Gray Area:

Indeterminate territory, undefined positions, neither black nor white - especially securities.

Gray Areas include Cryptocurrency, NFTs, Trophy Real Estate, Startup Ventures, and other Assets - all of which, may or may not be loosely be considered a security.

Securities

Definition:

1. Any and all investment contracts, debt instruments, equity instruments – you name it.

2. The opposite of insecurities – the physical features/personality features which you know make you wondrous.

In 1946, the Supreme Court defined a security as anything that meets these four criteria.

1. It is an investment of money

2. There is an expectation of profits from the investment

3. The investment of money is in a common enterprise

4. Any profit comes from the efforts of a promoter or third party