John E. Deaton, the founder of CryptoLaw, argues that the mere fact that a cryptocurrency was offered or sold as an investment contract does not make it a security. John E. Deaton, Founder of CryptoLaw, issues an amicus brief where he calls the Securities Exchange Commission (SEC) “analytically lazy.” He says that its so-called shorthand constituted an unconstitutional shortcut violating 76 years of case law.
Deaton urges his community to fight the SEC’s overreach and its attempt to exercise jurisdiction in secondary markets in his recent tweet. He points out that Hester Peirce, SEC Commissioner, herself admitted that her colleagues at the SEC perform a “shorthand” analysis.
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Source: Cryptocurrency - investing.com
