Re:SEC brought its first non-fungible token enforcement action
by yieldcrv on Monday August 28, 2023 @12:26PM
(#37296595)
that's where we are:
its either go after all collections with this outstanding low hanging and untenable application of Howey, or show the exact distinction that asset creators can follow to act solely as a consumer product.
it is also accurate that if following a consumer protection framework, most activities and behaviors would not be fraud.
so for a creator or secondary market operator or promoter, not knowing which branch of theory to follow makes all of their behavior bifurcated and prosecutable under one framework, a securities framework, but not a consumer protection framework. and vice versa.
its either go after all collections with this outstanding low hanging and untenable application of Howey, or show the exact distinction that asset creators can follow to act solely as a consumer product.
it is also accurate that if following a consumer protection framework, most activities and behaviors would not be fraud.
so for a creator or secondary market operator or promoter, not knowing which branch of theory to follow makes all of their behavior bifurcated and prosecutable under one framework, a securities framework, but not a consumer protection framework. and vice versa.