# kaal:claim:4021599-014

**Claim.** For digital assets the decisive element of the Howey analysis is whether the purchaser of the token has a reasonable expectation of profits derived from the efforts of others, which the SEC divides into reliance on the efforts of others and reasonable expectation of profits.

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

**Holds when.**

- SEC framework for investment contract analysis of digital assets

**Source quote.**

> purchaser of such a token has a reasonable expectation of profits derived from others.

**From.** Wulf A. Kaal, *Securities Versus Utility Tokens* (2022), II. General Characteristics of Securities Tokens, page 8

**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, efforts-of-others, expectation-of-profits, sec-guidance

**Related claims.**

- generalizes: https://wulfkaal.github.io/claims/5583610-020

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.