[zaroth]

I think the example was transferable coupons for free tacos which don't expire.

They are certainly not shares. But could you turn such a token into an investment opportunity? Certainly you could.

The stunning reality is that Blockchain technology makes practically everything a security. SEC's wet dream.

It's probably why, on some level, all coupons carry the disclaimer that they have no (or nominal) cash value, and are void if tranferred.