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Did you know that the SEC is having this kind of test to know every kind of investment contracts to be deemed a security? Its called Howey Test.
Crypto ETF on the other hand is a larger topic to get into. Been a long time since we had an update on this, had a lot of postponement that happens...
Continue reading here: https://blog.kucoin.com/what-would-happen-crypto-etf-proposals-approved-sk-st