How Digital Assets are Different than Traditional Securities
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3rd Howey Test criteria: How Digital Assets are Different than Traditional Securities β
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Time Stamps
0:00 Howey Test 3rd criteria- reasonable profits on expectations of others
1:30 Historically Legal tender was REQUIRED as the investment and the profit factor NOT assets
2:30 Staking distributions are NEVER considered PROFITS.
3:50 Price appreciation from supply and demand is not Profit
4:45 Economic reality trumps form or nomenclature
6:30 Easy to see volatile digital assets aren't money
7:30 Do people expect Vitalik to build ethereum or developers around the world
9:50 Purchaser and Active Participant are the the same person in blockchain, not third party
10:45 money isn't transferred to a third party for investing or development with crypto
12:00 Is project complete and functional
13:30 Who develops Dapps and value for blockchains...communities
15:00 do people expect to receive dividends or a distribution of profits from ethereum? lol no
16:30 Help share crypto common sense
17:15 Earnings from pooled money and investments or price appreciation from macro forces
19:20 outro
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Links
SEC on Digital assets and Securities: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets#_edn12
Mississippi Law Review on Howey Test: https://dc.law.mc.edu/cgi/viewcontent.cgi?article=1261&context=lawreview
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