There is an expectation of profits: The investor anticipates financial gains from the investment, typically through the enterprise’s success

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There is an expectation of profits: The investor anticipates financial gains from the investment, typically through the enterprise’s success

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One of the four criteria of Howey test is the expectation of profit

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Does Crypto Pass the Howey Test?

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https://www.investopedia.com/does-crypto-pass-the-howey-test-8385183

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Does Crypto Pass the Howey Test?

Crypto