Did Brave raise $35M by Illegally Selling Unregistered Securities?

I just read a Medium article written by David Gobaud about Brave (the browser) and the money it raised with BAT (Basic Attention Token). I've invested a good amount into BAT - is my money going to disappear? I don't think they committed securities fraud. I don't think ETH or any cryptocurrency is considered a security, but considered a stock. As we all know Uncle Sam can come after us for capital gains. So there's that. Give me your thoughts on the article.

Happy Trading Steemers!

Here is the Medium Article: https://medium.com/cryptos-today/did-brave-raise-35m-by-illegally-selling-unregistered-securities-703d43f3d81