How Do the Marketing Efforts of a Token Issuer Influence the Token’s Ongoing Classification?

The marketing efforts of a token issuer are highly influential in the Howey analysis because they directly inform the investor's "expectation of profit" prong. If an issuer promotes the token as an investment, emphasizes potential price appreciation, or links the token's value to the team's managerial efforts, it strongly suggests a security.

Conversely, marketing focused solely on the token's functional utility and consumptive use supports a non-security classification. The SEC examines the "total mix of information" presented to prospective purchasers.