From the Desk of Josh Beckman (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 Reference 62.03 Finance Money Stuff: SEC Comes for Gemini Too Late 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 s or / Search Close www.joshbeckman.org/notes/460037884