Many of you should hear about the "Howey Test" that keeps haunting the crypto circle.
Some even blame Ether's recent drop after Merge to SEC's possible change of opinion regarding Ether's non-security status.
Seriously, why would people today in 2022 still rely on a case 76 years ago to judge something that was just created within the decade?
Even time does not matter but only truth matters. I can accept that.
Let's ask ourselves:
Why should securities be regulated?
Before crypto tokens, I actually agree that securities should be regulated as investment most of the time is involved with a certain length of time duration and back in the old days you really cannot monitor if your investment (your money) has been properly used for the purpose of earning more, thus creating the information asymmetry that needs to be corrected through external mechanism (regulations) to enhance the efficiency of the capital market.
Every convention, every regulation, every rules exist, with justifications, in their own time. They are not universal truth like scientific theories (although even scientific theories can be proven wrong). Facing new things, we should be more encompassing and don't rush into conclusions.
Nowadays, with information technology advances, events happening in one corner of the planet can be made aware within hours or even minutes anywhere across the globe as long as proper devices and mechanisms are in place. People nowadays are much more capable of learning and discovering things they care about.
We should just let them develop, through free markets, mechanisms that can protect their investment. Without government intervention of course. That means, no more censoring on what's on the market for investment.
Market will find its way. Maybe more transparency like blockchain promises. Maybe some kind of brand building and trust building endeavors by some organizations/companies/DAOs. Maybe else.
People are smart, not stupid. They have weapons now. They don't need your protection (hinting that they are incapable and stupid).
Let Howey Rest In Peace. Shall we?
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