a) They have not been marketed as an investment by the Company or any of its team.
b) They are being used for their intended use and as per the Forman Precedent – Security Laws do not apply.
c) In most instances, and in most countries, loyalty points are exempt from being a Security.
d) Under the Howey test or precedent, there has been no “Investment Contract” as the Customer did not purchase them, but was gifted them as part of a purchase.
e) There are NO dividends, yields, voting rights, returns, promissory notes, ownership of a Business or Company or Trust, inducement as an investment or any other attribute relevant to the definition of a Security under US Law present in an Erth ™ Point.
f) In a similar way to BTC and ETH which are traded on exchanges, they also are not securities.
g) There has been no marketing done to imply they will increase in value unless the reference also explains they can also decrease in value.
