> That leaves every other one open to SEC regulation. Only those that fail the Howey Test, I think. In doing so, the Supreme Court established four criter

> That leaves every other one open to SEC regulation. Only those that fail the Howey Test, I think. In doing so, the Supreme Court established four criteria to determine whether an investment contract exists. An investment contract is: An investment of money In a common enterprise With the expectation of profit To be derived from the efforts of others https://www.investopedia.com/terms/h/howey-test.asp https://www.investopedia.com/terms/h/howey-test.asp