What Role Does the token’S Market Price Play in the SAFT’s Successful Legal Argument?

The token's market price plays an indirect but important role in the SAFT's successful legal argument. A stable or declining market price after the token is delivered can support the argument that the token is not primarily an investment vehicle.

Conversely, a rapidly appreciating price, especially if driven by news of the founding team's success, could suggest that the "expectation of profits" prong is still being met, undermining the "functional network" defense. The price itself is not the legal test, but it is a key piece of evidence regarding the economic reality of the investor's motivation.