AlphaTech, a startup technology company, is planning to launch an Initial Coin Offering (ICO) to raise funds for developing its new blockchain-based platform, "BlockChainPro," which aims to revolutionize the digital advertising industry. AlphaTech's ICO involves selling digital tokens, called "AlphaTokens," to investors. These tokens can be used on the BlockChainPro platform to purchase advertising services and participate in content curation. AlphaTech advertises that the value of AlphaTokens will increase as the usage of the BlockChainPro platform grows and the demand for advertising services rises.

Before the ICO, AlphaTech releases a white paper detailing the technical aspects of BlockChainPro, the potential market size, and the utility of AlphaTokens. The white paper also mentions that AlphaTech will retain a significant number of AlphaTokens to control the platform and fund future development. AlphaTech's marketing materials suggest that investors could expect significant returns on their investment as the platform becomes more popular and the demand for AlphaTokens increases.

Several investors express interest in purchasing AlphaTokens, viewing them as an opportunity for substantial profit. Based on what we covered in class, is purchasing of AlphaTokens governed by U.S. securities laws? Provide your analysis.