46% of the Top 15 Tokens now Defined as Securities by SEC

When removing all stable coins but BUSD, since that was named by the SEC, 46% of the top 15 tokens by market cap have been labelled a security. Here are the notable exceptions:

• BTC -> Obvious as SEC has said explicitly its a commodity
• ETH -> SEC has not said it directly but has avoided labelling ETH a security when pushed even by congress.
• STETH -> Likely will be lumped in with ETH
• DOGE -> Not sure why DOGE has avoided this other than its creators created it as a joke and abandoned it until recently and reinvigorating the "non-profit" DOGE foundation. Also, ironically, explicitly being labelled as a joke by the creators kinda blows the Howey test out of the water since there was no expectation of profit, it was explicitly communicated to not invest in this, and it was only the haphazard community which initially formed around it that kept it going. So the ironic unintended consequence of being a joke in a weird way might have made it into a commodity rather than a security. DOGE is an interesting one. I don't own any cause I still think it's a crap coin and I'd rather have BTC. But still ... interesting.
• LTC -> Another interesting one. Again, doesn't have a very centralised presence. Just the non-profit foundation. This could be seen as centralised enough since the foundation could be considered the "governing body" which directs development and thus the 4 elements of the Howey Test might apply.
• DOT -> Probably the most interesting since, of all the projects, DOT has come out and explicitly and publicly declared it is no longer a Security and has morphed into distributed software and the DOT token is a commodity used to interact with the software. DOT is fully decentralised with a unique distributed governing structure or DAO. While Parity is the primary developer it cannot unilaterally update the chain and all updates must go through DOT's decentralised governance; moreover, anyone can put forward chain updates to be voted on so even the development itself is decentralised. One would think, of all the tokens, the SEC would want to take on DOT due to its explicit declaration in Nov. 2022 that it is NOT a security and in a way the Web3 Foundation thumbing their nose at the SEC .... unless it agrees with the Web3 Foundation ... ???? ... or at the very least SECs capitulation that you can't litigate an organisation which has no control over the product ... hmmmmm ... sounds like a commodity.
• AVAX -> I'm going 50/50 on this one. Its development is fairly centralised and there is a lack of clear decentralised government, but, so far, it's a notable outlier and has some interesting characteristics ... but ... does it be a the Howey Test?
• SHIB -> Super centralised project. Total security. SEC probably doesn't even care about it because it's such a joke of a project.