Pro-Ripple attorney and crypto lawyer John Deaton has sent an open challenge in response to the latest video message from Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) in which he reprimanded startups operating in the crypto ecosystem for falsely tagging their products as non securities.
In the challenge, John Deaton said he wants the SEC to “cite a single case in the 76yrs since Howey was decided that says: 1) the underlying asset used in an investment contract is itself a security; or 2) the subsequent sales of an investment contract are also securities b/c of the first sale.”
Hey Gary, @SECEnfDirector, how about you cite a single case in the 76yrs since Howey was decided that says: 1) the underlying asset used in an investment contract is itself a security; or 2) the subsequent sales of an investment contract are also securities b/c of the first sale.
— John E Deaton (@JohnEDeaton1) April 28, 2023
The debate bordering on what constit
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