// Hacker Noon · 28 January 2026

Educational Byte: The Howey Test’s Role in Crypto and Securities Rules

The Howey Test is a 1946 U.S. Supreme Court decision that defines investment contracts as securities. When people contribute money to a shared project and expect profits from someone else’s effort, the setup should be treated as a security. In July 2017, the US Securities and Exchange Commission sai...

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