@CryptoBuds Point to the wording in the law that says non-blockchain tokens are securities... You are missing the law..
Even your Bitcoin ION FAQ calls them tokens... Don't you trust suchmoon's real answers to ION???
First off, where did I say tokens. Second, why do you think I have to agree with suchmoon? Unlike you, I can think on my own and make my own decisions. Don't need to follow like the ION sheep.
Is that what they officially are called, "tokens"? If they are are like loyalty cards, why are they then transferable? I'm working with you here, trying to find out officially what Atoms are.
And it doesn't matter what they're called, if it acts like a security, then it's a security. Semantics won't affect things here. And I'm not saying they're securities, but they sure present themselves as an investment in a company that comes with rewards for doing so.
When they were XPYBits, they were an investment in XPY.IO and the reward came with being granted 8 IONs per XPYBit. Now that they are Atoms, they are a limited resource (token) that produces Electrons and are tradable. Atoms are not currently definable in the definition of the Securities law and therefore can not be considered to be securities. With the nature of Crypto changing, a modification of the Securities law make occur in the future. So currently, they are NOT securities and are considered tokens...