What Framework for 'Investment Contract' Analysis of Digital Assets requires
This SEC framework provides guidance on applying the Howey Test to determine if a digital asset is an 'investment contract' and thus a security under U.S. law. It applies to issuers and promoters, focusing on whether a purchaser has a reasonable expectation of profits derived from the essential managerial or entrepreneurial efforts of others.
Pillar: Crypto & Sovereign Finance · Authority: U.S. Securities and Exchange Commission (SEC) · Version: 1.0.0 · Last updated:
Primary source: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets
SHA-256 integrity: b6122b56e014ee66bfdd113a32a93ba087d52be6f2530dfb88a5793e378ce9fb
Primary Citations — 7 traced to source
- Framework for 'Investment Contract' Analysis of Digital Assets, Section I: Introduction
- Framework for 'Investment Contract' Analysis of Digital Assets, Section II: The 'Investment Contract' - The Howey Test
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