Discussion took interesting turn when Ripple CTO cited Metamask as example
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A smart contract is just a fact that is a property of the asset. Every asset has facts that are their properties. The fact that gold has 79 protons isn't a contract that makes a sale is gold an investment contract. 1/2Schwartz further elaborates that if the mere act of"all the people who have the asset do stuff" qualifies as a common enterprise, then virtually everything could be classified as a security.
The discussion took an interesting turn when the Ripple CTO cited Metamask as an example. According to Schwartz, the efforts of Metamask do not determine the profits of its users any more than the efforts of De Beers determine the profits of diamond holders. This analogy highlighted his belief that the involvement or actions of a company related to an asset do not necessarily make the asset a security.
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