@jasper-eth

Prong 3 of Howey: Expectation of profit This is nuanced. There is *some* expectation of profit from holding $rETH. However, I agree with @TeamPOSA that the Supreme Court's decision in United Housing Foundation, Inc. v. Forman is illustrative here. "The Forman Court distinguished ancillary features of consumptive instruments that might generate “speculative and insubstantial” profits, which are insufficient to bring the entire transaction within the scope of the federal securities laws, from the core features of an instrument that are designed to return profits to the investor." further: "“[p]rice appreciation resulting solely from external market forces (such as general inflationary trends or the economy) impacting the supply and demand for an underlying asset generally is not considered ‘profit’ under the Howey test."

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