cts the investors who purchase the tokens or coins."</p>
<h2 id="resources">Resources:</h2>
<ul>
<li><a href="https://consumer.findlaw.com/securities-law/what-is-the-howey-test.html">Howey Test 101</a></li>
<li><a href="https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.">Howey Test Background</a></li>
<li><a href="https://www.sec.gov/news/speech/speech-hinman-061418">William Hinman, Director of Corporation Finance of the SEC. June 14, 2018</a></li>
<li><a href="https://www.sec.gov/news/speech/speech-hinma