1/ As many thoughts on the SEC announcement as I can squeeze in on this flight to a client meeting. Here goes...
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Replying to @msantoriESQ
2/SEC said yesterday that the Howey test (in most cases) is the correct test for what tokens are securities. Seehttps://www.coindesk.com/appcoin-law-part-1-icos-the-right-way/ …
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Replying to @msantoriESQ
2\ The Howey test is highly fact-specific. Not all tokens are securities.
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Replying to @msantoriESQ
3\ Many tokens are securities. Those that ICO and return revenue/profits to investors are almost certainly securities.
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Replying to @msantoriESQ
4\ Hiding out in Switzerland (Estonia, Singapore, Mars) won't exculpate you from the US securities laws. SEC has long-arm jurisdiction.
20 replies 38 retweets 91 likes
Replying to @msantoriESQ
is this the new “War on Terror”? did any bankers go to jail when it crashed the economy? 
7:27 AM - 26 Jul 2017
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