"Tokens are not securities, but commodities" Do you know what this means? There are countless people outraged that certain exchanges and projects have been deemed securities by the SEC. Both the exchanges and the project teams do not acknowledge that tokens are securities; they are commodities. If it is a security: You are investing in a financial product with expected returns, and there are legal rights protecting you (equity, dividends, disclosures, claims, etc.). Legally bound by securities regulatory bodies like the SEC. The project team must: - Disclose information truthfully (white papers/financials/project progress) - Protect investor rights (anti-fraud) - Accept the risk of collective lawsuits from investors Investors have: - Clear "rights" — such as voting rights, dividend rights, liquidation rights - The ability to claim compensation in case of fraud If it is a commodity: Then it is like buying a bottle of water or an apple at the supermarket — you pay for it, but no one promises that it will appreciate in value or generate returns in the future. No need to disclose project progress. No obligation to protect "holder rights." The project team has almost zero legal responsibility. Investors have no substantial rights protection. So why do project teams insist that they are "not securities"? Because once they admit they are securities, they have to bear a series of legal responsibilities and risks. What does this mean for investors? ✅ It means you are not an "investor"; you are just a "consumer who bought a virtual commodity": If the project fails, you have no right to hold anyone accountable. If the roadmap is delayed, no one compensates you. You can only hope that "someone will take over." You cannot share in the team's profits or future dividends. Even if the team sells all the tokens and runs away, you cannot seek legal recourse (the law does not support it). A sarcastic fact: Many project token promotional phrases: "empowerment," "participate in the ecosystem," "holding means participating in governance," "future shared profits"...👉 Sound like securities, but the official stance is: "This is just community incentive, not a security, and does not promise returns." This is a typical language packaging to legally evade regulation. ⚖️ So why is the SEC focusing on these projects? Because the SEC believes many projects "clearly are securities in substance, yet pretend to be commodities or community tokens," constituting illegal securities issuance. This is also the reason why projects like Ripple (XRP), Solana (SOL), ADA, MATIC, etc., are classified as "potential securities." In summary: "Tokens are commodities" = You bought a virtual commodity that cannot be returned, cannot be claimed, cannot generate dividends, and cannot assert rights; all investment is your own responsibility.