The SEC has provided additional clarity around when crypto assets may fall under securities laws.
The key question remains:
Is the asset being offered and sold as part of an investment contract?
🔹 Howey still matters
🔹 Managerial efforts can be important
🔹 Utility alone doesn't automatically make an asset a security
🔹 Functionality and decentralization can affect the analysis
🔹 Buybacks may be treated differently depending on the circumstances
📌 Crypto regulation is becoming increasingly focused on how an asset is offered, marketed, and supported—not simply the technology behind it.
