Isnt it obvious? A compliant token is a security.
Trying to play games to make them not securities is where crypto's lawyers are going wrong
Crypto is looking for a hack that can make their stuff not securities, and the SEC isn't playing along
Trying to play games to make them not securities is where crypto's lawyers are going wrong
Crypto is looking for a hack that can make their stuff not securities, and the SEC isn't playing along
“For purposes of the Securities Act, an investment contract (undefined by the Act) means a contract, transaction, or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party, it being immaterial whether the shares in the enterprise are evidenced by formal certificates or by nominal interests in the physical assets employed in the enterprise.”
There are three components:
1. expectation of profits 2. a common enterprise 3. depends “solely” for its success on the efforts of others.
So hyperbole above is false, real estate, in the simple sense, isn't regulated by the SEC.