Slam Dunks Might Be Securities --Also Ozy, VC regrets and MoviePass.
"The relevant definition is the Howey test, which says that something is a security if “there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”"
https://www.bloomberg.com/opinion/articles/2023-02-23/slam-dunks-might-be-securities