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Securities

16
Apr
Inside the Release — Five Categories, Separation, and the Technical Rulings

Inside the Release — Five Categories, Separation, and the Technical Rulings

The five categories, the separation doctrine that lets tokens stop being securities, and every technical ruling — mining, staking, wrapping, airdrops — in one place.
14 min read
11
Apr
Before the Rulebook — The Howey Test and Why 'Efforts of Others' Is the Only Question That Matters

Before the Rulebook — The Howey Test and Why 'Efforts of Others' Is the Only Question That Matters

Before the five-category framework makes sense, you need the test it is built on — and the single prong that does all the heavy lifting.
5 min read