A Simple Agreement for Future Tokens, or SAFT, is an investment contract offered by cryptocurrency developers to accredited investors in a private placement, offering a method of financing early stage projects modeled after the YCombinator SAFE. The SAFT conveys rights associated with the token prior to the development of the tokens’ functionality, with investors receiving tokens upon network launch based on purchased SAFTs. In the US, the SAFT is a self-proclaimed security, yet claims that the subsequent tokens are not due to their functionality. It was developed in 2017 by Cooley LLP, CoinList, AngelList, and Protocol Labs; notable SAFT offerings include Filecoin and Telegram.