In the Daily Journal, litigation & enforcement partner Helen Gugel offered insight on the classification of crypto asset securities in a recent bankruptcy court filing by the U.S. Securities and Exchange Commission.
Helen explains the SEC’s use of the term "crypto asset securities" when describing former cryptocurrency exchange FTX's bankruptcy proposal was ambiguous at best, given that the assessment of what is and is not a security under Howey requires a case-by-case analysis. The Howey test is derived from a 1946 U.S. Supreme Court opinion that outlines the requirements for a transaction to qualify as an investment contract.
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