Honestly pretty decent arguments all around: > Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn't gain any rights like

Honestly pretty decent arguments all around: > Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn't gain any rights like they do when they buy stocks or bonds. > "It's the difference between buying Beanie Babies Inc. and buying Beanie Babies," Savitt argued. > ... > The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token. > "When they buy this token, they are investing into the network behind it. One cannot be separated from the other," SEC lawyer Patrick Costello said. It doesn't look like the article specifies what "this token" is but either statement could be true, depending. If one buys Ethereum, they actually do want to see the network being used, not so much with most EC-20 tokens.