But such trading based profits come out of the efforts of the trader, not the issuer of the stable coin. Money market accounts have to be securities because mos

But such trading based profits come out of the efforts of the trader, not the issuer of the stable coin. Money market accounts have to be securities because most of the time they do offer some yield. If the SEC is going down this road (and I don't think they actually are - this is more aimed at the bad behavior of Binance) it means they are seriously expanding the "reasonable expectation of profits" prong of the Howey test to include assets that on their own, have no expectation of profits simply because some users of the asset could potentially gain a profit in their use. The current makeup of the judiciary is really unlikely to play along.