The Current Securities Landscape of Cryptocurrencies and NFTs
Reynolds Holding
NOVEMBER 30, 2023
1] Under the Supreme Court’s Howey test, an offering is an “investment contract” if there is a transaction or contract where “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.” [2] District Court for the Southern District of New York (S.D.N.Y.) In Friel v.
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