Reposting due to last flair being too accurate.
There are four prongs that must be met to be considered a security in the Howey Test:
- A party invests money
- In a common enterprise
- With the expectation of profiting
- Based on the efforts of a third party
This is how Gary Gensler meets all four prongs and passes the Howey Test:
- Private sector finance firms have invested money
- Seeking to harm the blockchain industry with lack of regulatory clarity, inane lawsuits, and allowing fraud like FTX and Luna Terra
- Profiting by harming and misregulating the blockchain industry and trying to make traditional finance firms the crypto custodians
- Based on the efforts of SEC chairman Gary Gensler
Gary Gensler is therefore a security and has been one years before he became SEC chairman. He helped repeal the Glass-Steagall Act, making him one of the unregistered securities responsible for the 2008-2009 crash.
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