What The Howey Test Misses About Crypto Assets

Law360 (June 28, 2019, 2:03 PM EDT) -- The March 2019 report by Timothy Massad, the former chairman of the Commodity Futures Trading Commission, titled "It's Time to Strengthen the Regulation of Crypto-Assets," highlighted the inadequacy of the current regulatory framework with respect to cryptocurrencies and ICOs — including the current bifurcated regulatory framework for digital tokens, the blurred lines of division of regulatory and enforcement authority between the CFTC and the U.S. Securities and Exchange Commission, conflicting regulations at the state and federal level, and the lack of regulation and unified compliance standards with respect to crypto exchanges.

In addressing the crypto regulatory quagmire, the Massad report justifiably...

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