A closely watched Solana and Cardano—to the oranges that were part of a famous Supreme Court case known as Howey that set out the criteria for determining an investment contract.
The Howey case involved the sale of real estate parcels in Florida that came with orange groves, and promised the purchaser income from the sale of the fruit. The developer claimed the transactions were simply real estate sales and not securities, but the Supreme Court rejected the argument in part because the deals involved profits derived from the efforts of others.
