According to Kyle Samani, managing partner of Multicoin Capital, decentralization of cryptocurrencies determine if it is security or not. Kyle used the recent statement SEC Director William Hinman to analyze top 10 CCs. By this definition of cryptocurrencies there are five “mostly centralized” coins which can be classified like securities: Ripple (XRP), Stellar (XLM), IOTA (MIOTA), Tron (TRX), Cardano (ADA).
It seems to be good start of standard.
Kyle Samani tweeted:
“If the network on which the token or coin is to function is sufficiently decentralized where purchasers would no longer reasonably expect a person or group to carry out essential managerial or entrepreneurial efforts the assets may not represent an investment contract.”