The SEC Thinks Most Tokens Are Securities, For Now
By Robert Rosenblum, Amy Caiazza, Julie Krosnicki and Aaron Friedman (August 10, 2018, 1:23 PM EDT) -- A common misconception in the cryptocurrency community has been the belief that because a digital cryptocurrency or other crypto asset, a "token," is intended to have utility in the future, it is not a security at the time it is issued. That belief reflected a basic misunderstanding of the "Howey test," which is the principal test for analyzing whether most tokens are securities. The Howey test looks to the current status of an instrument, not its future promise, in evaluating whether the instrument is a security. Nonetheless, the Howey test at least leaves open the seemingly strange possibility that a token...
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