My first take on this is that for the first category, Digital Commodities (Non-Securities), we might as well call it the “Ethereum-compatible” category. The last Condition is solidly true for Ethereum & it vindicates the Ethereum Foundation dogmatism around its credible neutrality. Characteristics •Functional role in a network •Used for: •Execution (gas) •Validation (staking) •Participation Allowed features •Governance (limited) •Protocol interaction Disallowed features •Profit rights •Income claims •Managed returns Key condition •No reliance on a central actor for value creation