Why might PoS (proof of stake) tokens be considered a security?

I was looking into this subject this morning because I better wanted to understand why the SEC might consider Ethereum, Polkadot, Cardano, and other PoS coins to be securities. What is the answer?

Well, you receive an interest as you stake your tokens in a proof-of-stake environment. That is one of the characteristics of a security, as you buy it and you are guaranteed an interest. That is a financial instrument, and a security in the sense of SEC.

Now, that might be a valid argument, but some people would say that proof-of-stake isn't about just buying something for interesting, but staking is actual work that your tokens do, and you are not guaranteed a set interest. It is also important to do the job in a proper way, because if you do it poorly, you will be punished and might even lose your tokens. In other words, staking your tokens in a proof-of-stake environment isn't as easy as buying a bond and receiving interest, but it is about making your tokens work for you and investing in a tool that might give you further income based on the work it does.

It is very interesting to follow this debate and I am curious to see how SEC will take this further. Anyway, I have my doubts about if SEC will accept the Ethereum Spot ETF in May (and some people hope). Somehow, I doubt it, because there isn't really communication going on between the applicants and SEC, and because it is too early and with Ethereum as a possible security, we are very far away from an accept for such an ETF.