Josh's Site (www.joshbeckman.org) 🌼 / home / notes / the-howey-test-of-what-makes-an-investment-contract-a-se 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 Filed Under 62.03 Finance Money Stuff: SEC Comes for Gemini Too Late 2023, January 20 Edit Legend Comments www.joshbeckman.org/notes/460037884