Is a token a derivative?

Could you please elaborate on whether a token can be classified as a derivative? I'm interested in understanding the legal and financial implications of this classification. Does a token's functionality and usage determine its status as a derivative? If so, how does one determine these criteria? Additionally, are there any specific regulations or frameworks that govern the classification of tokens as derivatives in different jurisdictions? It would be helpful to gain insight into how this classification affects investors, traders, and the broader crypto ecosystem. Thank you for your assistance in clarifying this matter.