Thanks for the article! I have a few questions:

1. Is MakerDAO’s Dai not a security because there is no expectation for profit?
2. Why were ether and bitcoin not ruled as securities? They seem to satisfy all the conditions. Or is the idea that because they can be mined, there’s no investment in money?
3. Is the implication for utility token producers that they should either distribute the tokens without accepting money OR design the tokens to never yield a profit (eg. stablecoin)?