In its SEC v.W.J.Howey Co.decision,the United States Supreme Court defined a security as an investment in a common enterprise with the reasonable expectation of profit gained from one's own efforts.

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In its SEC v.W.J.Howey Co.decision,the United States Supreme Court defined a security as an investment in a common enterprise with the reasonable expectation of profit gained primarily or substantially from others' efforts.

In Its SEC V