American businessman Mark Cuban said it is almost impossible to know what qualifies as a security under the current regulatory regime of the U.S. Security and Exchange Commission (SEC), citing documents from the financial regulator’s website.
In a June 11 tweet, Cuban pointed to an SEC document on the application of the Howey test to digital assets, suggesting that the regulator has sent mixed signals.
“None of the elements presented in this page are part of the registration process. Which makes it near impossible to know, with or without an army of securities lawyers, what is or is not a security in the crypto universe.”
SEC’s framework for digital assets
The SEC’s 13-page document titled “Framework for ‘Investment Contract’ Analysis of Digital Assets” offers crypto firms guidance on determining whether federal securities law applies to their digital assets.
The SEC’s document explains how to apply the Howey test to digital assets to determine their investment con
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