Re: Latest development from SEC, Americans can now buy ICOs?
It is the same as before, if it's not a security, they don't care.
How do we define "security" really?
Under the Howey Test, a transaction is an investment contract if:
It is an investment of money
There is an expectation of profits from the investment
The investment of money is in a common enterprise
Any profit comes from the efforts of a promoter or third party
http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html
Thanks.
ICOs should probably mint the coins with our favorite footballer or Pikachu virtually so that we can tell Howvey it's a virtual good not for profit
