http://www.coindesk.com/token-security-research-analyzes-blockchain-us-law/
What is particularly relevant to Nushares:
DAOs get greenlight
Another use case that the authors view as less problematic through the lens of US law is the use of tokens to create distributed collaborative organisations (DAOs).
In this instance, tokens are used to denote membership in an organisation, with the user retaining the expectation that he or she may benefit financial from the ownership.
The report suggests that, in this case, token owners may have some control over fund utilization, “making them effectively managers and/or partners in the success of the entity”, a factor that makes them less likely to be viewed as securities.
”Depending on the nature of the organization and the actual control held by people who have committed capital, ‘shares’ organizations which are structured on the blockchain are likely not to be considered as securities,” the paper suggests."
