Bitcoin is (most likely) not a security. It's a commodity. Securities are typically assets that derive their value from a contractual claim (such as ownership r

Bitcoin is (most likely) not a security. It's a commodity. Securities are typically assets that derive their value from a contractual claim (such as ownership rights to a company), which is not the case with Bitcoin. When you own Bitcoin, you just possess Bitcoin, not any kind of contract claim on some other asset. Bitcoin is more like gold and other commodities in this regard. An analysis of this topic: https://www.bu.edu/jostl/files/2016/01/21.1_Alberts_Final_web.pdf https://www.bu.edu/jostl/files/2016/01/21.1_Alberts_Final_we... Some crypto offerings (ICOs) might be securities depending on what's promised when purchased. If the creator of a coin advertises their ICO as an investment opportunity, where the buyers can expect to see gains from their investment, due to the labor of others, especially when there's no established market for the coin, then that ICO may be a security.