>Congress, not the SEC should be defining what a security (or commodity etc) is. It's defined by the courts. The Howey Test, which is the modern definition of

>Congress, not the SEC should be defining what a security (or commodity etc) is. It's defined by the courts. The Howey Test, which is the modern definition of a security, was drafted by the Supreme Court in 1946. >Especially as they were so cool with everything pre-FTX... The feds move slowly. If they are bringing a case now, they've been working on it for years.