This is pretty obviously the reasonable take. > A security is a contract, not just anything that people trade around in a speculative way. The scary thing IMO

This is pretty obviously the reasonable take. > A security is a contract, not just anything that people trade around in a speculative way. The scary thing IMO is that I think if you had enough big money trading bottlecaps or baseball cards, you'd quickly find them being considered a security. But words have to mean something. Things can't just be a "security" because they make the government feel insecure.