$100 million coin offering violated the law. According to the Howey test, something is a securities' sale if it’s an investment of money, in a common enterprise and has expectations of profits to be derived solely from the efforts of others.
Cryptocurrencies are fiat currencies. The United States decoupled the value of gold and the US Dollar in 1933. The worth of all fiat currency is based on the willingness of the public to agree that it possesses value.