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RE: Messengers Not Backing Down From The SEC
Good to see this push back.
US case law has relied on the Howey Test for securities for a long time:
- It is an investment of money
- There is an expectation of profits from the investment
- The investment of money is in a common enterprise
- Any profit comes from the efforts of a promoter or third party
Some ICOs are definitely securities. Look at the real estate scams that have popped up and disappeared over the past couple years.
Some are definitely not scams. Like BNB and other utility tokens, there is no "enterprise" or profits.
Some are weird, and maybe are or maybe aren't. I'm pretty optimistic that the lawyers in these cases will be better than government lawyers.
I have no problem with the SEC going after fraud. That is what it is there for. The overt scams are what the SEC should be focused upon. Fraud is the same regardless of the asset used.
Sure, but then they wouldn't be able to justify their budgets. It's all about them dollars.