Offerings merged in 2018 to give us security token offerings, the application of securities laws to security token offerings have created uncertainty for issuers. The confusion exists around the actual security being issued, how it can be issued and how it can be traded after being issued. Understanding the current state of security token infrastructure is key to understanding how companies issuing tokens will comply with securities laws. No new securities laws exist for security tokens but the boundaries of existing securities laws are being tested.