Personally, I really dislike the idea of a decentralised counterparty but for eth I can see the argument at least. Of course, you could make the same argument

Personally, I really dislike the idea of a decentralised counterparty but for eth I can see the argument at least. Of course, you could make the same argument about mining gold: it's a security because you are taking profit by diluting the overall global gold supply network... But for BUSD, none of this applies: you cannot mine it, control is absolutely with Paxos, and is undiluted and the price is (in theory) fixed.