Too Long; Didn't Read
<em>We hear a lot about the Security and Exchange Commission (SEC) in the US potentially regulating ICOs and possibly declaring some coins and tokens securities. We even hear of potential security-laws violations in the past months. However, how do we tell if an asset really is a security? The SEC uses something called the “Howey test”. This article explains the Howey test and explores whether ICO tokens qualify under it.</em>