Yes and where's an example of a onetime security which was later considered not-a-security?
From your own link:
> The final factor of the Howey Test concerns whether any profit that comes from the investment is largely or wholly outside of the investor's control. If so, then the investment might be a security. If, however, the investor's own actions largely dictate whether an investment will be profitable, then that investment is probably not a security.
WSGR's position: once tokens are used primarily for commerce, the value will be determined by commercial usage and not by the offerors, so that:
> Tokens that are solely utility tokens should not be securities. If a token-based platform is fully developed and the tokens are widely used commercially on that platform, the tokens generally should not be securities.
> WSGR is claiming that once tokens are used primarily for commerce, the value will be determined by commercial usage
And they're wrong. If a token is primarily used for commerce then it's value might come primarily from that usage, or it might not. But it certainly isn't some sort of get-out-of-jail-free card.
I don't see how you're disagreeing with WSGR here. You seem to be saying that even after a token becomes broadly useful in its intended setting (say, storing files), it might still get most of its economic value from speculation. WSGR agrees, and seems to go out of its way to say that coins would likely remain securities under those conditions.
From your own link:
> The final factor of the Howey Test concerns whether any profit that comes from the investment is largely or wholly outside of the investor's control. If so, then the investment might be a security. If, however, the investor's own actions largely dictate whether an investment will be profitable, then that investment is probably not a security.
WSGR's position: once tokens are used primarily for commerce, the value will be determined by commercial usage and not by the offerors, so that:
> Tokens that are solely utility tokens should not be securities. If a token-based platform is fully developed and the tokens are widely used commercially on that platform, the tokens generally should not be securities.