'Telling next-generation crypto projects that the only path to compliance is to 'come in and register' or drop dead is like trying to take a Ford Model T into space,' prestonjbyrne writes in his retrospective of token offerings and SEC lawsuits. Opinion.
LBRY was the next project on the chopping block. LBRY is a reimagining of YouTube with decentralized monetization tools, designed to solve the problem of politically-motivated censorship at companies like Google and Facebook. The token performed a. The sale of that token, however, was deemed to be an offering of investment contracts.
The SEC, for its part, refers to “economic reality” of Ripple’s sales not less than 15 times, asking the court to look “beyond boilerplate disclaimers” to the facts as they stand – including who bought tokens and how they were used. This economic reality allegedly “forecloses any argument that Ripple offered and sold XRP primarily for consumptive use.”
The SEC concluded its reply brief to Ripple and the court by stating “the registration regime established by the federal securities laws does not regulate ‘industries.’ It regulates conduct … for the benefit of investors.”At this point, the crypto industry has more or less resigned itself to the fact that a garden-variety ICO likely satisfies all of the limbs of the Howey Test, a foundational set of standards to determine what is a security.
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