Hi Gary, thank you for your feedback. Anything I post here is just my opinion. We are in a grey area, and it’s challenging to fit the new technology into the legacy security law system. At the time of writing this article last spring, I thought most tokens being sold through an initial coin offering should be treated like securities because of the Dao report, the Munchee Case, and Jay Clayton’s February comments.

https://www.sec.gov/news/public-statement/statement-clayton-giancarlo-012518 https://www.sec.gov/litigation/admin/2017/33-10445.pdf

SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities