The Howey test explained: the 1946 Supreme Court standard deciding which crypto tokens are securities, and how the CLARITY Act could replace it.

Token unlocks explained: vesting schedules, cliffs, low float launches, and how scheduled supply releases move crypto prices.

A token can look cheap by market cap and be expensive by FDV. What both numbers mean, how unlocks turn FDV into selling pressure, and the low-float trap.