Beyond Howey: Is Stability a Security? The Evolving Digital Asset Framework

To date, much of the conversation on digital assets with respect to the U.S. federal securities laws has focused on whether digital assets are “investment contracts” under the test set forth in SEC v. W.J. Howey Co., 328 U.S. 293 (1946). However, not all digital assets are created equal, and whether something is a security for purposes of the federal securities laws is not exclusively answered by the “Howey test.”