Really anything that gains value soley due to being promoted would be considered a security SEC v. WJ Howey Co:
> [a]n investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.
Really anything that gains value soley due to being promoted would be considered a security SEC v. WJ Howey Co:
> [a]n investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.