The second half is important too: that the expected profits are from the efforts of the promoter. In other words if a company is doing work of some kind, and th

The second half is important too: that the expected profits are from the efforts of the promoter. In other words if a company is doing work of some kind, and they are selling a token on the basis that it will go up in value due to the work that they are doing, then it is a security.