Crypto enthusiasts want to buy an NBA team, after not purchasing US Constitution
This seems like... obviously a security? I seriously hope they're registering with the SEC for this.<p><a href="https://www.investopedia.com/terms/h/howey-test.asp" rel="nofollow">https://www.investopedia.com/terms/h/howey-test.asp</a><p>>1. An investment of money<p>check<p>>2. In a common enterprise<p>check<p>>3. With the expectation of profit<p>Probably? Why else would they be buying a team for?<p>>4. To be derived from the efforts of others3<p>check.<p>edit: I took a look at their "Flightpaper", and in it they acknowledged that some parts of it might pass the Howey Test, and they recognize the possibility of regulatory oversight<p>>This funding model requires extensive SEC regulation oversight.<p>However, they're pretty light on details on whether it would actually be approved by the SEC or not. Also by the looks of it they haven't registered with the SEC right now, but they're already raising funds?