Is VGX a security?

Could you please clarify for me if VGX should be classified as a security or not? I understand that the classification of cryptocurrencies and digital assets can be complex and often depends on various factors such as the economic substance of the instrument, the purpose of the offering, and the rights and expectations of the holders. In the case of VGX, what are the specific characteristics that would lead to its classification as a security? Additionally, how does this classification affect the regulation and trading of VGX in different jurisdictions?