U.S. cryptocurrency regulation requires hard fork

The term “securities” is defined to include, among other things, stocks, bonds, debentures or investment contracts. Federal courts have consistently ruled that although cryptocurrency assets themselves are not securities, they can be sold as collateral for investment contracts. Of course, instruments such as common stocks and warrants are securities whether or not they are issued in tokenized form. However, the most widely traded cryptocurrency assets are more similar to currencies, trading cards, and other instruments that are generally not included in the definition of a security.