Permissioned blockchains are, after all, nothing new. JPMorgan, Citigroup, Wells Fargo and dozens of different monetary establishments already use them, and by all accounts, they operate completely effectively as inside, proprietary distributed ledgers. But that doesn’t imply they will help securities that meet the U.S. Securities and Exchange Commission’s Howey Test. While stablecoins, utility tokens and true cryptocurrencies could make the case – efficiently or not – that they’re not securities, safety tokens are completely issued with that intention. There is not any fig leaf. They are bought for the aim of elevating capital.