Howey test

The Howey Test asks whether an investment contract involves money, a common enterprise, and expectation of profits.豪威测试探讨一项投资合同是否涉及资金、共同企业以及对利润的预期。

Many token projects argue they pass the Howey Test and are therefore not securities subject to SEC registration.许多代币项目辩称它们不符合豪威测试的证券认定标准，因此不是受 SEC 注册约束的证券。