There is no such thing as a crytocurrency token!
If it walks like a duck and it talks like a duck. It’s actually a duck. The fact that people bought some tokens, expecting to make a profit, by definition (and by law in most jurisdictions) equals all tokens to securities or perhaps coins.
For a token to be a cryptographically utilizable, one had to have some form of a token economy, proving how the token would be used inside a defined ecosystem. In most cases those token economies were built on untested and unproven assumptions, without even having products, let alone users or customers. White papers described thriving token-economies, which promised growing demand for tokens, which in turn would result in dramatic price increases, turning the investment very lucrative. The fact that profit was expected proved beyond a reasonable doubt that utility tokens were in fact securities or coins.
Most tokens described in ICO’s are in fact securities or coins.

Still not clarified? You could hit me up for an interaction.