What Framework for 'Investment Contract' Analysis of Digital Assets requires
This U.S. SEC staff guidance provides a framework for analyzing whether a digital asset is an investment contract and therefore a security under federal law, applying the four-prong test established in SEC v. W.J. Howey Co. The framework focuses on whether there is an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.
Pillar: Crypto & Sovereign Finance · Authority: U.S. Securities and Exchange Commission (SEC), Division of Corporation Finance · Version: 1.0.0 · Last updated:
Primary source: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets
SHA-256 integrity: 98029b61d72a27c0b513e385fb5f6d8263ee5ca5a735c9bfdc68fc90eb09c3e3
Primary Citations — 7 traced to source
- Framework for 'Investment Contract' Analysis of Digital Assets, Section II.A: The Investment of Money
- Framework for 'Investment Contract' Analysis of Digital Assets, Section II.B: Common Enterprise
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