Gary Gensler’s SEC is enjoying a recreation, however not the one you assume

On Feb. 13, a federal choose put the Securities and Change Fee and the Commodity Futures Buying and selling Fee circumstances towards former FTX CEO Sam Bankman-Fried on maintain. You’ll be forgiven in case you missed this story — headlines and social media had been dominated by the breaking information that the SEC was suing crypto agency Paxos for minting Binance’s stablecoin, Binance USD (BUSD).

However we’re not right here to debate whether or not stablecoins are securities. The Howey take a look at has been mentioned to dying, and whereas it’s true that few folks anticipate to revenue from a token pegged to a fiat forex, the difficulty is extra nuanced than the controversy usually suggests.

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