Liberty Dollars are warehouse receipts for commodities stored with Republick Trust via the Liberty Dollar Network and valued against the value of an ounce of .999 fine silver. A warehouse receipt is a document showing title to goods stored with and a receipt issued by a person engaged in the business of storing goods for a fee. Generally, a warehouse receipt is considered a document of title. A warehouse receipt that is made to "Bearer" is a negotiable instrument and is often used for financing by providing it as security for credit. In United States v. Hastings, 296 U.S. 188, 197 (U.S. 1935), it was stated that a warehouse receipt is of special importance and is issued by a warehouseman for products stored for interstate or foreign commerce, or in any place under the exclusive jurisdiction of the U.S. (Warehouse Receipts Act, 1913: https://www.loc.gov/law/help/statutes-at-large/61st-congress/session-2/c61s2ch167.pdf)

Furthermore, The Columbia Law Review clarified the definition of a Warehouse Receipt as a simple document of title rather than any form of security, demonstrating the effects of the Warehouse Receipt Act in a definition that has been accepted as a maxim of law: https://www.jstor.org/stable/1110356?seq=1#metadata_info_tab_contents.

As a result, it can be ascertained that Liberty Dollar Network Warehouse Receipts are lawful for use as an alternative currency, as "current money" and as a medium of barter exchange, but they are not under any regulations involving securities such as stocks, bonds or investments.