With more and more cryptocurrency regulations coming out of various jurisdictions, the burden is now firmly on the founders of the project to enter the securities or utility field.
That said, hybrid models are also emerging that invoke a two-token system – a utility and a security.
For a layman, any token is a guarantee if its price is not affected by any activity of token holders. Also, by the latest interpretations of the US, if the token is sufficiently decentralized, it will escape the bond labeling network. Thus, BTC and ETH are now clear.
While choosing the dealer route offers the benefits of technological ease of development, the securities option has more legal support and is less likely to be taken for regulatory review and the dreaded cessation and withdrawal notifications.