Determining whether something is or isn’t a security can be a complicated process. Thankfully, it is quite easy for payment tokens such as our Anchor token. And to see why, you don’t have to go further than checking what the SEC had to say about the most famous cryptocurrencies in the world during an interview with CNBC .
When he was asked about Bitcoin, Jay Clayton (SEC Chairman) stated that it was indeed, not a security. In a follow-up explanation, he went in a bit more depth, telling us how cryptocurrencies work as replacements for traditional, fiat currencies. They are there to replace sovereign securities, and as such, they are not securities. 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.