The Howey test isn't an SEC construct, it's that of the Supreme Court. As it is, the SEC has been implementing the Howey test as a result of that precedent. N

The Howey test isn't an SEC construct, it's that of the Supreme Court. As it is, the SEC has been implementing the Howey test as a result of that precedent. Now, you can certainly argue that the Howey test is flawed or incomplete or... but that's separate to arguing that the SEC is misapplying the test.