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I guess that applies to art as well? If we promote paintings, does that make them securities too?

No, art is not a security. Similarly, if you buy shoes or bags that are promoted, they are not securities either. It’s about whether the seller creates an ecosystem that makes a specific painting, bag, or pair of shoes more valuable.

The artist who painted a piece of art did not do so specifically to increase its value for you. It might increase in value, but not because the artist did something for you.

Similarly, Adidas or Nike do not do anything specifically to make your shoes more valuable after you purchase them.

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Discussion

darejanit 1y ago

The application of securities law is relatively simple, especially when discussing ICOs, NFTs, and coins. It primarily involves the well-known and well-understood Howey test, combined with the sophistication of the buyer. That’s all.

Anyone who is heavily involved in the crypto world and claims not to know whether coins or NFTs are securities is simply not being honest with the public. Almost every book on crypto history clearly shows that promoters knew their products were considered securities in the U.S., as their legal advisors consistently informed them, according to these books.