Whether or not a security is being offered or sold is a foundational question in securities regulation. In general, if it's not a security, the transaction is not subject to the securities laws. There are various factors to consider when determining what constitutes a security, and the implications of these decisions are far-reaching.

In this course, you will gain perspective on these complexities. You will discover how courts and regulators define a security, including emerging instruments and transactions such as digital tokens and other assets. You will consider cases and examples that highlight how nontraditional forms of investment can be considered securities then explore the effects of these decisions. Finally, you will join your peers in discussions on topics such as how securities laws may be outdated.