So from what you gathered, as long as the primary point of the ICO is not profit but use towards some kind of service, the ico is not a security???

I ask because I am interested in an upcoming ICO for the food supply industry, Ambrosus, which I see as a chance for profit but also because block chain technology is essential towards regulating the food industry fairly. In this case, do you think they would consider Ambrosus a security?

I know you aren't a lawyer but I appreciate any insight as you have dealt with the SEC personally.

-HC