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.”
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.”