Again, agree with this post too. I find it amusing that so many crypto-apologists are throwing their arms in the air and saying things like: "crypto is different, maybe the law is outdated". I dunno, I read the criteria for the Howey Test and have a hard time seeing anything terribly outdated in the wording. It's pretty clear its intention.
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Yes, but you can’t actually meet the laws/regulations for registration. This is in part because the Howey Test is a Supreme Court test and not law passed by congress or a regulation made by the SEC. The laws and regulations tell you how what’s needed to register and it’s simply not possible for these crypto projects to comply. It asks for things they can’t do. And then fails to ask for things they damn well should disclose.