The Pitfalls Of SEC's Crypto Regulation By Enforcement

By Michael Liftik, Dave Grable and Heather Christenson (January 10, 2020, 5:38 PM EST) -- Neither regulators nor legislators have offered clear legal guidance as to whether a given digital token will be treated as a security. The U.S. Securities and Exchange Commission has made it nearly impossible to predict whether the regulator will deem a specific token to be a security under its Howey test[1] such that the SEC will institute action against token developers, sellers or exchanges for engaging in unlawful offerings under the federal securities laws....

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