entity · derived
Howey test
Derived node: assembled mechanically from the claims carrying howey-test. A roster, not an adjudicated definition.
Every claim under this term
- 3249860-024 : The utility token model dominates the top 100 tokens, but the utility category as coded includes tokens that behave like a security, and no Howey test was performed in this research.
- 4021599-013 : 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.
- 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
- 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 charac
- 4021599-027 : The Howey test operates as the practical sorting device between the two categories: a token that passes the Howey test is deemed a security token, while a token that does not qualify under Howey is of
- 5454054-023 : LER can be engineered outside the Howey test by keeping reward units consumptive as discounts or credits, non-yielding, unmarketed for appreciation, and by disabling secondary trading.
- 5583610-019 : LER units are not securities because they fail the third and fourth Howey prongs: they carry no expectation of speculative profit and their accrual does not depend on the entrepreneurial efforts of ot
- 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
- 5583610-021 : The fourth Howey prong fails because LER accrual is automated by smart contract and driven by the shareholder's own decision to keep holding, leaving the issuer's role ministerial rather than entrepre
- 5583610-022 : The common enterprise prong is the unresolved part of the analysis: vertical commonality may well be present through the merchant network, and inconsistent district court precedent leaves LER's status