Controversial Take: Many cryptocurrency holders refer to themselves as "investors," but that label is technically INCORRECT under US legal definitions. Securities include stocks, bonds, and other financial instruments that meet the Howey Test (an investment of money in a common enterprise with expectation of profits from the efforts of others). If a crypto token is classified as a security, the holder is indeed an "investor" under SEC law. However, major cryptocurrencies have been considered commodities by US courts and are overseen by the CFTC. The CFTC does not typically refer to market participants as "investors" but rather as traders, speculators, or hedgers in commodity markets. The term "investor" is rarely, if ever, used in CFTC-regulated markets.