My thoughts about PAY token...
Under the Howey Test, a transaction is an investment contract (a security) if:
- It is an investment of money
- There is an expectation of profits from the investment
- The investment of money is in a common enterprise
- Any profit comes from the efforts of a promoter or third party
With the new token structure Julian has been talking about, there is no expectation of profits from the investment (criteria 2) and there is a small work to do in order to make a profit, and therefore profits don't come from the effort of a third party (criteria 4).
So, according to this definition the PAY token is not a security and everything is OK. Just give the team and the lawyers enough time to do their job.