> It's all in the marketing. But it's not: > simply labeling a digital asset a “utility token” does not turn the asset into something that is not a security.

> It's all in the marketing. But it's not: > simply labeling a digital asset a “utility token” does not turn the asset into something that is not a security. Your point only works in one direction: of course if something is marketed promising returns then it is a security. The lack of such marketing does not imply anything in either direction. That said, I do believe that Ether is a utility token.