By Daniel Michael, Alexander Drylewski and Stuart Levi (July 7, 2022, 5:50 PM EDT) — The query of whether or not a digital asset is a safety below the federal securities legal guidelines has loomed over the business for years.
By its enforcement actions so far, the U.S. Securities and Change Fee usually has taken a broad view of which digital property could represent securities, which is in step with SEC Chair Gary Gensler’s current remarks that almost all crypto tokens bear the “hallmark of an funding contract or a safety” below the check set forth within the U.S. Supreme Court docket 1946 case SEC v. W. J. Howey Co.
And whereas the SEC’s enforcement exercise has produced knowledge factors, open questions persist…
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