[jaggederest]

> Is it an investment of money?

> Is it in a common enterprise?

> Are its profits to come solely from the efforts of others?

I'd say by that standard many tokens do indeed count. Also from Investopedia, by the way. Among the things which count as securities are commodity future options, which I would say is about equivalent to most tokens currently on the market.

[newsum]

again, just because there's speculators on a secondary market buying and selling doesn't mean it's a security. a commodity future option is by default NOT the commodity. In the case of a token – you own the commodity and you have the right to use or sell to someone else – like a carton of milk.

The only difference here it took no cost to create the commodity which is why there exists a market to resell at unbelievable margins.