The SEC commissioner added that “the analysis of whether a token is offered or sold as a security is not static and does not strictly inhere to the digital asset.” She further explains to an industry audience in Chicago: “Admittedly, the liquidity condition may surprise observers of SEC staff positions in which attempts to facilitate secondary trading have been viewed as indicia of a securities offering. In the context of the safe harbor, by contrast, secondary trading is recognized as necessary both to get tokens into the hands of people that will use them and offer developers and people who provide services on the network a way to exchange their tokens for fiat or cryptocurrency.”

https://www.financemagnates.com/cryptocurrency/regulation/secs-cryptomom-proposes-framework-to-de-securitize-ico-tokens/