Many people buy Nike shoes to go up in value. Nike Inc. purposefully limits the quantity. Are Nike shoes therefore securities? It is an open ended question and

Many people buy Nike shoes to go up in value. Nike Inc. purposefully limits the quantity. Are Nike shoes therefore securities? It is an open ended question and yes where we are in this country a future court could rope something like that in too before Congress gets around to forcing regulatory clarity. Tokens can be products. It is what you sell them for and how you sell them and how you interact with that market, and how others interact with that market, that determines if something is a security. But is isn't a single one of those factors in isolation that makes it a security.