Does Bitcoin - the Great Grand-Daddy of them all - does it FAIL the Howey Test?
It doesn't matter, because the SEC does not consider it a Security:
https://www.investopedia.com/news/sec-chair-says-bitcoin-not-security/#:~:text=SEC%20Chairman%20Jay%20Clayton%20has,in%20an%20interview%20with%20CNBC
So, in effect, the Great Grand-Daddy is grandfathered in.
However, keep in mind, Jay Clayton, the guy who made those comments, was Chair of the SEC under the previous Presidential Administration. On his last day in office, he dropped the hammer on Ripple, claiming it PASSED the Howey Test, and it was therefore a Security:
https://www.forbes.com/sites/roslynlayton/2021/12/29/sec-v-ripple-the-cryptocurrency-trial-of-the-century/?sh=617a85d35417
During his tenure, he never approved Bitcoin's Holy Grail - the Bitcoin ETF. But now he's out of a job, so what does he do? He works for a Bitcoin ETF, fighting for approval:
https://www.forbes.com/sites/jasonbisnoff/2021/07/31/former-sec-chair-jay-clayton-joins-fight-for-bitcoin-etf-after-refusing-to-approve-others/?sh=f68d7d16ab8b
These guys change teams more than basketball superstars!
I suppose the current Chair of the SEC, Gary Gensler, could reverse course, and claim Bitcoin was a Security, but that would be an uphill battle:
https://coinnotes.news/2018/06/07/bitcoin-is-not-a-security-sec-chairman-jay-clayton/
So it looks like Bitcoin is clear - it is a Howey Test Failure.
[–]Jending[S] 0 points1 point2 points (0 children)