More like, if you read the SEC document carefully enough, you'll see that they applied the 4 prongs of the Howey test to theDAO token and defended each prong wi

More like, if you read the SEC document carefully enough, you'll see that they applied the 4 prongs of the Howey test to theDAO token and defended each prong with arguments and evidence. They'll probably do the same thing for Ethereum (but not necessarily come to the same conclusion on each prong). Saying "it has other uses than profit" is not sufficient since you'd have to back it up with meaningful evidence (what are the actual uses that investors are getting out of it?)