Friday, January 12, 2018 4:58:24 PM
will this reasoning enough? https://www.manhattanstreetcapital.com/faq/for-fundraisers/how-determine-if-token-security-howey-test
How to figure out if an ICO token is a security - the Howey Test
How to determine if a token is a security
The Howey Test
The Supreme Court case of SEC v Howey established the test for whether an arrangement
involves an investment contract. An investment contract implies that the transaction is a type of security.
In the context of blockchain tokens, the Howey test can be expressed as three independent
elements.
1. An investment of money
2. in a common enterprise
3. with an expectation of profits predominantly from the efforts of others.
All three elements must be met in order for a token to be a security. The third element encompasses both the third and fourth prongs of the traditional Howey
test.
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