The SEC and Tokens

The SEC has this thing called the Howie test, which comes from a Supreme Court decision. It's for an investment contract, which is another thing that's part of the statutory definition of security. And I think if you look at the crypto world, most people would say Bitcoin is very clearly not a security because Bitcoin people buy it because they expect profit. But there are these nuances where like buying something because you think other people will buy it, it doesn't make it a security. Buying something because you thinking like someone will build a useful business that will make it profitable makes it more or less a security.