[sosuke]

Is the relationship pretty much ICOs or tokens are a security and older options are like gold?

ie: BTC, LTC, Monero are gold but an ERC20 token is a security and Cardano is a security because it was an ICO? I don't know off hand if Ethereum was an ICO.

I keep thinking this but I can't remember seeing anyone suggest that each coin could be categorized differently. Is it possible we ended up splitting the crypto currency market into multiple groups?

[ericpauley]

It comes down to the Howie test. Matt Levine has written a fair bit on this: https://www.bloomberg.com/opinion/articles/2023-02-13/the-se...

[latchkey]

> but an ERC20 token is a security

What is WETH then?