As someone from the EU, and thus who have a slightly different law to work under, the questionnaire for security would be:

• Is there an entity of some sort that has full and complete control over the entire distribution? (I believe that most tokens can answer no here since anyone can share it with anyone)
• Is there a redistribution of a given entity to holders of that entity's values (aka does it work like shares for that entity)? => There I'm not sure, because I don't know well the rules of every and each token. It's a tendencious one for those who generate their tokens through because they are creating wealth on their own.
• What's the legal status of the entity? Security can't be issued by communities which have no juridic form. If Mr. Cool issue his "flirt tribe" token and the neighbors buy it, it's a P2P transaction, we're not talking about securities. Now if it's B2B or B2P (B= business, P=person) you have a different standpoint.

There's also the thing with how important is it if it's security? Or a company share? In the US everyone will make a big fuss over it. From the standpoint of most of the world, it's "only troublesome for those who want to implicate the US" aka, for everywhere in the world, it just means they have to avoid the US. So I can understand that since you are in the US, it's a big difficulty for you, but I'm not sure about how it would go if you did that under your personal name since I don't know if the SEC consider people as capable to issue securities.

Yours,
@djennyfloro .