> For the complete documentation index, see [llms.txt](https://eos-sov.gitbook.io/eos-sov-en/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://eos-sov.gitbook.io/eos-sov-en/sov/2.-sov-more-indepth/2.1-sov-is-a-deflationary-peer-to-peer-asset-as-follows/sov-is-not-a-security-or-investment-contract..md).

# SOV is not a security or investment contract.

SOV does not have a central authority and will never raise any type of funds or hold any type of initial coin offering

This includes selling tokens for fiat currency, cryptocurrency, digital tokens, digital assets, physical assets or any other type of means of exchange.  SOV will only be available through the free distribution, the reverberation fund, and secondary markets. This ensures that SOV is a decentralized digital asset, not a digital security.  There will be no central authority or entity to enforce regulations upon and due to the nature of the asset, it falls outside of securities regulations. The team that created SOV has several years of experience in the cryptocurrency space.  They firmly believe the benefits of a truly decentralized asset, free from the uncertainty of regulators, far outweigh any possible gains that could be gained from an ICO.  

“The Howey rule, as it has come to be called, says that an investment contract is

1\. A contract, transaction, or scheme whereby one person invests his or her money

2\. in a common enterprise

3\. led to expect profits solely from the efforts of a third party.”