Regarding the U.S. government, it is generally not considered a common enterprise for the purposes of the Howey Test. The U.S. government does not typically operate as a profit-seeking enterprise or pool funds from investors for the purpose of generating profits. The U.S. government is a political entity responsible for governing and providing public services, rather than engaging in commercial or investment activities.
- It's created from nothing by the US Government in order to create a pool of "investors" who will fund the business of running the country.
- They regularly "buy back" USD in the form of issuing Treasuries
- It pays its employees in USD just like Meta pays its staff in stock.
- If USD becomes less valuable it makes its "stock buybacks" cheaper (borrowing is cheaper)
- It trades on public exchanges.
From the USG's perspective isn't it a security?