A determination set by the Supreme Court of the United States in 1946 that determines what qualifies as an “investment contract” and thus would be subject to US securities laws and regulations. It determined that an investment contract exists if an “investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.” This consideration is important for the future of blockchain-based and digital currency experiments.
We don't know everything about the markets. We're just devoted to learners. Taken from those smarter than ourselves, here's how we define Howie Test.