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What Is the ‘Howey Test’?

The Howey Test is a legal framework used by the US Supreme Court to determine if a transaction qualifies as an 'investment contract' and is therefore a security subject to regulation. It asks if there is an investment of money, in a common enterprise, with the expectation of profit, to be derived from the efforts of others.

What Is the Howey Test and How Does It Determine If a Token Is a Security?
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How Does the Howey Test Determine If a Token Is a Security?