[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