The term “security” is defined to include, among other things, any stock, note, bond or investment contract. Federal courts have consistently held that crypto assets, by themselves, are not securities, but can be sold as the subject of an investment contract security. Of course, instruments such as common stock and warrants are securities, whether issued in token form or not. But the most widely traded crypto assets are more like currencies, trading cards and other commodities that don’t typically fall under the definition of security.
