No red tape please, we are Cryptomaniacs.....

Does it matter whether ETH is a security or not?

I rather think not, and it shouldn't affect the ETH and by extension the crypto market long term. I say this because we must never lose sight of the philosophy underpinning decentralisation.

Satoshi's original plan was to exclude "third" parties from the transaction and in doing so remove the bad actors such as banks and the corrupt "regulators" that serve as gate keepers for the dodgy banks.

My understanding of the "regulatory framework", it seems to me that the design is to protect (wealthy) investors from losing their money to the poor masses. Alot of the regulations governing IPOs and sale of securities are by design walled gardens that require significant amount of capital just to enter.

I remember dipping my toes into crypto a while back by purchasing 1 LTC when it was less than 10 usd. A feat that would be impossible had security "regulations" been at play.

In my view the regulators are just another example of centralisers that crypto was designed to get away from. We mustn't allow them to muscle into the crypto world. If they decide to declare ICO and specifically ETH an illegal security sale, we could just ignore them and carry on as we were.

The market has performed perfectly without them thus far. Crypto in any case is decentralised and no single entity should be allowed to dictate what it is and how it operates. Nobody should tell us what to do with our money.