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In my eyes, the Howey Test is a tool for the US tax authority to declare any business U.S tax liable. It is a joke what the US has admitted to the financial market for rights. I hope that projects based on ETH such as Peculium never come under this regimentation, the anonymity in the crypto world is an important building block there.
No it's not. If something is a security, in the US Law you have to be an accredited investor to be able to buy it. So you and me and every tomboy out there are not allowed to buy it as it's seen as a too risky investment for us.
Exchanges are big corps and thus subject to scrutiny from the authorities and they don't want troubles, so they don't allow securities in big exchanges. That's why there have been plenty of delistings lately and it has become harder and harder to be listed in trex.