In which an ICO promoter (and scammer, but I repeat myself) makes the argument that tokens are not securities and gets dunked on by a judge lucidly and at length: https://www.courtlistener.com/recap/gov.uscourts.nyed.409850/gov.uscourts.nyed.409850.37.0.pdf … (It's the September 11th document here if that link expires: https://www.courtlistener.com/docket/6317033/united-states-v-zaslavskiy/ … )
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Most discussions of it are analogous to: "Is water a chemical? Well, water could also be a *metaphor*; poets throughout the ages have..."
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If you actually did some research, instead of indulging in ignorant generalisations, you'd see that there's a very serious debate among ICOs about what is a security or not. For example, tokens that are used to buy data on data marketplaces are not securities.
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I'm aware of the argument for utility tokens not being securities. That argument is, stripped of all pretense, is "It would be very inconvenient if utility tokens were securities, because then we'd have to admit this is entirely illegal."
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