If we have a token that have features of security token but.. Does be considered security token if a token is not tradable? or can be considered only if you can buy and sell in an exchange.
In the U.S., the Howey Test is used to determine if something is a security. Under the Howey Test, it is a security if:
- It is an investment of money or monetary value
- There is an expectation of profits from the investment
- The investment of money is in a common enterprise
- Any profit comes from the efforts of a promoter or third party
Nothing in there about being tradeable.
