A bill that carves crypto out of the Howey Test would turn the securities laws from being technologically neutral to one that benefits blockchains over everything else, writes tphillips.
The so-called Howey Test, which became a standard way of determining what assets are securities after the 1946 Supreme Court case, provides that an investment contract is a security if it is an investment of money in a common enterprise with the expectation of profit to be derived from the efforts of others.
This is where McHenry and Thompson falter. One of those six qualifications is that the sale of the digital asset cannot “involve the offer or sale of equity securities, debt securities, or debt securities convertible or exchangeable to equity interests.” In other words, cryptocurrencies cannot represent an ownership stake in a venture or be used like bonds to raise capital.
Given that the code governing many dapps [decentralized apps] and decentralized autonomous organizations give token holders
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