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Back to blockchain and cryptocurrency law
Question 1 of 20
Under the 'Howey Test' established by the U.S. Supreme Court, which of the following is NOT one of the four prongs used to determine if a transaction qualifies as an investment contract?
A.
An investment of money
B.
In a common enterprise
C.
With a guaranteed fixed rate of return
D.
With a reasonable expectation of profits to be derived from the efforts of others
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