AI Token Securities Analysis: The Howey Test in 2026
AI token securities analysis under the Howey test: why AI utility rarely defeats investment contract status, and what US issuers must do in 2026.
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AI Token Securities Analysis: When Does AI Utility Create an Investment Contract? (2026)
AI utility does not shield a token from the Howey test — in most architectures, it strengthens the SEC’s case on the fourth prong. This analysis breaks down how compute marketplaces, model incentive networks, and agent-service tokens fare under US securities law, why marketing records decide these cases, and how MiCA and EU AI Act disclosure duties stack on top for US issuers.