If the coin represents ownership of a resource (or a right to a resource), it can be a security (though it might be a derivative instead, governed by a similar but entirely separate set of rules).
Being a security does not mean it can't also be something useful; it just means that the security aspects of it are potentially subject to securities laws.
EDIT: Beanie babies aren't securities because you actually the beanie baby. However, a piece of paper entitling you to ownership of a beanie baby could be a security.
Being a security does not mean it can't also be something useful; it just means that the security aspects of it are potentially subject to securities laws.
EDIT: Beanie babies aren't securities because you actually the beanie baby. However, a piece of paper entitling you to ownership of a beanie baby could be a security.