{ "claim_key": "SEC_INVESTMENT_CONTRACT", "entity": "SEC", "regulator": "U.S. Securities and Exchange Commission", "headline": "Howey test — investment contract jurisdiction for tokenized assets", "expected": "investment contract", "source_url": "https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets", "published_status": "ATTESTED-PRIMARY", "published_at": "2026-08-02T01:38:09.223581+00:00", "checked_at": "2026-08-02T05:42:56.575185+00:00", "must_admit": true, "full_admit": false, "refuse_limb": "source_is_machine_readable", "refuse_reason": "source_is_machine_readable:html_document", "attribution": "publisher", "must_limbs_failed": [], "should_limbs_failed": [ "source_is_machine_readable" ], "limbs": { "source_url_recorded": { "outcome": "ok", "url": "https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets" }, "expected_string_recorded": { "outcome": "ok", "expected": "investment contract" }, "source_resolves": { "outcome": "ok", "status": 200, "bytes": 99589 }, "expected_string_present_in_served_bytes": { "outcome": "ok", "match_basis": "literal" }, "expected_string_survives_tag_stripping": { "outcome": "ok", "match_basis": "literal" }, "source_on_regulator_origin": { "outcome": "ok", "registrable_domain": "sec.gov", "operator": "U.S. Securities and Exchange Commission" }, "source_is_machine_readable": { "outcome": "fail", "reason": "html_document", "attribution": "publisher", "media_type": "html" }, "ledger_rows_agree": { "outcome": "ok", "status": "ATTESTED-PRIMARY", "rows": 5 }, "citation_is_a_primary_filing": { "outcome": "fail", "reason": "citation_is_not_a_primary_filing:regulator_website_page", "attribution": "this_node" }, "full_text_index_exists": { "outcome": "ok", "index": "EDGAR full text search", "endpoint": "https://efts.sec.gov/LATEST/search-index", "auth": "none; an identifying user agent is required" }, "full_text_index_answers": { "outcome": "ok", "total_hits": 10000, "returned": 3 }, "independent_filing_corroborates": { "outcome": "ok", "filer": "PENN VIRGINIA CORP (CIK 0000077159)", "form": "11-K", "file_date": "2006-06-28", "document_url": "https://www.sec.gov/Archives/edgar/data/77159/000119312506137924/d11k.htm" }, "corroborating_document_authored_by_the_regulator": { "outcome": "fail", "reason": "corroborating_filer_is_a_registrant_not_the_regulator", "attribution": "no_index_exists", "filer": "PENN VIRGINIA CORP (CIK 0000077159)", "cik": "77159", "note": "The filing corroborates that the string is used in a primary document. It does not make the filer authoritative for the claim, and neither regulator in this corpus files on EDGAR." } }, "evidence": { "source_fetch": { "url": "https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets", "final_url": "https://www.sec.gov/about/divisions-offices/division-corporation-finance/framework-investment-contract-analysis-digital-assets", "status": 200, "content_type": "text/html", "bytes": 99589, "truncated_at_probe_cap": false, "error": null, "fetched_at": "2026-08-02T05:42:53.118399+00:00" }, "match": { "found": true, "match_basis": "literal", "note": "expected_found_in_source_body" }, "match_after_tag_stripping": { "found": true, "match_basis": "literal", "note": "expected_found_in_source_body" }, "media_type_sniffed": "html", "ledger_rows": { "count": 5, "statuses": [ "ATTESTED-PRIMARY" ], "row_ids": [ "d26ab8af-0ab0-4383-8350-643264713169", "91551793-c18f-40c4-9462-a8d6b1b91837", "646d06a7-bce6-49b8-ab8f-8201efb6126b", "b0b6fd32-7795-43c0-9194-9e6ee2c4557b", "9e66d042-eb18-4494-8c2e-3b9598ca17a7" ], "reports": [ "REVALIDATION_20260729", "SEC_20260801", "SEC_20260802" ] }, "full_text_search": { "endpoint": "https://efts.sec.gov/LATEST/search-index", "query": "\"investment contract\"", "request_url": "https://efts.sec.gov/LATEST/search-index?q=%22investment%20contract%22", "status": 200, "error": null, "total_hits": 10000, "hits": [ { "id": "0001193125-06-137924:d11k.htm", "accession": "0001193125-06-137924", "filename": "d11k.htm", "cik": "77159", "filer": "PENN VIRGINIA CORP (CIK 0000077159)", "form": "11-K", "file_date": "2006-06-28", "document_url": "https://www.sec.gov/Archives/edgar/data/77159/000119312506137924/d11k.htm" }, { "id": "0001193125-07-149976:d11k.htm", "accession": "0001193125-07-149976", "filename": "d11k.htm", "cik": "77159", "filer": "PENN VIRGINIA CORP (CIK 0000077159)", "form": "11-K", "file_date": "2007-07-05", "document_url": "https://www.sec.gov/Archives/edgar/data/77159/000119312507149976/d11k.htm" }, { "id": "0000798354-26-000023:fi-20260625.htm", "accession": "0000798354-26-000023", "filename": "fi-20260625.htm", "cik": "798354", "filer": "FISERV INC (FISV) (CIK 0000798354)", "form": "11-K", "file_date": "2026-06-25", "document_url": "https://www.sec.gov/Archives/edgar/data/798354/000079835426000023/fi-20260625.htm" } ], "total_hits_relation": "gte" }, "filings_fetched": [ { "id": "0001193125-06-137924:d11k.htm", "accession": "0001193125-06-137924", "filename": "d11k.htm", "cik": "77159", "filer": "PENN VIRGINIA CORP (CIK 0000077159)", "form": "11-K", "file_date": "2006-06-28", "document_url": "https://www.sec.gov/Archives/edgar/data/77159/000119312506137924/d11k.htm", "status": 200, "bytes": 395088, "expected_found_in_filing_body": true, "match_basis": "literal", "error": null } ] }, "reproduce": { "api_verify": "https://geniusflow-federation.vercel.app/api/verify?source_url=https%3A%2F%2Fwww.sec.gov%2Fcorpfin%2Fframework-investment-contract-analysis-digital-assets&expected=investment%20contract", "note": "The expected string test on this receipt applies the same rule as that endpoint, against the same URL. A reader who gets a different answer has found either a page that changed between the two requests or a defect, and both are worth reporting." }, "ledger": "https://geniusflow-federation.vercel.app/grounded-claims/ledger.json", "ledger_digest": "5df1c68a86bd62bedb83b28f8f59bcdbf7a9cd597895b215a26e9584d6504aa4", "expectations_digest": "dc8f54dfef2d82e8889a762b5949c1fdf7e12c8ec88baa9ef4f2b347ebe1d4dc" }