You've selectively skipped over critical parts of my argu ment. But never mind... ;)
From your perspective, even in-game virtual limited-edition collectors items that might appreciate in value could be considered "securities". As would limited edition digital art work or, let's say, protected hashes of such works.
Or a limited gift voucher to purchase the first edition of a product funded by Kickstarter....
Basically you can try to draw conclusions of what a typical token crowd sale is or isn't at this stage, but -- at least in my view -- you would probably be jumping to a superficial conclusion.
> This isn't about new legislation. The Howey Test dates from 1946.
Which may or may not be suitable for technology developed and used in 2017, let alone 2018, 2019 or further down the road. So you're completely missing the point.
But if your only argument is that government authorities "could" interpret the law in the most aggressive way, few would argue.