> Maybe you meant to say that it just escaped being classified as a security, but as far as I can tell it's a commodity at present.

Indeed it is today considered a commodity. This is broadly what I was getting at, yes.

I encourage you to review the Howey test however as it is the framework ordinarily used for making this determination. [1]

[1] https://www.investopedia.com/terms/h/howey-test.asp