I'm not a lawyer but from what I've read, the Howey Test is more specific than 4 would suggest. An unqualified read of 4 would count digital pokemons as securi

I'm not a lawyer but from what I've read, the Howey Test is more specific than 4 would suggest. An unqualified read of 4 would count digital pokemons as securities. The effort has to be in the active management of the enterprise, and most of the profit has to come from this management - as you'd see in someone running a business - for the investment to be deemed a securities transaction. In the case of Pokemon, or cryptocurrency, most of the value comes from the activity of the users.