I'm not sure how the SEC arrives at the decision that tokens are a security since they are neither a stock, bond or futures contract. tokens do not convey ownership in a corporation like stack, they do not earn interest like a bond . Oh dang wait, the one possible way they get there is if the token is tradeable at a future date for a specified price for a crypto-coin!
Tokens would appear to be a slippery slope : (
Just my 2 cents
upvoted
Mafia wants their cut, since ICO's have been raising hundreds of millions as of late like Tezos, but how can they get involved since they do not recognize BTC as currency but as property, it's beyond me, the community needs smart Lawyers to get involved.