But it is not correct that "all the rest" are considered securities. Also, the SEC does not determine what is and is not a security. That is determined in cou

But it is not correct that "all the rest" are considered securities. Also, the SEC does not determine what is and is not a security. That is determined in court. Gary Gensler can give guidance on what the SEC will take to court, but he is not the final word on what is a security.