[yieldcrv]

intrinsic value isn't the qualifier for a distinction

and many crypto issuers focus on their nonspeculative utility

everything you described is exactly the problem. The SEC is saying that because any individual may have decided to buy them as an investment, then the SEC can ignore everything to the contrary. except the SEC hasnt actually ignored everything to the contrary because they havent charge crypto teams that focus exclusively on nonspeculative utility and other nuances. they charged teams that promised the price would go up. believe it or not, very many teams focus on the nonspeculative utility exclusively, the prevailing legal opinions from law firms in the US have had this advice to crypto teams for at least 6 years, and civil charges the SEC has brought have not undermined these assumptions. in any case, the SEC then turns around and says “theyre all securities” when speaking publicly or when charging an exchange. now we’ve come full circle between yours and mine perspective: either apply the same logic to “things with intrinsic value (that you respect)” or point out exactly which way for digital asset collections to be exempt as well.

[cowl]

Although technically you are right that the "intrinsic value" is not explicitly stated by SEC, the whole purpose of the Howey Test it to establish whether something has intrinsic Value. At least that's my interpretation of it. The main points of it are is it an investment and does this investment value depend only on the enterprise you investing on and promotion or does it have any other value that is independent of those factors (thus intrinsic value). Put it another way, if you investment is completely lost when the actor who put it in the market disappears, then it is a security.