Are there any lawyers here that like pontificating legal stuff?

I'm Curious, why is a coop membership not considered a security?

An investment of money: ✅ 
In a common enterprise: ✅
With an expectation of profits: ✅
Derived from the efforts of others: ✅

Tech lawyer decoding markets, crypto & AI deals. NYU Law alum. Threads & takes are mine alone. www.cyrusansari.com

The short answer is that the Howey test is too broad, and the fifth element of the  test is whether the SEC wants to regulate the market. Brian Frye covers this well here:

The short answer is that the Howey test is too broad, and the fifth element of the  test is whether the SEC wants to regulate the market. Brian Frye covers this well here: 

https://www.rightclicksave.com/article/why-i-sued-the-sec-law-regulate-art-nft