That's a solid analogy. I would argue the same is true of any currency. Buying Euros gives me no ownership of Europe, unfortunately, and the only way I can prof

That's a solid analogy. I would argue the same is true of any currency. Buying Euros gives me no ownership of Europe, unfortunately, and the only way I can profit from doing so is if someone is willing to buy those Euros from me for more than I paid. All of which is true also of Bitcoin and Beanie Babies. "The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token." Same when I buy Euros, I'm invested in the health of the Eurozone economy. The federal government's definition of security specifically excludes currency. It DOES however include derivitaves of currencies, so if Coinbase sold unlicensed Bitcoin puts (which may be the case, I really do not know) then I think there might be a solid argument that they were selling unlicensed securities. I'm by no means a crypto fanboy, and I think it'll never be anything more than a ponzi scheme, but to call it a security is ridiculous unless you call other currencies such too.