Before claiming ETH is not a security because anyone can propose changes/participate/fork/etcetera, you should read the 5th Circuit’s Williamson v. Tucker case. There the court en banc held that a partner’s or venturer’s interest in a general partnership or joint venture is an interest in an “investment contract” if the partner or venturer “is so dependent on the promoter or on a third party that he [is] in fact unable to exercise meaningful partnership powers.” That’s the case where the partner or venturer can “establish, for example, that (1) an agreement among the parties leaves so little power in the hands of the partner or venturer that the arrangement in fact distributes power as would a limited partnership; or (2) the partner or venturer is so inexperienced and unknowledgeable in business affairs that he is incapable of intelligently exercising his partnership or venture powers; or (3) the partner or venturer is so dependent on some unique entrepreneurial or managerial ability of the promoter or manager that he cannot replace the manager of the enterprise or otherwise exercise meaningful partnership or venture powers.” casetext.com/case/williamson…