Chairperson of Securities Exchange Commission: A "Token Classification Method" will be developed based on analysis of Howell Investment Contract securities

Paul Atkins, chairperson of the Securities Exchange Commission, said the agency would soon consider developing a formal "token taxonomy" based on long-standing analysis of Howie investment contract securities.
The Howie test stems from a 1946 case in which people bought an orange orchard in Florida in the hope of profiting from the work of the grower. It defines securities as financial investments in a common cause and profits from the work of others.