So I have been kicking around a way to classify Ethereum tokens as non-securitites in a way that still makes sense. So we mine Ethereum coins which if you think of it in traditional terms makes it a tradeable commodity resource like gold; silver and other metals/minerals. Alright so we have our mined material and people craft gems; gewls, tools and other manners of things in use and of value. Still with me? Alright, I propose that Ethereum tokens are crafted products of the native Ethereum 'vein': and like companies doing presales and private stock inventories, we should rethink ICOS as the same. The token issued by a company for use as a tool or product is not the same as a stock in a company. The company issuing the token built the network designation it is used on and therefore an intellectual property and a digital product. That is like saying buying products or services from a company is the same as becoming a shareholder in that company in the same transaction. If i went to Direct TV for a service its the same as getting it through COSTCO or any other third-party. This alleviates exchanges from securitey liabilities when looked at this way as well. Simply put, even if the token and network it runs on is the only thing created by a crypto company or entrepreneur/developer it is still a product. The token is not the company. I rest my case.