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Yes, this poisons the well for the future. Which is why I think it will be revisited after the next FTX, LUNA, etc., implodes people's life savings again.

Yes, this poisons the well for the future. Which is why I think it will be revisited after the next FTX, LUNA, etc., implodes people's life savings again.

None of this is legally binding and will be reversed by later administrations because it allows for unchecked securities fraud. I expect this to happen after retail loses even more money with the next wave of exit liquidity tokens, ponzi schemes, and other scams that make LUNA, FTX token, etc. look like pocket change. This SEC interpetive release is bad policy and the Howey test is still good law after 100 years for a reason.
Everyone cheering this doesn't understand that this SEC's direction is a step back because it makes the crypto space even more grifty and subsequently siloed from the legacy finance. The crypto industry was in a good spot with sensible, incremental wins against the last SEC. This total takeover is greedy and self defeating. What do you think will happen when people's retirement funds blow up with the next scam? Crypto goes back into the hole because everyone thinks it's a scam.