@zasad@. The tokens were not sold privately to investors with a promise to earn something with those tokens. Also this is where the confusion begins on using the Howey test on tokens because it can also bw considered that the tokens are the oranges and they are not the orange farm. Uncle Gary was arguing that the action of issuance on these tokens make them a security. But the judge made a ruling against this argument.
On the tokens that are being traded on exchanges and on platforms similar to Uniswap, these are not securities because there is no contract for these tokens to earn something if investors hold them. They are very much similar to memecoins.
We are not talking now about tokens that are traded on centralized and decentralized exchanges.On the tokens that are being traded on exchanges and on platforms similar to Uniswap, these are not securities because there is no contract for these tokens to earn something if investors hold them. They are very much similar to memecoins.
We probably didn't pay attention to my reference to SAFT and SAFE(US).
When a company sells a token to everyone indiscriminately, as was the case in 2016-2018 at the ICO and actively advertises its product, it is more like selling securities. SEC regulation has just begun, and many more projects will be punished for this.
