Judge Torres’s summary judgment opinion in the SEC v. Ripple (S.D.N.Y. July 13, 2023) litigation was a detailed, carefully reasoned analysis under SCOTUS’s 77-year-old Howey test. But subsequent decisions—including Judge Torres’s subsequent October 3, 2023 order denying leave for interlocutory appeal—reveal that the Ripple
Crypto and Securities
Is It Time to Re-Assess Whether the Term “Investment Contract” in the Securities Act and Exchange Act is Unconstitutionally Vague?
By Constantine Economides on
I. Introduction
For years, courts viewed the “Howey” test as clear guidance as to whether a particular asset or investment was a security. Now, recent inconsistent decisions, particularly in the crypto space, have questioned that clear guidance. The effect is a rekindling…