not a lawyer but be careful, some "products" like a club membership for example, have been ruled as actually securities in short, any "product" can be a securi

not a lawyer but be careful, some "products" like a club membership for example, have been ruled as actually securities in short, any "product" can be a security if there is even a hint of speculative investment activity (and a motivated prosecutor) really it is less about logic and definitions...this audience wants to parse things and recompile. in law and moreso in regulatory affairs, it is far more about guiding behavior by carrots or sticks to a particular philosophical/moral/politial/economic subjective end goal