Not quite. In the USA, classification as a security is usually determined using a four-pronged legal standard called the Howey Test. A security is: 1. An inve

Not quite. In the USA, classification as a security is usually determined using a four-pronged legal standard called the Howey Test. A security is: 1. An investment of money, 2. In a common enterprise, 3. With an expectation of profits, 4. Predominantly from the efforts of others. Selling something without making any promises doesn't necessarily preclude expectation of profits.