Legal clauses within white papers have certainly evolved over time, to the extent that some white papers should in fact be called an investment statement or investment prospectus. Obviously, the reason why they are not called this is because nearly all tokens claim to not be a security but a utility token.
The Omni white paper, the very first ICO to take place back in 2013, had an amusing disclaimer in Appendix C:
"Investing in experimental currencies is really, absurdly risky. This paper is not investment advice, and anyone predicting what will happen with experimental currencies such as those described here is indulging in the wildest sort of speculation, and that includes the speculations in the previous appendix.
Please consult your financial adviser before investing in ANY wild scheme such as this.
Note
Hint: They will probably tell you to RUN and not look back unless you assure them that it is money you are totally prepared to lose.
Anyone who...
