"A security" is not a concept that exists in nature where you can do a genetic test and figure out if something is a security. Securities exist only in the con

"A security" is not a concept that exists in nature where you can do a genetic test and figure out if something is a security. Securities exist only in the context of legal systems and regulators that label things as securities. They have literally no meaning outside of that context. If you can create a token in a way that either is not clearly in the jurisdiction of one of these bodies or in a way where it is impractical for those bodies to enforce those rules, then people can scream "security" all they want but it's not going to have any practical effect. There are other ways they can do proxy enforcement and such but if your question is seriously "how can this exist", id say that's a pretty straightforward answer and the potentially interesting question is "what is the framework for preventing this" and "do we have/ are we willing to allocate the resources and manpower to actually do those things" Until you figure that out, these things will be around