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Howey, Ralston Purina and the SEC’s Digital Asset Framework  


Author:  Joseph A. Hall.


Source: Volume 52, Number 12, June 15 2019 , pp.137-141(5)




Review of Securities & Commodities Regulation

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Abstract: 

The SEC’s digital asset Framework summarizes and extends the traditional Howey analysis for determining when an investable asset is a security. The author suggests that the Framework foretells a shift from Howey’s attempt to distinguish between investable assets that are, and are not, subject to federal securities regulation, to a more expansive concept that finds a security whenever investors may need Securities Act protections.

Keywords: SEC v. W.J. Howey Co; Howey 4-Prong Test; Regulating Digital Assets as Securities; The DAO

Affiliations:  1: Davis Polk & Wardwell LLP.

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