The Howey Test Framework is Wrong
I'm not a lawyer. I'm not a legal expert. I'm just a guy who likes to debate. Here's a fun thought experiment: the entire framework used to justify SEC jurisdiction is flawed.
After writing my reaction to the new crypto bill on Wednesday, I went down a path in my mind about the commodity vs security crypto argument. Which ones are securities? Which ones aren’t? The framework for determining what a security is is known as the “Howey Test.” While most cryptos are probably considered securities if we’re applying a black and whit…
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