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No, because it doesn't meet the Howey test. You may buy them with an expectation of profit, but they aren't a common enterprise that depends solely on the effor
by stult 9y ago
No, because it doesn't meet the Howey test. You may buy them with an expectation of profit, but they aren't a common enterprise that depends solely on the efforts of a third person. The effort to resell is solely yours. Now if you and your friends pooled money to buy them and you handled all the transactions, then maybe it'd meet the Howey test.
The issue with the SEC opinion is that the Howey test may come out differently if applied to Ethereum miners as opposed to purchasers. Since miners are not relying solely on the efforts of others. So it's an odd fact pattern for existing case law.