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
twitter.com/wmougayar/status/2...