But is there an expectation that tokens from an ecash mint increase in value? In cashu and fedimint the tokens just represent abstractions of sats that have been deposited in the mint. Their value isn’t expected/intended to move independent of bitcoin.
If they did, maybe the best analog for cashu tokens would be an in-game currency or something like that?
Until they change the howey test, if the asset/token is expected to increase in value and is issued by a central party, group, or individual it is probably a security.
Bitcoin's issuance is determined by miners, randomly, and value is not guaranteed by any central authority, group, or individual. Then you exchange bitcoin for a token that someone says should keep it's value or increase seems like a business to me.
The processes sounds like putting a hat on a hat. Just my 2 bits.
