Ethereum
$208.80 -1.35%
ETH · 17w

Ethbay: security or not?

I've come across this upcoming ICO and I was wondering how can they not be listed as a security. The whitepaper goes: "holders of the EBY token are entitled to proportional shares of whatever fees are generated on the platform". Isn't this a sufficient requirement to classify this ICO a security?
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