but "crypto" is not "equity"...it is this conflation that causes the entire scene to look like a "scam" when one looks into the legality of tokens, and why they are closer to "pre-purchasing a video game" than "purchasing stock".
You can pre-purchase a video game, and then re-sell it once you have used it.
Sometimes, rare games go up in value after release.
Crypto tokens are no different.
They are NOT equity in any form.
Some are equities, perhaps not all. Some are assets. I don't think all crypto-tokens are the same.
https://en.wikipedia.org/wiki/Equity_(finance)
There are VERY FEW that legally qualify as "equities". You're right that all crypto-tokens are not the "same", but the entire point of articulating that they are NOT equities is because of the legality associated with selling equities from unregulated markets to US citizens.
They definitely are not "all the same", again, never saying that...
But VERY FEW actually qualify as "equities".
I feel like "crypto-equity" is a plenty fair expression. It seems like a subclass of equity, from which 'equities', in the financial regulatory sense, are also derived.
I think we can all agree, it's not a "security"... (duh duh duh...)
But equity, in the informal usage of the word, seems legit to me.
And let's face it, crypto is nothing if not informal. ;)