The Howey test asks whether an arrangement is an investment of money in a common enterprise with an expectation of profits derived from the efforts of others. It determines whether an instrument is an investment contract and therefore a security.
manipulation techniques · updated 2026-09-08
See also
Digital asset— Digital asset is the neutral regulatory term for cryptocurrencies and tokens. Its neutrality is deliberate: it avoids prejudging w…
Token— A token is a unit of value recorded on a blockchain. Whether a particular token is a security is a legal question decided on its e…