When is an ICO a "security"?

Option 1: When the Initial Coin Offering has tokens used by US citizens and it is determined that it is a digital asset that can trade on the blockchain by a consensus group.

Option 2: When you have Interesting Coin Opportunities, the token owners decide that they want more opportunities to trade the token in an open forum.

Option 3: Any time a coin is traded on the blockchain the SEC says it is a digital asset and must be treated as an STO.

Option 4: When the digital asset passes the so-called Howey test created by the U.S. Supreme Court in 1946 to determine if it is an investment contract" thus a security.