DASH, which was heavily used in some payments in the Latin American region especially in the years before 2020, but could not maintain this feature, stands out as a Proof of Work (PoW) coin. The SEC generally does not see PoW tokens as investment contracts. Because such cryptocurrencies are generally seen as more decentralized coins. However, this was not described as such in DASH.

The SEC states that Masternodes, which provide additional security services in the DASH network, gain control over the Dash Core Group (DCG):
“The valuation of DASH token holders depends on the valuation of Masternodes and DASH held by DCG.”
So the SEC cites a for-profit situation and an entity's promise to buy the product for it.
halving completed
Here, DASH, which was announced as an investment contract by the SEC, completed its reward halving at block 1 million 892 thousand 161. The reward per block was 2.3097 DASH. The closest reward halving in PoW tokens will occur in Litecoin. The halving will be completed in 40 days.
There are 288 days for Bitcoin Cash and 308 days for the Bitcoin halving. The current 6.25 BTC per block reward in Bitcoin will drop to 3,125 BTC after the halving.
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