I think their key concern is this: >It is especially troubling when the promoters of these offerings emphasize the secondary market trading potential of these

I think their key concern is this: >It is especially troubling when the promoters of these offerings emphasize the secondary market trading potential of these tokens So let's say we had an ICO for participation in a rare book club of the month. And the books themselves were trading on the secondary market. That would be ok as I interpret this. But if the token itself is being traded and is the asset, I think that's where the SEC gets involved. Where I am unclear is if I have a presale for the Rare Books, and the means of currency for the future delivery of the yet-to-be-acquired rare book is a token, and that token may rise in value and transfer ownership is that a security? All the token provides me is the right to receive a rare book in the future.