There is a battle in the USA to what is Ethereum considered as (utility/security).

I am not so knowledgeable of what a derivative is but according to invetopedia:
 
What is a 'Derivative'
A derivative is a financial security with a value that is reliant upon or derived from an underlying asset or group of assets. The derivative itself is a contract between two or more parties based upon the asset or assets.

Read more: Derivative https://www.investopedia.com/terms/d/derivative.asp#ixzz5FUTbM7WS
Follow us: Investopedia on Facebook

ERC20 token are reliant on Ethereums smart contracts, what would be the legal term for them?