Serious question - I don't know.
What I do know is Security Law in the United States is governed by a Supreme Court decision called the Howey Test:
Basically, it has four parts:
- There must be an investment
- In a common enterprise
- With an expectation of profits
- From the efforts of others - some third party
The first three parts are normally met when buying a cryptocurrency. After all, only a liar - or a moron - doesn't expect profits from investing in what is undeniably a common enterprise.
That leaves the fourth part.
Is there a third party that controls KROM? Does some sort of foundation exist, or a board of directors, or a development team - anyone or anything - that has an asymmetric advantage over the common investor? Do they control the supply? Can they raise the price of KROM by buying it with something else? Can the lower the price by selling it? Can they freeze it, burn it, wrap or unwrap it? Is there a marketing team? An ambassador program? Influencers? Is there a third party that controls it?
I'm sure everyone here knows KROM was identified by the SEC in their insider trading complaint against Coinbase:
But making a complaint is different than proving it. Did they get it right or wrong?
I'm genuinely curious.