Presumably because first-party ticket sellers don't encourage resale. In the U.S., there's a legal test to determine whether something is a security: https://en

Presumably because first-party ticket sellers don't encourage resale. In the U.S., there's a legal test to determine whether something is a security: https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.