Which Token Is Often Cited as a Historical Example of a Token That Is Now Considered Non-Security by the SEC?

Ether (ETH), the native cryptocurrency of the Ethereum network, is often cited as a historical example of a token that the SEC has indicated is likely not a security in its current state. In 2018, an SEC Director stated that offers and sales of Ether were not securities transactions, noting that the network was "sufficiently decentralized" such that purchasers were no longer relying on a central promoter.

While the initial ICO of Ether might have satisfied Howey, its subsequent decentralization is the key factor in its current non-security classification.