On this point, logic dictates you can’t have it both ways: If you argue Ethereum, Bitcoin and the other cryptocurrencies used to finance ICOs are money in another form, then the new cryptocurrency being issued must also be money (i.e. a currency) and therefore is not a security. On the other hand, if you argue they are not money, then it clearly fails bullet one of the test.
U.S. ICOs shouldn’t be scared of the SEC
CoinJob Team

This is incorrect. You can have different cryptoassets defined in different ways: cryptocurrencies (bitcoin, dash, litecoin) and cryptotokens (BAT, golem, or Augur). There is no reason courts and/or regulators will not make this same (or a different type of) distinction recognizing some as money and some as securities based on their different functions and uses, and enforce accordingly.

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