# kaal:claim:4021599-013

**Claim.** 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.

**Type.** condition  **Support.** evidenced

**Holds when.**

- United States federal securities law

**Source quote.**

> 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, page 7

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

**Verify.** sha256 of source PDF `bb03790af46b3710e306121cfae25f850e3e7477e0f95313af42b9feeb6bc0c4` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Securities%20Versus%20Utility%20Tokens.pdf

**Topics.** securities-law

**Keywords.** howey-test, investment-contract, sec-guidance, digital-assets

**Related claims.**

- generalizes: https://wulfkaal.github.io/claims/5583610-019

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