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The largest US cryptocurrency exchange said in a statement that it had made a “difficult decision” to shelve its plans to offer the Lend product “as we continue our work to seek regulatory clarity for the crypto industry as a whole”.
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Under what is known as the Howey test, the US Supreme Court has ruled that an investment contract exists when “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party”.
https://www.ft.com/content/bd09f8bf-e65b-4870-affe-55b5346af3e1
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