Flunking the Howey Test

The Howey analysis of CuBit™ was originally performed in November of 2022. Since then, the regulatory picture has become much clearer.

The classification of Bitcoin (BTC) and Ethereum (ETH) as commodities unequivocally took them out of the realm of securities. On the securities side, the creation of exchange traded funds (ETF) for both BTC and ETH opened a well-regulated avenue for industrial investors to put their money into cryptocurrencies on an equal footing with other commodities trading.

UREWPS believes that these developments, and the structure of CuBit™ moot the point-by-point discussion of how this receipt cryptocurrency fails the Howey test. Regardless, it is still helpful to many readers to understand exactly why CuBit™ is appropriately exempt from securities laws.

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