Upcoming court cases. The lawyers for the exchanges will have to argue for their interpretation of why it's not securities and the SEC will have to argue why th

Upcoming court cases. The lawyers for the exchanges will have to argue for their interpretation of why it's not securities and the SEC will have to argue why the believe it is. The courts will decide based on the facts. If the courts find they're not securities, then CFTC rules will apply. The regulatory agencies aren't there to help you find a way to do business legally, that's a job for your lawyers. If there is not established case law, then you're risking very expensive trials.