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Investment contract - Howey test - unconstitutionally vague

Securities and Exchange commission sued by 18 states as a result of Gensler’s policies towards crypto.

Crypto - taking us back to the gold standard.

Prosecutors frequently argue that 18 USC 1348 (Title 18 securities fraud) has a lower materiality standard than Title 15 securities fraud (10b-5). This blog post argues that there is little reason for courts to impose a lower materiality standard for the same conduct.

For years, courts viewed the “Howey” test as clear guidance as to whether a particular asset or investment was a security. Now, recent inconsistent decisions, particularly in the crypto space, have questioned that clear guidance. The effect is a rekindling the debate as to whether the term “investment contract” is void for vagueness because it fails to give people and businesses a reasonable answer as to what is or is not a security.

Blog post which argues that 28 U.S.C. § 1782 Could Be a Powerful Tool for International Crypto Litigation

For years, courts viewed the “Howey” test as clear guidance as to whether a particular asset or investment was a security. Now, recent inconsistent decisions, particularly in the crypto space, have questioned that clear guidance. The effect is a rekindling the debate as to whether the term “investment contract” is void for vagueness because it fails to give people and businesses a reasonable answer as to what is or is not a security.

Read Dynamis’ analysis as to whether the Electronic Fund Transfer Act (“EFTA”) applies to crypto transfers.