How does being centralized make something a security? Or decentralized a non-sec...

dataflow on July 31, 2023 | parent | context | favorite | on: SEC asked Coinbase to halt trading in everything e...

How does being centralized make something a security? Or decentralized a non-security? I feel like I must be missing something obvious but to me it sounds like saying "it's colored blue, so it's a security."