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The Howie test is often referred to by American regulators when, in the absence of a clear regulatory framework, they want to prove that a particular cryptographic token is a security. According to this test, a transaction is classified as a security if the investor answers yes to all four questions:<br /> | The Howie test is often referred to by American regulators when, in the absence of a clear regulatory framework, they want to prove that a particular cryptographic token is a security. According to this test, a transaction is classified as a security if the investor answers yes to all four questions:<br /> | ||
'''1.''' Is there a fact of investing money?<br /> | |||
'''2.''' Is there an expectation of profit?<br /> | |||
'''3.''' Is the money invested in an ordinary enterprise?<br /> | |||
'''4.''' Does any profit and its size depend on the efforts of a counterparty or a third party, not an investor? | |||
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