Clearly Gary Gensler was correct ETH is an investment based on the work of others (e.g. the Howey test) a security…

Investment of Money: The transaction involves an investment of money or something of value.

Common Enterprise: The investment is in a common enterprise, meaning the success of the investment depends on the efforts of others.

Expectation of Profits: There is a reasonable expectation of profits from the investment.

Profits from the Efforts of Others: The profits are derived from the efforts of others.