Hi Jeff,
Interesting read!
Being not an expert at all: am I correct that

• this definition of security tokens also applies to tokenised investment funds like Headstart, BullToken, Invictus' Hyperion,...?
• theoretically and ideally they should be the same... but in practice there is still a difference atm between a security token and whether the token is considered a security by authorities? Referring to the interpretation by the local regulators and it's implications in real life for the project's (requirements,...) and the investor's side (taxes, participation rules,...)...