[ineedasername]

You dodged the question. A security of what?

It doesn't have to be a security of anything. The Supreme Court established the Howey Test as the legal benchmark of determining security status. You might disagree and believe that is not a good test, that there has to be some underlying asset for it to be a security, but that opinion and all other opinions & definitions of "security" are irrelevant for the purpose of legal enforcement of securities law.

Ultimately if folks believe the SEC has incorrectly interpreted Supreme Court precedent or its own authority, the remedy under the law is to take the issue back to the courts.