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The projects that create a new coin to fund their development are unregistered securities. Full stop.
Here is how the Howey Test is used to determine if something is a security. It is a simply pass / fail test. If you satisfy these 4 prongs, you pass. Passing means you are a security.
1. An investment of money 2. With the expectation of profits 3. In a so-called “common enterprise” (roughly meaning: investors and the company rise and fall together) 4.From the efforts of a promoter or third party (Ex. a "Team")