There continue to be strong legal arguments for utility tokens not being securities:
https://www.coinbase.com/legal/securities-law-framework.pdf
This attitude of deferring to regulatory agencies, which have their own set of institutional biases, on the question of the applicability of securities laws to smart-contract executed issuances of digital tokens that confer zero legal title to a common enterprise, is dangerous to liberty and innovation.
A security doesn't require a common enterprise, it simply requires that one thing represents an interest in something else. The underlying asset is usually financial or intangible in nature, but that isn't required. There are more specific rules and exceptions, but those vary by jurisdiction.
True, it even works with past and future music royalties.
David Bowie (together with his financial manager and an investment banker) was probably the first to come up with securisation of non-tangible assets.[1]
It's a fascinating story.
>>A security doesn't require a common enterprise, it simply requires that one thing represents an interest in something else.
Investment into a common enterprise is the second prong of the Howey Test.
I'm just checking that that's really what you meant to say.