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RE: Hive Is Not A Security - It Doesn't Pass The Howey Test

The no company means that compliance is impossible.

How are you going to fill out the paperwork with the different regulatory agencies if there is no company to put on it?

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Like I said, it makes sense. It's just nice to flesh out the rationale behind the statements. Which you have done. Sometimes it's hard for people that understand to figure out why people that don't understand have a hard time. It seems so easy. That's why an article like this is very important. It breaks down the why so us novices can finally grasp the concepts. :-)