Top Ripple lawyer has called out the SEC's 'historical misinterpretations' regarding the 1946 Howey Test
the U.S. Securities and Exchange Commission , drawing a historical parallel to highlight the SEC's ongoing legal missteps.
In a recent tweet, Alderoty referenced the SEC's 1946 Supreme Court case known as the"Howey Test," arguing that the SEC was incorrect in its interpretation then, and continues to be so in its current case against Ripple.and the SEC, a dispute that has significant implications for the digital assets industry.
The Howey Test, referenced by Alderoty, established a standard for what constitutes an"investment contract" or security. In 1946, the SEC argued that an investment in a"common enterprise" was unnecessary, provided there was a"community of interest." However, the Supreme Court disagreed, ruling that an investment contract — and thus a security — involves an investment in a common enterprise with expectations of profits predominantly from the efforts of others.
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