securities law

Whether a token constitutes a security under US securities law depends on the Howey Test analysis.某个代币是否根据美国证券法构成证券，取决于豪威测试的分析。

Exchanges that listed tokens later deemed securities faced enforcement action under existing securities law frameworks.上线了后来被视为证券的代币的交易所，面临着现有证券法框架下的执法行动。