id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-3423	Henderson, M. Todd; Raskin, Max	A Regulatory Classification of Digital Assets: Toward an Operational Howey Test for Cryptocurrencies, ICOs, and Other Digital Assets	2019	51	.pdf	application/pdf	17122	784	54	The second part of the test, determining whether an asset satisfies the “expectation of profit” prong of Howey, reveals the problems with applying the existing framework to ICOs and other digital assets. This is not treated as issuance of a security.22 This Article’s goal is to start—not end—the conversation about how to categorize crypto and other digital assets.	cache/cblr-3423.pdf	txt/cblr-3423.txt