How do you understand the Holway test? The 1946 rules determine which currencies are securities

The Holway test is a standard established by the United States Supreme Court in 1946 to determine which encrypted tokens are considered securities. The core of the test is to assess whether investors expect to earn profits through the efforts of others. With the development of the encryption market, attention has been paid to the applicability of the Howay test, in particular the possible replacement of this criterion by the Clarity Act。