You can see how many things a token can be – and the buyer doesn’t know what a specific token will end up. If I buy ether (ETH) in January, February and March, then in June stake some with a validator, purchase a one-of-one NFT (a product) in July, and a meme coin (likely a security) in August, paying gas for each transaction, which ETH specifically was used for which transaction? I, the buyer, don’t even know – I won’t know which ETH was used to buy the meme coin until I apply my jurisdiction’s accounting method. So we only find out in retrospect which regulatory system to look at for any particular ETH until after I spend it and apply professional accounting methods.
