Reader track Counsel For outside counsel reviewing the architecture for securities, tax, and property-law exposure. 01 Eight bright lines → 02 Howey, applied → 03 Reves, applied → 04 Credits-vs-positions firewall → 05 Partnership characterization → 06 Pressure tests (25) → 07 First-principles attacks (19) → 08 Jurisdictions → 09 NRD-Lite Vermont draft → All tracks →