To put it simply, the most important reason people in the crypto world care whether or not a project will be labeled a “security” lies in the fact that securities have to be registered and have to follow rigorous regulations that don’t translate well into the crypto world. After all, it is the wild wild west meets a brave new world and their rules do not conform to those of the old finance world.With Anchor, you don’t buy stablecoins to profit. In fact, the main goal of the project is stability. It is to be a store of value that is practically immovable. Moreover, we can just follow the statement from one of the SEC Chairmen that tells us that payment tokens aren’t securities.

For Dock Tokens, we have to consider the Howey test and see if they pass it or not. So let’s start and end with the first step — the purchase. To put it bluntly — you can’t purchase Dock tokens at all. They are to be airdropped during the contraction phase to randomly selected members of the Anchor ecosystem.
So neither of the tokens in the Anchor system should be considered securities based on the rules that the SEC abides by.