Just reading this and I don't understand how anyone would say this passes the Howey Test. This is clearly a security. The only possible debate is whether there is an expectation of profit, but I can't see anyone seriously entertaining that debate -- there was an ICO! What do you think the median person buying into that ICO was expecting? "I'm going to spend a few thousands dollars on this token that might have utility in this project in a few years"?? Come on.