@stephenrowlison actually has a pretty good post outlining some points about the SEC rulings here. https://steemit.com/blockchain/@stephenrowlison/ico-design-and-sec-rulings He briefly explains the Howey test as well. It's based on an American court case from the 40s. A Floridian farm wanted to sell tracts of land to non-farmer investors and the SEC got involved and (eventually) the Supreme Court ruled that the parcels of land are securities.
RE: A Balanced Perspective on Accredited Investing
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A Balanced Perspective on Accredited Investing
I will check it out. I followed Stephen. But I did give him trouble about his DOB as his interesting fact. But then he's an Aussie and I am a displaced South African so we have to give each other some shit.
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