You're both right. The SEC has been more aggressively prosecuting and trying to stretch the definitions, while the courts have been reigning them in somewhat in

You're both right. The SEC has been more aggressively prosecuting and trying to stretch the definitions, while the courts have been reigning them in somewhat in turn. Tread carefully. A lot could change if the court gets packed with progressives legislating from the bench in the next few years, as will likely happen.