<h1>Token presale raises securities, KYC/AML, payments, consumer-protection and smart-contract risks; evaluate under the Howey test and compliance rules</h1> A token issuer is conducting a presale for an AI-driven cross-chain arbitrage protocol, marketing rapid growth potential and community governance while touting security features and an external audit. Legal issues include securities-law classification of the token offering, compliance with fundraising, KYC/AML and payments rules, and potential consumer-protection concerns from comparative performance claims and promotional giveaways. Smart-contract, oracle and bridge vulnerabilities, and limitations of audits create operational and disclosure risks. Governance thresholds and on-chain voting raise fiduciary and liability questions for organizers. Regulators and investors should assess disclosures, contractual terms, applicable jurisdictional law, and ongoing compliance and cyber-security mitigation.