What the hell is a Security?

This is how SEC looks at something to identify if it’s a security or not, Using a popular Howey’s test.

If a buyer Invests money

• In a common enterprise
• Expecting a profit
• Predominantly from the effort of others.

Then whatever buyer is buying is a security and comes under the compliance of SEC (in the USA) and anyone’s who’s offering it needs to be registered with SEC.

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