[Godel_unicode]

No they aren’t.

“The respondent companies are offering something more than fee simple interests in land…they are offering an opportunity to contribute money and to share in the profits of a large citrus fruit enterprise.”

https://recaldelaw.com/do-security-regulations-cover-real-es...

[simple-thoughts]

Yes, the courts don’t support the SEC interpretation of the Howey test, and the SEC has repeatedly lost in court. Your point is?

[Godel_unicode]

My point was 3 words. Which one do you not understand?

[simple-thoughts]

Something can both pass the Howey test and be considered a security by the SEC, but simultaneously fail to be a security in court.

[Godel_unicode]

By not passing the Howey test. Which they don’t, according to the only people whose opinion matters.

The SEC doesn’t get a vote.

[simple-thoughts]

Yes, so the SEC guidance is irrelevant, and is just fear mongering to get people to pay fines they don’t actually need to pay.

[Godel_unicode]

That is correct.