if the token has actual market value
Actual market value?! What is that?
please stop pretending word games can change the law. You have judges who interpret the law. You think there is a snowball chance in hell you will convince ANY judge bitcoins have no value?
Everything in this world has some value for somebody at some place under certain circumstances!
Indeed, although legal interpretations are more narrow than that, trading securities for basically
anything constitutes a sale. Glad you noticed.