It is complicated.

Why rpow?

Forgot to mention finance and laws, regulations

If it isn't a security... then can they argue it is just a commodity?

or other crypto parties

Yes and no

legally speaking maybe

but really they are just better at story telling

no need to worry about decentralization or how it is created.

focus on whether it is an investment

focus on when money is exchanged

and what they intend to do with the token

Fraud is theft

The SEC doesn't catch all frauds

Many people will think about increasing regulation when there is a Madoff or blow up in crypto or Wall Street...

This is what they want--- 

What they do not want is the rule of law enforced

Part I of II, getting to how to tell if a crypto is a securities

bubbles 

frauds

capitalism doesn't include fraud

I disagree with this bill

https://decrypt.co/94834/bill-bitcoin-senator-lummis-alter-capital-gains-landscape-crypto

When does the legal advice given to founders of a dao is paid by the dao itself it should be given to all members

Savings must be real goods with real utility that isn't consumed today, but that can be consumed in the future