True, but there has to be some kind of limiting definition of 'non-investment security', because otherwise any business offering a 'money back guarantee' when t

True, but there has to be some kind of limiting definition of 'non-investment security', because otherwise any business offering a 'money back guarantee' when they sell a physical product is selling an unregistered security. Hence it should be a very tall order for the SEC to attempt to label non-investment things as securities.