124. Does DW20 count as financial securities or stocks?

Answer: Under normal circumstances, the possibility of DW20 being recognized as a security is tiny. Now, the whole world is looking at the United States, and the U.S. SEC uses the Howey test as a criterion. There are four Howey tests, the last three of which are subordinate to the first. Article 1: “It is an investment of money.” If it is not an investment of money, does it not constitute a security? If such a judgment is adopted, DW20 is not a security. The actual analysis is not that simple. Please refer to Chapter 4, Section 2.4, Legal Risks of the DW20 White Paper.

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