Risky and rational.
That about sums up the state of U.S. token sales in the wake of new dialogue on whether the mechanism, by which startups are issuing custom cryptocurrencies to raise funds, is compliant with the law. Lost in the dialogue, however, has been that there are many more specific types of token sales.
In fact, when developers have an idea for a distributed project, they often raise money with what's come to be called a "simple agreement for future tokens" or a "SAFT." (A method that's often synonymous with initial coin offerings, in which tokens are minted and sold directly to the public).
More broadly, the SAFT is an idea that a company that wants to build a service platform that runs on tokens can raise money by selling contracts to receive those tokens once it has been built. The contract is a security, everyone agrees, but the thinking is that the token wouldn't be once the platform is live.
Of course, crypto startups could also raise money by selling equity to venture firms, but that takes away some of their upside, and that's how the SAFT has perhaps pulled away from other competing standards.
More information: www.coindesk.com