I agree with you, but you simply can't do any business with that logic because all of your affiliates have to treat your tokens different if they are or are not

I agree with you, but you simply can't do any business with that logic because all of your affiliates have to treat your tokens different if they are or are not securities. Exchanges have to have assurances that they are not securities, otherwise they may retroactively be sanctioned as unregistered broker-dealers. For the traders themselves, securities are subject to insider trading logic which doesn't apply to non-securities. It is a tough landscape, and creating a legal basis for not being a security is a prerequisite, for now. When actual broker-dealers (like TD Ameritrade, ETrade etc) start trading tokenized securities offerings, it will be extremely advantageous because they have much more robust infrastructure and trillions of dollars of assets under management already. So people that register their tokenized offerings as securities now may have the first mover advantage in the future for attracting liquidity, but a big disadvantage now.