>Is this to say that the decision to take action is based on perceived investment opportunity rather than something that is explicitly sold as an investment opp

>Is this to say that the decision to take action is based on perceived investment opportunity rather than something that is explicitly sold as an investment opportunity? I am not a lawyer and this is not legal advice, but that is not my reading of it. I believe he means that tokens for applications that gain value from the activity of users, like Bitcoin or Ethereum, would fall outside the definition of a security, while tokens of applications dependent mostly on the activity of a management team to earn revenue, like the DAO vis-à-vis Slock.it - which the SEC concluded was expected to manage the projects the DAO voted on - would fall within the definition of a security.