4 ms·

Then why not scrap the Howey Test (which was out forth as the definitive test to determine if an investment is a security) and just keep the existing fraud laws

Then why not scrap the Howey Test (which was out forth as the definitive test to determine if an investment is a security) and just keep the existing fraud laws? Security law is in place for good reason, to protect investors.

npt4279 8y ago
The Howey Test was created by the Supreme Court, not the SEC. Harder to scrap.