The crypto industry had called for clarity from the US Securities and Exchange Commission for years.
Let’s be clear. What the crypto industry wants is for the US SEC to roll over and play dead and stop with its pesky rules, interpretations, and “hopelessly outdated Howey Test” nonsense.
It is reported that the men in Hell asked for ice water this morning. The Devil is considering it, but initial reactions are not encouraging.
What has happened is that the US SEC has begun to take firm stands and firm stands mean enforcement actions.
Two that come to mind are the Kik/Kin issue that has blown through its MUI (matter under investigation) notification, a notice of a formal investigation(an important first step because it authorizes the use of subpoenas), a Wells Notice, a Wells submission (formal reply by the company), and a formal complaint — an enforcement action.
Kik subsequently put itself to death and is solely focused on Kin intending to fight it out to the death.