[will_brown]

Well as lawyers we know why gold isn’t a security according to case law, and that logic definitely doesn’t apply to Ethereum/Ether.

>Where's the common enterprise that's being invested in?

The DAO was a decentralized ecosystem and yet the SEC issued an opinion. So what in your mind distinguishes Ether from the DAO tokens and makes Ether deserve to be treated like gold or another commodity like oil?