX
cblr-3423	673	56	previously	previously	ADV
cblr-3423	673	57	engaged	engage	VERB
cblr-3423	673	58	]	]	PUNCT
cblr-3423	673	59	,	,	PUNCT
cblr-3423	673	60	and	and	CCONJ
cblr-3423	673	61	2	2	X
cblr-3423	673	62	.	.	X
cblr-3423	673	63	have	have	VERB
cblr-3423	673	64	a	a	DET
cblr-3423	673	65	reasonable	reasonable	ADJ
cblr-3423	673	66	and	and	CCONJ
cblr-3423	673	67	good	good	ADJ
cblr-3423	673	68	faith	faith	NOUN
cblr-3423	673	69	belief	belief	NOUN
cblr-3423	673	70	that	that	SCONJ
cblr-3423	673	71	the	the	DET
cblr-3423	673	72	tokens	token	NOUN
cblr-3423	673	73	they	they	PRON
cblr-3423	673	74	are	be	AUX
cblr-3423	673	75	developing	develop	VERB
cblr-3423	673	76	,	,	PUNCT
cblr-3423	673	77	selling	selling	NOUN
cblr-3423	673	78	,	,	PUNCT
cblr-3423	673	79	or	or	CCONJ
cblr-3423	673	80	exchanging	exchanging	NOUN
cblr-3423	673	81	are	be	AUX
cblr-3423	673	82	not	not	PART
cblr-3423	673	83	either	either	ADV
cblr-3423	673	84	:	:	PUNCT
cblr-3423	673	85	a.	a.	NOUN
cblr-3423	673	86	tokens	token	NOUN
cblr-3423	673	87	that	that	PRON
cblr-3423	673	88	represent	represent	VERB
cblr-3423	673	89	a	a	DET
cblr-3423	673	90	promise	promise	NOUN
cblr-3423	673	91	by	by	ADP
cblr-3423	673	92	a	a	DET
cblr-3423	673	93	developer	developer	NOUN
cblr-3423	673	94	or	or	CCONJ
cblr-3423	673	95	seller	seller	NOUN
cblr-3423	673	96	to	to	PART
cblr-3423	673	97	deliver	deliver	VERB
cblr-3423	673	98	a	a	DET
cblr-3423	673	99	future	future	ADJ
cblr-3423	673	100	open	open	ADJ
cblr-3423	673	101	blockchain	blockchain	NOUN
cblr-3423	673	102	token	token	VERB
cblr-3423	673	103	if	if	SCONJ
cblr-3423	673	104	the	the	DET
cblr-3423	673	105	developer	developer	NOUN
cblr-3423	673	106	or	or	CCONJ
cblr-3423	673	107	seller	seller	NOUN
cblr-3423	673	108	accepted	accept	VERB
cblr-3423	673	109	money	money	NOUN
cblr-3423	673	110	from	from	ADP
cblr-3423	673	111	purchasers	purchaser	NOUN
cblr-3423	673	112	and	and	CCONJ
cblr-3423	673	113	advertised	advertise	VERB
cblr-3423	673	114	that	that	PRON
cblr-3423	673	115	said	say	VERB
cblr-3423	673	116	future	future	PROPN
cblr-3423	673	117	token	token	PROPN
cblr-3423	673	118	will	will	AUX
cblr-3423	673	119	be	be	AUX
cblr-3423	673	120	a	a	DET
cblr-3423	673	121	valuable	valuable	ADJ
cblr-3423	673	122	investment	investment	NOUN
cblr-3423	673	123	;	;	PUNCT
cblr-3423	673	124	or	or	CCONJ
cblr-3423	673	125	b.	b.	PROPN
cblr-3423	673	126	tokens	token	NOUN
cblr-3423	673	127	that	that	PRON
cblr-3423	673	128	represent	represent	VERB
cblr-3423	673	129	specific	specific	ADJ
cblr-3423	673	130	contracted	contract	VERB
cblr-3423	673	131	-	-	PUNCT
cblr-3423	673	132	for	for	ADP
cblr-3423	673	133	rights	right	NOUN
cblr-3423	673	134	to	to	ADP
cblr-3423	673	135	profits	profit	NOUN
cblr-3423	673	136	derived	derive	VERB
cblr-3423	673	137	from	from	ADP
cblr-3423	673	138	the	the	DET
cblr-3423	673	139	efforts	effort	NOUN
cblr-3423	673	140	of	of	ADP
cblr-3423	673	141	the	the	DET
cblr-3423	673	142	developer	developer	NOUN
cblr-3423	673	143	or	or	CCONJ
cblr-3423	673	144	seller	seller	NOUN
cblr-3423	673	145	beyond	beyond	ADP
cblr-3423	673	146	mere	mere	ADJ
cblr-3423	673	147	appreciation	appreciation	NOUN
cblr-3423	673	148	of	of	ADP
cblr-3423	673	149	the	the	DET
cblr-3423	673	150	token	token	PROPN
cblr-3423	673	151	’s	’s	NOUN
cblr-3423	673	152	value	value	NOUN
cblr-3423	673	153	if	if	SCONJ
cblr-3423	673	154	the	the	DET
cblr-3423	673	155	developer	developer	NOUN
cblr-3423	673	156	or	or	CCONJ
cblr-3423	673	157	seller	seller	NOUN
cblr-3423	673	158	has	have	AUX
cblr-3423	673	159	accepted	accept	VERB
cblr-3423	673	160	money	money	NOUN
cblr-3423	673	161	from	from	ADP
cblr-3423	673	162	purchasers	purchaser	NOUN
cblr-3423	673	163	;	;	PUNCT
cblr-3423	673	164	and	and	CCONJ
cblr-3423	673	165	3	3	X
cblr-3423	673	166	.	.	X
cblr-3423	673	167	take	take	VERB
cblr-3423	673	168	reasonably	reasonably	ADV
cblr-3423	673	169	prompt	prompt	ADJ
cblr-3423	673	170	and	and	CCONJ
cblr-3423	673	171	effective	effective	ADJ
cblr-3423	673	172	action	action	NOUN
cblr-3423	673	173	to	to	PART
cblr-3423	673	174	cease	cease	VERB
cblr-3423	673	175	development	development	NOUN
cblr-3423	673	176	,	,	PUNCT
cblr-3423	673	177	sale	sale	NOUN
cblr-3423	673	178	,	,	PUNCT
cblr-3423	673	179	or	or	CCONJ
cblr-3423	673	180	exchange	exchange	NOUN
cblr-3423	673	181	of	of	ADP
cblr-3423	673	182	a	a	DET
cblr-3423	673	183	token	token	NOUN
cblr-3423	673	184	that	that	PRON
cblr-3423	673	185	is	be	AUX
cblr-3423	673	186	identified	identify	VERB
cblr-3423	673	187	as	as	ADP
cblr-3423	673	188	a	a	DET
cblr-3423	673	189	security	security	NOUN
cblr-3423	673	190	by	by	ADP
cblr-3423	673	191	the	the	DET
cblr-3423	673	192	sec	sec	PROPN
cblr-3423	673	193	or	or	CCONJ
cblr-3423	673	194	otherwise	otherwise	ADV
cblr-3423	673	195	ceases	cease	VERB
cblr-3423	673	196	to	to	PART
cblr-3423	673	197	meet	meet	VERB
cblr-3423	673	198	the	the	DET
cblr-3423	673	199	criteria	criterion	NOUN
cblr-3423	673	200	described	describe	VERB
cblr-3423	673	201	in	in	ADP
cblr-3423	673	202	(	(	PUNCT
cblr-3423	673	203	2)(a)–(b	2)(a)–(b	NUM
cblr-3423	673	204	)	)	PUNCT
cblr-3423	673	205	above.137	above.137	NOUN
cblr-3423	673	206	this	this	DET
cblr-3423	673	207	lighter	light	ADJ
cblr-3423	673	208	registration	registration	NOUN
cblr-3423	673	209	requirement	requirement	NOUN
cblr-3423	673	210	goes	go	VERB
cblr-3423	673	211	beyond	beyond	ADP
cblr-3423	673	212	the	the	DET
cblr-3423	673	213	antifraud	antifraud	PROPN
cblr-3423	673	214	rationale	rationale	NOUN
cblr-3423	673	215	by	by	ADP
cblr-3423	673	216	helping	help	VERB
cblr-3423	673	217	to	to	PART
cblr-3423	673	218	bridge	bridge	VERB
cblr-3423	673	219	the	the	DET
cblr-3423	673	220	information	information	NOUN
cblr-3423	673	221	asymmetry	asymmetry	NOUN
cblr-3423	673	222	between	between	ADP
cblr-3423	673	223	the	the	DET
cblr-3423	673	224	seller	seller	NOUN
cblr-3423	673	225	and	and	CCONJ
cblr-3423	673	226	purchaser	purchaser	NOUN
cblr-3423	673	227	.	.	PUNCT
cblr-3423	674	1	the	the	DET
cblr-3423	674	2	prospective	prospective	ADJ
cblr-3423	674	3	purchaser	purchaser	NOUN
cblr-3423	674	4	would	would	AUX
cblr-3423	674	5	see	see	VERB
cblr-3423	674	6	a	a	DET
cblr-3423	674	7	clear	clear	ADJ
cblr-3423	674	8	statement	statement	NOUN
cblr-3423	674	9	about	about	ADP
cblr-3423	674	10	the	the	DET
cblr-3423	674	11	asset	asset	NOUN
cblr-3423	674	12	,	,	PUNCT
cblr-3423	674	13	given	give	VERB
cblr-3423	674	14	the	the	DET
cblr-3423	674	15	ease	ease	NOUN
cblr-3423	674	16	of	of	ADP
cblr-3423	674	17	articulating	articulate	VERB
cblr-3423	674	18	the	the	DET
cblr-3423	674	19	value	value	NOUN
cblr-3423	674	20	of	of	ADP
cblr-3423	674	21	a	a	DET
cblr-3423	674	22	product	product	NOUN
cblr-3423	674	23	in	in	ADP
cblr-3423	674	24	a	a	DET
cblr-3423	674	25	short	short	ADJ
cblr-3423	674	26	simple	simple	ADJ
cblr-3423	674	27	statement	statement	NOUN
cblr-3423	674	28	.	.	PUNCT
cblr-3423	675	1	for	for	ADP
cblr-3423	675	2	instance	instance	NOUN
cblr-3423	675	3	,	,	PUNCT
cblr-3423	675	4	a	a	DET
cblr-3423	675	5	token	token	NOUN
cblr-3423	675	6	could	could	AUX
cblr-3423	675	7	allow	allow	VERB
cblr-3423	675	8	an	an	DET
cblr-3423	675	9	individual	individual	NOUN
cblr-3423	675	10	to	to	PART
cblr-3423	675	11	watch	watch	VERB
cblr-3423	675	12	television	television	NOUN
cblr-3423	675	13	over	over	ADP
cblr-3423	675	14	the	the	DET
cblr-3423	675	15	internet	internet	NOUN
cblr-3423	675	16	or	or	CCONJ
cblr-3423	675	17	could	could	AUX
cblr-3423	675	18	be	be	AUX
cblr-3423	675	19	used	use	VERB
cblr-3423	675	20	to	to	PART
cblr-3423	675	21	backup	backup	ADJ
cblr-3423	675	22	files	file	NOUN
cblr-3423	675	23	.	.	PUNCT
cblr-3423	676	1	such	such	ADJ
cblr-3423	676	2	statements	statement	NOUN
cblr-3423	676	3	could	could	AUX
cblr-3423	676	4	also	also	ADV
cblr-3423	676	5	provide	provide	VERB
cblr-3423	676	6	a	a	DET
cblr-3423	676	7	basis	basis	NOUN
cblr-3423	676	8	for	for	ADP
cblr-3423	676	9	future	future	ADJ
cblr-3423	676	10	civil	civil	ADJ
cblr-3423	676	11	or	or	CCONJ
cblr-3423	676	12	criminal	criminal	ADJ
cblr-3423	676	13	actions	action	NOUN
cblr-3423	676	14	against	against	ADP
cblr-3423	676	15	the	the	DET
cblr-3423	676	16	seller	seller	NOUN
cblr-3423	676	17	.	.	PUNCT
cblr-3423	677	1	one	one	NUM
cblr-3423	677	2	possible	possible	ADJ
cblr-3423	677	3	concern	concern	NOUN
cblr-3423	677	4	,	,	PUNCT
cblr-3423	677	5	however	however	ADV
cblr-3423	677	6	,	,	PUNCT
cblr-3423	677	7	is	be	AUX
cblr-3423	677	8	that	that	SCONJ
cblr-3423	677	9	such	such	DET
cblr-3423	677	10	a	a	DET
cblr-3423	677	11	light	light	ADJ
cblr-3423	677	12	registration	registration	NOUN
cblr-3423	677	13	requirement	requirement	NOUN
cblr-3423	677	14	would	would	AUX
cblr-3423	677	15	quickly	quickly	ADV
cblr-3423	677	16	come	come	VERB
cblr-3423	677	17	to	to	PART
cblr-3423	677	18	resemble	resemble	VERB
cblr-3423	677	19	the	the	DET
cblr-3423	677	20	current	current	ADJ
cblr-3423	677	21	regulatory	regulatory	ADJ
cblr-3423	677	22	regime	regime	NOUN
cblr-3423	677	23	in	in	ADP
cblr-3423	677	24	which	which	PRON
cblr-3423	677	25	there	there	PRON
cblr-3423	677	26	is	be	VERB
cblr-3423	677	27	a	a	DET
cblr-3423	677	28	risk	risk	NOUN
cblr-3423	677	29	of	of	ADP
cblr-3423	677	30	too	too	ADV
cblr-3423	677	31	much	much	ADJ
cblr-3423	677	32	regulatory	regulatory	ADJ
cblr-3423	677	33	discretion	discretion	NOUN
cblr-3423	677	34	.	.	PUNCT
cblr-3423	678	1	having	have	VERB
cblr-3423	678	2	a	a	DET
cblr-3423	678	3	link	link	NOUN
cblr-3423	678	4	to	to	ADP
cblr-3423	678	5	a	a	DET
cblr-3423	678	6	tangible	tangible	ADJ
cblr-3423	678	7	product	product	NOUN
cblr-3423	678	8	mitigates	mitigate	VERB
cblr-3423	678	9	this	this	DET
cblr-3423	678	10	risk	risk	NOUN
cblr-3423	678	11	.	.	PUNCT
cblr-3423	679	1	on	on	ADP
cblr-3423	679	2	the	the	DET
cblr-3423	679	3	front	front	ADJ
cblr-3423	679	4	end	end	NOUN
cblr-3423	679	5	,	,	PUNCT
cblr-3423	679	6	the	the	DET
cblr-3423	679	7	substantial	substantial	ADJ
cblr-3423	679	8	steps	step	NOUN
cblr-3423	679	9	test	test	NOUN
cblr-3423	679	10	encourages	encourage	VERB
cblr-3423	679	11	entrepreneurs	entrepreneur	NOUN
cblr-3423	679	12	to	to	PART
cblr-3423	679	13	take	take	VERB
cblr-3423	679	14	substantial	substantial	ADJ
cblr-3423	679	15	steps	step	NOUN
cblr-3423	679	16	towards	towards	ADP
cblr-3423	679	17	building	build	VERB
cblr-3423	679	18	a	a	DET
cblr-3423	679	19	137	137	NUM
cblr-3423	679	20	i	i	PROPN
cblr-3423	679	21	d.	d.	PROPN
cblr-3423	679	22	488	488	NUM
cblr-3423	680	1	columbia	columbia	PROPN
cblr-3423	680	2	business	business	NOUN
cblr-3423	680	3	law	law	PROPN
cblr-3423	680	4	review	review	NOUN
cblr-3423	681	1	[	[	X
cblr-3423	681	2	vol	vol	NOUN
cblr-3423	681	3	.	.	PUNCT
cblr-3423	681	4	2019	2019	NUM
cblr-3423	681	5	useful	useful	ADJ
cblr-3423	681	6	product	product	NOUN
cblr-3423	681	7	.	.	PUNCT
cblr-3423	682	1	on	on	ADP
cblr-3423	682	2	the	the	DET
cblr-3423	682	3	back	back	ADJ
cblr-3423	682	4	end	end	NOUN
cblr-3423	682	5	,	,	PUNCT
cblr-3423	682	6	the	the	DET
cblr-3423	682	7	safe	safe	ADJ
cblr-3423	682	8	harbor	harbor	NOUN
cblr-3423	682	9	discourages	discourage	VERB
cblr-3423	682	10	them	they	PRON
cblr-3423	682	11	from	from	ADP
cblr-3423	682	12	stopping	stop	VERB
cblr-3423	682	13	because	because	SCONJ
cblr-3423	682	14	what	what	PRON
cblr-3423	682	15	was	be	AUX
cblr-3423	682	16	once	once	ADV
cblr-3423	682	17	not	not	PART
cblr-3423	682	18	a	a	DET
cblr-3423	682	19	security	security	NOUN
cblr-3423	682	20	can	can	AUX
cblr-3423	682	21	ex	ex	PRON
cblr-3423	682	22	post	post	VERB
cblr-3423	682	23	attain	attain	VERB
cblr-3423	682	24	the	the	DET
cblr-3423	682	25	status	status	NOUN
cblr-3423	682	26	of	of	ADP
cblr-3423	682	27	a	a	DET
cblr-3423	682	28	security.138	security.138	NOUN
cblr-3423	682	29	this	this	PRON
cblr-3423	682	30	is	be	AUX
cblr-3423	682	31	the	the	DET
cblr-3423	682	32	mirror	mirror	NOUN
cblr-3423	682	33	image	image	NOUN
cblr-3423	682	34	of	of	ADP
cblr-3423	682	35	ethereum	ethereum	NOUN
cblr-3423	682	36	,	,	PUNCT
cblr-3423	682	37	which	which	PRON
cblr-3423	682	38	was	be	AUX
cblr-3423	682	39	once	once	ADV
cblr-3423	682	40	possibly	possibly	ADV
cblr-3423	682	41	a	a	DET
cblr-3423	682	42	security	security	NOUN
cblr-3423	682	43	,	,	PUNCT
cblr-3423	682	44	but	but	CCONJ
cblr-3423	682	45	now	now	ADV
cblr-3423	682	46	is	be	AUX
cblr-3423	682	47	no	no	ADV
cblr-3423	682	48	longer	long	ADV
cblr-3423	682	49	.	.	PUNCT
cblr-3423	683	1	as	as	ADP
cblr-3423	683	2	a	a	DET
cblr-3423	683	3	coda	coda	NOUN
cblr-3423	683	4	to	to	ADP
cblr-3423	683	5	this	this	DET
cblr-3423	683	6	section	section	NOUN
cblr-3423	683	7	,	,	PUNCT
cblr-3423	683	8	the	the	DET
cblr-3423	683	9	sec	sec	PROPN
cblr-3423	683	10	’s	’s	PART
cblr-3423	683	11	no	no	DET
cblr-3423	683	12	-	-	PUNCT
cblr-3423	683	13	action	action	NOUN
cblr-3423	683	14	letter	letter	NOUN
cblr-3423	683	15	issued	issue	VERB
cblr-3423	683	16	to	to	ADP
cblr-3423	683	17	tkj	tkj	NOUN
cblr-3423	683	18	confirms	confirm	VERB
cblr-3423	683	19	the	the	DET
cblr-3423	683	20	validity	validity	NOUN
cblr-3423	683	21	of	of	ADP
cblr-3423	683	22	the	the	DET
cblr-3423	683	23	substantial	substantial	ADJ
cblr-3423	683	24	steps	step	NOUN
cblr-3423	683	25	test	test	NOUN
cblr-3423	683	26	.	.	PUNCT
cblr-3423	684	1	clearly	clearly	ADV
cblr-3423	684	2	the	the	DET
cblr-3423	684	3	tokens	token	NOUN
cblr-3423	684	4	issued	issue	VERB
cblr-3423	684	5	by	by	ADP
cblr-3423	684	6	tkj	tkj	NOUN
cblr-3423	684	7	would	would	AUX
cblr-3423	684	8	fail	fail	VERB
cblr-3423	684	9	the	the	DET
cblr-3423	684	10	bahamas	bahamas	PROPN
cblr-3423	684	11	test	test	NOUN
cblr-3423	684	12	as	as	SCONJ
cblr-3423	684	13	there	there	PRON
cblr-3423	684	14	were	be	VERB
cblr-3423	684	15	rights	right	NOUN
cblr-3423	684	16	,	,	PUNCT
cblr-3423	684	17	privileges	privilege	NOUN
cblr-3423	684	18	,	,	PUNCT
cblr-3423	684	19	and	and	CCONJ
cblr-3423	684	20	obligations	obligation	NOUN
cblr-3423	684	21	the	the	DET
cblr-3423	684	22	promoters	promoter	NOUN
cblr-3423	684	23	had	have	VERB
cblr-3423	684	24	that	that	PRON
cblr-3423	684	25	would	would	AUX
cblr-3423	684	26	doom	doom	VERB
cblr-3423	684	27	the	the	DET
cblr-3423	684	28	project	project	NOUN
cblr-3423	684	29	were	be	AUX
cblr-3423	684	30	they	they	PRON
cblr-3423	684	31	to	to	PART
cblr-3423	684	32	abscond	abscond	VERB
cblr-3423	684	33	to	to	ADP
cblr-3423	684	34	the	the	DET
cblr-3423	684	35	bahamas	bahama	NOUN
cblr-3423	684	36	.	.	PUNCT
cblr-3423	685	1	on	on	ADP
cblr-3423	685	2	the	the	DET
cblr-3423	685	3	substantial	substantial	ADJ
cblr-3423	685	4	steps	step	NOUN
cblr-3423	685	5	test	test	NOUN
cblr-3423	685	6	,	,	PUNCT
cblr-3423	685	7	it	it	PRON
cblr-3423	685	8	is	be	AUX
cblr-3423	685	9	clear	clear	ADJ
cblr-3423	685	10	that	that	SCONJ
cblr-3423	685	11	the	the	DET
cblr-3423	685	12	promoters	promoter	NOUN
cblr-3423	685	13	here	here	ADV
cblr-3423	685	14	are	be	AUX
cblr-3423	685	15	taking	take	VERB
cblr-3423	685	16	good	good	ADJ
cblr-3423	685	17	faith	faith	NOUN
cblr-3423	685	18	,	,	PUNCT
cblr-3423	685	19	substantial	substantial	ADJ
cblr-3423	685	20	steps	step	NOUN
cblr-3423	685	21	towards	towards	ADP
cblr-3423	685	22	completion	completion	NOUN
cblr-3423	685	23	of	of	ADP
cblr-3423	685	24	a	a	DET
cblr-3423	685	25	project	project	NOUN
cblr-3423	685	26	that	that	PRON
cblr-3423	685	27	they	they	PRON
cblr-3423	685	28	believe	believe	VERB
cblr-3423	685	29	will	will	AUX
cblr-3423	685	30	have	have	VERB
cblr-3423	685	31	use	use	NOUN
cblr-3423	685	32	to	to	ADP
cblr-3423	685	33	some	some	DET
cblr-3423	685	34	users	user	NOUN
cblr-3423	685	35	of	of	ADP
cblr-3423	685	36	the	the	DET
cblr-3423	685	37	token	token	VERB
cblr-3423	685	38	beyond	beyond	ADP
cblr-3423	685	39	resale	resale	NOUN
cblr-3423	685	40	value	value	NOUN
cblr-3423	685	41	or	or	CCONJ
cblr-3423	685	42	economic	economic	ADJ
cblr-3423	685	43	income	income	NOUN
cblr-3423	685	44	.	.	PUNCT
cblr-3423	686	1	specifically	specifically	ADV
cblr-3423	686	2	,	,	PUNCT
cblr-3423	686	3	they	they	PRON
cblr-3423	686	4	are	be	AUX
cblr-3423	686	5	building	build	VERB
cblr-3423	686	6	and	and	CCONJ
cblr-3423	686	7	maintaining	maintain	VERB
cblr-3423	686	8	a	a	DET
cblr-3423	686	9	platform	platform	NOUN
cblr-3423	686	10	for	for	ADP
cblr-3423	686	11	purchasing	purchase	VERB
cblr-3423	686	12	air	air	NOUN
cblr-3423	686	13	charter	charter	NOUN
cblr-3423	686	14	services	service	NOUN
cblr-3423	686	15	that	that	PRON
cblr-3423	686	16	has	have	VERB
cblr-3423	686	17	value	value	NOUN
cblr-3423	686	18	beyond	beyond	ADP
cblr-3423	686	19	secondary	secondary	ADJ
cblr-3423	686	20	trading	trading	NOUN
cblr-3423	686	21	of	of	ADP
cblr-3423	686	22	the	the	DET
cblr-3423	686	23	tokens.139	tokens.139	NOUN
cblr-3423	686	24	merely	merely	ADV
cblr-3423	686	25	marketing	market	VERB
cblr-3423	686	26	a	a	DET
cblr-3423	686	27	digital	digital	ADJ
cblr-3423	686	28	asset	asset	NOUN
cblr-3423	686	29	as	as	ADP
cblr-3423	686	30	a	a	DET
cblr-3423	686	31	“	"	PUNCT
cblr-3423	686	32	utility	utility	NOUN
cblr-3423	686	33	token	token	NOUN
cblr-3423	686	34	”	"	PUNCT
cblr-3423	686	35	does	do	AUX
cblr-3423	686	36	not	not	PART
cblr-3423	686	37	allow	allow	VERB
cblr-3423	686	38	a	a	DET
cblr-3423	686	39	promoter	promoter	NOUN
cblr-3423	686	40	to	to	PART
cblr-3423	686	41	evade	evade	VERB
cblr-3423	686	42	a	a	DET
cblr-3423	686	43	determination	determination	NOUN
cblr-3423	686	44	that	that	SCONJ
cblr-3423	686	45	the	the	DET
cblr-3423	686	46	asset	asset	NOUN
cblr-3423	686	47	is	be	AUX
cblr-3423	686	48	,	,	PUNCT
cblr-3423	686	49	in	in	ADP
cblr-3423	686	50	fact	fact	NOUN
cblr-3423	686	51	,	,	PUNCT
cblr-3423	686	52	a	a	DET
cblr-3423	686	53	security	security	NOUN
cblr-3423	686	54	.	.	PUNCT
cblr-3423	687	1	but	but	CCONJ
cblr-3423	687	2	in	in	ADP
cblr-3423	687	3	applying	apply	VERB
cblr-3423	687	4	the	the	DET
cblr-3423	687	5	substantial	substantial	ADJ
cblr-3423	687	6	steps	step	NOUN
cblr-3423	687	7	test	test	NOUN
cblr-3423	687	8	,	,	PUNCT
cblr-3423	687	9	certain	certain	ADJ
cblr-3423	687	10	utility	utility	NOUN
cblr-3423	687	11	tokens	token	NOUN
cblr-3423	687	12	are	be	AUX
cblr-3423	687	13	certainly	certainly	ADV
cblr-3423	687	14	not	not	PART
cblr-3423	687	15	securities	security	NOUN
cblr-3423	687	16	and	and	CCONJ
cblr-3423	687	17	the	the	DET
cblr-3423	687	18	sec	sec	PROPN
cblr-3423	687	19	’s	’s	PART
cblr-3423	687	20	tkj	tkj	NOUN
cblr-3423	687	21	no	no	DET
cblr-3423	687	22	-	-	PUNCT
cblr-3423	687	23	action	action	NOUN
cblr-3423	687	24	letter	letter	NOUN
cblr-3423	687	25	confirms	confirm	VERB
cblr-3423	687	26	this	this	PRON
cblr-3423	687	27	.	.	PUNCT
cblr-3423	688	1	138	138	NUM
cblr-3423	688	2	see	see	VERB
cblr-3423	688	3	samuel	samuel	PROPN
cblr-3423	688	4	issacharoff	issacharoff	PROPN
cblr-3423	688	5	,	,	PUNCT
cblr-3423	688	6	regulating	regulate	VERB
cblr-3423	688	7	after	after	ADP
cblr-3423	688	8	the	the	DET
cblr-3423	688	9	fact	fact	NOUN
cblr-3423	688	10	,	,	PUNCT
cblr-3423	688	11	56	56	NUM
cblr-3423	688	12	depaul	depaul	PROPN
cblr-3423	688	13	l.	l.	PROPN
cblr-3423	688	14	rev	rev	PROPN
cblr-3423	688	15	.	.	PROPN
cblr-3423	688	16	375	375	NUM
cblr-3423	688	17	,	,	PUNCT
cblr-3423	688	18	377	377	NUM
cblr-3423	688	19	(	(	PUNCT
cblr-3423	688	20	2007	2007	NUM
cblr-3423	688	21	)	)	PUNCT
cblr-3423	688	22	.	.	PUNCT
cblr-3423	689	1	139	139	NUM
cblr-3423	689	2	turnkey	turnkey	NOUN
cblr-3423	689	3	jet	jet	NOUN
cblr-3423	689	4	no	no	DET
cblr-3423	689	5	-	-	PUNCT
cblr-3423	689	6	action	action	NOUN
cblr-3423	689	7	letter	letter	NOUN
cblr-3423	689	8	,	,	PUNCT
cblr-3423	689	9	supra	supra	PROPN
cblr-3423	689	10	note	note	VERB
cblr-3423	689	11	50	50	NUM
cblr-3423	689	12	.	.	PUNCT
cblr-3423	690	1	no	no	INTJ
cblr-3423	690	2	.	.	NOUN
cblr-3423	691	1	2:443	2:443	NUM
cblr-3423	691	2	]	]	X
cblr-3423	691	3	a	a	DET
cblr-3423	691	4	regulatory	regulatory	ADJ
cblr-3423	691	5	classification	classification	NOUN
cblr-3423	691	6	of	of	ADP
cblr-3423	691	7	digital	digital	ADJ
cblr-3423	691	8	assets	asset	NOUN
cblr-3423	691	9	489	489	NUM
cblr-3423	691	10	3	3	NUM
cblr-3423	691	11	.	.	PUNCT
cblr-3423	692	1	summary	summary	NOUN
cblr-3423	692	2	of	of	ADP
cblr-3423	692	3	our	our	PRON
cblr-3423	692	4	tests	test	NOUN
cblr-3423	692	5	figure	figure	VERB
cblr-3423	692	6	2	2	NUM
cblr-3423	692	7	:	:	PUNCT
cblr-3423	692	8	a	a	DET
cblr-3423	692	9	summary	summary	NOUN
cblr-3423	692	10	of	of	ADP
cblr-3423	692	11	new	new	ADJ
cblr-3423	692	12	tests	test	NOUN
cblr-3423	692	13	for	for	ADP
cblr-3423	692	14	digital	digital	ADJ
cblr-3423	692	15	assets	asset	NOUN
cblr-3423	692	16	issue	issue	VERB
cblr-3423	692	17	howey	howey	PROPN
cblr-3423	692	18	element	element	PROPN
cblr-3423	692	19	proposed	propose	VERB
cblr-3423	692	20	test	test	NOUN
cblr-3423	692	21	examples	example	NOUN
cblr-3423	692	22	agency	agency	NOUN
cblr-3423	692	23	costs	cost	NOUN
cblr-3423	692	24	v.	v.	ADP
cblr-3423	692	25	decentralization	decentralization	NOUN
cblr-3423	692	26	(	(	PUNCT
cblr-3423	692	27	2	2	NUM
cblr-3423	692	28	)	)	PUNCT
cblr-3423	692	29	“	"	PUNCT
cblr-3423	692	30	solely	solely	ADV
cblr-3423	692	31	through	through	ADP
cblr-3423	692	32	the	the	DET
cblr-3423	692	33	efforts	effort	NOUN
cblr-3423	692	34	of	of	ADP
cblr-3423	692	35	others	other	NOUN
cblr-3423	692	36	”	"	PUNCT
cblr-3423	692	37	bahamas	bahamas	PROPN
cblr-3423	692	38	test	test	NOUN
cblr-3423	692	39	currency	currency	NOUN
cblr-3423	692	40	,	,	PUNCT
cblr-3423	692	41	bitcoin	bitcoin	NOUN
cblr-3423	692	42	,	,	PUNCT
cblr-3423	692	43	ethereum	ethereum	NOUN
cblr-3423	692	44	,	,	PUNCT
cblr-3423	692	45	real	real	ADJ
cblr-3423	692	46	estate	estate	NOUN
cblr-3423	692	47	,	,	PUNCT
cblr-3423	692	48	personal	personal	ADJ
cblr-3423	692	49	property	property	NOUN
cblr-3423	692	50	investment	investment	NOUN
cblr-3423	692	51	v.	v.	ADP
cblr-3423	692	52	consumption	consumption	NOUN
cblr-3423	692	53	(	(	PUNCT
cblr-3423	692	54	3	3	NUM
cblr-3423	692	55	)	)	PUNCT
cblr-3423	692	56	“	"	PUNCT
cblr-3423	692	57	expectation	expectation	NOUN
cblr-3423	692	58	of	of	ADP
cblr-3423	692	59	profits	profit	NOUN
cblr-3423	692	60	”	"	PUNCT
cblr-3423	692	61	substantial	substantial	ADJ
cblr-3423	692	62	steps	step	NOUN
cblr-3423	692	63	test	test	NOUN
cblr-3423	692	64	tokens	token	NOUN
cblr-3423	692	65	,	,	PUNCT
cblr-3423	692	66	real	real	ADJ
cblr-3423	692	67	estate	estate	NOUN
cblr-3423	692	68	,	,	PUNCT
cblr-3423	692	69	personal	personal	ADJ
cblr-3423	692	70	property	property	NOUN
cblr-3423	692	71	there	there	PRON
cblr-3423	692	72	are	be	VERB
cblr-3423	692	73	two	two	NUM
cblr-3423	692	74	primary	primary	ADJ
cblr-3423	692	75	issues	issue	NOUN
cblr-3423	692	76	that	that	PRON
cblr-3423	692	77	motivate	motivate	VERB
cblr-3423	692	78	securities	security	NOUN
cblr-3423	692	79	regulation	regulation	NOUN
cblr-3423	692	80	:	:	PUNCT
cblr-3423	692	81	“	"	PUNCT
cblr-3423	692	82	agency	agency	NOUN
cblr-3423	692	83	costs	cost	NOUN
cblr-3423	692	84	”	"	PUNCT
cblr-3423	692	85	and	and	CCONJ
cblr-3423	692	86	“	"	PUNCT
cblr-3423	692	87	investment	investment	NOUN
cblr-3423	692	88	versus	versus	ADP
cblr-3423	692	89	consumption	consumption	NOUN
cblr-3423	692	90	.	.	PUNCT
cblr-3423	692	91	”	"	PUNCT
cblr-3423	693	1	the	the	DET
cblr-3423	693	2	first	first	ADJ
cblr-3423	693	3	issue	issue	NOUN
cblr-3423	693	4	goes	go	VERB
cblr-3423	693	5	to	to	ADP
cblr-3423	693	6	the	the	DET
cblr-3423	693	7	possibility	possibility	NOUN
cblr-3423	693	8	that	that	SCONJ
cblr-3423	693	9	promoters	promoter	NOUN
cblr-3423	693	10	will	will	AUX
cblr-3423	693	11	take	take	VERB
cblr-3423	693	12	advantage	advantage	NOUN
cblr-3423	693	13	of	of	ADP
cblr-3423	693	14	investors	investor	NOUN
cblr-3423	693	15	,	,	PUNCT
cblr-3423	693	16	whether	whether	SCONJ
cblr-3423	693	17	this	this	PRON
cblr-3423	693	18	amounts	amount	VERB
cblr-3423	693	19	to	to	ADP
cblr-3423	693	20	fraud	fraud	NOUN
cblr-3423	693	21	or	or	CCONJ
cblr-3423	693	22	something	something	PRON
cblr-3423	693	23	short	short	ADJ
cblr-3423	693	24	of	of	ADP
cblr-3423	693	25	fraud	fraud	NOUN
cblr-3423	693	26	.	.	PUNCT
cblr-3423	694	1	this	this	PRON
cblr-3423	694	2	is	be	AUX
cblr-3423	694	3	the	the	DET
cblr-3423	694	4	“	"	PUNCT
cblr-3423	694	5	other	other	ADJ
cblr-3423	694	6	peoples	people	NOUN
cblr-3423	694	7	’	’	PART
cblr-3423	694	8	money	money	NOUN
cblr-3423	694	9	”	"	PUNCT
cblr-3423	694	10	problem	problem	NOUN
cblr-3423	694	11	—	—	PUNCT
cblr-3423	694	12	when	when	SCONJ
cblr-3423	694	13	anyone	anyone	PRON
cblr-3423	694	14	turns	turn	VERB
cblr-3423	694	15	over	over	ADP
cblr-3423	694	16	money	money	NOUN
cblr-3423	694	17	to	to	ADP
cblr-3423	694	18	someone	someone	PRON
cblr-3423	694	19	else	else	ADV
cblr-3423	694	20	,	,	PUNCT
cblr-3423	694	21	the	the	DET
cblr-3423	694	22	possibility	possibility	NOUN
cblr-3423	694	23	exists	exist	VERB
cblr-3423	694	24	that	that	SCONJ
cblr-3423	694	25	the	the	DET
cblr-3423	694	26	recipient	recipient	NOUN
cblr-3423	694	27	will	will	AUX
cblr-3423	694	28	abuse	abuse	VERB
cblr-3423	694	29	the	the	DET
cblr-3423	694	30	trust	trust	NOUN
cblr-3423	694	31	of	of	ADP
cblr-3423	694	32	the	the	DET
cblr-3423	694	33	investor	investor	NOUN
cblr-3423	694	34	.	.	PUNCT
cblr-3423	695	1	economists	economist	NOUN
cblr-3423	695	2	and	and	CCONJ
cblr-3423	695	3	lawyers	lawyer	NOUN
cblr-3423	695	4	call	call	VERB
cblr-3423	695	5	this	this	DET
cblr-3423	695	6	possibility	possibility	NOUN
cblr-3423	695	7	an	an	DET
cblr-3423	695	8	agency	agency	NOUN
cblr-3423	695	9	problem	problem	NOUN
cblr-3423	695	10	,	,	PUNCT
cblr-3423	695	11	and	and	CCONJ
cblr-3423	695	12	the	the	DET
cblr-3423	695	13	costs	cost	NOUN
cblr-3423	695	14	associated	associate	VERB
cblr-3423	695	15	with	with	ADP
cblr-3423	695	16	it	it	PRON
cblr-3423	695	17	—	—	PUNCT
cblr-3423	695	18	costs	cost	NOUN
cblr-3423	695	19	of	of	ADP
cblr-3423	695	20	monitoring	monitor	VERB
cblr-3423	695	21	agents	agent	NOUN
cblr-3423	695	22	,	,	PUNCT
cblr-3423	695	23	bonding	bonding	NOUN
cblr-3423	695	24	by	by	ADP
cblr-3423	695	25	agents	agent	NOUN
cblr-3423	695	26	,	,	PUNCT
cblr-3423	695	27	and	and	CCONJ
cblr-3423	695	28	the	the	DET
cblr-3423	695	29	inevitable	inevitable	ADJ
cblr-3423	695	30	wedge	wedge	NOUN
cblr-3423	695	31	between	between	ADP
cblr-3423	695	32	interests	interest	NOUN
cblr-3423	695	33	of	of	ADP
cblr-3423	695	34	the	the	DET
cblr-3423	695	35	principal	principal	NOUN
cblr-3423	695	36	and	and	CCONJ
cblr-3423	695	37	the	the	DET
cblr-3423	695	38	agent—“agency	agent—“agency	NOUN
cblr-3423	695	39	costs	cost	NOUN
cblr-3423	695	40	.	.	PUNCT
cblr-3423	696	1	”140	”140	ADP
cblr-3423	696	2	this	this	DET
cblr-3423	696	3	issue	issue	NOUN
cblr-3423	696	4	is	be	AUX
cblr-3423	696	5	addressed	address	VERB
cblr-3423	696	6	in	in	ADP
cblr-3423	696	7	the	the	DET
cblr-3423	696	8	howey	howey	PROPN
cblr-3423	696	9	test	test	NOUN
cblr-3423	696	10	by	by	ADP
cblr-3423	696	11	the	the	DET
cblr-3423	696	12	prong	prong	NOUN
cblr-3423	696	13	that	that	PRON
cblr-3423	696	14	triggers	trigger	VERB
cblr-3423	696	15	securities	security	NOUN
cblr-3423	696	16	regulation	regulation	NOUN
cblr-3423	696	17	in	in	ADP
cblr-3423	696	18	cases	case	NOUN
cblr-3423	696	19	when	when	SCONJ
cblr-3423	696	20	agency	agency	NOUN
cblr-3423	696	21	costs	cost	NOUN
cblr-3423	696	22	may	may	AUX
cblr-3423	696	23	be	be	AUX
cblr-3423	696	24	high	high	ADJ
cblr-3423	696	25	.	.	PUNCT
cblr-3423	697	1	when	when	SCONJ
cblr-3423	697	2	investors	investor	NOUN
cblr-3423	697	3	turn	turn	VERB
cblr-3423	697	4	over	over	ADP
cblr-3423	697	5	their	their	PRON
cblr-3423	697	6	money	money	NOUN
cblr-3423	697	7	to	to	ADP
cblr-3423	697	8	strangers	stranger	NOUN
cblr-3423	697	9	with	with	ADP
cblr-3423	697	10	only	only	ADV
cblr-3423	697	11	140	140	NUM
cblr-3423	697	12	see	see	NOUN
cblr-3423	697	13	,	,	PUNCT
cblr-3423	697	14	e.g.	e.g.	ADV
cblr-3423	697	15	,	,	PUNCT
cblr-3423	697	16	michael	michael	PROPN
cblr-3423	697	17	c.	c.	PROPN
cblr-3423	697	18	jensen	jensen	PROPN
cblr-3423	697	19	&	&	CCONJ
cblr-3423	697	20	william	william	PROPN
cblr-3423	697	21	h.	h.	PROPN
cblr-3423	697	22	meckling	meckling	PROPN
cblr-3423	697	23	,	,	PUNCT
cblr-3423	697	24	theory	theory	NOUN
cblr-3423	697	25	of	of	ADP
cblr-3423	697	26	the	the	DET
cblr-3423	697	27	firm	firm	NOUN
cblr-3423	697	28	:	:	PUNCT
cblr-3423	697	29	managerial	managerial	ADJ
cblr-3423	697	30	behavior	behavior	NOUN
cblr-3423	697	31	,	,	PUNCT
cblr-3423	697	32	agency	agency	NOUN
cblr-3423	697	33	costs	cost	NOUN
cblr-3423	697	34	and	and	CCONJ
cblr-3423	697	35	ownership	ownership	NOUN
cblr-3423	697	36	structure	structure	NOUN
cblr-3423	697	37	,	,	PUNCT
cblr-3423	697	38	3	3	NUM
cblr-3423	697	39	j.	j.	PROPN
cblr-3423	697	40	fin	fin	PROPN
cblr-3423	697	41	.	.	PUNCT
cblr-3423	698	1	econ	econ	PROPN
cblr-3423	698	2	.	.	PUNCT
cblr-3423	699	1	305	305	NUM
cblr-3423	699	2	(	(	PUNCT
cblr-3423	699	3	1976	1976	NUM
cblr-3423	699	4	)	)	PUNCT
cblr-3423	699	5	.	.	PUNCT
cblr-3423	700	1	490	490	NUM
cblr-3423	700	2	columbia	columbia	PROPN
cblr-3423	700	3	business	business	PROPN
cblr-3423	700	4	law	law	PROPN
cblr-3423	700	5	review	review	NOUN
cblr-3423	700	6	[	[	X
cblr-3423	700	7	vol	vol	NOUN
cblr-3423	700	8	.	.	NOUN
cblr-3423	700	9	2019	2019	NUM
cblr-3423	700	10	a	a	DET
cblr-3423	700	11	promise	promise	NOUN
cblr-3423	700	12	in	in	ADP
cblr-3423	700	13	return	return	NOUN
cblr-3423	700	14	,	,	PUNCT
cblr-3423	700	15	securities	security	NOUN
cblr-3423	700	16	laws	law	NOUN
cblr-3423	700	17	will	will	AUX
cblr-3423	700	18	generally	generally	ADV
cblr-3423	700	19	apply	apply	VERB
cblr-3423	700	20	.	.	PUNCT
cblr-3423	701	1	when	when	SCONJ
cblr-3423	701	2	,	,	PUNCT
cblr-3423	701	3	however	however	ADV
cblr-3423	701	4	,	,	PUNCT
cblr-3423	701	5	investors	investor	NOUN
cblr-3423	701	6	are	be	AUX
cblr-3423	701	7	not	not	PART
cblr-3423	701	8	held	hold	VERB
cblr-3423	701	9	to	to	ADP
cblr-3423	701	10	the	the	DET
cblr-3423	701	11	whim	whim	NOUN
cblr-3423	701	12	of	of	ADP
cblr-3423	701	13	the	the	DET
cblr-3423	701	14	promises	promise	NOUN
cblr-3423	701	15	of	of	ADP
cblr-3423	701	16	other	other	ADJ
cblr-3423	701	17	individuals	individual	NOUN
cblr-3423	701	18	,	,	PUNCT
cblr-3423	701	19	the	the	DET
cblr-3423	701	20	securities	security	NOUN
cblr-3423	701	21	laws	law	NOUN
cblr-3423	701	22	will	will	AUX
cblr-3423	701	23	generally	generally	ADV
cblr-3423	701	24	not	not	PART
cblr-3423	701	25	apply	apply	VERB
cblr-3423	701	26	.	.	PUNCT
cblr-3423	702	1	in	in	ADP
cblr-3423	702	2	such	such	ADJ
cblr-3423	702	3	cases	case	NOUN
cblr-3423	702	4	,	,	PUNCT
cblr-3423	702	5	the	the	DET
cblr-3423	702	6	decentralization	decentralization	NOUN
cblr-3423	702	7	of	of	ADP
cblr-3423	702	8	the	the	DET
cblr-3423	702	9	system	system	NOUN
cblr-3423	702	10	cuts	cut	VERB
cblr-3423	702	11	strongly	strongly	ADV
cblr-3423	702	12	against	against	ADP
cblr-3423	702	13	treating	treat	VERB
cblr-3423	702	14	investments	investment	NOUN
cblr-3423	702	15	as	as	ADP
cblr-3423	702	16	securities	security	NOUN
cblr-3423	702	17	.	.	PUNCT
cblr-3423	703	1	the	the	DET
cblr-3423	703	2	other	other	ADJ
cblr-3423	703	3	issue	issue	NOUN
cblr-3423	703	4	is	be	AUX
cblr-3423	703	5	whether	whether	SCONJ
cblr-3423	703	6	the	the	DET
cblr-3423	703	7	thing	thing	NOUN
cblr-3423	703	8	being	be	AUX
cblr-3423	703	9	purchased	purchase	VERB
cblr-3423	703	10	for	for	ADP
cblr-3423	703	11	value	value	NOUN
cblr-3423	703	12	is	be	AUX
cblr-3423	703	13	for	for	ADP
cblr-3423	703	14	consumption	consumption	NOUN
cblr-3423	703	15	purposes	purpose	NOUN
cblr-3423	703	16	(	(	PUNCT
cblr-3423	703	17	as	as	SCONJ
cblr-3423	703	18	one	one	PRON
cblr-3423	703	19	buys	buy	VERB
cblr-3423	703	20	a	a	DET
cblr-3423	703	21	house	house	NOUN
cblr-3423	703	22	or	or	CCONJ
cblr-3423	703	23	a	a	DET
cblr-3423	703	24	car	car	NOUN
cblr-3423	703	25	)	)	PUNCT
cblr-3423	703	26	or	or	CCONJ
cblr-3423	703	27	for	for	ADP
cblr-3423	703	28	investment	investment	NOUN
cblr-3423	703	29	purposes	purpose	NOUN
cblr-3423	703	30	(	(	PUNCT
cblr-3423	703	31	as	as	SCONJ
cblr-3423	703	32	one	one	PRON
cblr-3423	703	33	buys	buy	VERB
cblr-3423	703	34	a	a	DET
cblr-3423	703	35	stock	stock	NOUN
cblr-3423	703	36	or	or	CCONJ
cblr-3423	703	37	bond	bond	NOUN
cblr-3423	703	38	)	)	PUNCT
cblr-3423	703	39	.	.	PUNCT
cblr-3423	704	1	although	although	SCONJ
cblr-3423	704	2	there	there	PRON
cblr-3423	704	3	are	be	VERB
cblr-3423	704	4	robust	robust	ADJ
cblr-3423	704	5	secondary	secondary	ADJ
cblr-3423	704	6	markets	market	NOUN
cblr-3423	704	7	for	for	ADP
cblr-3423	704	8	houses	house	NOUN
cblr-3423	704	9	and	and	CCONJ
cblr-3423	704	10	cars	car	NOUN
cblr-3423	704	11	,	,	PUNCT
cblr-3423	704	12	these	these	DET
cblr-3423	704	13	things	thing	NOUN
cblr-3423	704	14	do	do	AUX
cblr-3423	704	15	not	not	PART
cblr-3423	704	16	become	become	VERB
cblr-3423	704	17	securities	security	NOUN
cblr-3423	704	18	,	,	PUNCT
cblr-3423	704	19	and	and	CCONJ
cblr-3423	704	20	thus	thus	ADV
cblr-3423	704	21	subject	subject	ADJ
cblr-3423	704	22	to	to	ADP
cblr-3423	704	23	the	the	DET
cblr-3423	704	24	jurisdiction	jurisdiction	NOUN
cblr-3423	704	25	of	of	ADP
cblr-3423	704	26	the	the	DET
cblr-3423	704	27	sec	sec	PROPN
cblr-3423	704	28	,	,	PUNCT
cblr-3423	704	29	simply	simply	ADV
cblr-3423	704	30	because	because	SCONJ
cblr-3423	704	31	an	an	DET
cblr-3423	704	32	individual	individual	NOUN
cblr-3423	704	33	buys	buy	VERB
cblr-3423	704	34	one	one	NUM
cblr-3423	704	35	with	with	ADP
cblr-3423	704	36	the	the	DET
cblr-3423	704	37	sole	sole	ADJ
cblr-3423	704	38	intent	intent	NOUN
cblr-3423	704	39	of	of	ADP
cblr-3423	704	40	reselling	resell	VERB
cblr-3423	704	41	it	it	PRON
cblr-3423	704	42	quickly	quickly	ADV
cblr-3423	704	43	for	for	ADP
cblr-3423	704	44	a	a	DET
cblr-3423	704	45	profit	profit	NOUN
cblr-3423	704	46	.	.	PUNCT
cblr-3423	705	1	the	the	DET
cblr-3423	705	2	sec	sec	PROPN
cblr-3423	705	3	has	have	AUX
cblr-3423	705	4	tried	try	VERB
cblr-3423	705	5	to	to	PART
cblr-3423	705	6	draw	draw	VERB
cblr-3423	705	7	the	the	DET
cblr-3423	705	8	line	line	NOUN
cblr-3423	705	9	instead	instead	ADV
cblr-3423	705	10	based	base	VERB
cblr-3423	705	11	on	on	ADP
cblr-3423	705	12	whether	whether	SCONJ
cblr-3423	705	13	a	a	DET
cblr-3423	705	14	piece	piece	NOUN
cblr-3423	705	15	of	of	ADP
cblr-3423	705	16	property	property	NOUN
cblr-3423	705	17	,	,	PUNCT
cblr-3423	705	18	like	like	ADP
cblr-3423	705	19	a	a	DET
cblr-3423	705	20	condo	condo	NOUN
cblr-3423	705	21	,	,	PUNCT
cblr-3423	705	22	is	be	AUX
cblr-3423	705	23	marketed	market	VERB
cblr-3423	705	24	for	for	ADP
cblr-3423	705	25	consumption	consumption	NOUN
cblr-3423	705	26	or	or	CCONJ
cblr-3423	705	27	rather	rather	ADV
cblr-3423	705	28	as	as	ADP
cblr-3423	705	29	an	an	DET
cblr-3423	705	30	alternative	alternative	ADJ
cblr-3423	705	31	investment	investment	NOUN
cblr-3423	705	32	to	to	ADP
cblr-3423	705	33	the	the	DET
cblr-3423	705	34	stock	stock	NOUN
cblr-3423	705	35	market	market	NOUN
cblr-3423	705	36	.	.	PUNCT
cblr-3423	706	1	the	the	DET
cblr-3423	706	2	concern	concern	NOUN
cblr-3423	706	3	is	be	AUX
cblr-3423	706	4	that	that	SCONJ
cblr-3423	706	5	if	if	SCONJ
cblr-3423	706	6	investment	investment	NOUN
cblr-3423	706	7	opportunities	opportunity	NOUN
cblr-3423	706	8	are	be	AUX
cblr-3423	706	9	not	not	PART
cblr-3423	706	10	regulated	regulate	VERB
cblr-3423	706	11	,	,	PUNCT
cblr-3423	706	12	money	money	NOUN
cblr-3423	706	13	will	will	AUX
cblr-3423	706	14	flow	flow	VERB
cblr-3423	706	15	out	out	ADP
cblr-3423	706	16	of	of	ADP
cblr-3423	706	17	the	the	DET
cblr-3423	706	18	stock	stock	NOUN
cblr-3423	706	19	market	market	NOUN
cblr-3423	706	20	and	and	CCONJ
cblr-3423	706	21	into	into	ADP
cblr-3423	706	22	real	real	ADJ
cblr-3423	706	23	estate	estate	NOUN
cblr-3423	706	24	or	or	CCONJ
cblr-3423	706	25	other	other	ADJ
cblr-3423	706	26	markets	market	NOUN
cblr-3423	706	27	.	.	PUNCT
cblr-3423	707	1	while	while	SCONJ
cblr-3423	707	2	marketing	marketing	NOUN
cblr-3423	707	3	materials	material	NOUN
cblr-3423	707	4	may	may	AUX
cblr-3423	707	5	be	be	AUX
cblr-3423	707	6	probative	probative	ADJ
cblr-3423	707	7	of	of	ADP
cblr-3423	707	8	whether	whether	SCONJ
cblr-3423	707	9	a	a	DET
cblr-3423	707	10	digital	digital	ADJ
cblr-3423	707	11	asset	asset	NOUN
cblr-3423	707	12	is	be	AUX
cblr-3423	707	13	a	a	DET
cblr-3423	707	14	security	security	NOUN
cblr-3423	707	15	,	,	PUNCT
cblr-3423	707	16	those	those	DET
cblr-3423	707	17	materials	material	NOUN
cblr-3423	707	18	alone	alone	ADV
cblr-3423	707	19	are	be	AUX
cblr-3423	707	20	insufficient	insufficient	ADJ
cblr-3423	707	21	to	to	PART
cblr-3423	707	22	make	make	VERB
cblr-3423	707	23	a	a	DET
cblr-3423	707	24	determination	determination	NOUN
cblr-3423	707	25	,	,	PUNCT
cblr-3423	707	26	especially	especially	ADV
cblr-3423	707	27	in	in	ADP
cblr-3423	707	28	the	the	DET
cblr-3423	707	29	current	current	ADJ
cblr-3423	707	30	environment	environment	NOUN
cblr-3423	707	31	for	for	ADP
cblr-3423	707	32	digital	digital	ADJ
cblr-3423	707	33	assets.141	assets.141	NOUN
cblr-3423	707	34	therefore	therefore	ADV
cblr-3423	707	35	,	,	PUNCT
cblr-3423	707	36	this	this	DET
cblr-3423	707	37	article	article	NOUN
cblr-3423	707	38	proposes	propose	VERB
cblr-3423	707	39	a	a	DET
cblr-3423	707	40	“	"	PUNCT
cblr-3423	707	41	substantial	substantial	ADJ
cblr-3423	707	42	steps	step	NOUN
cblr-3423	707	43	test	test	NOUN
cblr-3423	707	44	.	.	PUNCT
cblr-3423	707	45	”	"	PUNCT
cblr-3423	708	1	it	it	PRON
cblr-3423	708	2	focuses	focus	VERB
cblr-3423	708	3	on	on	ADP
cblr-3423	708	4	whether	whether	SCONJ
cblr-3423	708	5	the	the	DET
cblr-3423	708	6	digital	digital	ADJ
cblr-3423	708	7	asset	asset	NOUN
cblr-3423	708	8	is	be	AUX
cblr-3423	708	9	linked	link	VERB
cblr-3423	708	10	to	to	ADP
cblr-3423	708	11	an	an	DET
cblr-3423	708	12	actual	actual	ADJ
cblr-3423	708	13	physical	physical	ADJ
cblr-3423	708	14	product	product	NOUN
cblr-3423	708	15	or	or	CCONJ
cblr-3423	708	16	service	service	NOUN
cblr-3423	708	17	,	,	PUNCT
cblr-3423	708	18	such	such	ADJ
cblr-3423	708	19	as	as	ADP
cblr-3423	708	20	computing	compute	VERB
cblr-3423	708	21	power	power	NOUN
cblr-3423	708	22	,	,	PUNCT
cblr-3423	708	23	consulting	consulting	NOUN
cblr-3423	708	24	services	service	NOUN
cblr-3423	708	25	,	,	PUNCT
cblr-3423	708	26	or	or	CCONJ
cblr-3423	708	27	the	the	DET
cblr-3423	708	28	like	like	ADJ
cblr-3423	708	29	.	.	PUNCT
cblr-3423	709	1	if	if	SCONJ
cblr-3423	709	2	it	it	PRON
cblr-3423	709	3	is	be	AUX
cblr-3423	709	4	,	,	PUNCT
cblr-3423	709	5	then	then	ADV
cblr-3423	709	6	it	it	PRON
cblr-3423	709	7	follows	follow	VERB
cblr-3423	709	8	that	that	SCONJ
cblr-3423	709	9	the	the	DET
cblr-3423	709	10	digital	digital	ADJ
cblr-3423	709	11	asset	asset	NOUN
cblr-3423	709	12	looks	look	VERB
cblr-3423	709	13	more	more	ADV
cblr-3423	709	14	like	like	ADP
cblr-3423	709	15	a	a	DET
cblr-3423	709	16	car	car	NOUN
cblr-3423	709	17	or	or	CCONJ
cblr-3423	709	18	a	a	DET
cblr-3423	709	19	house	house	NOUN
cblr-3423	709	20	,	,	PUNCT
cblr-3423	709	21	rather	rather	ADV
cblr-3423	709	22	than	than	ADP
cblr-3423	709	23	a	a	DET
cblr-3423	709	24	stock	stock	NOUN
cblr-3423	709	25	or	or	CCONJ
cblr-3423	709	26	bond	bond	NOUN
cblr-3423	709	27	.	.	PUNCT
cblr-3423	710	1	to	to	PART
cblr-3423	710	2	avoid	avoid	VERB
cblr-3423	710	3	the	the	DET
cblr-3423	710	4	empty	empty	ADJ
cblr-3423	710	5	promise	promise	NOUN
cblr-3423	710	6	problem	problem	NOUN
cblr-3423	710	7	,	,	PUNCT
cblr-3423	710	8	this	this	DET
cblr-3423	710	9	article	article	NOUN
cblr-3423	710	10	proposes	propose	VERB
cblr-3423	710	11	that	that	SCONJ
cblr-3423	710	12	issuers	issuer	NOUN
cblr-3423	710	13	of	of	ADP
cblr-3423	710	14	coins	coin	NOUN
cblr-3423	710	15	be	be	AUX
cblr-3423	710	16	required	require	VERB
cblr-3423	710	17	to	to	PART
cblr-3423	710	18	register	register	VERB
cblr-3423	710	19	their	their	PRON
cblr-3423	710	20	products	product	NOUN
cblr-3423	710	21	or	or	CCONJ
cblr-3423	710	22	services	service	NOUN
cblr-3423	710	23	with	with	ADP
cblr-3423	710	24	either	either	CCONJ
cblr-3423	710	25	the	the	DET
cblr-3423	710	26	sec	sec	PROPN
cblr-3423	710	27	or	or	CCONJ
cblr-3423	710	28	an	an	DET
cblr-3423	710	29	approved	approve	VERB
cblr-3423	710	30	self	self	NOUN
cblr-3423	710	31	-	-	PUNCT
cblr-3423	710	32	regulatory	regulatory	ADJ
cblr-3423	710	33	organization	organization	NOUN
cblr-3423	710	34	,	,	PUNCT
cblr-3423	710	35	and	and	CCONJ
cblr-3423	710	36	then	then	ADV
cblr-3423	710	37	certify	certify	VERB
cblr-3423	710	38	on	on	ADP
cblr-3423	710	39	an	an	DET
cblr-3423	710	40	ongoing	ongoing	ADJ
cblr-3423	710	41	basis	basis	NOUN
cblr-3423	710	42	that	that	SCONJ
cblr-3423	710	43	they	they	PRON
cblr-3423	710	44	continue	continue	VERB
cblr-3423	710	45	to	to	PART
cblr-3423	710	46	take	take	VERB
cblr-3423	710	47	substantial	substantial	ADJ
cblr-3423	710	48	steps	step	NOUN
cblr-3423	710	49	to	to	PART
cblr-3423	710	50	develop	develop	VERB
cblr-3423	710	51	the	the	DET
cblr-3423	710	52	product	product	NOUN
cblr-3423	710	53	or	or	CCONJ
cblr-3423	710	54	service	service	NOUN
cblr-3423	710	55	.	.	PUNCT
cblr-3423	711	1	141	141	NUM
cblr-3423	711	2	see	see	NOUN
cblr-3423	711	3	chris	chris	PROPN
cblr-3423	711	4	brummer	brummer	PROPN
cblr-3423	711	5	,	,	PUNCT
cblr-3423	711	6	trevor	trevor	PROPN
cblr-3423	711	7	i.	i.	PROPN
cblr-3423	711	8	kiviat	kiviat	PROPN
cblr-3423	711	9	&	&	CCONJ
cblr-3423	711	10	jai	jai	PROPN
cblr-3423	711	11	massari	massari	PROPN
cblr-3423	711	12	,	,	PUNCT
cblr-3423	711	13	what	what	PRON
cblr-3423	711	14	should	should	AUX
cblr-3423	711	15	be	be	AUX
cblr-3423	711	16	disclosed	disclose	VERB
cblr-3423	711	17	in	in	ADP
cblr-3423	711	18	an	an	DET
cblr-3423	711	19	initial	initial	ADJ
cblr-3423	711	20	coin	coin	NOUN
cblr-3423	711	21	offering	offering	NOUN
cblr-3423	711	22	?	?	PUNCT
cblr-3423	711	23	,	,	PUNCT
cblr-3423	711	24	in	in	ADP
cblr-3423	711	25	cryptoassets	cryptoasset	NOUN
cblr-3423	711	26	:	:	PUNCT
cblr-3423	711	27	legal	legal	ADJ
cblr-3423	711	28	and	and	CCONJ
cblr-3423	711	29	monetary	monetary	ADJ
cblr-3423	711	30	perspectives	perspective	NOUN
cblr-3423	711	31	(	(	PUNCT
cblr-3423	711	32	forthcoming	forthcoming	ADJ
cblr-3423	711	33	2019	2019	NUM
cblr-3423	711	34	)	)	PUNCT
cblr-3423	711	35	(	(	PUNCT
cblr-3423	711	36	manuscript	manuscript	NOUN
cblr-3423	711	37	at	at	ADP
cblr-3423	711	38	13	13	NUM
cblr-3423	711	39	,	,	PUNCT
cblr-3423	711	40	22	22	NUM
cblr-3423	711	41	)	)	PUNCT
cblr-3423	711	42	,	,	PUNCT
cblr-3423	711	43	https://ssrn.com/abstract=3293311	https://ssrn.com/abstract=3293311	NOUN
cblr-3423	711	44	[	[	X
cblr-3423	711	45	https://perma.cc/v4zr-3vw9	https://perma.cc/v4zr-3vw9	X
cblr-3423	711	46	]	]	X
cblr-3423	711	47	(	(	PUNCT
cblr-3423	711	48	discussing	discuss	VERB
cblr-3423	711	49	disclosure	disclosure	NOUN
cblr-3423	711	50	generally	generally	ADV
cblr-3423	711	51	)	)	PUNCT
cblr-3423	711	52	.	.	PUNCT
cblr-3423	712	1	no	no	INTJ
cblr-3423	712	2	.	.	NOUN
cblr-3423	713	1	2:443	2:443	NUM
cblr-3423	713	2	]	]	X
cblr-3423	713	3	a	a	DET
cblr-3423	713	4	regulatory	regulatory	ADJ
cblr-3423	713	5	classification	classification	NOUN
cblr-3423	713	6	of	of	ADP
cblr-3423	713	7	digital	digital	ADJ
cblr-3423	713	8	assets	asset	NOUN
cblr-3423	713	9	491	491	NUM
cblr-3423	713	10	if	if	SCONJ
cblr-3423	713	11	the	the	DET
cblr-3423	713	12	product	product	NOUN
cblr-3423	713	13	or	or	CCONJ
cblr-3423	713	14	service	service	NOUN
cblr-3423	713	15	failed	fail	VERB
cblr-3423	713	16	or	or	CCONJ
cblr-3423	713	17	started	start	VERB
cblr-3423	713	18	to	to	PART
cblr-3423	713	19	fail	fail	VERB
cblr-3423	713	20	for	for	ADP
cblr-3423	713	21	business	business	NOUN
cblr-3423	713	22	reasons	reason	NOUN
cblr-3423	713	23	—	—	PUNCT
cblr-3423	713	24	that	that	ADV
cblr-3423	713	25	is	is	ADV
cblr-3423	713	26	,	,	PUNCT
cblr-3423	713	27	it	it	PRON
cblr-3423	713	28	was	be	AUX
cblr-3423	713	29	not	not	PART
cblr-3423	713	30	a	a	DET
cblr-3423	713	31	fraud	fraud	NOUN
cblr-3423	713	32	related	relate	VERB
cblr-3423	713	33	failure	failure	NOUN
cblr-3423	713	34	—	—	PUNCT
cblr-3423	713	35	the	the	DET
cblr-3423	713	36	issuer	issuer	NOUN
cblr-3423	713	37	of	of	ADP
cblr-3423	713	38	the	the	DET
cblr-3423	713	39	coin	coin	NOUN
cblr-3423	713	40	would	would	AUX
cblr-3423	713	41	not	not	PART
cblr-3423	713	42	file	file	VERB
cblr-3423	713	43	an	an	DET
cblr-3423	713	44	affidavit	affidavit	NOUN
cblr-3423	713	45	certifying	certify	VERB
cblr-3423	713	46	the	the	DET
cblr-3423	713	47	substantial	substantial	ADJ
cblr-3423	713	48	steps	step	NOUN
cblr-3423	713	49	test	test	NOUN
cblr-3423	713	50	.	.	PUNCT
cblr-3423	714	1	this	this	PRON
cblr-3423	714	2	would	would	AUX
cblr-3423	714	3	likely	likely	ADV
cblr-3423	714	4	have	have	VERB
cblr-3423	714	5	two	two	NUM
cblr-3423	714	6	impacts	impact	NOUN
cblr-3423	714	7	.	.	PUNCT
cblr-3423	715	1	first	first	ADV
cblr-3423	715	2	,	,	PUNCT
cblr-3423	715	3	the	the	DET
cblr-3423	715	4	coin	coin	NOUN
cblr-3423	715	5	would	would	AUX
cblr-3423	715	6	transition	transition	VERB
cblr-3423	715	7	from	from	ADP
cblr-3423	715	8	being	be	AUX
cblr-3423	715	9	a	a	DET
cblr-3423	715	10	simple	simple	ADJ
cblr-3423	715	11	piece	piece	NOUN
cblr-3423	715	12	of	of	ADP
cblr-3423	715	13	property	property	NOUN
cblr-3423	715	14	to	to	ADP
cblr-3423	715	15	being	be	AUX
cblr-3423	715	16	a	a	DET
cblr-3423	715	17	security	security	NOUN
cblr-3423	715	18	.	.	PUNCT
cblr-3423	716	1	this	this	PRON
cblr-3423	716	2	would	would	AUX
cblr-3423	716	3	mean	mean	VERB
cblr-3423	716	4	any	any	DET
cblr-3423	716	5	sale	sale	NOUN
cblr-3423	716	6	of	of	ADP
cblr-3423	716	7	it	it	PRON
cblr-3423	716	8	by	by	ADP
cblr-3423	716	9	any	any	DET
cblr-3423	716	10	person	person	NOUN
cblr-3423	716	11	could	could	AUX
cblr-3423	716	12	not	not	PART
cblr-3423	716	13	take	take	VERB
cblr-3423	716	14	place	place	NOUN
cblr-3423	716	15	without	without	ADP
cblr-3423	716	16	registering	register	VERB
cblr-3423	716	17	the	the	DET
cblr-3423	716	18	security	security	NOUN
cblr-3423	716	19	or	or	CCONJ
cblr-3423	716	20	having	have	VERB
cblr-3423	716	21	an	an	DET
cblr-3423	716	22	exemption	exemption	NOUN
cblr-3423	716	23	from	from	ADP
cblr-3423	716	24	registration	registration	NOUN
cblr-3423	716	25	,	,	PUNCT
cblr-3423	716	26	such	such	ADJ
cblr-3423	716	27	as	as	ADP
cblr-3423	716	28	a	a	DET
cblr-3423	716	29	private	private	ADJ
cblr-3423	716	30	placement	placement	NOUN
cblr-3423	716	31	pursuant	pursuant	ADJ
cblr-3423	716	32	to	to	ADP
cblr-3423	716	33	regulation	regulation	NOUN
cblr-3423	716	34	d.	d.	PROPN
cblr-3423	716	35	second	second	PROPN
cblr-3423	716	36	,	,	PUNCT
cblr-3423	716	37	the	the	DET
cblr-3423	716	38	trading	trading	NOUN
cblr-3423	716	39	value	value	NOUN
cblr-3423	716	40	of	of	ADP
cblr-3423	716	41	the	the	DET
cblr-3423	716	42	coin	coin	NOUN
cblr-3423	716	43	could	could	AUX
cblr-3423	716	44	fall	fall	VERB
cblr-3423	716	45	to	to	ADP
cblr-3423	716	46	zero	zero	NUM
cblr-3423	716	47	,	,	PUNCT
cblr-3423	716	48	since	since	SCONJ
cblr-3423	716	49	the	the	DET
cblr-3423	716	50	underlying	underlie	VERB
cblr-3423	716	51	business	business	NOUN
cblr-3423	716	52	would	would	AUX
cblr-3423	716	53	no	no	ADV
cblr-3423	716	54	longer	long	ADV
cblr-3423	716	55	be	be	AUX
cblr-3423	716	56	viable	viable	ADJ
cblr-3423	716	57	as	as	ADP
cblr-3423	716	58	a	a	DET
cblr-3423	716	59	means	means	NOUN
cblr-3423	716	60	of	of	ADP
cblr-3423	716	61	assessing	assess	VERB
cblr-3423	716	62	the	the	DET
cblr-3423	716	63	coin	coin	NOUN
cblr-3423	716	64	’s	’s	PART
cblr-3423	716	65	fundamental	fundamental	ADJ
cblr-3423	716	66	value	value	NOUN
cblr-3423	716	67	.	.	PUNCT
cblr-3423	717	1	4	4	X
cblr-3423	717	2	.	.	X
cblr-3423	717	3	a	a	DET
cblr-3423	717	4	note	note	NOUN
cblr-3423	717	5	on	on	ADP
cblr-3423	717	6	self	self	NOUN
cblr-3423	717	7	-	-	PUNCT
cblr-3423	717	8	regulatory	regulatory	ADJ
cblr-3423	717	9	organizations	organization	NOUN
cblr-3423	717	10	in	in	ADP
cblr-3423	717	11	several	several	ADJ
cblr-3423	717	12	instances	instance	NOUN
cblr-3423	717	13	above	above	ADV
cblr-3423	717	14	,	,	PUNCT
cblr-3423	717	15	this	this	DET
cblr-3423	717	16	article	article	NOUN
cblr-3423	717	17	has	have	AUX
cblr-3423	717	18	made	make	VERB
cblr-3423	717	19	reference	reference	NOUN
cblr-3423	717	20	to	to	ADP
cblr-3423	717	21	a	a	DET
cblr-3423	717	22	self	self	NOUN
cblr-3423	717	23	-	-	PUNCT
cblr-3423	717	24	regulatory	regulatory	ADJ
cblr-3423	717	25	organization	organization	NOUN
cblr-3423	717	26	as	as	ADP
cblr-3423	717	27	a	a	DET
cblr-3423	717	28	means	means	NOUN
cblr-3423	717	29	of	of	ADP
cblr-3423	717	30	regulating	regulate	VERB
cblr-3423	717	31	digital	digital	ADJ
cblr-3423	717	32	assets	asset	NOUN
cblr-3423	717	33	.	.	PUNCT
cblr-3423	718	1	as	as	SCONJ
cblr-3423	718	2	one	one	NUM
cblr-3423	718	3	of	of	ADP
cblr-3423	718	4	the	the	DET
cblr-3423	718	5	authors	author	NOUN
cblr-3423	718	6	has	have	AUX
cblr-3423	718	7	written	write	VERB
cblr-3423	718	8	elsewhere	elsewhere	ADV
cblr-3423	718	9	,	,	PUNCT
cblr-3423	718	10	self	self	NOUN
cblr-3423	718	11	-	-	PUNCT
cblr-3423	718	12	regulatory	regulatory	ADJ
cblr-3423	718	13	organizations	organization	NOUN
cblr-3423	718	14	—	—	PUNCT
cblr-3423	718	15	such	such	ADJ
cblr-3423	718	16	as	as	ADP
cblr-3423	718	17	finra	finra	NOUN
cblr-3423	718	18	for	for	ADP
cblr-3423	718	19	stockbrokers	stockbroker	NOUN
cblr-3423	718	20	—	—	PUNCT
cblr-3423	718	21	are	be	AUX
cblr-3423	718	22	a	a	DET
cblr-3423	718	23	potentially	potentially	ADV
cblr-3423	718	24	elegant	elegant	ADJ
cblr-3423	718	25	solution	solution	NOUN
cblr-3423	718	26	to	to	ADP
cblr-3423	718	27	the	the	DET
cblr-3423	718	28	shortcomings	shortcoming	NOUN
cblr-3423	718	29	of	of	ADP
cblr-3423	718	30	government	government	NOUN
cblr-3423	718	31	regulation.142	regulation.142	NOUN
cblr-3423	718	32	a	a	DET
cblr-3423	718	33	discussion	discussion	NOUN
cblr-3423	718	34	of	of	ADP
cblr-3423	718	35	the	the	DET
cblr-3423	718	36	advantages	advantage	NOUN
cblr-3423	718	37	and	and	CCONJ
cblr-3423	718	38	disadvantages	disadvantage	NOUN
cblr-3423	718	39	of	of	ADP
cblr-3423	718	40	sros	sro	NOUN
cblr-3423	718	41	are	be	AUX
cblr-3423	718	42	beyond	beyond	ADP
cblr-3423	718	43	the	the	DET
cblr-3423	718	44	scope	scope	NOUN
cblr-3423	718	45	of	of	ADP
cblr-3423	718	46	this	this	DET
cblr-3423	718	47	article	article	NOUN
cblr-3423	718	48	,	,	PUNCT
cblr-3423	718	49	but	but	CCONJ
cblr-3423	718	50	we	we	PRON
cblr-3423	718	51	believe	believe	VERB
cblr-3423	718	52	an	an	DET
cblr-3423	718	53	sro	sro	NOUN
cblr-3423	718	54	would	would	AUX
cblr-3423	718	55	be	be	AUX
cblr-3423	718	56	a	a	DET
cblr-3423	718	57	welcome	welcome	ADJ
cblr-3423	718	58	entity	entity	NOUN
cblr-3423	718	59	as	as	ADP
cblr-3423	718	60	a	a	DET
cblr-3423	718	61	means	means	NOUN
cblr-3423	718	62	of	of	ADP
cblr-3423	718	63	providing	provide	VERB
cblr-3423	718	64	best	good	ADJ
cblr-3423	718	65	practices	practice	NOUN
cblr-3423	718	66	or	or	CCONJ
cblr-3423	718	67	certification	certification	NOUN
cblr-3423	718	68	of	of	ADP
cblr-3423	718	69	traders	trader	NOUN
cblr-3423	718	70	in	in	ADP
cblr-3423	718	71	this	this	DET
cblr-3423	718	72	market	market	NOUN
cblr-3423	718	73	.	.	PUNCT
cblr-3423	719	1	additionally	additionally	ADV
cblr-3423	719	2	,	,	PUNCT
cblr-3423	719	3	in	in	ADP
cblr-3423	719	4	accordance	accordance	NOUN
cblr-3423	719	5	with	with	ADP
cblr-3423	719	6	the	the	DET
cblr-3423	719	7	proposed	propose	VERB
cblr-3423	719	8	solution	solution	NOUN
cblr-3423	719	9	,	,	PUNCT
cblr-3423	719	10	a	a	DET
cblr-3423	719	11	sro	sro	NOUN
cblr-3423	719	12	could	could	AUX
cblr-3423	719	13	act	act	VERB
cblr-3423	719	14	as	as	ADP
cblr-3423	719	15	a	a	DET
cblr-3423	719	16	mechanism	mechanism	NOUN
cblr-3423	719	17	for	for	ADP
cblr-3423	719	18	registration	registration	NOUN
cblr-3423	719	19	and	and	CCONJ
cblr-3423	719	20	certification	certification	NOUN
cblr-3423	719	21	of	of	ADP
cblr-3423	719	22	compliance	compliance	NOUN
cblr-3423	719	23	with	with	ADP
cblr-3423	719	24	the	the	DET
cblr-3423	719	25	substantial	substantial	ADJ
cblr-3423	719	26	steps	step	NOUN
cblr-3423	719	27	test	test	NOUN
cblr-3423	719	28	.	.	PUNCT
cblr-3423	720	1	we	we	PRON
cblr-3423	720	2	expect	expect	VERB
cblr-3423	720	3	that	that	SCONJ
cblr-3423	720	4	the	the	DET
cblr-3423	720	5	sec	sec	PROPN
cblr-3423	720	6	or	or	CCONJ
cblr-3423	720	7	other	other	ADJ
cblr-3423	720	8	government	government	NOUN
cblr-3423	720	9	regulators	regulator	NOUN
cblr-3423	720	10	would	would	AUX
cblr-3423	720	11	lurk	lurk	VERB
cblr-3423	720	12	in	in	ADP
cblr-3423	720	13	the	the	DET
cblr-3423	720	14	background	background	NOUN
cblr-3423	720	15	,	,	PUNCT
cblr-3423	720	16	supervising	supervise	VERB
cblr-3423	720	17	any	any	DET
cblr-3423	720	18	such	such	ADJ
cblr-3423	720	19	sro	sro	NOUN
cblr-3423	720	20	,	,	PUNCT
cblr-3423	720	21	as	as	ADV
cblr-3423	720	22	well	well	ADV
cblr-3423	720	23	as	as	ADP
cblr-3423	720	24	bringing	bring	VERB
cblr-3423	720	25	civil	civil	ADJ
cblr-3423	720	26	or	or	CCONJ
cblr-3423	720	27	criminal	criminal	ADJ
cblr-3423	720	28	charges	charge	NOUN
cblr-3423	720	29	against	against	ADP
cblr-3423	720	30	fraudsters	fraudster	NOUN
cblr-3423	720	31	in	in	ADP
cblr-3423	720	32	digital	digital	ADJ
cblr-3423	720	33	asset	asset	NOUN
cblr-3423	720	34	markets	market	NOUN
cblr-3423	720	35	,	,	PUNCT
cblr-3423	720	36	just	just	ADV
cblr-3423	720	37	as	as	ADP
cblr-3423	720	38	in	in	ADP
cblr-3423	720	39	other	other	ADJ
cblr-3423	720	40	markets	market	NOUN
cblr-3423	720	41	.	.	PUNCT
cblr-3423	721	1	as	as	ADP
cblr-3423	721	2	of	of	ADP
cblr-3423	721	3	this	this	DET
cblr-3423	721	4	writing	writing	NOUN
cblr-3423	721	5	,	,	PUNCT
cblr-3423	721	6	there	there	PRON
cblr-3423	721	7	are	be	VERB
cblr-3423	721	8	discussions	discussion	NOUN
cblr-3423	721	9	underway	underway	ADJ
cblr-3423	721	10	among	among	ADP
cblr-3423	721	11	many	many	ADJ
cblr-3423	721	12	major	major	ADJ
cblr-3423	721	13	digital	digital	ADJ
cblr-3423	721	14	asset	asset	NOUN
cblr-3423	721	15	players	player	NOUN
cblr-3423	721	16	to	to	PART
cblr-3423	721	17	create	create	VERB
cblr-3423	721	18	a	a	DET
cblr-3423	721	19	new	new	ADJ
cblr-3423	721	20	selfregulatory	selfregulatory	ADJ
cblr-3423	721	21	organization	organization	NOUN
cblr-3423	721	22	for	for	ADP
cblr-3423	721	23	digital	digital	ADJ
cblr-3423	721	24	asset	asset	NOUN
cblr-3423	721	25	markets.143	markets.143	NOUN
cblr-3423	721	26	known	know	VERB
cblr-3423	721	27	142	142	NUM
cblr-3423	721	28	see	see	VERB
cblr-3423	721	29	william	william	PROPN
cblr-3423	721	30	a.	a.	PROPN
cblr-3423	721	31	birdthistle	birdthistle	PROPN
cblr-3423	721	32	&	&	CCONJ
cblr-3423	721	33	m.	m.	PROPN
cblr-3423	721	34	todd	todd	PROPN
cblr-3423	721	35	henderson	henderson	PROPN
cblr-3423	721	36	,	,	PUNCT
cblr-3423	721	37	becoming	become	VERB
cblr-3423	721	38	a	a	DET
cblr-3423	721	39	fifth	fifth	ADJ
cblr-3423	721	40	branch	branch	NOUN
cblr-3423	721	41	,	,	PUNCT
cblr-3423	721	42	99	99	NUM
cblr-3423	721	43	cornell	cornell	PROPN
cblr-3423	721	44	l.	l.	PROPN
cblr-3423	721	45	rev	rev	PROPN
cblr-3423	721	46	.	.	PROPN
cblr-3423	721	47	1	1	NUM
cblr-3423	721	48	(	(	PUNCT
cblr-3423	721	49	2013	2013	NUM
cblr-3423	721	50	)	)	PUNCT
cblr-3423	721	51	.	.	PUNCT
cblr-3423	722	1	143	143	NUM
cblr-3423	722	2	see	see	VERB
cblr-3423	722	3	,	,	PUNCT
cblr-3423	722	4	e.g.	e.g.	ADV
cblr-3423	722	5	,	,	PUNCT
cblr-3423	722	6	nikhilesh	nikhilesh	ADJ
cblr-3423	722	7	de	de	PROPN
cblr-3423	722	8	,	,	PUNCT
cblr-3423	722	9	cftc	cftc	PROPN
cblr-3423	722	10	meeting	meeting	NOUN
cblr-3423	722	11	hears	hear	VERB
cblr-3423	722	12	renewed	renew	VERB
cblr-3423	722	13	calls	call	NOUN
cblr-3423	722	14	for	for	ADP
cblr-3423	722	15	crypto	crypto	NOUN
cblr-3423	722	16	self	self	NOUN
cblr-3423	722	17	-	-	PUNCT
cblr-3423	722	18	regulation	regulation	NOUN
cblr-3423	722	19	,	,	PUNCT
cblr-3423	722	20	coindesk	coindesk	NOUN
cblr-3423	722	21	(	(	PUNCT
cblr-3423	722	22	oct	oct	PROPN
cblr-3423	722	23	.	.	PROPN
cblr-3423	722	24	5	5	NUM
cblr-3423	722	25	,	,	PUNCT
cblr-3423	722	26	2018	2018	NUM
cblr-3423	722	27	)	)	PUNCT
cblr-3423	722	28	,	,	PUNCT
cblr-3423	722	29	https://www.coindesk.com	https://www.coindesk.com	X
cblr-3423	722	30	492	492	NUM
cblr-3423	723	1	columbia	columbia	PROPN
cblr-3423	723	2	business	business	PROPN
cblr-3423	723	3	law	law	PROPN
cblr-3423	723	4	review	review	NOUN
cblr-3423	723	5	[	[	X
cblr-3423	723	6	vol	vol	NOUN
cblr-3423	723	7	.	.	NOUN
cblr-3423	723	8	2019	2019	NUM
cblr-3423	723	9	as	as	ADP
cblr-3423	723	10	adam	adam	PROPN
cblr-3423	723	11	(	(	PUNCT
cblr-3423	723	12	association	association	NOUN
cblr-3423	723	13	for	for	ADP
cblr-3423	723	14	digital	digital	ADJ
cblr-3423	723	15	asset	asset	NOUN
cblr-3423	723	16	markets	market	NOUN
cblr-3423	723	17	)	)	PUNCT
cblr-3423	723	18	,	,	PUNCT
cblr-3423	723	19	it	it	PRON
cblr-3423	723	20	would	would	AUX
cblr-3423	723	21	promulgate	promulgate	VERB
cblr-3423	723	22	a	a	DET
cblr-3423	723	23	voluntary	voluntary	ADJ
cblr-3423	723	24	code	code	NOUN
cblr-3423	723	25	of	of	ADP
cblr-3423	723	26	conduct	conduct	NOUN
cblr-3423	723	27	,	,	PUNCT
cblr-3423	723	28	with	with	ADP
cblr-3423	723	29	the	the	DET
cblr-3423	723	30	possibility	possibility	NOUN
cblr-3423	723	31	of	of	ADP
cblr-3423	723	32	evolving	evolve	VERB
cblr-3423	723	33	into	into	ADP
cblr-3423	723	34	a	a	DET
cblr-3423	723	35	finra	finra	NOUN
cblr-3423	723	36	-	-	PUNCT
cblr-3423	723	37	like	like	ADJ
cblr-3423	723	38	entity	entity	NOUN
cblr-3423	723	39	,	,	PUNCT
cblr-3423	723	40	or	or	CCONJ
cblr-3423	723	41	perhaps	perhaps	ADV
cblr-3423	723	42	merely	merely	ADV
cblr-3423	723	43	a	a	DET
cblr-3423	723	44	platform	platform	NOUN
cblr-3423	723	45	to	to	PART
cblr-3423	723	46	inform	inform	VERB
cblr-3423	723	47	government	government	NOUN
cblr-3423	723	48	regulators	regulator	NOUN
cblr-3423	723	49	.	.	PUNCT
cblr-3423	724	1	v.	v.	ADP
cblr-3423	724	2	conclusion	conclusion	NOUN
cblr-3423	724	3	the	the	DET
cblr-3423	724	4	rise	rise	NOUN
cblr-3423	724	5	of	of	ADP
cblr-3423	724	6	digital	digital	ADJ
cblr-3423	724	7	assets	asset	NOUN
cblr-3423	724	8	,	,	PUNCT
cblr-3423	724	9	made	make	VERB
cblr-3423	724	10	possible	possible	ADJ
cblr-3423	724	11	by	by	ADP
cblr-3423	724	12	innovations	innovation	NOUN
cblr-3423	724	13	such	such	ADJ
cblr-3423	724	14	as	as	ADP
cblr-3423	724	15	the	the	DET
cblr-3423	724	16	distributed	distribute	VERB
cblr-3423	724	17	ledger	ledger	NOUN
cblr-3423	724	18	and	and	CCONJ
cblr-3423	724	19	blockchains	blockchain	NOUN
cblr-3423	724	20	,	,	PUNCT
cblr-3423	724	21	poses	pose	VERB
cblr-3423	724	22	a	a	DET
cblr-3423	724	23	significant	significant	ADJ
cblr-3423	724	24	challenge	challenge	NOUN
cblr-3423	724	25	to	to	ADP
cblr-3423	724	26	government	government	NOUN
cblr-3423	724	27	regulators	regulator	NOUN
cblr-3423	724	28	.	.	PUNCT
cblr-3423	725	1	digital	digital	ADJ
cblr-3423	725	2	assets	asset	NOUN
cblr-3423	725	3	herald	herald	PROPN
cblr-3423	725	4	undeniable	undeniable	ADJ
cblr-3423	725	5	potential	potential	NOUN
cblr-3423	725	6	and	and	CCONJ
cblr-3423	725	7	risk	risk	NOUN
cblr-3423	725	8	.	.	PUNCT
cblr-3423	726	1	because	because	SCONJ
cblr-3423	726	2	digital	digital	ADJ
cblr-3423	726	3	assets	asset	NOUN
cblr-3423	726	4	as	as	ADP
cblr-3423	726	5	a	a	DET
cblr-3423	726	6	category	category	NOUN
cblr-3423	726	7	do	do	AUX
cblr-3423	726	8	not	not	PART
cblr-3423	726	9	fit	fit	VERB
cblr-3423	726	10	neatly	neatly	ADV
cblr-3423	726	11	into	into	ADP
cblr-3423	726	12	existing	exist	VERB
cblr-3423	726	13	regulatory	regulatory	ADJ
cblr-3423	726	14	buckets	bucket	NOUN
cblr-3423	726	15	—	—	PUNCT
cblr-3423	726	16	currency	currency	NOUN
cblr-3423	726	17	,	,	PUNCT
cblr-3423	726	18	personal	personal	ADJ
cblr-3423	726	19	property	property	NOUN
cblr-3423	726	20	,	,	PUNCT
cblr-3423	726	21	securities	security	NOUN
cblr-3423	726	22	—	—	PUNCT
cblr-3423	726	23	but	but	CCONJ
cblr-3423	726	24	rather	rather	ADV
cblr-3423	726	25	span	span	VERB
cblr-3423	726	26	all	all	PRON
cblr-3423	726	27	of	of	ADP
cblr-3423	726	28	them	they	PRON
cblr-3423	726	29	,	,	PUNCT
cblr-3423	726	30	most	most	ADJ
cblr-3423	726	31	jurisdictions	jurisdiction	NOUN
cblr-3423	726	32	have	have	VERB
cblr-3423	726	33	yet	yet	ADV
cblr-3423	726	34	to	to	PART
cblr-3423	726	35	develop	develop	VERB
cblr-3423	726	36	thoughtful	thoughtful	ADJ
cblr-3423	726	37	regulation	regulation	NOUN
cblr-3423	726	38	to	to	PART
cblr-3423	726	39	create	create	VERB
cblr-3423	726	40	a	a	DET
cblr-3423	726	41	fair	fair	ADJ
cblr-3423	726	42	and	and	CCONJ
cblr-3423	726	43	orderly	orderly	ADJ
cblr-3423	726	44	market	market	NOUN
cblr-3423	726	45	.	.	PUNCT
cblr-3423	727	1	this	this	DET
cblr-3423	727	2	regulatory	regulatory	ADJ
cblr-3423	727	3	lacuna	lacuna	NOUN
cblr-3423	727	4	perpetuates	perpetuate	VERB
cblr-3423	727	5	fraud	fraud	NOUN
cblr-3423	727	6	and	and	CCONJ
cblr-3423	727	7	a	a	DET
cblr-3423	727	8	market	market	NOUN
cblr-3423	727	9	that	that	PRON
cblr-3423	727	10	is	be	AUX
cblr-3423	727	11	not	not	PART
cblr-3423	727	12	yet	yet	ADV
cblr-3423	727	13	safe	safe	ADJ
cblr-3423	727	14	for	for	SCONJ
cblr-3423	727	15	institutional	institutional	ADJ
cblr-3423	727	16	investors	investor	NOUN
cblr-3423	727	17	to	to	PART
cblr-3423	727	18	enter	enter	VERB
cblr-3423	727	19	with	with	ADP
cblr-3423	727	20	confidence	confidence	NOUN
cblr-3423	727	21	.	.	PUNCT
cblr-3423	728	1	if	if	SCONJ
cblr-3423	728	2	the	the	DET
cblr-3423	728	3	potential	potential	NOUN
cblr-3423	728	4	of	of	ADP
cblr-3423	728	5	digital	digital	ADJ
cblr-3423	728	6	assets	asset	NOUN
cblr-3423	728	7	is	be	AUX
cblr-3423	728	8	to	to	PART
cblr-3423	728	9	be	be	AUX
cblr-3423	728	10	realized	realize	VERB
cblr-3423	728	11	,	,	PUNCT
cblr-3423	728	12	a	a	DET
cblr-3423	728	13	trustworthy	trustworthy	ADJ
cblr-3423	728	14	infrastructure	infrastructure	NOUN
cblr-3423	728	15	is	be	AUX
cblr-3423	728	16	needed	need	VERB
cblr-3423	728	17	.	.	PUNCT
cblr-3423	729	1	a	a	DET
cblr-3423	729	2	centerpiece	centerpiece	NOUN
cblr-3423	729	3	of	of	ADP
cblr-3423	729	4	such	such	DET
cblr-3423	729	5	a	a	DET
cblr-3423	729	6	reliable	reliable	ADJ
cblr-3423	729	7	infrastructure	infrastructure	NOUN
cblr-3423	729	8	is	be	AUX
cblr-3423	729	9	a	a	DET
cblr-3423	729	10	characterization	characterization	NOUN
cblr-3423	729	11	of	of	ADP
cblr-3423	729	12	digital	digital	ADJ
cblr-3423	729	13	assets	asset	NOUN
cblr-3423	729	14	that	that	PRON
cblr-3423	729	15	will	will	AUX
cblr-3423	729	16	enable	enable	VERB
cblr-3423	729	17	both	both	DET
cblr-3423	729	18	private	private	ADJ
cblr-3423	729	19	and	and	CCONJ
cblr-3423	729	20	public	public	ADJ
cblr-3423	729	21	regulators	regulator	NOUN
cblr-3423	729	22	,	,	PUNCT
cblr-3423	729	23	as	as	ADV
cblr-3423	729	24	well	well	ADV
cblr-3423	729	25	as	as	ADP
cblr-3423	729	26	entrepreneurs	entrepreneur	NOUN
cblr-3423	729	27	,	,	PUNCT
cblr-3423	729	28	investors	investor	NOUN
cblr-3423	729	29	,	,	PUNCT
cblr-3423	729	30	and	and	CCONJ
cblr-3423	729	31	market	market	NOUN
cblr-3423	729	32	makers	maker	NOUN
cblr-3423	729	33	,	,	PUNCT
cblr-3423	729	34	to	to	PART
cblr-3423	729	35	know	know	VERB
cblr-3423	729	36	what	what	PRON
cblr-3423	729	37	they	they	PRON
cblr-3423	729	38	are	be	AUX
cblr-3423	729	39	dealing	deal	VERB
cblr-3423	729	40	with	with	ADP
cblr-3423	729	41	.	.	PUNCT
cblr-3423	730	1	this	this	DET
cblr-3423	730	2	article	article	NOUN
cblr-3423	730	3	has	have	AUX
cblr-3423	730	4	attempted	attempt	VERB
cblr-3423	730	5	a	a	DET
cblr-3423	730	6	very	very	ADV
cblr-3423	730	7	rough	rough	ADJ
cblr-3423	730	8	sketch	sketch	NOUN
cblr-3423	730	9	of	of	ADP
cblr-3423	730	10	the	the	DET
cblr-3423	730	11	types	type	NOUN
cblr-3423	730	12	of	of	ADP
cblr-3423	730	13	digital	digital	ADJ
cblr-3423	730	14	assets	asset	NOUN
cblr-3423	730	15	and	and	CCONJ
cblr-3423	730	16	how	how	SCONJ
cblr-3423	730	17	they	they	PRON
cblr-3423	730	18	fit	fit	VERB
cblr-3423	730	19	into	into	ADP
cblr-3423	730	20	the	the	DET
cblr-3423	730	21	existing	exist	VERB
cblr-3423	730	22	legal	legal	ADJ
cblr-3423	730	23	tests	test	NOUN
cblr-3423	730	24	for	for	ADP
cblr-3423	730	25	what	what	PRON
cblr-3423	730	26	qualifies	qualify	VERB
cblr-3423	730	27	as	as	ADP
cblr-3423	730	28	a	a	DET
cblr-3423	730	29	security	security	NOUN
cblr-3423	730	30	.	.	PUNCT
cblr-3423	731	1	different	different	ADJ
cblr-3423	731	2	digital	digital	ADJ
cblr-3423	731	3	assets	asset	NOUN
cblr-3423	731	4	can	can	AUX
cblr-3423	731	5	be	be	AUX
cblr-3423	731	6	analogized	analogize	VERB
cblr-3423	731	7	to	to	ADP
cblr-3423	731	8	currency	currency	NOUN
cblr-3423	731	9	,	,	PUNCT
cblr-3423	731	10	gold	gold	NOUN
cblr-3423	731	11	,	,	PUNCT
cblr-3423	731	12	or	or	CCONJ
cblr-3423	731	13	stock	stock	NOUN
cblr-3423	731	14	,	,	PUNCT
cblr-3423	731	15	to	to	PART
cblr-3423	731	16	give	give	VERB
cblr-3423	731	17	just	just	ADV
cblr-3423	731	18	three	three	NUM
cblr-3423	731	19	examples	example	NOUN
cblr-3423	731	20	.	.	PUNCT
cblr-3423	732	1	being	be	AUX
cblr-3423	732	2	able	able	ADJ
cblr-3423	732	3	to	to	PART
cblr-3423	732	4	differentiate	differentiate	VERB
cblr-3423	732	5	among	among	ADP
cblr-3423	732	6	different	different	ADJ
cblr-3423	732	7	types	type	NOUN
cblr-3423	732	8	of	of	ADP
cblr-3423	732	9	digital	digital	ADJ
cblr-3423	732	10	assets	asset	NOUN
cblr-3423	732	11	is	be	AUX
cblr-3423	732	12	vital	vital	ADJ
cblr-3423	732	13	for	for	ADP
cblr-3423	732	14	securities	security	NOUN
cblr-3423	732	15	regulators	regulator	NOUN
cblr-3423	732	16	,	,	PUNCT
cblr-3423	732	17	as	as	ADV
cblr-3423	732	18	well	well	ADV
cblr-3423	732	19	as	as	ADP
cblr-3423	732	20	other	other	ADJ
cblr-3423	732	21	government	government	NOUN
cblr-3423	732	22	entities	entity	NOUN
cblr-3423	732	23	.	.	PUNCT
cblr-3423	733	1	the	the	DET
cblr-3423	733	2	implications	implication	NOUN
cblr-3423	733	3	of	of	ADP
cblr-3423	733	4	these	these	DET
cblr-3423	733	5	characterizations	characterization	NOUN
cblr-3423	733	6	are	be	AUX
cblr-3423	733	7	far	far	ADV
cblr-3423	733	8	reaching	reach	VERB
cblr-3423	733	9	—	—	PUNCT
cblr-3423	733	10	for	for	ADP
cblr-3423	733	11	instance	instance	NOUN
cblr-3423	733	12	,	,	PUNCT
cblr-3423	733	13	tax	tax	NOUN
cblr-3423	733	14	treatment	treatment	NOUN
cblr-3423	733	15	varies	vary	VERB
cblr-3423	733	16	across	across	ADP
cblr-3423	733	17	asset	asset	NOUN
cblr-3423	733	18	classes	class	NOUN
cblr-3423	733	19	in	in	ADP
cblr-3423	733	20	important	important	ADJ
cblr-3423	733	21	ways	way	NOUN
cblr-3423	733	22	.	.	PUNCT
cblr-3423	734	1	for	for	ADP
cblr-3423	734	2	our	our	PRON
cblr-3423	734	3	purposes	purpose	NOUN
cblr-3423	734	4	,	,	PUNCT
cblr-3423	734	5	we	we	PRON
cblr-3423	734	6	offer	offer	VERB
cblr-3423	734	7	two	two	NUM
cblr-3423	734	8	tests	test	NOUN
cblr-3423	734	9	—	—	PUNCT
cblr-3423	734	10	the	the	DET
cblr-3423	734	11	bahamas	bahamas	PROPN
cblr-3423	734	12	test	test	NOUN
cblr-3423	734	13	and	and	CCONJ
cblr-3423	734	14	the	the	DET
cblr-3423	734	15	substantial	substantial	ADJ
cblr-3423	734	16	steps	step	NOUN
cblr-3423	734	17	test	test	NOUN
cblr-3423	734	18	—	—	PUNCT
cblr-3423	734	19	as	as	ADP
cblr-3423	734	20	means	mean	NOUN
cblr-3423	734	21	of	of	ADP
cblr-3423	734	22	categorizing	categorize	VERB
cblr-3423	734	23	digital	digital	ADJ
cblr-3423	734	24	assets	asset	NOUN
cblr-3423	734	25	as	as	ADP
cblr-3423	734	26	securities	security	NOUN
cblr-3423	734	27	or	or	CCONJ
cblr-3423	734	28	not	not	PART
cblr-3423	734	29	.	.	PUNCT
cblr-3423	735	1	with	with	ADP
cblr-3423	735	2	this	this	DET
cblr-3423	735	3	stake	stake	NOUN
cblr-3423	735	4	in	in	ADP
cblr-3423	735	5	the	the	DET
cblr-3423	735	6	ground	ground	NOUN
cblr-3423	735	7	,	,	PUNCT
cblr-3423	735	8	we	we	PRON
cblr-3423	735	9	hope	hope	VERB
cblr-3423	735	10	to	to	PART
cblr-3423	735	11	encourage	encourage	VERB
cblr-3423	735	12	others	other	NOUN
cblr-3423	735	13	to	to	PART
cblr-3423	735	14	offer	offer	VERB
cblr-3423	735	15	alternative	alternative	ADJ
cblr-3423	735	16	tests	test	NOUN
cblr-3423	735	17	/cftc	/cftc	NOUN
cblr-3423	735	18	-	-	PUNCT
cblr-3423	735	19	meeting	meeting	NOUN
cblr-3423	735	20	-	-	PUNCT
cblr-3423	735	21	hears	hear	NOUN
cblr-3423	735	22	-	-	PUNCT
cblr-3423	735	23	renewed	renew	VERB
cblr-3423	735	24	-	-	PUNCT
cblr-3423	735	25	calls	call	NOUN
cblr-3423	735	26	-	-	PUNCT
cblr-3423	735	27	for	for	ADP
cblr-3423	735	28	-	-	PUNCT
cblr-3423	735	29	crypto	crypto	NOUN
cblr-3423	735	30	-	-	PUNCT
cblr-3423	735	31	self	self	NOUN
cblr-3423	735	32	-	-	PUNCT
cblr-3423	735	33	regulation	regulation	NOUN
cblr-3423	735	34	[	[	X
cblr-3423	735	35	https://perma	https://perma	X
cblr-3423	735	36	.cc	.cc	SYM
cblr-3423	735	37	/	/	SYM
cblr-3423	735	38	kgp2	kgp2	PROPN
cblr-3423	735	39	-	-	PUNCT
cblr-3423	735	40	v7fn	v7fn	NOUN
cblr-3423	735	41	]	]	PUNCT
cblr-3423	735	42	.	.	PUNCT
cblr-3423	736	1	no	no	INTJ
cblr-3423	736	2	.	.	NOUN
cblr-3423	737	1	2:443	2:443	NUM
cblr-3423	737	2	]	]	X
cblr-3423	737	3	a	a	DET
cblr-3423	737	4	regulatory	regulatory	ADJ
cblr-3423	737	5	classification	classification	NOUN
cblr-3423	737	6	of	of	ADP
cblr-3423	737	7	digital	digital	ADJ
cblr-3423	737	8	assets	asset	NOUN
cblr-3423	737	9	493	493	NUM
cblr-3423	738	1	so	so	SCONJ
cblr-3423	738	2	the	the	DET
cblr-3423	738	3	market	market	NOUN
cblr-3423	738	4	can	can	AUX
cblr-3423	738	5	move	move	VERB
cblr-3423	738	6	towards	towards	ADP
cblr-3423	738	7	a	a	DET
cblr-3423	738	8	workable	workable	ADJ
cblr-3423	738	9	definition	definition	NOUN
cblr-3423	738	10	that	that	PRON
cblr-3423	738	11	accounts	account	VERB
cblr-3423	738	12	for	for	ADP
cblr-3423	738	13	the	the	DET
cblr-3423	738	14	unique	unique	ADJ
cblr-3423	738	15	promise	promise	NOUN
cblr-3423	738	16	and	and	CCONJ
cblr-3423	738	17	peril	peril	NOUN
cblr-3423	738	18	of	of	ADP
cblr-3423	738	19	digital	digital	ADJ
cblr-3423	738	20	assets	asset	NOUN
cblr-3423	738	21	.	.	PUNCT