[arcticbull]

You can google this stuff you know? Real estate does not fall under the securities umbrella. This is well established legal precedent, covered under Howey, the Securities Act, the Securities Exchange Act subsequent rulings.

Real estate fails the Howey test because there is no common enterprise.

https://www.compliancebuilding.com/2010/11/04/what-is-a-secu...

[sebzim4500]

Where's the common enterprise for BTC (or BCH, if you are one of those people who somehow thinks that BCH is a security but BTC isn't)?

[arcticbull]

It's covered here [1].

I believe the common enterprise exists no matter which coin, but with Bitcoin there was never an investment of money in its launch. Don't quote me on that though. I know the delta has to do with initial coin distribution.

[1] https://www.sec.gov/files/dlt-framework.pdf