SEC Telegram Rejection: Simply Down To The Howey Test?
Following the SEC clampdown on Telegram’s Gram-token issuing to early investors, many have accused it of inconsistency. But some commentators have suggested that actually the SEC is being very consistent, and simply applying the Howey test as always. SEC Heavy Handed Or Fair Enough? Simply put, the Howey test says that a security fulfils four criteria. A cryptocurrency is deemed a security, if and only if: a person (1) invests money, in (2) a common enterprise, with (3) an
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