vouchers are the least fiat token there is there is a service they don't qualify as securities by the owsley test or whatever it is (lol, owsley is LSD) www.investopedia.com/terms/h/howey-test.asp If the asset is an "investment of money in a common enterprise, with a reasonable expectation of profits to be derived from the efforts of others" it is considered a security. It is then subject to disclosure and registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. so, no, these aren't securities, they are a kind of IOU from the business, which means they are a bill of exchange, and thus a contract offer by the business proprietor, that you accept by paying for them