Tezzies do not appear to be a security, because ether is not a security, and they both serve the…
Adam Gering

When the foundation sold the Tezzies for money, the utility token did not exist. They sold an option to receive them once available. The investors were taking the risk. Most of them are not going to use this token for the service, they are making an investment with the hope to make a return on it. This is clearly a security.

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