entity · derived
Expectation of profits
Derived node: assembled mechanically from the claims carrying expectation-of-profits. A roster, not an adjudicated definition.
Every claim under this term
- 4021599-014 : 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 in
- 5583610-020 : Non-transferability is what defeats the expectation of profits prong: because LER vouchers cannot be listed, traded, or resold, no capital appreciation is possible and their value comes from merchant