# kaal:claim:4021599-015

**Claim.** 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.

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

**Holds when.**

- SEC framework for investment contract analysis of digital assets

**Source quote.**

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

**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, law-and-legal-systems

**Keywords.** sec-guidance, howey-test, multifactor-test, legal-uncertainty

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