4 ms·
The judge referenced the Howey case, saying that just because you have an investment contract involving an orange grove, that doesn't mean the orange grove itse
by DennisP 3y ago
The judge referenced the Howey case, saying that just because you have an investment contract involving an orange grove, that doesn't mean the orange grove itself is a security. A security is a contract, not just anything that people trade around in a speculative way.
William Hinman of the SEC said much the same thing in 2018: https://www.sec.gov/news/speech/speech-hinman-061418 https://www.sec.gov/news/speech/speech-hinman-061418
- yata69420 3y agoThis is pretty obviously the reasonable take. > A security is a contract, not just anything that people trade around in a speculative way. The scary thing IMO is that I think if you had enough big money trading bottlecaps or baseball cards, you'd quickly find them being considered a security. But words have to mean something. Things can't just be a "security" because they make the government feel insecure.
- DennisP 3y agoEnormous money trades soybeans but they still aren't securities.
- pcthrowaway 3y agoI wonder if this will have an impact on non-native tokens (which are implemented with smart contracts)