Yeah I didn't super explain this within the current post but I've explained it half a dozen times in other posts.

The TOKENS/COINS are not securities.
But a centralized dev team minting tokens out of thin air and then selling those tokens as an investment contract is a breach of securities law. So while the token itself is not a security the sale of the premine absolutely is.

The Coinbase/Kraken case is even more convoluted than this...
because they are saying offering yield on a token is an illegal security...
even though this yield is essentially guaranteed by staking on the chain and not prone to unsustainable promises.
Coinbase seems pretty confident and I think they will wipe the floor with them on this point.
They've always been nearly insufferable rule-followers compared to other exchanges.