Exchange tokens are amongst the more obvious securities IMO. I think they tick all marks of the Howey Test: - An investment of money (Send money/BT

Exchange tokens are amongst the more obvious securities IMO. I think they tick all marks of the Howey Test: - An investment of money (Send money/BTC, get token) - In a common enterprise (the exchange) - With the expectation of profit (Token burns) - To be derived from the efforts of others (Exchange pays with profits for token burns) https://www.investopedia.com/terms/h/howey-test.asp https://www.investopedia.com/terms/h/howey-test.asp