3 ms·

> It's not the job of the SEC to guide companies/people on what constitutes securities Which government agency fulfills that role?

• growse 3y ago
  The judiciary. See the Howey test.
  • scottiebarnes 3y ago
    I guess the judiciary system will eventually rule on what is legal / not legal via a legal contest, but courts are not actively informing and guiding American companies on what the rules are. Seems like there should be an agency that does? Furthermore, the SEC does seem to fulfill some of this role, ie. registering securities.
    • growse 3y ago
      > but courts are not actively informing and guiding American companies on what the rules are. Isn't this what lawyers are for?
      • scottiebarnes 3y ago
        Guess that's how the world works then; do something until the government sues you, go to court and set precedent. Seems a bit inefficient. Or maybe its the most efficient path after all.
        • deleted 3y ago
          [deleted]