[Animats]

> The definition of "security" is pretty objective (Howey test), but the answer it produces tends not to be liked by people in the crypto space, so they argue hard about why it's not a definition of security.

This. The Howey test really is clear. If there's an issuer behind a crypto asset, it's a common enterprise for Howey Test purposes. Bitcoin has no issuer at this point. Etherium, maybe. Just about everything else in crypto has an issuer raking off the profits.