There is a battle in the USA to what is Ethereum considered as (utility/security).
I am not so knowledgeable of what a derivative is but according to invetopedia:
What is a 'Derivative'
A derivative is a financial security with a value that is reliant upon or derived from an underlying asset or group of assets. The derivative itself is a contract between two or more parties based upon the asset or assets.
Read more: Derivative
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ERC20 token are reliant on Ethereums smart contracts, what would be the legal term for them?