Freeman Lewin (@Freeman_Lewin) is an Attorney at DLx Law, where he advises clients in all matters related to blockchain, smart contracts, and tokenization. In late 2022, the DLx Law team published a comprehensive analysis of every "investment contract" decision by U.S. appellate courts since 1946: The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets are Not Securities. Their publication has since been cited in Coinbase's response to the an SEC Wells Notice, the Dissent of Commissioner Hester M. Peirce and other important matters. This conversation offers a masterclass on investment contracts - what they are, why they matter and how they relate to digital assets. Show highlights: [2:08] Consequences of being deemed an investment contract [8:49] The investment contract vs the object of the investment [16:02] The Howey case [21:59] Core traits of an investment contract [24:46] Changes to the Howey test since 1946 [31:20] Biggest myths and misunderstandings surrounding investment contracts [34:10] Future of crypto & investment contracts & much more. Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.