Given recent discussions about whether digital assets/virtual currencies/digital currencies may be characterized as #commodities vs. #securities, the #CFTC’s Feb 2020 letter to the Telegram court may be helpful. It’s not necessarily an either/or determination (commodity or security). In certain cases, the answer could be both.
https://bizbuildermike.com/wp-content/uploads/2022/12/CFTC-Letter-In-Telegram-Case.pdf