From the Desk of Josh Beckman (www.joshbeckman.org) home / notes / note-on-money-stuff-sec-comes-for-gemini-too-late-via-matt-levine the Howey test of what makes an “investment contract” a security is the one I quoted above; it’s “the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.” Josh Beckman Reference finance Money Stuff: SEC Comes for Gemini Too Late Matt Levine 2023, January 20 Edit Comment/Reply via email Widgets Network Graph Legend Insight This widget generates “insights” about a post - you can read about how it works. Generating Keyboard Shortcuts Key Action o Source e Edit i Insight r Random h Home s or / Search Close www.joshbeckman.org/notes/460037884