Check out the Howey Test. It's what you have to fail to be determined not a security, this definition is fairly short and good: http://www.legalandcompliance.c

Check out the Howey Test. It's what you have to fail to be determined not a security, this definition is fairly short and good: http://www.legalandcompliance.com/securities-resources/securities-glossary/howey-test-to-determine-if-an-investment-is-a-security/ http://www.legalandcompliance.com/securities-resources/secur...