The Future of Tokens

securities regulations are designed for investments, which sit there as a representation of some value that goes up or down and has no actual utility itself. For example, if you buy an orange, that's not a security, because it has utility. And even for those individuals who could legally own these things, a reg-d token must be held for a full year before it can be sold or transferred. That's not exactly how the crypto market works today, is it?