Which Cryptocurrencies or assets are considered to be not a Security?

There are uncertainly in the Crypto Markets because regulators has considered many cryptos as securities and suing popular exchanges like Coinbase and Binance.US. Both definitions of securities and commodities are confusing when applying to Crypto that even SEC has difficulty giving clear guidance. The classification of cryptocurrencies and crypto assets determine how they are regulated. Securities are more heavily regulated and tax more than commodities. If the cryptocurrency is a security, then the issuer and exchanges must seek licenses from regulators which is difficult to do. That is why there is a hard push toward decentralization to avoid security laws. That way a security regulator cannot identify a central, coordinated group responsible for driving the value of the token. Another reason for cryptocurrencies to be classified as securities will have a risk of not being listed on exchanges to avoid fines by SEC.

What is not a security?

• Currency
• A check (whether or not certified), draft, bill of exchange, or bank letter of credit
• A note or other evidence of indebtedness issued in a mercantile or consumer, rather than an investment, transaction
• An interest in a deposit account with a bank or a savings and loan association
• An insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodically for life or for some other specified period

Common characteristics of unregistered securities:

• They are represented as safe investments.
• They are represented as no risk investments.
• They are represented as guaranteed return investments.
• They offer returns on investment that are greater than the prevailing market.
• The sales commissions paid to sales agents are much higher than for traditional products.

https://www.tn.gov/commerce/securities/investors/what-is-a-security.html

So which Cryptocurrencies are considered not a security but a commodity?

According to court filings by CFCT on Dec 13, 2022 in New York. CFCT vs SAMUEL BANKMAN-FRIED, FTX TRADING listed below on page 6.

1. A digital asset is anything that can be stored and transmitted electronically and has associated ownership or use rights. Digital assets include virtual currencies, such as bitcoin (BTC), ether (ETH), and tether (USDT), which are digital representations of value that function as mediums of exchange, units of account, and/or stores of value. Certain digital assets are “commodities,” including bitcoin (BTC), ether (ETH), tether (USDT) and others, as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9).

https://www.cftc.gov/media/7986/enfftxtradingcomplaint121322/download](https://www.cftc.gov/media/7986/enfftxtradingcomplaint121322/download)

So Bitcoin, Ethereal, and Tether are commodities according to CFCT.

Here is another court filing on Mar 27, 2023 in Illinois. CFCT vs Changpeng Zhao, Binance Holdings Limited listed below on page 9.

1. A digital asset is anything that can be stored and transmitted electronically and has associated ownership or use rights. Digital assets include virtual currencies that are digital representations of value that function as mediums of exchange, units of account, and/or stores of value. Certain digital assets, including BTC, ETH, LTC, and at least two fiat-backed stablecoins, tether (“USDT”) and the Binance USD (“BUSD”), as well as other virtual currencies as alleged herein, are “commodities,” as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9).

https://www.cftc.gov/media/8351/%20enfbinancecomplaint032723/download

On this court filing, Bitcoin, Ethereal, Litecoin, Tether and Binance USD as "commodities". Binance USD coin and Tether as commodities are a surprise.

What else you guys think are "commodities" out of 22,000 crypto coins that now exist? Doge coins? Nano currency? Monero, Cash, Dash? These are considered to be currencies.