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?
๐น Howey still matters
๐น Managerial efforts can be important
๐น Utility alone doesn't automatically make an asset a security
๐น Functionality and decentralization can affect the analysis
๐น Buybacks may be treated differently depending on the circumstances
๐ Crypto regulation is becoming increasingly focused on how an asset is offered, marketed, and supportedโnot simply the technology behind it.
