Here is the SEC calling the stock loan industry "opague" and requiring transparency. Note, they are not calling "stock loans" a security as they are trying to do with the loaning of crypto assets. Nor are they suing the Stock Loan Departments of brokers/banks. They are going through a comments process. They should do the same thing with crypto as an effort to determine which aspects of crypto are securities and which are not and the best way to regulate the industry and protect investors. I think their difference in approach is emblematic of their intent for one industry vs another.
Exactly Mark. Some call it the Bahamas Test. If the organization/entity that offered (minted/mined) the token were to pick up and move to the Bahamas, never to be heard from again, or do anything further with the project, would the token survive? If it would, not a security.