The legislator in Wyoming came to the exact same conclusion. The existence of a token does not make it a security. They defined cryptocurrency as a utility token as long as it is not marketed for speculation purposes.
I see your point about the fact that a google doc could provide the same services as ETH does with a smart contract.
The sad thing it we have people proposing bills that become law who have no idea what a smart contract is from a fishing license. These people are completely out to lunch when it comes to this stuff.
That is why it is so important to keep pushing ahead with decentralization while establishing things in countries that are not as uptight with their regulation. Moving the bitshares website to Thailand and away from the U.S. is a prime example.
Nevertheless, lets see the SEC scrutinize Google like they do other things.