In the world of business, securities are financial instruments that hold some form of monetary value. They are fungible and negotiable. In their broad definitions, you can usually separate two categories of securities: debts and equities. Of course, there are also hybrid instruments that have elements of both and are considered securities as well.
Equities — An equity is a security that represents ownership that shareholders have in an entity.
Debts — Debt securities represent borrowed money that has to be repaid. The terms of a debt security state the amount of money, interest, and maturity or renewal date.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 token ecosystem.
So neither of the tokens in the Anchor system should be considered securities based on the rules that the SEC abides by.