What Legal Precedents Have Further Defined “Common Enterprise” in Crypto Cases?

Cases like SEC v. Telegram and SEC v.

Kik have reinforced the application of the Howey Test to crypto. These rulings emphasized that the pooling of funds for a common developmental effort, coupled with promises of profit, satisfies the common enterprise prong, even if the tokens have some future utility.

They reject the idea that simply labeling a token as utility avoids security classification.