Ethereum

Interesting thought : 

„Why don’t L2s, which already have a token use the token to compensate users for fees to grow and gain market share? They don’t have to fully reimburse and can also maybe limit to voted on contracts.

Instead of diluting it away via boosting APRs. Also better from a POS perspective.“

Protocols have to play this 'token is for governance' charade to avoid being regarded as a security by a hostile SEC chair who's the embodiment of regulatory capture.

Onboarding, onchain privacy with accountability, crypto law, and emergent use-cases in Ethereum.

That’s a rational argument. Unfortunately the SEC’s Gary Gensler doesn’t follow offer any guidance regarding what constitutes a security in digital assets, preferring regulation via enforcement with token issuers risking having to defend their case in court against being being classified as a security.

How is using the token as a fee reimbursement something which makes the token a security? They earn nothing from it and nobody expects a profit from it, it’s more or less a service.