kaal:claim:4021599-013

Under the Howey framework the U.S. Supreme Court supplies the investment contract analysis that determines whether a digital asset carries the characteristics of a typical security.

Source quote, verbatim

In Howey, 18 the U.S Supreme Court provides a framework for investment contract analysis which can help determine if a digital asset has any of the characteristics of typical securities.19 Although

From

Wulf A. Kaal, Securities Versus Utility Tokens (2022), II. General Characteristics of Securities Tokens, p. 7
https://ssrn.com/abstract=4021599 · source PDF

Cite as

Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599

Holds when

United States federal securities law

Classification

conditionsupport: evidencedsecurities-law

Related claims

generalizes kaal:claim:5583610-019 LER units are not securities because they fail the third and fourth Howey prongs: they carry no expectation of...

Verify

The quote above is an exact substring of the source PDF, whose sha256 is bb03790af46b3710e306121cfae25f850e3e7477e0f95313af42b9feeb6bc0c4. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/b8e91b411379f50c...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/4021599-013.md | sha256sum