SEC · Tool

Token Classifier (Howey Test)

Apply the four-prong Howey Test interactively. Adjust each prong from 1 (absent) to 10 (strong). Result updates in real-time.

Investment of Money5/10

Did investors contribute money or value expecting returns?

Common Enterprise5/10

Are investor fortunes tied to the issuer or other investors?

Expectation of Profits5/10

Did purchasers expect capital appreciation or returns?

Efforts of Others5/10

Are expected profits from efforts of a third party (the issuer)?

Securities Probability

50%

UNCERTAIN

Investment of Money50%

Common Enterprise50%

Expectation of Profits50%

Efforts of Others50%

Uncertain classification. Fact-specific legal analysis required. The SEC has challenged tokens in this range.