Token vs. Network

[lex-node]

whether Token qualifies as non-security depends on whether 'Network Maturity' (functionality or decentralization of network) has been reached, but:

• decentralization of network power (mining, storage, etc.) might not entail decentralization of token value drivers (e.g., power over software improvements, increased network effects (marketing), etc.)
• network may be 'functional' or used for non-investment purposes but primary interest in token purchases/trading may still be for speculative investment

I suggest reorienting safe harbor toward decentralization of token value drivers, with 'network maturity' being one necessary (but not sufficient) element of showing decentralization of token value drivers.