We should replace the whole question of "when does a token go from being a security to being a commodity?" with "is this token being bought/sold as a security or as a commodity?" for every individual sale/purchase basis
And then we can look at the volume of sales of tokens that are sold as securities vs as commodities, if we think that it's meaningful to ask whether the token itself (as opposed to how it is used) is a commodity or a security
And if we did that, I think we'd find that most purchases of most tokens (excluding USDT) are purchases of tokens as securities, but that some tokens (BTC, ETH) are also often purchased as commodities
So my hypothesis is that it's not the token that is a security or a commodity, it's the buyers and sellers who buy and sell them as securities or as commodities, depending on their intentions
