Tokens therefore have no value, are not entitled to the company or its resources, do not bear interest and do not confer dividend rights. Oh, and they`re not in favor of speculative investments. How will investors benefit? The Supreme Court found that the citrus shares sold by Theey Company were “investment contracts,” and therefore securities, when nothing of the kind was included in the Securities Act of 1933. Since then, other “non-securities” have been defined as securities using the same test. To define fundraising coins and token spending as securities, the SEC will therefore likely rely on the Howey test. The concept of “security” is broadly defined and covers a wide range of investments such as stocks and bonds, bonds, limited partnerships, LLC interests and investment contracts. An “investment contract” includes, among other things, an investment in a limited partnership, an interest in a limited liability company, an investment in a viatic transaction or similar agreement and an investment in a joint venture, in the hope that the profits will be realized primarily through the efforts of a person other than the investor, and a “joint venture” means a company; in which the investor`s assets are linked to that of either company. the person offering the investment, a third party or other investors….