SEC's Ripple Case Shows Limits Of Outdated Securities Test

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By J.W. Verret (March 18, 2022, 2:43 PM EDT) — The multitrillion-dollar digital asset market has caught the attention of Washington policymakers, including the U.S. Securities and Exchange Commission.

SEC Chair Gary Gensler has stated in public comments and in congressional testimony that at least one of the hundreds of tokens listed on most digital asset exchanges must be a security, therefore requiring crypto exchanges to register with the SEC.

Yet when Gensler is asked by members of Congress to provide more guidance about what he means, which tokens are securities and why they are deemed so, he will often respond that the SEC “doesn’t give legal advice.”

That sort of gotcha…

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