Howey Test
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Lens 5 · Regulatory Risk
Fractional Card NFTs and the Securities Question: Why Dibbs Failed and What Comes Next
Dibbs tokenized 50,000 cards into fractional shares held by 50,000 users before the SEC's Howey Test implications forced its consumer-product shutdown. The model wasn't wrong — the legal structure was.
Lens 5 · Regulatory Risk
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The SEC's War on NFT Securities: What Every Trading Card Tokenization Platform Must Know in 2026
The SEC's enforcement actions against Impact Theory and Stoner Cats have drawn a line in the sand. Fractional card ownership platforms — and the investors backing them — need to understand exactly where that line falls.