kaal:claim:4021599-015

None of the SEC's listed characteristics bearing on reliance on the efforts of others is individually determinative; the element becomes more likely to be met the stronger the presence of those characteristics.

None of these factors are necessarily determinative, but the stronger their presence the more likely the element is met.22 In determining whether there

Wulf A. Kaal, Securities Versus Utility Tokens (2022), II. General Characteristics of Securities Tokens, p. 8
https://ssrn.com/abstract=4021599 · source PDF

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

• SEC framework for investment contract analysis of digital assets

conditionsupport: evidencedsecurities-lawlaw-and-legal-systems

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