Was Ether a security during the crowd sale? Yes. Would it be a security in a future where the world runs on Ethereum and it is used to secure the decentralized

Was Ether a security during the crowd sale? Yes. Would it be a security in a future where the world runs on Ethereum and it is used to secure the decentralized network? No. Is it a security today? That's complicated. There is a lot of legal discussion in the token space about when the transition from security to commodity happens. Unfortunately the SEC provided no guidance on how it thinks about this question, but lots of people are working hard to figure it out.