Lawyer Stephen D. Palley has an interesting write-up at the Block about how a federal judge has ruled that ATB Coin was an unregistered security even if the token didn’t entitle buyers to profits. The Howey Test doesn’t actually require a security to be a share in a profit-gaining enterprise. ICOs Don’t Need Formal Profit-Sharing to Qualify As Securities A security is defined as something that earns value from the efforts of others, is a common enterprise, and has an investment of actual money. ATB Coin launched in September 2017, but the token’s value has dropped more than 85% since

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