Shaquille O’Neal And Other Celebrities Are Facing A Lawsuit Due To Their Role In Promoting Cryptocurrency
To determine whether O’Neal did anything wrong from a legal standpoint, a 1946 Howey Test will be used. The Howey Test is “a standard that emerged in a 1946 Supreme Court case for determining whether a transaction qualifies as an investment contract. Factors include the investment of money into a common enterprise where there’s an expectation of profits from the efforts of third parties,” according The Hollywood Reporter.
Harper and his lawyer, Adam Moskowitz, are confident that Astrals NFTs will fall under a contract since “securities regulation is not meant to be precise but is instead intentionally drafted to be broad and all-encompassing.”
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