That is: If you go around making public statements, on your website and on Reddit and elsewhere, saying things like “if you buy our token we will use the money to build an ecosystem and make the token more valuable,” that makes your token a security, but only to people who are sophisticated enough to read your website. Sophisticated institutional investors who read your disclosure documents and understand that they are making an investment in your business are entitled to the protections of the securities laws, while random retail day-traders who just like your ticker symbol are not. You cannot be doing securities fraud on them, because they are not paying attention.