Please note that the concerns I raised apply to nearly every (if not every) cryptocurrency, so this is not pointing a finger at Iota/JINN. So please do not take it as an attack on you guys.

I agree with smooth's implied point that securities law action appears to mostly come about due to losses and complaints from investors, so one way to potentially prevent trouble is to make sure all the speculators in your coin are not upset in the end (and hopefully it becomes a true currency and the initial investors can cash out and everything is fine). Not being misleading is also helpful in terms of preventing accusations, but it doesn't assure that investors won't become disgruntled.

The USA Supreme Court stated that the Howey test is not bypassed by any schemes and disclaimers. Rather the intent of the law is always in force and it said the court is astute in seeing past any obfuscations and directly to the economic reality of the situation.

So that is why I have claimed that a cryptocurrency that is never marketed to investors and is always given for free to non-investors, will have a must higher chance of failing the Howey test for what constitutes an unregistered investment security.

P.S. my full name is easily found (e.g. just search The Digital Kill Switch and refer to my post on this forum which contains my full name) or just go into my thread and click the newspaper clipping that contained my full name as of 17 years of age (and afaik it hasn't changed hence). But please don't turn this into some sort of legal battle against me, please I am not attacking you guys and I am just raising concerns that apply to cryptocurrencies in general.

Btw, my father was former West Coast Divison attorney for Exxon and handled the Valdez spill case. He later was General Counsel for THUMS (a consortium of the major oil companies dealing with environmental law issues afair). My father's specialty apparently was contract law. And afair graduated top of his class at LSU when it was a top ranked university for Law degrees at the time (may still be). Given that legal briefs were laying all over the place were I was living from a teenager and especially in my early 20s, then perhaps some of that rubbed off on me as I was a curious reader.