A junior banker is evaluating a new client raising funds via a crowdfunding platform. Investors purchase units that entitle them to a share of profits, but no voting rights or management involvement. For state registration purposes, these units are:

1. ANot securities, because crowdfunding is not covered by the USA
2. BSecurities, as they are investment contracts under the USA✓ Correct answer
3. CSecurities only if the platform is registered with the SEC
4. DNot securities, because investors do not control the enterprise

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