Tokens therefore have no value, are not eligible for the company or its resources, do not carry interest and do not confer dividend rights. And they`re not for speculative investments. How should investors benefit from it? In our conversations with clients, we are often asked, „When are limited liability social interests a guarantee?“ The Supreme Court found that the shares of citrus fruits sold by Howey were „investment contracts“ and therefore securities, although nothing comparable was included in the Securities Act of 1933. Since then, other „non-titles“ have been defined as titles by applying the same test. With respect to the definition of the fundraising exhibit and token issues as securities, it is likely that the SEC will be based on the Howey test. block.one considers that the distribution of EOS tokens or the EOS tokens themselves are not similar securities or financial instruments. In addition, EOS tokens have no investment interest, are not designed for investment or speculation purposes, and should not be considered a type of investment. The SEC report does not alter this fundamental analysis. How does this happen with interests in a limited liability company? „any note, stock, cash action, future of securities, security-based swap, bond, debt securities, proof of debt, certificate of interest or participation in lucrative agreements, collateral trust, pre-organization or subscription certificate, transferable share, investment contract, certificate of confidence in voting rights, guarantee, split interest in oil, gas or any other mineral right , any right to sell, call, sdle, option or, certificate of deposit or group or index of securities (including interest or on the basis of their value), calls, appeals, option securities or liens on a national securities exchange or, in general, all interest or instruments generally referred to as „guarantee,“ or a certificate of interest or participation in a temporary or interim certificate attesting to receipt , the warranty or warranty or the right to subscribe or buy one of them above. „security,“ a note; Stocks; shares of its own The future of security Liaison Debt securities Proof of debt Certificate of interest or participation in a profit-sharing agreement collateral trust certificate; Pre-organization certificate or subscription; Transferable shares Investment contract The Certificate of Confidence in Voting Certificate of security deposit; an indisciplive interest in oil, gas or other mineral rights; bet, appeals, appeals, options or privileges on a guarantee, certificate of deposit or group or securities index, including interest in or on the basis of its value; Securities, calls, appeals, options or liens registered on a national stock exchange with respect to foreign currencies; or, in general, an interest or instrument commonly referred to as „security“; either a certificate of interest or participation in a temporary or provisional certificate for receipt, warranty or warranty or the right to subscribe or acquire any of the above information. The term includes both certified and unse certified safety. The term does not include an insurance or foundation policy or pension contract under which an insurance company promises to pay a sum of money, either lump sum or periodically, for a fixed life or other period; or an interest in a contributory or non-contributory pension or a social plan subject to the Employee Retirement Income Security Act of 1974.

An „investment contract“ includes, among other things, a stake in a single limited partnership, a participation in a limited liability company, a participation in a viatic liquidation or similar agreement, as well as an investment in a joint venture that expects the profits to be derived primarily from the efforts of a person other than the investor, and a „joint venture“ in which the investor`s wealth with that of the person offering the investment , is interconnected. , a third party or other investors.