Just cause you hand out pieces of plastic (or tokens on a blockchain) instead of paper doesn't make it not a security. (As the ICOs are finding out!) Security

Just cause you hand out pieces of plastic (or tokens on a blockchain) instead of paper doesn't make it not a security. (As the ICOs are finding out!) Security is as security does in a lot of these cases, so if it functions as a security, you're likely to run into encounters with the SEC.