I see this more clearly now.
I am also interested in an analysis on how Cardano specifically compares to the Howey test by a legal expert,
Yet I am not worried much about it personally as in the past I explored it and made my decision that the vouchers from the ICO would have been sold as security’s that would have triggered the test had they been sold in the U.S. yet after the release of ADA on exchange and it being a Commodity rather than security for anything it no longer triggered the test, how exactly that changes anything is surely a complex argument of Law and like yourself, I am no expert, so further clarity would be reassuring.