The judge kicks the ultimate issue to the finder-of-fact (summary dismissals are basically "Is there no set of alleged facts which would be sufficient to satisfy legal requirements here?") but it's a brief and pretty readable application of the Howey test.
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The Howey test determines whether something is a security / security offering for the purpose of triggering the US' substantial regulations of security offerings. Are ICOs securities offerings? Spoiler alert: yes, of course they are. There is no serious dispute of that.
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Most discussions of it are analogous to: "Is water a chemical? Well, water could also be a *metaphor*; poets throughout the ages have..."
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This seems like shooting fish in a barrel lol
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I live for sassy court opinions and these first few pages are just devastating
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