Re:SEC tightens the noose on ICO-funded startups
by CaptainZapp on Thursday October 11, 2018 @01:09AM
(#18191081)
A security doesn't require a common enterprise, it simply requires that one thing represents an interest in something else.
True, it even works with past and future music royalties.
David Bowie (together with his financial manager and an investment banker) was probably the first to come up with securisation of non-tangible assets.[1]
It's a fascinating story.
Re:SEC tightens the noose on ICO-funded startups
by CryptoPunk on Wednesday October 10, 2018 @06:31PM
(#18189520)
Courts create common law, which determines how statutory laws are interpreted.
>>A security doesn't require a common enterprise, it simply requires that one thing represents an interest in something else.
Investment into a common enterprise is the second prong of the Howey Test.
Re:SEC tightens the noose on ICO-funded startups
by gamblor956 on Wednesday October 10, 2018 @07:55PM
(#18189970)
True, but the Howey test is not the the sole test of determining what a security is. Context matters.
A security doesn't require a common enterprise, it simply requires that one thing represents an interest in something else. The underlying asset is usually financial or intangible in nature, but that isn't required. There are more specific rules and exceptions, but those vary by jurisdiction.