> I've never even heard of the term "app coin" before but surely it's just yet another crypto token with similar constraints and lack of obvious use. It's in t

> I've never even heard of the term "app coin" before but surely it's just yet another crypto token with similar constraints and lack of obvious use. It's in the name. It's a token for use in an app. It derives value from the utility of that app and therefore the need to acquire the token to use the app. E.g. Filecoin. That pretty directly meets the Howey test. A memecoin is explicitly pointless and of no utility. Its only purpose is to be a collectable associated with some pop culture. There is no expectation of value derived from its creator's efforts. Bitcoin and ethereum are more complicated. Note that the SEC has previously ruled that bitcoin was not a security issuance, but ethereum was (though grandfathered in: the SEC declined to prosecute).