Is Howey test applicable if a crowdfund doesn't accept money from US investors?

[cryptoisdafuture]

How is the Howey Test applied/ or how is the jurisdiction chosen? Is it the country of residence of the team which runs the ICO, or is it the investors who are contributing to it? If anyone has any reliable links, that would be great. So for instance if a crowdfund says "do not invest if you're from US", can the SEC still pursue it if the team lives in US? I am trying to safeguard my investments.


Also if there are legal actions, do the investors face consequences or the company running the crowdfund or both?

Thanks

[juri543]

As I understand It is most important that you dont sell it public to the jurisdictions that ICO clasify as security. This means, that no advertisement or any kind of public promotion to retail customers (up to 500K in EU) is allowed. On another hand the prospectus and all other documents are needed if you wish to market it on US and ICO has features of security. However, if you not sell it to US customers than you should be OK.

Disclaimer: Thats not legal advice or any advice which could hold me accountable if anyone would follow it. You should be consulted by law consultant on this topic.