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, in and of themselves, are not securities, but may be sold as the object of an investment contract security. Of course, instruments such as common stock and warrants are securities whether issued in tokenized form or not. But the most widely traded crypto assets more closely resemble currencies, trading cards and other commodities that ordinarily fall outside of the security definition.
