There’s very little utility in web3 currently, apart from speculation on price appreciation. So in that sense much if not all of it could be securities. On the

There’s very little utility in web3 currently, apart from speculation on price appreciation. So in that sense much if not all of it could be securities. On the other hand you’d need to rule on a case by case basis, since future real uses cases might actually pop up. I think this is one of the SEC’s problems - they just technically can’t keep up with the number of new tokens. So instead they try to target exchanges. On the other hand a Forex trading platform isn’t a securities platform - so the case isn’t as clear cut as one would believe.