Why treat the Siafund as a security?

A Siafund does not have any utility – it is designed as a revenue-generating token. So, if you buy a Siafund, the only thing you expect to receive is future revenue from the Sia network in the form of Siacoins  which we believe makes it a security. Because we are treating Siafunds as securities, we intend to sell them in compliance with securities laws.

How did we do?