Can you provide any link at all which defines “common enterprise” in some authoritative way? Otherwise it is just a bunch of words. https://blj.ucdavis.edu/arc

Can you provide any link at all which defines “common enterprise” in some authoritative way? Otherwise it is just a bunch of words. https://blj.ucdavis.edu/archives/vol-5-no-2/why-the-common-enterprise-test.html https://blj.ucdavis.edu/archives/vol-5-no-2/why-the-common-e... Gensler said Bitcoin is not a security because there is no common enterprise. But no one ever explains what it means. Vertical? Horizontal?